Rachakonda (Telangana) [India], August 12 (ANI): The <keyword id="20688831" type="General" weightage="20" keywordseo="Telangana-Police" source="keywords">Telangana Police</keyword> on Monday busted an interstate <keyword id="20615789" type="General" weightage="20" keywordseo="drug-racket" source="keywords">drug racket</keyword>, arresting two men involved in the transportation of <keyword id="20535346" type="General" weightage="20" keywordseo="hash-oil" source="keywords">hash oil</keyword> at Pedda Amberpet in Telangana, the Rachakonda Police Commissionerate informed. In a coordinated operation, the Special Operations Team (SOT) from LB Nagar, along with the Hayath Nagar police, successfully apprehended the two <keyword id="21961620" type="General" weightage="20" keywordseo="interstate-drug" source="keywords">interstate drug</keyword> peddlers. The accused have been identified as 30-year-old Vanchurbha Konda Babu and 20-year-old Vanchurbha Balakrishna. The police seized 13.5 kilograms of hashish oil worth approximately Rs14 crores, Rs2,000 in cash, two mobile phones, packaging materials weighing about 1 kilogram, and other incriminating items from their possession. "The accused, Vanchurbha Konda Babu and Vanchurbha Balakrishna, are cousins and natives of Andhra Pradesh. They earn their livelihood through agricultural work. However, they became involved in this illicit drug trade to make easy money. The accused were procuring hashish oil from Andhra Pradesh and Odisha, transporting it, and selling it in the Bengaluru market, using Hyderabad as a transit route," the police stated. According to the police, during routine visits to a nearby cattle market in Annavaram, Alluri Seetharama Raju District, Vanchurbha Konda Babu befriended an individual who introduced him to the illicit drug trade, promising significant profits. Konda Babu, along with his cousin Balakrishna, who had previously been arrested by Vizag Police in a case related to the NDPS Act, agreed to participate in the illegal trade. The duo procured hash oil at a low cost and sold it to a receiver in Bengaluru for more than 10 times the purchase price, making significant profits, the police informed. On August 10, Konda Babu and Balakrishna procured the hash oil at Chaduru Mamidi Kondalu, located 15 kilometers from their village, and traveled to the outskirts of Hyderabad after receiving an order for 14 kilograms of hash oil from a Bengaluru-based buyer. On the evening of August 11, the LB Nagar Zone team, along with Hayath Nagar Police, arrested the two while they were waiting for the buyer at Taaza Foods Hotel in Pedda Amberpet village. The man who placed the order is currently absconding. Efforts are underway to apprehend him. In recent days, the Rachakonda police have arrested several drug peddlers, including a father, son, and siblings. The police noted that the accused often involve their family members and close relatives in the illicit drug trade to make easy money. Notably, approximately 35 to 40 kilograms of ganja are used to produce 1 kilogram of hashish oil, meaning the total 13.5 kilograms of hashish oil seized required approximately 560 kilograms of ganja. (ANI) SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/saraswati-saree-depot-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112457330.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/saraswati-saree-depot-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112457330.cms" target="_blank">Saraswati Saree Depot IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank">India’s wearables market decline for the first time as smartwatch shipments fall</a><a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank">Tata Curvv EV with up to 585 km range launched starting at ₹17.49 lakh</a>

Telangana: Drugs worth ₹14 crore seized, two arrested in operation by police

Amid suggestions for excluding <keyword id="19999654" type="General" weightage="20" keywordseo="food-inflation" source="keywords">food inflation</keyword> while setting benchmark <keyword id="19950650" type="General" weightage="20" keywordseo="interest-rates" source="keywords">interest rates</keyword>, <keyword id="20595794" type="General" weightage="20" keywordseo="Governor-Shaktikanta-Das" source="keywords">Governor Shaktikanta Das</keyword> on Thursday said the Reserve Bank cannot ignore it while formulating the <keyword id="20104157" type="General" weightage="20" keywordseo="monetary-policy" source="keywords">monetary policy</keyword>. He said that the weightage of food in the overall consumer price inflation, which stands at 46 per cent currently, was done in 2011-12, and needs to be revisited, and added that analysis work is going on by the National Statistical Office. "The MPC (monetary policy committee) may look through high food inflation if it is transitory; but in an environment of persisting high food inflation, as we are experiencing now, the MPC cannot afford to do so," Das said in his policy review statement. "It (MPC) has to remain vigilant to prevent spillovers or second round effects from persistent food inflation and preserve the gains made so far," he added. Chief Economic Advisor V Anantha Nageswaran had pitched for excluding food inflation from the rate setting calls, saying that the monetary policy has no bearing on the prices of food items, which are dictated by supply side pressures. Das declined to elaborate further on the remarks made in the written statement earlier in the day, but said that the weightage of food in <keyword id="20468215" type="General" weightage="20" keywordseo="CPI" source="keywords">CPI</keyword> could change based on the findings of the NSO survey. The current CPI basket is based on 2011-12 data and the review could not be undertaken because of the Covid pandemic, he said. Das said the <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords" meta.keywordsubtype="org" meta.entityname="RBI" meta.hostid="261" meta.entityid="RBI">RBI</keyword> is in regular touch with the government on the supply side response to inflation, and also discusses flood and heavy rainfall. He said while high rainfall in a district of Kerala and parts of Himachal Pradesh will lead to some impact on prices, overall the monsoon is 7 per cent higher than the long period average and will have a positive impact on the food inflation. Amid a debate on whether RBI should cut interest rates, sparked by a disclosure of the neutral rate being at 1.4-1.9 per cent, Patra said that if one factors in the neutral rate, one will see that the current level of the policy rate is "exactly right". "Neutral rate is actually reflecting the better performance of the economy. The major driver of the neutral rate is potential growth," the Deputy Governor in-charge of the monetary policy department said. Meanwhile, when asked about the release of unemployment data in the US which led to widespread concerns, Das said it is too premature to talk about a recession in the US and added that the RBI will act as per all the incoming data from both domestic and international sources. The RBI top brass led by Das also declined to comment on the recently released draft guidelines on liquidity coverage ratio, which propose to increase the amount of money which banks set aside to take care of any crisis. SEE ALSO:<a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank">Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart</a><a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank"></a> <a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank">RBI MPC meet – Cheque clearing time reduced, UPI limit increased for tax payment</a><a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank">Tata Curvv EV with up to 585 km range launched starting at ₹17.49 lakh</a>

RBI can't ignore food inflation while setting rates, will wait for NSO to review CPI weightage: Das

The <keyword id="20555159" type="General" weightage="20" keywordseo="Ministry-of-Tribal-Affairs" source="keywords" meta.keywordsubtype="org" meta.entityname="Ministry of Tribal Affairs" meta.hostid="261" meta.entityid="Ministry of Tribal Affairs">Ministry of Tribal Affairs</keyword> has launched a project to help <keyword id="20129949" type="General" weightage="20" keywordseo="tribal-students" source="keywords">tribal students</keyword> learn about <keyword id="20864124" type="General" weightage="20" keywordseo="semiconductor-technology" source="keywords">semiconductor technology</keyword>, which is essential in making electronic devices like smartphones and computers, <keyword id="22713658" type="General" weightage="20" keywordseo="Union-Minister-Durga-Das-Uikey" source="keywords">Union Minister Durga Das Uikey</keyword> said in a written reply in Lok Sabha on Thursday. The project is being managed by the <keyword id="19956783" type="General" weightage="20" keywordseo="Indian-Institute-of-Science" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Institute of Science" meta.hostid="261" meta.entityid="Indian Institute of Science">Indian Institute of Science</keyword> (IISc) in Bengaluru. The ministry aims to train 2,100 tribal students in semiconductor technology over the next three years. This training is part of a larger program aimed at improving education and opportunities for tribal communities, as per the minister. "The project aims to deliver 2100 NSQF-certified level 6.0 &amp; 6.5 training in semiconductor technology to tribal students over three years," the ministry said in its statement on August 8. Going further, the ministry in collaboration with IISc Bangalore will provide basic training to 1500 tribal students and advanced training to 600 tribal students, in semiconductor technology over the next three years. All tribal students who possess a degree in one of the engineering subjects are eligible to apply for the program. As informed by IISC, Bengaluru, the Ministry of Electronics and Information Technology (MeitY) has created 6 large Nano centres (including IISc) for delivering training in Semiconductor technology. The degree programs at these nano centres have representation from tribal communities, as per the reservation policies. Other than degree programs the nano centres also run short-term training programs under the Indian Nanoelectronics Users' Programme or INUP program. MeitY, with the long-term vision of improving skilled manpower in the areas of micro and nanoelectronics, established the INUP about a decade back. However, the program with MoTA is the first training program dedicated exclusively to tribal communities, the official statement added. The central government is actively working towards the development of the semiconductor ecosystem in the country, as evident by the recent initiatives. In February, the Union Cabinet approved the establishment of three semiconductor units under the Development of Semiconductors and Display Manufacturing Ecosystems in India. All three units will start construction within the next 100 days. The programme for the development of semiconductors and display manufacturing ecosystem in India was notified on 21.12.2021 with a total outlay of Rs. 76,000 crore. In June 2023, the Union Cabinet approved the proposal of Micron for setting up a semiconductor unit in Sanand, Gujarat. On August 3, Bhumi Pujan of Tata's semiconductor unit in Morigaon in Assam was completed. As per the information available on the website of Tata Group, the facility will be built with an investment outlay of Rs 27,000 crore and is expected to generate over 27,000 direct and indirect jobs in the region. Tata Electronics Pvt Ltd, a wholly owned subsidiary of Tata Sons will build this facility. 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Government launches project to train tribal students in semiconductor technology

<keyword id="19931890" type="General" weightage="20" keywordseo="Nobel-laureate" source="keywords">Nobel laureate</keyword> <keyword id="20024384" type="General" weightage="20" keywordseo="Muhammad-Yunus" source="keywords">Muhammad Yunus</keyword> on Thursday returned to <keyword id="19919639" type="General" weightage="20" keywordseo="Bangladesh" source="keywords">Bangladesh</keyword> from <keyword id="19916613" type="General" weightage="20" keywordseo="Paris" source="keywords">Paris</keyword> to take oath as the head of Bangladesh's <keyword id="21030472" type="General" weightage="20" keywordseo="interim-government" source="keywords">interim government</keyword>, three days after <keyword id="20024637" type="General" weightage="20" keywordseo="Sheikh-Hasina" source="keywords">Sheikh Hasina</keyword> resigned as Prime Minister and fled the country following widespread protests against her regime. Yunus, 84, who won the Nobel Peace Prize in 2006 for his pioneering work on microlending, was designated head of the interim government after President Mohammed Shahabuddin dissolved parliament on Tuesday. Yunus was in Paris for the Olympic Games. He returned to the country via Dubai. An Emirates flight (EK-582) carrying Yunus landed at Hazrat Shahjalal International Airport at 2:10pm local time. Army chief General Waker-Uz-Zaman, senior officials, student leaders and civil society members welcomed him at the airport. He will go directly to Bangabhaban, the Prime Minister's official residence. This interim government will lead the country for a certain period and oversee the election to transition power to an elected government. President Mohammed Shahabuddin will administer the oath of office to the new government. The Army chief on Wednesday said the oath-taking ceremony will likely be held in the evening in the presence of some 400 dignitaries. He hinted that the interim government may have 15 members for now. He, however, did not disclose their names and the possible tenure of the government. The Army chief hoped that normalcy would return within three to four days as the situation across the country is improving significantly. Yunus, whose name was first proposed for the top job by the coordinators of the student movement that led to Hasina's ouster, on Wednesday congratulated the "brave students" who took the lead in making, what he said, "our Second Victory Day possible", and appealed to all students, political parties and non-political people to stay calm. "Let us not miss the chance by going into any senseless violence. Violence is our enemy. Please don't create more enemies. Be calm and get ready to build the country," he said in a statement. "If we take the path of violence everything will be destroyed. Please stay calm. Help those around you to stay calm." His successful anti-poverty campaign through the Grameen Bank became a model which was replicated across continents. He had been in a protracted row with Hasina's government due to obscure reasons while authorities initiated a series of investigations against him after she came to power in 2008. Bangladesh authorities launched a review of the statutory Grameen Bank's activities in 2011 and fired Yunus as its founding managing director on charges of violating the government retirement regulation. Yunus was charged under dozens of cases during Hasina's regime. In January, a court sentenced Yunus to six months in jail on charges of labour law violation. Many people believe Hasina became enraged when Yunus announced that he would form a political party in 2007 when a military-backed government ran the country and Hasina was in prison. SEE ALSO:<a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank">Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart</a><a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank"></a> <a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank">RBI MPC meet – Cheque clearing time reduced, UPI limit increased for tax payment</a><a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank">Tata Curvv EV with up to 585 km range launched starting at ₹17.49 lakh</a>

Nobel laureate Muhammad Yunus returns to Bangladesh from Paris to take charge of interim government

The <keyword id="19949639" type="General" weightage="20" keywordseo="rupee" source="keywords">rupee</keyword> consolidated in a narrow range and settled for the day lower by 1 paisa at 83.96 (provisional) against US <keyword id="19904292" type="General" weightage="20" keywordseo="dollar" source="keywords">dollar</keyword> on Thursday, after the Reserve Bank expectedly kept the benchmark interest rate and stance unchanged for the ninth straight policy meeting. Forex traders said weak domestic markets, surge in crude oil prices and foreign fund outflows weighed on the rupee. However, a decline in the US Dollar index prevented the local unit from declining sharply. At the interbank foreign exchange market, the local unit opened at 83.94 and touched an intraday low of 83.97 and a high of 83.93 against the dollar during the session. It finally settled at 83.96 (provisional) against the American currency, down 1 paisa from its previous close. On Wednesday, the rupee consolidated in a narrow range and settled for the day lower by 3 paise at 83.95 against US dollar. The local unit had slumped 37 paise to settle at an all-time low of 84.09 against the US dollar on Monday. "We expect the rupee to trade with a negative bias on selling pressure from foreign investors and weak domestic markets. Ongoing geopolitical tensions in the Middle East may also pressurise the rupee," said Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas. However, weak US dollar may support the rupee at lower levels. Any intervention by <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword> may also support the rupee. "Traders may take cues from weekly unemployment claims data from the US. USDINR spot price is expected to trade in a range of Rs 83.75 to Rs 84.20," Choudhary said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.12 per cent to 103.07 points. <keyword id="20025497" type="General" weightage="20" keywordseo="Brent-crude" source="keywords">Brent crude</keyword>, the global oil benchmark, was trading 0.78 per cent lower at USD 77.72 per barrel in futures trade. On the macroeconomic front, the Monetary Policy Committee (MPC) of the Reserve Bank kept the benchmark repurchase or repo rate unchanged at 6.50 per cent. Announcing the bi-monthly monetary policy review RBI Governor Shaktikanta Das said Indian rupee remained largely range-bound so far this financial year. The panel also decided to retain a policy stance at "withdrawal of accommodation" to aid MPC's focus on bringing inflation towards its 4 per cent target. The status quo by RBI comes amid varied central bank action in advanced economies. While the Bank of England reduced interest rates last week, the Bank of Japan hiked rates to their highest levels since 2008. Also, fears of a US recession have risen on the back of weak employment numbers, piling up pressure on the Federal Reserve to start cutting rates to support the economy. In the domestic equity market, the 30-share BSE Sensex fell 581.79 points, or 0.73 per cent, to close at 78,886.22 points, while the Nifty declined 180.50 points, or 0.74 per cent, to 24,117.00 points. Foreign institutional investors (FIIs) were net sellers in the capital markets on Wednesday as they offloaded shares worth Rs 3,314.76 crore, according to exchange data. SEE ALSO:<a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank">Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart</a><a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank"></a> <a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank">RBI MPC meet – Cheque clearing time reduced, UPI limit increased for tax payment</a><a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank">Tata Curvv EV with up to 585 km range launched starting at ₹17.49 lakh</a>

Rupee falls 1 paisa to close at 83.96 against US dollar

The government has waived the requirement for clinical trials of certain categories of drugs in <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> if they are approved in the <keyword id="19899478" type="General" weightage="20" keywordseo="US" source="keywords">US</keyword>, the <keyword id="19922618" type="General" weightage="20" keywordseo="UK" source="keywords">UK</keyword>, Japan, Australia, Canada and the European Union. The waiver only covers five categories -- orphan drugs for rare diseases, gene and cellular therapy products, <keyword id="22559447" type="General" weightage="20" keywordseo="new-drugs" source="keywords">new drugs</keyword> used in pandemic situations, new drugs used for special defence purposes and new drugs having significant therapeutic advances over the current standard care. This waiver would ensure expeditious availability of the latest medicines for treating diseases like cancers, rare diseases like Spinal Muscular Atrophy (SMA) and Duchenne Muscular Dystrophy (DMA), and autoimmune conditions in India. "As per Rule 101 of New Drugs and Clinical Trials Rules, 2019, the Central Licensing Authority, with the approval of the Central Government, may specify, by an order, the name of the countries, from time to time, for considering waiver of local clinical trial for approval of new drugs under Chapter X and for grant of permission for conduct of clinical trial under Chapter V of the said rules," the Drugs Controller General of India (<keyword id="20559042" type="General" weightage="20" keywordseo="DGCI" source="keywords">DGCI</keyword>) said in an order issued on August 7. "In exercise of the powers conferred under Rule 101 of the said rules with the approval of the Central Government, the countries namely USA, UK, Japan, Australia, Canada and EU are hereby specified for following categories of new drugs," it said. Presently, several medicines already approved by other regulatory authorities in the US, the UK and the EU are not immediately available for Indian patients because of certain regulatory requirements under the Drugs and Cosmetics Act and rules made thereunder. These include the requirement of conducting a local clinical trial and generating safety and efficacy data before marketing authorisation in India, an official explained. However, Rule 101 of the New Drugs and Clinical Trials, 2019, allows the DCGI to specify certain countries for considering waiver of local clinical trials for approval of new drugs. "The advantages of operationalising this rule are that the latest medicines to treat diseases like cancers, rare diseases like SMA and DMA, and autoimmune conditions will become available expeditiously in India. "Presently, the delay in launching a new or novel medicine in India is anywhere between 5-20 years when compared to western markets. With the waiver of Rule 101, the scope of parallel launches of medicines in India along with the West will be opened up," the official explained. Besides, there will be a considerable reduction in the cost of various advanced medicines. Also, there will be a substantial reduction in the public procurement costs of the central and state governments under various schemes like the Central Government Health Scheme (CGHS) and Ayushman Bharat. Another advantage is that the resources which would have gone into approving the Indian clinical trials could now be utilised productively elsewhere, the official said. The costs of conducting local clinical trials will be reduced for pharmaceutical firms, therefore passing on these savings to patients. This is especially true for cases of rare diseases where firms have logistical difficulties in finding participants. The change will promote further research in these areas as there will be access to patient data in the Indian context much earlier, ultimately promoting indigenous innovation and shift from volume to value, the government's mission for the pharmaceutical industry, the official said. 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Govt waives clinical trial requirement for several drugs approved in select countries

Industry bodies representing the Real estate investments trusts (REITs) and alternate capital on Monday came in support of embattled Sebi chief Madhabi Puri Buch facing allegations by US short-seller Hindenburg Research of having stakes in obscure offshore funds linked to Adani group. <keyword id="21027897" type="General" weightage="20" keywordseo="Indian-REITs-Association" source="keywords">Indian REITs Association</keyword> (IRA) said that claims made by the US-based short-seller suggesting that the REIT framework made by markets regulator Sebi serves the interests of a select few are "baseless and misleading". In fact, the association has commended Sebi and its leadership for crafting a "rigorous regulatory environment" that includes comprehensive periodic reporting requirements, mandatory independent valuations, and strict governance standards. "Developed in consultation with all market participants, this framework ensures the highest levels of investor protection for both -- domestic and international institutional investors, as well as retail investors," it said. The Indian Venture and Alternate Capital Association (IVCA) also said it stands firmly behind Buch in the "challenging times" and added that the markets regulator has shown an "unwavering commitment to market integrity, regulatory governance, and investor protection". The support from the two bodies comes a day after mutual fund lobby grouping Amfi (Association of Mutual Funds in India) on Sunday backed Buch, saying the short-seller's report is an attempt to undermine Buch's contribution to the Indian capital market and the country's economic progress. "Creating a trust deficit in the market ecosystem must be seen for what they truly are -- attempts to create sensation by connecting random events done in the past," the industry body said. Hindenburg Research on Saturday launched a broadside against the Sebi chairperson, alleging she and her husband had stakes in obscure offshore funds used in the alleged Adani money siphoning scandal. The short-seller alleged that Buch and her husband Dhaval <keyword id="22743439" type="General" weightage="20" keywordseo="Dhaval-Buch" source="keywords">Dhaval Buch</keyword> had invested in one of the funds which was allegedly being used by Vinod Adani-- elder brother of Adani Group's Gautam Adani. It also flagged Dhaval's association with private equity major Blackstone, a promoter of multiple real estate investment trusts (REITs) and Sebi's continued pitch for the new investment avenue. Buch and her husband denied the allegations as baseless and asserted their finances are an open book. Securities and Exchange Board of India (Sebi) too defended its chairperson, saying Buch had made relevant disclosures from time to time and she "had also recused herself in matters involving potential conflicts of interest." Sebi has said that only one among 24 investigations into the Adani Group are pending. The Adani Group has termed the latest allegations malicious and based on manipulation of select public information. The company said it has no commercial relationship with the Sebi chairperson or her husband. Without naming Hindenburg, an IRA statement said, "Recent claims suggesting that the REIT framework serves the interests of a select few are baseless and misleading." The statement said after coming into being in 2014, there are four listed REITs at present managing assets of over Rs 1.4 lakh crore and serving over 2.4 lakh unitholders. Prominent global institutional investors have invested in REITs, it said, adding that their participation strengthens the trust and credibility of India's financial system. In its statement, the IVCA said Sebi plays a crucial role in maintaining the integrity and stability of our financial ecosystem. "We believe that the recent allegations made by Hindenburg are unwarranted and do not reflect a deep understanding of the Indian regulatory environment," it added. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/saraswati-saree-depot-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112457330.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/saraswati-saree-depot-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112457330.cms" target="_blank">Saraswati Saree Depot IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank">India’s wearables market decline for the first time as smartwatch shipments fall</a><a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank">Tata Curvv EV with up to 585 km range launched starting at ₹17.49 lakh</a>

Hindenburg allegations: Sebi chief gets backing of REIT and alternate capital industry bodies

The uneasy relations between Rajya Sabha Chairman and <keyword id="19895395" type="General" weightage="20" keywordseo="Opposition" source="keywords">Opposition</keyword> parties once again surfaced on Thursday, as Jagdeep <keyword id="19895818" type="General" weightage="20" keywordseo="Dhankhar" source="keywords">Dhankhar</keyword> left the House after heated clashes with TMC leader and some other Opposition MPs who were not permitted to raise the issue of disqualification of <keyword id="2449644" type="General" weightage="20" keywordseo="Vinesh-Phogat" source="Orion">Vinesh Phogat</keyword> from the Paris Olympics. Trouble started in the morning session when Leader of the Opposition Mallikarjun Kharge sought to raise the Phogat disqualification issue but Chairman Dhankhar did not allow it. This followed an angry exchange between the Chair and TMC leader Derek O'Brien. "It is an important issue. It is not an issue of a particular individual," Kharge said soon after the listed papers were tabled in the House. He wanted to know "who is behind" the disqualification. However, Dhankhar did not allow Kharge to raise the issue and went ahead with the scheduled Zero Hour listings. In the meantime, Derek O'Brien stood up to raise his point, but could not be heard because of uproar in the House. To this Dhankar cautioned the TMC member, saying "You are shouting at the Chair. Your conduct is ugliest in the House. I condemn your actions. Next time I will show you the door". As uproar continued, Opposition parties staged a walkout. "They (Opposition) think they are all wise. They think they are the only ones whose hearts are bleeding. The entire nation is in pain because of our girl. Entire nation is feeling the pain from the President to the Prime Minister to myself and many more. Everyone is sharing that situation, but to... politicize it is the greatest disrespect to that girl. That girl has a long way to go," Dhankhar said. Leader of the House and BJP president J P Nadda also condemned the behaviour of Opposition members towards the Chair and also accused the Congress party of politicising the Phogat disqualification issue. "Opposition does not have a solid issue to discuss," he said. Nadda emphasised the whole country is behind Phogat and even the Prime Minister has described the wrestler as 'champion of champions'. After Nadda spoke, Dhankhar expressed his anguish on the conduct of Opposition members and left the House saying he was not in a position to remain in the House for the time being. Before leaving the Rajya Sabha, Dhankhar said the behaviour of the Opposition members has crossed all limits by creating anarchy in the House and disrespecting the prestige of the Chair. "They are not challenging me. They are challenging the post of the Chairman. And they are challenging the Chair, as they think that the person who is sitting on this Chair is not capable," he said. Dhankhar rued that he did not get the desired support from the House despite making all efforts. "I am not running away from the oath. But what I have seen today, the way a member has behaved, the way the Opposition bench has conducted, I am not finding myself in a position to sit here for sometime," Dhankar said, adding he was leaving the House "with a heavy heart". After Dhankhar left the House, Deputy Chairman Harivansh chaired the Zero Hour proceedings. Dhankhar later chaired the Question Hour. After returning to the Chair, he said when a scene is created in the House and it becomes the epicentre of disruption for the entire nation, then it is a bounden duty to sometimes take a tough decision. "I left my seat to introspect. Having witnessed (the scene)... which I found was unprecedented, and indigestible," Dhankhar said, adding he would be "walking away from the oath" if he does not take tough decisions. The Chairman also informed that he has called a meeting of floor leaders at 1:30 PM to discuss the matter. SEE ALSO:<a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank">Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart</a><a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank"></a> <a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank">RBI MPC meet – Cheque clearing time reduced, UPI limit increased for tax payment</a><a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank">Tata Curvv EV with up to 585 km range launched starting at ₹17.49 lakh</a>

Uproar over Phogat issue in RS: Opposition walks out, Chairman Dhankhar leaves House briefly

While announcing the <keyword id="20104157" type="General" weightage="20" keywordseo="monetary-policy" source="keywords">monetary policy</keyword>, <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords" meta.keywordsubtype="org" meta.entityname="RBI" meta.hostid="261" meta.entityid="RBI">RBI</keyword> <keyword id="20595794" type="General" weightage="20" keywordseo="Governor-Shaktikanta-Das" source="keywords">Governor Shaktikanta Das</keyword> noted a positive shift in <keyword id="21574670" type="General" weightage="20" keywordseo="foreign-portfolio-investment" source="keywords">foreign portfolio investment</keyword> (FPI) flows, with USD 9.7 billion net inflows in domestic markets from June 2024. Governor Das said, "On the external financing side, foreign portfolio investors turned net buyers in the domestic market from June 2024 with net inflows of USD 9.7 billion during June-August (till August 6) after witnessing outflows of USD 4.2 billion in April and May." He added, "Foreign direct investment (FDI) flows picked up in 2024-25 as gross FDI rose by more than 20 per cent during April-May 2024, while net FDI flows doubled during this period compared to the corresponding period of the previous year. External commercial borrowings moderated during April-June 2024-25, while non-resident deposits recorded higher net inflows during April-May compared to the previous year. India's foreign exchange reserves reached a historical high of USD 675 billion as of August 2, 2024." Das highlighted that India's Current Account Deficit (CAD) had moderated to 0.7% of GDP in 2023-24, down from 2.0% in 2022-23. Das further said "India's current account deficit (CAD) moderated to 0.7 per cent of GDP in 2023-24 from 2.0 per cent of GDP in 2022-23 due to a lower trade deficit and robust services and remittances receipts. In Q1:2024-25, the merchandise trade deficit widened as imports grew faster than exports." He added that CAD will be manageable in the current fiscal, "Buoyancy in services exports and strong remittance receipts are expected to keep CAD within sustainable level in Q1:2024-25. We expect CAD to remain eminently manageable during the current financial year." Governor Das also addressed growing concerns related to home equity loans, or top-up housing loans, which have been increasing briskly by a few entities and RBI is bilaterally checking this with them but through monetary policy speech he has given a message to banks to take proactive monitoring of such loans. Das said, "Banks and NBFCs have also been offering top-up loans on other collateralized loans like gold loans. It is noticed that the regulatory prescriptions relating to loan-to-value (LTV) ratio, risk weights, and monitoring of end use of funds are not being strictly adhered to by certain entities." RBI Governor says, "Such practices may lead to loaned funds being deployed in unproductive segments or for speculative purposes. Banks and NBFCs would, therefore, be well-advised to review such practices and take remedial action." Governor <keyword id="19913110" type="General" weightage="20" keywordseo="shaktikanta-das" source="keywords">Shaktikanta Das</keyword> reported that the Purchasing Managers' Index (PMI) for manufacturing stood at a strong 58.1 in July. Services PMI was recorded at 60.3 in July 2024. The Index of Industrial Production (IIP) showed accelerated growth in May 2024, maintaining an elevated level indicative of continued growth. Das, "Manufacturing activity continues to gain ground on the back of improving domestic demand. The index of industrial production (IIP) growth accelerated in May 2024. Purchasing managers' index (PMI) for manufacturing at 58.1 in July remained elevated." He added, "Services sector maintained buoyancy as evidenced by the available high-frequency indicators. PMI services stood strong at 60.3 in July 2024, and is above 60 for seven consecutive months, indicating robust expansion." 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RBI sees a positive shift in FPI's flows in the domestic market, $9.7 bn from June till August 6

The government has approved a 20 per cent premium over the regulated or <keyword id="22761099" type="General" weightage="20" keywordseo="APM-price" source="keywords">APM price</keyword> for any <keyword id="19896179" type="General" weightage="20" keywordseo="natural-gas" source="keywords">natural gas</keyword> that <keyword id="19923397" type="General" weightage="20" keywordseo="ONGC" source="keywords">ONGC</keyword> will produce from <keyword id="22761098" type="General" weightage="20" keywordseo="new-wells" source="keywords">new wells</keyword>, the company said on Monday. Currently, two pricing regimes govern the majority of the domestic production of natural gas, which is used to generate electricity, produce fertiliser, turn into CNG for running automobiles and piped to households for cooking. Gas produced from legacy or fields given to state-owned Oil and Natural Gas Corporation (ONGC) and Oil India Ltd, on nomination basis, is priced at 10 per cent of the prevailing price of crude oil that India imports. This price, subject to a cap price of USD 6.5 per million British thermal units, is called regulated or APM price. So, at the current Indian basket price of USD 77 per barrel, the APM price for gas produced from ONGC's Mumbai High and Bassein fields in the western offshore should come to USD 7.7 per mmBtu, but it is paid the cap price of USD 6.5. Gas produced from difficult fields, such as those in the deep sea, is governed by a different formula and paid a higher rate because of the higher cost involved in its production. That price for six months starting April 1 is USD 9.87 per mmBtu. When these formulas were adopted last year, it was decided that gas produced from new wells, even in legacy fields, would be paid a premium of 20 per cent over the APM price. Now, that has been notified. "As per guidelines for domestic gas pricing, domestic natural gas price (APM price) was fixed at 10 per cent of the Indian crude basket price as announced by Petroleum Planning and Analysis (PPAC) on a monthly basis. It was provided in the guidelines that for the gas produced from new wells or well intervention in the nomination fields of ONGC/Oil India Limited, there would be a premium of 20 per cent over APM prices -- a total of 12 per cent of Indian crude basket price for new gas. "The modalities for the same had to be worked out by the Directorate General of Hydrocarbon (DGH) for approval of the Ministry of Petroleum and Natural Gas (MOPNG)," ONGC said in a statement. The ministry, it said, has now notified the allocation of gas produced from new wells or well interventions from nominated fields of ONGC/OIL at a 20 per cent premium over the APM price. "The enhanced price for new gas will make the new gas development projects viable and help the ONGC to augment the production of natural gas from nominated fields in challenging areas that require higher amounts of capital and technology. "This will enhance the investment capacity in the company to take up development projects, which are otherwise capital intensive and involve a higher degree of risks requiring commensurate prices," it said. ONGC Board has recently approved the Daman Upside Development project in its nominated field of Mumbai High for Rs 7,800 crore for increasing domestic gas production, and the job has already been awarded for execution. The peak production envisaged from this project is around 5 million standard cubic metres per day. The board has also approved another project integrated development of 4 contract areas under DSF-II at a project cost of Rs 6,000 crore with peak production of around 4 mmscmd of gas where the government has already allowed pricing and marketing freedom under the DSF Policy. The job has already been awarded for the execution of this project. "The implementation of policy decision aligns with the national vision of achieving the target of share of natural gas in the Indian energy basket from 6 per cent to 15 per cent by 2030," ONGC added. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/saraswati-saree-depot-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112457330.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/saraswati-saree-depot-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112457330.cms" target="_blank">Saraswati Saree Depot IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank">India’s wearables market decline for the first time as smartwatch shipments fall</a><a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank">Tata Curvv EV with up to 585 km range launched starting at ₹17.49 lakh</a>

Govt approves 20% premium for gas from new wells for ONGC

<ul><li><keyword id="6355315" type="General" weightage="20" keywordseo="elon-musk" source="Orion">Elon Musk</keyword> announced that Tesla’s <keyword id="8303602" type="General" weightage="20" keywordseo="cybertruck" source="Orion">Cybertruck</keyword> will go on sale by 2023.</li><li>Delays in production have allowed rivals to take a lead against Tesla.</li><li>According to Elon Musk, coming years will see a wave of mass products from Tesla. </li></ul>Elon Musk announced that Tesla will begin its sale of Cybertruck in 2023. The announcement took place during the Cyber Rodeo event at Tesla’s Giga Texas factory where Musk showed the production and made several major announcements about the company’s future plans. Tesla's chief touched upon that how the company’s vehicles manufacturing and delivery in near future will be more eco-friendly. He also added, that this year it's all about scaling up production — a production scale that no company has ever achieved before while the next year will be all about releasing new products. In addition, Tesla’s Optimus humanoid robot production will also start in 2023, following robotaxi and Tesla Semi EV. Watch Elon Musk announcing the <keyword id="8304544" type="General" weightage="20" keywordseo="tesla-cybertruck" source="Orion">Tesla Cybertruck</keyword> sale– <div type="Youtube" id="fiwUE_2JhvY" title="Cyber Rodeo at Giga Texas" thumbUrl="https://i.ytimg.com/vi/fiwUE_2JhvY/mqdefault.jpg"></div> Tesla Cybertruck will hit the market next year The Tesla Cybertruck still looks the same but manages to hide its door handles. Cybertruck was <a href="https://www.businessinsider.in/business/news/elon-musks-cybertruck-is-getting-absolutely-roasted-on-twitter-and-people-thinks-it-looks-like-something-out-of-a-badly-rendered-video-game/articleshow/72184283.cms">first announced</a> back in 2019 and the target release was set for 2021. Tesla has already delayed the vehicle launch to 2022, and now to 2023. The delay in Cybertruck gave an opportunity to rivals. The GMC Hummer EV is already in the market and Ford is also ready to deliver its battery-powered F-150. Rivian’s electric pickup truck also went on sale in the US market last year. Tesla invited around 15,000 people to the Cyber Rodeo. To make the announcement more interesting, Tesla parked red, white, and blue cars in a formation that looks like the Texas state flag. But let’s keep the show aside and see how many of these announcements land as promised. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/heres-how-to-use-one-whatsapp-account-on-two-phones/articleshow/90636271.cms">Here’s how to use one WhatsApp account on two phones</a> <a href="https://www.businessinsider.in/business/auto/news/tata-curvv-electric-suv-concept-unveiled-check-images-and-details/slidelist/90684284.cms">Tata Curvv electric SUV concept unveiled — check images and details</a>

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