07 August, 2013

Rupee resumes decline; government may announce measures as RBI steps fail

The rupee on Wednesday resumed its descent to move within sight of a record low hit a day earlier, with policymakers set to discuss fresh measures to defend the worst performing Asian currency of the year so far.

Financial sector regulators, including Raghuram Rajan, who was on Tuesday appointed to take over next month as governor of the Reserve Bank of India, were due to meet in Mumbai amid speculation that the government will soon announce steps to spur capital inflows.

World Bank, Asian Development Bank to provide 400 million dollars to Uttarakhand

The World Bank and the Asian Development Bank would jointly provide 400 million dollars to rain-ravaged Uttarakhand to redevelop basic amenities like housing, agriculture, education and health facilities besides reconstructing damaged roads.

The joint funding from World Bank and Asian Development Bank will be provided for the required programmes through its 'Crisis Window' provision.

The aid will be given in a ratio of 90:10, under which 90 per cent would be paid by the Union government and ten percent by the state government,

Make match-fixing a crime to deter culprits

Fixing cricket matches must be made a criminal offence to strike fear into the hearts of potential offenders, according to former India skipper Rahul Dravid.

A stylish batsman renowned for his impeccable integrity, Dravid has had the misfortune of captaining a Rajasthan Royals team embroiled in a major spot-fixing scandal that tainted this year's Indian Premier League (IPL) Twenty20 competition.