NCB busts Cannabis trafficking network, arrests eight
Bengaluru, Mar 1: The Narcotics Control Bureau on Monday said it busted a cannabis trafficking network by arresting eight people and seizing 681.8 kg of contraband.
According to the NCB, acting on specific intelligence inputs by NCB Bengaluru, the Hyderabad sub-zonal unit intercepted three cars near Pedda Amberpet Toll Plaza, Rangareddy District in Telangana and seized the contraband.
The NCB said the consignment was concealed in compressed form, kept in 335 brick like packets and wrapped with brown colour adhesive tapes.
A syndicate of eight people used to source cannabis in huge quantities from Visakhapatnam and distribute it in various parts of Pune and Osmanabad in Maharashtra.
It added that the illegal cannabis cultivation in India is largely concentrated around the naxal infected regions of Andhra and Odisha border.
Cannabis from this region finds its way to all over the country including Delhi, Mumbai, Maharashtra, Rajasthan, Tamil Nadu, Kerala, West Bengal and is smuggled across the ocean to Sri Lanka.
Difficult terrain and inaccessibility make this area difficult for the law enforcement agencies to conduct destruction of illicit cannabis cultivation, the NCB said.
The Burea said another major cannabis cultivation region in India is the hilly terrains of Himachal Pradesh.
Northeastern states are also vulnerable to cannabis cultivation due to its unique geographical conditions, according to the NCB.
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Rupee sees high volatility against US dollar in early trade
Mumbai (PTI): The rupee witnessed high volatility in early trade on Wednesday, as support from easing crude oil prices was offset by uncertainty over the India-US trade deal and persistent foreign fund outflows.
Forex traders said the key driver of rupee weakness in December was continued FPI selling across both equity and debt markets, with foreign investors repeatedly selling several billion dollars’ worth of Indian assets on a daily basis in the last few months, the selling intensifying in the last two months.
ALSO READ: Rupee falls 9 paise to record low of 90.87 against US dollar in early trade
However, with Brent crude oil prices hovering near recent multi-year lows of USD 59 per barrel, the local unit was supported at lower levels.
At the interbank foreign exchange market, the rupee opened at 91.05 against the US dollar, down 12 paise from its previous close.
The domestic unit, however, witnessed a sharp recovery and appreciated 97 paise to touch an early high of 89.96 against the American currency and was trading at 90.18 against the US dollar at 09.46 hrs.
On Tuesday, the rupee tanked below 91 per dollar, hitting a low of 91.14. It finally settled at 90.93 against the American currency.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.17 per cent higher at 98.31.
Brent crude, the global oil benchmark, was trading at USD 59.54 per barrel in futures trade, as record non-OPEC supply, weak China data and optimism over a Ukraine ceasefire were the main reasons for the current fall, traders said.
Meanwhile, Minister of State for Finance Pankaj Chaudhary on Tuesday informed Parliament that, "During the current financial year, the depreciation of the INR has been influenced by the increase in trade deficit and likely prospects arising from the ongoing developments in India's trade agreement with the US, amid relatively weak support from the capital account."
"The depreciation of currency is likely to enhance export competitiveness, which in turn impacts the economy positively. On the other hand, depreciation may raise the prices of imported goods. However, the overall impact of exchange rate depreciation on domestic prices depends on the extent of the pass-through of international commodity prices to the domestic market," he said.
On the domestic equity market front, the 30-share benchmark index Sensex was trading 146.09 points higher at 84,825.95, while the Nifty was up 62.05 points at 25,922.15.
Foreign Institutional Investors sold equities worth Rs 2,381.92 crore on Tuesday, according to exchange data.
According to Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, the rupee may see a slow and steady move towards 92 in the coming days, with no signs of any trade deal happening between India and the US, which has also been a cause for the equities to fall.
