BJP issues whip on triple talaq legislation
New Delhi: The BJP is believed to have issued a three-line whip to its MPs asking them to be present in the Lok Sabha on Thursday when the government plans to introduce the bill that criminalises the practice of instant triple talaq.
Law Minister Ravi Shankar Prasad will introduce the Muslim Women (Protection of Rights and Marriage) Bill that seeks to protect the rights of married Muslim women and prohibits "any pronouncement (of divorce) by a person upon his wife by words, either spoken or written or in electronic form, or in any other manner".
In a bid to ensure that the introduction is smooth, the BJP is understood to have issued the whip so that any stiff opposition from members on the other side at the introduction stage could be thwarted.
The bill proposes to make the triple talaq practice a punishable offence and describes it against "constitutional morality" and "gender equity".
Anyone who pronounces instant divorce "shall be punished with imprisonment for a term which may extend to three years and a fine", the bill proposes.
Clerics and several Muslim organisations, cutting across sects and schools of jurisprudence, have opposed the bill, terming the government's stand as "uncalled for interference" in the personal laws of the community.
Earlier, Union Parliamentary Affairs Minister Ananth Kumar asked all opposition parties to help pass the bill in Parliament.
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Rupee falls 8 paise to hit all-time low of 84.50 against US dollar
Mumbai, Nov 21: The rupee depreciated 8 paise to settle at an all-time low of 84.50 against the US dollar on Thursday, dragged down by massive sell-off in domestic equity markets and surging crude oil prices amid a volatile geopolitical situation.
According to forex traders, the American currency strengthened due to safe-haven appeal amid escalating tension between Russia and Ukraine, while the continuous outflow of foreign funds also put pressure on the domestic unit.
At the interbank foreign exchange, the rupee opened at 84.41 and touched the lowest-ever level of 84.51 against the greenback during intra-day. The unit ended the session at 84.50 against the dollar, surpassing its previous all-time low closing level of 84.46 recorded on November 14.
On Tuesday, the rupee had settled flat at 84.42 against the US dollar.
The foreign exchange market was closed on Wednesday on account of assembly elections in Maharashtra.
"We expect the rupee to trade around 84.5 against the dollar by end December. A strong dollar continues to create a depreciating bias for currencies globally and is likely to sustain FPI outflows from Indian markets in the near-term.
"However, interventions by the Reserve Bank of India (RBI), supported by India's healthy foreign exchange reserves, should help keep rupee volatility in check," said Rajani Sinha, Chief Economist, CareEdge Ratings.
FPIs have withdrawn approximately USD 4 billion from Indian markets in November, following a record USD 11 billion in outflows in October. While high US Treasury yields and a strong dollar have contributed to these outflows, other domestic factors have also been at play, such as muted corporate earnings and high valuations.
"Over the medium-term, we expect the rupee to trade around 84 by the end of FY25, supported by India's strong fundamentals, including a manageable current account deficit, inclusion in global bond indices, fiscal consolidation and stronger growth relative to other emerging markets. These factors should help maintain India's attractiveness as an investment destination," Sinha added.
Sinha further said "going forward, it will be crucial to monitor the implementation of Trump's policies and China's response, as these will play a key role in shaping market dynamics."
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading lower by 0.02 per cent at 106.66.
Brent crude, the global oil benchmark, surged by 1.84 per cent to USD 74.15 per barrel in futures trade.
Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said the rupee weakened as pressure mounted due to the dollar scaling higher above 106.65 amidst renewed global uncertainties with geopolitical tensions between Russia and Ukraine adding to global risk aversion.
At the same time, sell-off in domestic equity markets was fuelled after the Adani Group faced bribery and fraud charges in the US. "This has further fuelled FII outflows, continuing the trend of capital flight from Indian markets," Trivedi said.
In the domestic equity market, the 30-share BSE Sensex tumbled 422.59 points, or 0.54 per cent, to close at 77,155.79 points, while Nifty tanked 168.60 points, or 0.72 per cent, to settle at 23,349.90 points.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday, as they offloaded shares worth Rs 5,320.68 crore, according to exchange data.
