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Rupee appreciated 7 paise to 84.22 against the US dollar in morning trade on Tuesday, on a sharp rebound in domestic equities amid improved investor risk appetite. Forex traders said the <keyword id="21663515" type="General" weightage="20" keywordseo="MSCI-equity-index" source="keywords">MSCI equity index</keyword> rebalancing significantly boosted sentiment for Indian equity markets as <keyword id="19932515" type="General" weightage="20" keywordseo="foreign-institutional-investors" source="keywords">foreign institutional investors</keyword> broke a 40-session streak of net selling by purchasing Rs 9,947 crores on Monday, lending robust support to the rupee. Moreover, the win by the incumbent government in Maharashtra, further fueled investor confidence in economic stability, sparking a rally in equity markets. At the interbank foreign exchange, the rupee opened at 84.27 and moved in a tight range and touched an early high of 84.22 against the greenback, registering a gain of 7 paise over its previous close. On Monday, the rupee appreciated 12 paise to close at 84.29 against US dollar. "While Donald Trump's aggressive trade policies loom large, the rupee's outlook remains cautiously optimistic. The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword>'s projection of a GDP growth rebound to 7.6 per cent in Q3 has infused fresh confidence in India's economic trajectory. Additionally, a surge in capital inflows is likely to provide robust support," CR Forex Advisors MD Amit Pabari said. Pabari further said that the RBI's vigilant stance will be critical in managing volatility, with interventions likely at key levels to maintain stability. "Given the factors, the USDINR pair appears to face resistance around the 84.50 level, with expectations of trading within a range of 83.80 to 84.50, leaning toward a downside bias," he said. On the global front, US Treasury Secretary nominee Scott Bessent's fiscal deficit reduction agenda capped US Treasury yields, Pabari said. The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.28 per cent at 107.11. Brent crude, the global oil benchmark, rose by 0.33 per cent to USD 73.25 per barrel in futures trade. In the domestic equity market, the 30-share equity benchmark Sensex jumped 167.76 points or 0.21 per cent to 80,277.61 points in early trade, while Nifty jumped 55.80 points or 0.23 per cent to 24,277.70 points. Foreign Institutional Investors (FIIs) turned net buyers in the capital markets on Monday, purchasing shares worth Rs 9,947.55 crore, according to exchange data. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/oneplus-open-oxygenos-15-update-now-rolling-out-with-flux-themes-improved-ai-features-and-more/articleshow/115657313.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-open-oxygenos-15-update-now-rolling-out-with-flux-themes-improved-ai-features-and-more/articleshow/115657313.cms" target="_blank">OnePlus Open OxygenOS 15 update now rolling out with Flux Themes, improved AI features and more</a><a href="https://www.businessinsider.in/tech/news/microsofts-ai-powered-recall-feature-is-now-rolling-out-to-copilot-pcs/articleshow/115654136.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/microsofts-ai-powered-recall-feature-is-now-rolling-out-to-copilot-pcs/articleshow/115654136.cms" target="_blank">Microsoft’s AI-powered Recall feature is now rolling out to Copilot+ PCs</a><a href="https://www.businessinsider.in/business/telecom/news/jio-airtel-and-vi-lost-nearly-11-million-subscribers-in-september-2024/articleshow/115565541.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/jio-airtel-and-vi-lost-nearly-11-million-subscribers-in-september-2024/articleshow/115565541.cms" target="_blank">Jio, Airtel and Vi lost nearly 11 million subscribers in September 2024</a>

Rupee rises 7 paise to 84.22 against US dollar in early trade

<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s <keyword id="19998537" type="General" weightage="20" keywordseo="foreign-exchange-reserves" source="keywords">foreign exchange reserves</keyword> have surged to a record high, reaching a new peak of $ 666.85 billion, according to data from the Reserve Bank of India (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>). The data highlights an increase of $9.69 billion in just one week, as of 12 July, surpassing the previous high of $657.2 billion. The reserves have been rising intermittently for some time now. The RBI data reveals that India's <keyword id="20972687" type="General" weightage="20" keywordseo="foreign-currency-assets" source="keywords">foreign currency assets</keyword> (FCA), the largest component of <keyword id="20344433" type="General" weightage="20" keywordseo="forex-reserves" source="keywords">forex reserves</keyword>, rose by $8.3 billion to $585.47 billion. Additionally, <keyword id="19895579" type="General" weightage="20" keywordseo="gold" source="keywords">gold</keyword> reserves increased by $1.2 billion, reaching $58.66 billion. According to a recent RBI report, India's foreign exchange reserves are now sufficient to cover over 11 months of projected imports. In the calendar year 2023, the RBI added approximately $58 billion to its foreign exchange reserves. In contrast, in 2022, India's forex reserves declined by a cumulative $71 billion. Forex reserves, or foreign exchange reserves (FX reserves), are assets held by a nation's central bank or monetary authority, typically in reserve currencies such as the <keyword id="19949640" type="General" weightage="20" keywordseo="us-dollar" source="keywords">US dollar</keyword>, and to a lesser extent, the euro, Japanese yen, and pound sterling. The country's foreign exchange reserves last reached an all-time high in October 2021. Much of the subsequent decline can be attributed to the increased cost of imported goods in 2022. Additionally, the relative fall in forex reserves has been linked to the RBI's market interventions, to manage the uneven depreciation of the rupee against a surging US dollar. The RBI frequently intervenes in the market through liquidity management, including the sale of dollars, to prevent steep depreciation of the rupee. The RBI closely monitors the foreign exchange markets and intervenes only to maintain orderly market conditions by containing excessive volatility in the exchange rate, without reference to any pre-determined target level or band.

India's forex reserves hit record $666.85 billion, driven by surging gold and foreign currency assets

The <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword> on Tuesday proposed rationalising <keyword id="19909672" type="General" weightage="20" keywordseo="regulations" source="keywords">regulations</keyword> that cover <keyword id="19986776" type="General" weightage="100" keywordseo="export" source="keywords">export</keyword> and <keyword id="20040382" type="General" weightage="20" keywordseo="import" source="keywords">import</keyword> <keyword id="19971375" type="General" weightage="20" keywordseo="transactions" source="keywords">transactions</keyword> with an aim to promote ease of doing <keyword id="19933715" type="General" weightage="20" keywordseo="business" source="keywords">business</keyword> and empower banks to provide more efficient service to their <keyword id="19986712" type="General" weightage="20" keywordseo="foreign-exchange" source="keywords">foreign exchange</keyword> customers. The central bank has issued 'Regulation of Foreign Trade under Foreign Exchange Management Act (<keyword id="19940710" type="General" weightage="20" keywordseo="fema" source="keywords">FEMA</keyword>), 1999 - <keyword id="20399690" type="General" weightage="20" keywordseo="draft" source="keywords">Draft</keyword> Regulations and Directions' in this regard. As per the draft, every exporter should furnish to the specified authority a declaration specifying the amount representing the full export value of the goods or services. "The amount representing the full export value of goods and services shall be realised and repatriated to India within nine months from the date of shipment for goods and date of invoice for services," it said. The draft also proposes that an exporter who has not realised the full value of export within the time specified may be caution listed by the authorised dealer. An exporter who has been caution listed can undertake export only against receipt of advance payment in full or against an irrecoverable letter of credit, to the satisfaction of the authorised dealer. According to the draft, no advance remittance for the import of gold and silver should be permitted unless specifically approved by the <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="153" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword>. The RBI said the proposed regulations are intended to promote ease of doing business, especially for small exporters and importers. They are also intended to empower Authorised Dealer banks to provide quicker and more efficient service to their foreign exchange customers, the central bank said. The RBI has sought comments on the draft regulations under FEMA and directions to authorised dealer banks by September 1.

RBI proposes rationalising regulations on export, import transactions

New Delhi [<keyword id="19895063" type="General" weightage="100" keywordseo="India" source="keywords">India</keyword>], May 19 (ANI): India's <keyword id="19998537" type="General" weightage="20" keywordseo="foreign-exchange-reserves" source="keywords">foreign exchange reserves</keyword> rose for the second straight week, by <keyword id="19944038" type="General" weightage="20" keywordseo="USD" source="keywords">USD</keyword> 2.561 billion to USD 644.151 billion in the week that ended on May 10, according to data shared by the Reserve Bank of India (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>). Preceding these two weeks, the forex kitty had seen three consecutive weeks of decline. The country's foreign exchange reserves had hit an all-time high of USD 648.562 billion recently. According to the latest data released by the Reserve Bank of India (RBI), India's foreign currency assets (FCA), the biggest component of the forex reserves, rose by USD 1.488 billion to USD 565.648 billion. <keyword id="20344434" type="General" weightage="20" keywordseo="gold-reserves" source="keywords">Gold reserves</keyword> during the week rose by USD 1.072 billion to USD 55.952 billion. India's foreign exchange reserves, which had reached an all-time high are sufficient to cover 11 months of projected <keyword id="19933566" type="General" weightage="20" keywordseo="imports" source="keywords">imports</keyword>, according to the Monthly Economic Review report of the Department of Economic Affairs under the Ministry of Finance, released lately. In the calendar year 2023, the RBI added about USD 58 billion to its foreign exchange kitty. In 2022, India's forex kitty slumped by USD 71 billion cumulatively. Foreign exchange reserves have risen about USD 23 billion, on a cumulative basis, in 2024 so far. Forex reserves, or foreign exchange reserves (FX reserves), are assets that are held by a nation's central bank or monetary authority. It is generally held in reserve currencies, usually the US Dollar and, to a lesser degree, the Euro, Japanese Yen, and Pound Sterling. The country's foreign exchange reserves last touched their all-time high in October 2021. Much of the decline after that can be attributed to a rise in the cost of imported goods in 2022. Also, the relative fall in forex reserves could be linked to the RBI's intervention, from time to time, in the market to defend the uneven depreciation in the rupee against a surging US dollar. Typically, the RBI, from time to time, intervenes in the market through liquidity management, including through the sale of dollars, to prevent a steep depreciation in the rupee. The RBI closely monitors the foreign exchange markets and intervenes only to maintain orderly market conditions by containing excessive volatility in the exchange rate, without reference to any pre-determined target level or band.

India's foreign exchange reserves rose by USD 2.6 billion in the week ending May 10: RBI

US short-seller <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="153" meta.entityid="Hindenburg Research">Hindenburg Research</keyword> alleged that it suspects <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="153" meta.entityid="Sebi">SEBI</keyword>'s unwillingness to act against <keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="153" meta.entityid="Adani Group">Adani group</keyword> may be because its head Madhabi Puri Buch had stakes in <keyword id="20311680" type="General" weightage="20" keywordseo="offshore-funds" source="keywords">offshore funds</keyword> linked to the conglomerate - an allegation slammed by the SEBI head as "baseless" while Adani group said it never had any commercial relations with Buch. Hindenburg alleged that Buch and her husband had undisclosed investments in obscure offshore funds in Bermuda and Mauritius, the same entities allegedly used by <keyword id="20283220" type="General" weightage="20" keywordseo="Vinod-Adani" source="keywords">Vinod Adani</keyword> - the elder brother of group chairman Gautam Adani - to round-trip funds and inflate stock prices. SEBI, in October 2020, began a probe into the shareholding structure of Adani group companies after red flags were raised over the high concentration of foreign holdings in the conglomerate's listed companies. An investigation was launched to determine if the foreign investors were genuine public shareholders or acting as fronts for the promoters. SEBI, last year had told a Supreme Court-appointed panel that it was investigating 13 opaque offshore entities that held between 14-20% across five publicly traded stocks of the conglomerate. It hasn't stated if the two probes have since been completed, something which Hindenburg used to attack the market regulator. Madhabi Puri Buch and her husband Dhaval Buch in a joint statement strongly denied the "baseless allegations and insinuations made in the report". The same, they said, "are devoid of any truth". "Our life and finances are an open book," they said. "It is unfortunate that Hindenburg Research against whom SEBI has taken an enforcement action and issued a show cause notice, has chosen to attempt character assassination in response to the same." Buchs further said they have no hesitation in disclosing any financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them. While the statement did not talk about the questions Hindenburg raised over SEBI probe, the duo promised to come out with a detailed response. Separately, Adani group in a regulatory filing called the allegations by Hindenburg as "malicious, mischievous and manipulative selections of publicly available information to arrive at predetermined conclusions for personal profiteering with wanton disregard for facts and the law." "The Adani Group has absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing," it said. "We remain steadfastly committed to transparency and compliance with all legal and regulatory requirements". Rejecting the allegations, it said they were nothing but a "recycling of discredited claims that have been thoroughly investigated, proven to be baseless, and already dismissed by the Supreme Court in March 2023." "It is reiterated that our overseas holding structure is fully transparent, with all relevant details disclosed regularly in numerous public documents," Adani group said, adding Anil Ahuja was a nominee director of 3i investment fund in Adani Power (2007-2008) and, later, a director of Adani Enterprises until 2017. "For a discredited short-seller under the scanner for several violations of Indian securities laws, Hindenburg's allegations are no more than red herrings thrown by a desperate entity with total contempt for Indian laws," it added. Hindenburg on Saturday stated that the SEBI chairperson and her husband invested in offshore entities that were allegedly part of a fund structure managed by India Infoline, and in which Vinod Adani also had investments. These investments reportedly date back to 2015, well before her appointment as a full-time member of SEBI in 2017 and the subsequent elevation as chairperson in March 2022. It said the Bermuda-based Global Opportunities Fund, which allegedly was used by entities connected to Adani Group to trade in shares of group companies, had sub-funds. Buch and her husband were investors in one of these sub-funds in 2015. Citing "whistleblower documents", Hindenburg said, "<keyword id="22743118" type="General" weightage="20" keywordseo="Madhabi-Buch" source="keywords">Madhabi Buch</keyword>, the current chairperson of SEBI, and her husband had stakes in both obscure offshore funds used in the Adani <keyword id="22743230" type="General" weightage="20" keywordseo="money-siphoning" source="keywords">money siphoning</keyword> scandal." SEBI, it claimed, has "shown a surprising lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities." Buch and her husband may have first opened their account with IPE Plus Fund 1 on June 5, 2015, in Singapore. IPE fund is a small offshore Mauritius fund set up by Vinod Adani director through India Infoline (IIFL), a wealth management firm with ties to the Wirecard embezzlement scandal. "Vinod Adani, brother of Gautam Adani, used this structure to invest in Indian markets with funds allegedly siphoned from over-invoicing of power equipment to Adani Group," claimed Hindenburg. Latching on to the Hindenburg allegations, Congress said the revelations only reinforced its demand for setting up a "joint parliamentary committee to investigate the full scope of the Adani mega scam" while the Trinamool Congress said the SEBI chairperson must resign. "This raises fresh questions about Gautam Adani's two 2022 meetings in quick succession with Ms Buch shortly after she became SEBI chairperson. Recall that SEBI was supposedly investigating Adani transactions at the time," Congress leader Jairam Ramesh said. In January last year, Hindenburg Research, which in the past has shorted - or bet against - companies like electric truck maker Nikola Corp and Twitter, accused Adani Group of pulling "the largest con in corporate history" by using a web of companies in tax havens to inflate its revenue and manipulate stock prices, even as debt piled up. Though the conglomerate vehemently denied all allegations, the damning report sent the group's shares into a free fall, wiping out over USD 150 billion in market value of the 10 listed entities at their lowest point. Most of the 10 listed companies have since recouped the losses. After the Hindenburg report, the Supreme Court asked market regulator SEBI to complete its investigation and set up a separate expert panel to look into regulatory lapses. The panel did not give any adverse report on Adani and the apex court too stated that no other probe other than one being done by SEBI was required. On June 26 this year, SEBI in a show cause notice charged Hindenburg of "deliberately sensationalizing and distorting certain facts" as well as working with a New York hedge fund to make its bet. Hindenburg had responded to that saying it made just USD 4.1 million from its declared positions on Adani stocks and criticized the regulator for not focusing its investigation into the January 2023 report "providing evidence" of the conglomerate creating "a vast network of offshore shell entities" and moving billions of dollars "surreptitiously" into and out of Adani public and private entities. The group led by billionaire Gautam Adani, who was the world's third-richest man before Hindenburg, in an epic comeback strategy raised USD 15 billion in equity and debt, sold some assets, repaid loans that were raised pledging shares, reined in expenses, repaid some debt and refocused energies on core business. Adani is now ranked 12th richest in the world, one notch and USD 6 billion shy of rival billionaire Mukesh Ambani. The group has also made some acquisitions, buying cement company Sanghi Industries and the news agency IANS. Adani has insisted the Hindenburg report has not changed operations at his companies, which include ports, airports, renewable parks generating electricity from sunlight and wind energy, gas distribution, cement processors, data centers, and even apple farms. 360 One Wam Ltd, formerly known as IIFL Wealth Management Ltd, separately said IPE-Plus Fund 1, a fully compliant and regulated fund, was launched in October 2013 and operated until October 2019. "Throughout the fund's tenure, IPE-Plus Fund 1 made zero investments in any shares of the Adani Group either directly or indirectly through any fund," it said. "At its peak, the fund's Assets Under Management (AUM) reached approximately USD 48 million, with over 90% of the fund consistently invested in bonds." The fund, it said, was managed as a discretionary fund by the Investment Manager. "No investor had any involvement in the fund's operations or investment decisions. Mrs. Madhabi Buch &amp; Mr. Dhaval Buch's holdings in the fund were less than 1.5% of the total inflow into the fund." Hindenburg on Saturday alleged that just weeks before Buch's appointment to SEBI, her husband requested the transfer of their investments into his sole control, potentially to avoid any scrutiny related to her new regulatory role. The couple's investments were reportedly funneled through a complex, multi-layered offshore structure, raising questions about their legitimacy and purpose. On March 22, 2017, just weeks ahead of Buch's appointment as SEBI Wholetime Member, her husband, Dhaval Buch, wrote to Mauritius fund administrator Trident Trust. That communication was regarding his and his wife's investment in the Global Dynamic Opportunities Fund (GDOF), the US firm alleged. "In the letter, Dhaval Buch requested to"be the sole person authorized to operate the accounts", seemingly moving the assets out of his wife's name ahead of the politically sensitive appointment," Hindenburg alleged. Dhaval Buch is currently a senior advisor at Blackstone and at Alvarez &amp; Marsal. He also serves as a non-executive director on the Board of Gildan. "In a later account statement dated February 26, 2018, addressed to Madhabi Buch's private email, the full details of the structure are revealed: "GDOF Cell 90 (IPEplus Fund 1)". Again, this is the same Mauritius-registered "cell" of the fund, found several layers deep in a convoluted structure, reportedly used by Vinod Adani," Hindenburg alleged. From April 2017 to March 2022, while Buch was a Wholetime member and Chairperson at SEBI, she had a 100 % interest in an offshore Singaporean consulting firm, called Agora Partners, it alleged adding On March 16, 2022, two weeks after she was appointed SEBI Chairperson, she quietly transferred the shares to her husband. To date, SEBI has taken no action against these funds, it claimed. "If SEBI wanted to find the offshore fund holders, perhaps the SEBI Chairperson could have started by looking in the mirror," Hindenburg said. In response to requests from the Supreme Court to investigate the Adani matter, SEBI is said to have hit a wall unveiling the holders of the offshore funds. The Supreme Court said that while SEBI seemingly agreed with its concerns over who funded Adani's offshore shareholders, "it is evident that SEBI has drawn a blank in this investigation", the firm alleged.

Hindenburg target SEBI chief, she calls charges baseless, Adani says no commercial relationship with SEBI head

<ul class="summary-list"><li>Eric Sim spent over 20 years in banking, working in Singapore, London, Shanghai, and Hong Kong.</li><li>The engineering major says he had no idea what banking was when he graduated in 1994.</li></ul>This as-told-to essay is based on a conversation with <a target="_blank" class="" href="https://www.linkedin.com/in/simeric/">Eric Sim</a>, 54, a former banker turned professional speaker and executive coach. The following has been edited for length and clarity. Business Insider has verified his education and employment history.When I picked banking as a career, I had very little idea of what the job would actually involve. I'd never even heard of the big names like Goldman Sachs and Morgan Stanley — but banking felt novel and challenging to me.My first job out of school was at DBS Bank, where I did corporate foreign exchange sales. I was an engineering graduate and not as savvy as my colleagues, who majored in business administration.After two years, I decided to leave DBS and get my master's in finance at Lancaster University. I wasn't able to secure a job in London, though. I ended up returning to Singapore in the thick of the 1997 Asian Financial Crisis.As jobs were scarce, I decided to take work in risk management instead. That was when I joined Standard Chartered.I was fortunate to have a good boss. He really believed in me and sent me on secondments to London and Hong Kong. That kickstarted my international career.I later moved on to Citibank in 2001, where I worked on global markets. In 2005, I saw that China was liberalizing its financial sector, so I asked my boss to post me to China, and I spent two years there.Working in China was eye-opening. Compared to a small country like Singapore, there were lots more industries, such as mining and shipping, to cover.I then relocated to Hong Kong and switched my focus to investment banking and Asia-centric transactions. That paved the way for me to join UBS as a managing director.<h2 id="6126e89b-83ba-409f-829f-7c6830f6f066">I can play the game, but I don't enjoy the game</h2><div type="image" title="Eric Sim giving a lecture to students." height="768" width="1024" msid="115431925" hostid="261" sizebytes="84092"></div>To be honest, I've always thought of leaving banking. Back in 2005, I thought of returning to college to study architecture. I applied for a spot and got accepted into the program after passing a test.But I decided against it. If I went back to school, I would have to study for five years and accrue two years of practical experience before I could qualify as an architect.That was a huge opportunity cost for me, as I could have made up to a million dollars if I had stayed with banking during the same period. I was in my mid-thirties then, and I still had to pay my mortgage. It didn't make financial sense to leave banking then.That said, I also recognized that while I could play the game, I didn't enjoy it. For most people who go into banking, the norm is to work as much as you can and retire when you're 60.However, that leaves you with very limited choices in life. Your health may deteriorate, and you won't be able to travel as much.So after spending over 20 years in banking, I left UBS in 2017.At that point, my health was still good, and I had sufficient savings. That meant that I could pursue the things I liked, and start a new career in professional speaking and executive coaching.In this phase of my life, I'm now focusing on satisfaction, meaning, and fulfillment. Through my work as a speaker and lecturer, I have been able to share my know-how in banking and career planning with more people.<h2 id="cd01a843-0073-4c6f-b1d9-e32d59c1e82f">It is a lot harder to make it in banking these days</h2><div type="image" title="Eric Sim standing in front of the London Bridge." height="768" width="1024" msid="115431926" hostid="261" sizebytes="39050"></div>Banking is really just a sales job. It is about knowing what your customer wants and then building a relationship. You want to be the first person the client calls when they have a problem.But succeeding in banking is a lot harder these days. In the past, there was less competition and less regulation within the sector. It was easier for the banks to make money.Things are different now. After the 2008 Global Financial Crisis, a lot more people now know how much money bankers can make. There is a lot more competition for banking jobs.But even if I could turn the clock back, I would still pick banking as a career. Banking is an excellent industry for self-development.My advice to young professionals is to seek out job opportunities that allow them to learn. That has been my career principle and it has served me well.

I made it to managing director after 17 years in banking, then I quit. I didn't want to work myself into the ground well into my 60s.

The <keyword id="6357808" type="General" weightage="50" keywordseo="enforcement-directorate" source="Orion">Enforcement Directorate</keyword> has filed a case against <keyword id="60684" type="General" weightage="100" keywordseo="bbc" source="Orion">BBC</keyword> <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> under <keyword id="88944" type="General" weightage="50" keywordseo="foreign-exchange-management-act" source="Orion">Foreign Exchange Management Act</keyword> (FEMA) for irregularities in foreign funding. Official sources said that the action was taken to probe irregularities of foreign funding by BBC India, diversion of funds and violation of rules under the Foreign Exchange Management Act, 1999 (FEMA). The move comes in the wake of searches conducted by Income Tax at the offices of the British broadcaster in New Delhi and Mumbai in February this year. The broadcaster came under the radar of Indian agencies after it published a controversial documentary, 'India: The Modi Question,' which drew sharp criticism from the Indian government and tarnished the country's image. Following a survey by the <keyword id="65338" type="General" weightage="50" keywordseo="income-tax-department" source="Orion">Income Tax Department</keyword>, the ED had earlier also sent summons to BBC, calling for an inquiry into the matter. An officer of BBC's administrative and editorial departments is being questioned at ED's headquarters here. The government, in January, directed social media platforms to block YouTube videos and Twitter posts sharing links to the documentary soon after it created controversy. The documentary, which questioned the role of Prime Minister Narendra Modi in the 2002 Gujarat riots, was widely criticized by the Indian government and several sections of the Indian public. The BBC faced allegations of spreading fake news and propaganda, and the Indian government accused the broadcaster of trying to destabilize the country. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/star-treks-william-shatner-to-lead-stars-on-mars-competition-series/articleshow/99457006.cms">Star Trek's William Shatner to lead 'Stars On Mars' competition series</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/rajasthans-beekeepers-in-the-honey-trap-of-high-costs-and-low-prices/articleshow/99457609.cms">Rajasthan's beekeepers in the honey trap of high costs and low prices</a>

You Searched For "foreign exchange management" and got 7 results

Rupee rises 7 paise to 84.22 against US dollar in early trade

PTI

India's forex reserves hit record $666.85 billion, driven by surging gold and foreign currency assets

ANI

RBI proposes rationalising regulations on export, import transactions

PTI

India's foreign exchange reserves rose by USD 2.6 billion in the week ending May 10: RBI

ANI

Hindenburg target SEBI chief, she calls charges baseless, Adani says no commercial relationship with SEBI head

PTI

I made it to managing director after 17 years in banking, then I quit. I didn't want to work myself into the ground well into my 60s.

Kwan Wei Kevin Tan

Enforcement Directorate files case against BBC for irregularities in foreign funds

ANI

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