India's forex reserves jump USD 5.17 bn to USD 696.65 bn
Forex reserves had touched an all-time high of USD 704.885 billion in end-September 2024.
The overall reserves had dropped by USD 1.237 billion to USD 691.485 billion for the week ended May 30.
Mumbai, Jun 13 (PTI) India's forex reserves increased by USD 5.17 billion to USD 696.65 billion for the week ended June 6, the RBI said on Friday.
For the week ended June 6, foreign currency assets, a major component of the reserves, rose by USD 3.47 billion to USD 587.68 billion, the data released on Friday showed.
Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.
The gold reserves were up by USD 1.58 billion to USD 85.88 billion during the week, the RBI said.
The Special Drawing Rights (SDRs) also rose by USD 102 million to USD 18.67 billion, the apex bank said.
India's reserve position with the IMF also inched up by USD 14 million at USD 4.4 billion in the reporting week, the apex bank data showed. PTI NKD DRR
This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
36 minutes ago
- Time of India
FPI sentiment sees uplift: Foreign investors inject Rs 3,346 crore into Indian equity markets; driven by RBI rate cut
NEW DELHI: Foreign portfolio investors injected Rs 3,346.94 crore into Indian equity markets during the week, driven by optimistic sentiment following the Reserve Bank of India 's (RBI) interest rate reduction, as reported by National Securities Depository Limited (NSDL) data. The RBI's rate reduction bolstered investor confidence, resulting in substantial FPI inflows during the initial three trading sessions from June 9 to June 13, according to the reported quoted by ANI. The escalating tensions between Israel and Iran, however, affected investor sentiment towards the week's end. However, FPIs withdrew Rs 3,275.76 crore from Indian equities on Friday, the final trading session. This substantial withdrawal reduced the week's net investment to the net figure. During periods of international conflicts, such as the current Israel-Iran situation, investors typically favour secure assets like gold, potentially reducing investments in developing markets including India. Despite the week's positive inflows, June's overall FPI investment remains negative. According to NSDL data, FPIs have withdrawn Rs 5,402 crore from Indian equity markets in June thus far. The Reserve Bank of India's Monetary Policy Committee (MPC) announced an unexpected 50 basis points rate reduction on June 6th. The repo rate decreased to 5.5 per cent, strengthening investor confidence. May had also recorded positive net foreign portfolio investment (FPI) inflows of Rs 19,860 crore, establishing it as the strongest month for foreign investment this year. Previous data indicated FPIs sold shares worth Rs 3,973 crore in March. They had additionally sold equities valued at Rs 78,027 crore and Rs 34,574 crore in January and February, respectively. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Economic Times
44 minutes ago
- Economic Times
Explained: CBDT targets unaccounted income invested in crypto
The Central Board of Direct Taxes (CBDT) is investigating tax evasion and the laundering of undeclared money by high-risk individuals who have invested in cryptocurrency or virtual digital assets (VDAs). Why is the tax body doing this? The main reason is to curb tax evasion and the laundering of unaccounted funds. Sources told PTI that the CBDT has identified some "high-risk persons" who are putting money in VDAs but have not complied with the Income Tax Act. Data reviewed by the I-T department showed violations such as not filing the mandatory Schedule VDA in their income tax returns (ITRs), paying tax at lower rates, or wrongly claiming cost indexation. The tax body is matching ITRs filed by taxpayers with the TDS data submitted by crypto exchanges to identify taxpayers who have wrongly declared their crypto income. CBDT has recently embarked on a new approach termed NUDGE (Non-intrusive Usage of Data to Guide and Enable) Taxpayers, as part of the TRUST Taxpayers FIRST philosophy. Under this, the CBDT is reaching out to thousands of individuals, asking them to review their returns or update them if their transactions are not properly declared. This is to give people a chance to voluntarily comply before stringent actions are taken. Beyond taxation, the government has shown concern about the likely misuse of cryptocurrencies for illegal activities such as terror financing and money laundering. Existing framework India has not formally recognised cryptocurrency as a legal tender, but the government introduced a taxation framework for VDAs in 2022. This includes: A flat 30% tax on income from VDA transfers. A 1% tax deducted at source (TDS) on the sale consideration of VDAs. No deduction of any expenses (except the cost of acquisition) is allowed. Losses from VDA investments or trading cannot be set off against any other income or carried forward to subsequent years.
Hindustan Times
an hour ago
- Hindustan Times
Bengaluru climbs to 14th spot in Global Startup Ecosystem Rankings 2025
Bengaluru has jumped seven spots to secure the 14th position in the Global Startup Ecosystem Report 2025, marking a significant rise in its global standing as a hub for innovation and entrepreneurship. According to a report by news agency PTI, the annual report, prepared by Startup Genome, was released on June 12 at VivaTech, Europe's largest startup and tech conference, being held in Paris. Globally, Silicon Valley retains its top rank, followed by New York City, London, and Tel Aviv, with Boston and Beijing tied at fifth place, the report added. (Also Read: Bengaluru woman witnesses rare 'peaceful accident': 'No fights, just handshakes') According to Startup Genome, Bengaluru's leap was largely powered by four major exits exceeding $1 billion in 2024, with alone valued at $12 billion. The report also notes the city's momentum in AI and Big Data, ranking it #5 globally in that category. Karnataka's IT & BT Minister Priyank Kharge said the report highlights a shifting innovation landscape, with emerging Asian and mid-sized hubs making substantial gains. "Bengaluru's leap cements its transition from a 'rising star' to a top-tier global startup hub, placing it shoulder-to-shoulder with global leaders like Paris (#12), Philadelphia (#13), and **Seattle (#15),' he noted in a statement. The minister attributed the city's rise to a combination of high-value exits, a thriving Deep Tech and AI ecosystem, sectoral consistency, progressive policy, and public investment, alongside a world-class tech talent pool. Startup Genome's 13th annual report is based on data from over five million companies across 350+ cities, and ranks the Top 40 global ecosystems and Top 100 emerging ecosystems. It also analyses innovation trends, investment flows, and policy frameworks worldwide. In Bengaluru, Fintech, Life Sciences, and Cleantech were identified as standout sectors thanks to a dense talent pool, strong infrastructure, and robust startup activity. The Karnataka Digital Economy Mission (KDEM), which partnered with Startup Genome, pointed to the city's structural advantages: successful startup scale-ups like Flipkart and Swiggy, major fundraises like Zepto's $350 million round in 2024, and government investments including $48 million in deep tech and Fund of Funds initiatives. New government-backed initiatives such as ELEVATE 2024 and the Karnataka Accelerator Network are also supporting the state's ambitions to become a global innovation leader. 'Bengaluru's dynamic startup ecosystem, backed by strong government support, global capital, and rising sectors like manufacturing, is propelling Karnataka onto the global map as a premier destination for innovation and entrepreneurship,' said Prashanth Prakash, Chairman of the Startup Vision Group and Founding Partner at Accel. In a parallel development, Pune made a notable jump in the Emerging Ecosystems Ranking (Top 100), climbing from the 91–100 range in 2024 to the 41–50 range this year. The city saw a major exit with being acquired for $2.8 billion. (With PTI inputs)
