General Affairs
How Social Media Is Being Used To Help Bring Home India's Stolen Idols
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By day, Arvind Venkatraman works as a software engineer in Chennai. But in his spare time, he is an international art detective whose efforts have helped bring back some of India's most valuable antiquities.
Mr Venkatraman is part of a group of art enthusiasts known as the India Pride Project (IPP) who are using Facebook and other social media to identify religious artefacts stolen from temples around the country and secure their return.
Art theft is big business all over the country. But the richest pickings are in Tamil Nadu, where centuries-old religious artefacts with huge potential sale values in the West lie largely unprotected in out-of-the-way rural temples.
Two years ago, the IPP claimed a significant victory when the National Gallery of Australia returned a $5 million bronze statue of Lord Shiva that had been stolen from a Tamil Nadu in temple.
At first MR Venkatraman says the gallery, which is now suing the Manhattan dealership that sold it the statue, was reluctant to entertain the idea that its purchase was stolen.
So the IPP organised a social media campaign using images comparing the stolen idol with the one on display at the museum.
"Initially typically there is a denial," he told AFP in Chennai.
"Whether it's Australia, Europe, Singapore or the US, initially there will be resistance from the museum curators... because they've spent a lot of money and they wouldn't want to let go of an object."
The idol is among those allegedly trafficked by Subhash Kapoor, a former Manhattan art dealer who was the subject of a massive US federal investigation known as Operation Hidden Idol.
Mr Kapoor was arrested in Germany in 2012 and is now on trial in India, accused of conspiring in the theft, trafficking and sale of religious idols. He denies all charges.
Many of the antiquities he dealt in dated back to the 11th and 12th centuries, when the Chola dynasty presided over a flourishing of Hindu art in Tamil Nadu.
'Easy Prey'
"This operation went on for many years," said Prateep V Philip, who heads Tamil Nadu's Idol Wing -- India's only police team dedicated to tackling art theft.
"He (Kapoor) was himself not on the scene, but he was the mastermind," he said.
Mr Philip said Mr Kapoor won over the international art world by donating millions of dollars' worth of pieces to museums in the United States.
He ran his own freight company in India, allegedly concealing priceless antiques among modern replicas.
"Whenever a theft took place in the past, sometimes people were not even aware," said Mr Philip, describing the thousands of small shrines that dot the state as "easy prey."
"It would be a derelict temple only visited at certain times of the year. So when a theft took place it was discovered long after," he added.
This means much of the country's stolen sacred art is never even registered as missing, allowing it to be bought and sold on the international market.
Solving The Puzzle
Donna Yates, who lectures in antiquities trafficking at the University of Glasgow, said she was "absolutely flabbergasted" when it emerged the Australian gallery's statue was stolen.
"If you'd asked me in 2011 (before Kapoor's arrest) whether this kind of thing was still possible, I'd have said no. I believed the due diligence of museums had vastly improved," she said in a phone interview.
Since the arrest, Washington has returned hundreds of artefacts recovered under Operation Hidden Idol to India.
But idols are still disappearing. This year, Mr Philip's team arrested an art dealer in Chennai after recovering hundreds of metal and stone statues of Hindu gods from a warehouse.
Ms Yates believes the grassroots work of the IPP in documenting cases of theft and bringing them to public attention is crucial -- and unmatched anywhere in the world.
"The amount that they've been able to do with zero resources is amazing. It has happened nowhere else," she said.
The volunteers, who are all passionate about Indian art, go through old catalogues from auction houses, using any blemishes or imperfections to match lots with idols stolen from temples.
Founded by two Singapore-based art enthusiasts, it now includes activists from all over the world.
The work is unpaid, but Mr Venkatraman says it is all worth it when an idol is returned to the temple it belongs in.
"When finally the idol is restituted, the temple comes alive... It's a kind of cycle... Once that cycle is complete it's like saying, ok, the puzzle is finally solved," he said.
Mr Venkatraman is part of a group of art enthusiasts known as the India Pride Project (IPP) who are using Facebook and other social media to identify religious artefacts stolen from temples around the country and secure their return.
Art theft is big business all over the country. But the richest pickings are in Tamil Nadu, where centuries-old religious artefacts with huge potential sale values in the West lie largely unprotected in out-of-the-way rural temples.
At first MR Venkatraman says the gallery, which is now suing the Manhattan dealership that sold it the statue, was reluctant to entertain the idea that its purchase was stolen.
So the IPP organised a social media campaign using images comparing the stolen idol with the one on display at the museum.
"Initially typically there is a denial," he told AFP in Chennai.
"Whether it's Australia, Europe, Singapore or the US, initially there will be resistance from the museum curators... because they've spent a lot of money and they wouldn't want to let go of an object."
The idol is among those allegedly trafficked by Subhash Kapoor, a former Manhattan art dealer who was the subject of a massive US federal investigation known as Operation Hidden Idol.
Mr Kapoor was arrested in Germany in 2012 and is now on trial in India, accused of conspiring in the theft, trafficking and sale of religious idols. He denies all charges.
Many of the antiquities he dealt in dated back to the 11th and 12th centuries, when the Chola dynasty presided over a flourishing of Hindu art in Tamil Nadu.
'Easy Prey'
"This operation went on for many years," said Prateep V Philip, who heads Tamil Nadu's Idol Wing -- India's only police team dedicated to tackling art theft.
"He (Kapoor) was himself not on the scene, but he was the mastermind," he said.
Mr Philip said Mr Kapoor won over the international art world by donating millions of dollars' worth of pieces to museums in the United States.
"Whenever a theft took place in the past, sometimes people were not even aware," said Mr Philip, describing the thousands of small shrines that dot the state as "easy prey."
"It would be a derelict temple only visited at certain times of the year. So when a theft took place it was discovered long after," he added.
This means much of the country's stolen sacred art is never even registered as missing, allowing it to be bought and sold on the international market.
Solving The Puzzle
Donna Yates, who lectures in antiquities trafficking at the University of Glasgow, said she was "absolutely flabbergasted" when it emerged the Australian gallery's statue was stolen.
"If you'd asked me in 2011 (before Kapoor's arrest) whether this kind of thing was still possible, I'd have said no. I believed the due diligence of museums had vastly improved," she said in a phone interview.
Since the arrest, Washington has returned hundreds of artefacts recovered under Operation Hidden Idol to India.
But idols are still disappearing. This year, Mr Philip's team arrested an art dealer in Chennai after recovering hundreds of metal and stone statues of Hindu gods from a warehouse.
Ms Yates believes the grassroots work of the IPP in documenting cases of theft and bringing them to public attention is crucial -- and unmatched anywhere in the world.
"The amount that they've been able to do with zero resources is amazing. It has happened nowhere else," she said.
The volunteers, who are all passionate about Indian art, go through old catalogues from auction houses, using any blemishes or imperfections to match lots with idols stolen from temples.
Founded by two Singapore-based art enthusiasts, it now includes activists from all over the world.
The work is unpaid, but Mr Venkatraman says it is all worth it when an idol is returned to the temple it belongs in.
"When finally the idol is restituted, the temple comes alive... It's a kind of cycle... Once that cycle is complete it's like saying, ok, the puzzle is finally solved," he said.
Elections Begin On Feb 4, Counting On March 11: Your Quick Guide
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Elections have been called in five states including Punjab and Uttar Pradesh, Goa, Manipur and Uttarakhand. Counting for all states will be held on March 11, the Election Commission has announced. Here's a quick look at the details:
Uttar Pradesh (403 seats), which is India's most-populous state, votes across seven days : Feb 11, Feb 15, Feb 19, Feb 23, Feb 27, March 4 and March 8.
Goa (40 constituencies) and Punjab (117 seats) will vote on February 4.
Uttarakhand - 70 seats - voting on Feb 15.
Manipur- 60 seats- voting on two days - March 4 and March 8.
Candidates cannot spend more than 28 lakhs in UP, Punjab and Uttarakhand; 20-lakh limit for Goa and Manipur
Model code of conduct is now in effect - no decision can be made that could influence voters, candidates will have to follow Election Commission's guidelines
160 million voters to take part across five states.
Uttar Pradesh (403 seats), which is India's most-populous state, votes across seven days : Feb 11, Feb 15, Feb 19, Feb 23, Feb 27, March 4 and March 8.
Goa (40 constituencies) and Punjab (117 seats) will vote on February 4.
Uttarakhand - 70 seats - voting on Feb 15.
Candidates cannot spend more than 28 lakhs in UP, Punjab and Uttarakhand; 20-lakh limit for Goa and Manipur
Model code of conduct is now in effect - no decision can be made that could influence voters, candidates will have to follow Election Commission's guidelines
160 million voters to take part across five states.
After Ex-Air Chief SP Tyagi, 2 More Accused Granted Bail In AgustaWestland Chopper Case
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A Delhi court today granted bail to two more accused in the VVIP chopper case a week after former Air Force Chief SP Tyagi, arrested last month over allegations of bribery in a contract to buy AgustaWestland VVIP choppers, was granted bail. Mr Tyagi was granted bail on the condition that he will not leave Delhi or try to contact any witness in the case.
Central Bureau of Investigation or CBI Special Judge Arvind Kumar allowed the bail pleas of Sanjeev Tyagi and a Delhi-based lawyer Gautam Khaitan, who were arrested on December 10. However, the court has asked them to furnish a persona bond of Rs. 2 lakh and a surety of like amount each.
Sanjeev Tyagi is the cousin of SP Tyagi, who was arrested on the charge of receiving kickbacks in the multi-million dollar AgustaWestland helicopter deal. On December 26, the court granted bail to the former Indian Air Force chief.
The CBI has alleged that Air Marshal Tyagi and the other accused received bribes from AgustaWestland and helped the manufacturer win the $530-million contract to purchase the helicopters for the Communication Squadron of the Indian Air Force for ferrying the President, the Prime Minister and other VVIPs.
The probe agency further added that the company was favoured by the accused against illegal gratification accepted through different companies in the name of consultancy services.
An FIR was registered against them on March 12, 2013 under various charges dealing with criminal conspiracy, cheating and under provisions of the Prevention of Corruption Act.
Central Bureau of Investigation or CBI Special Judge Arvind Kumar allowed the bail pleas of Sanjeev Tyagi and a Delhi-based lawyer Gautam Khaitan, who were arrested on December 10. However, the court has asked them to furnish a persona bond of Rs. 2 lakh and a surety of like amount each.
The probe agency further added that the company was favoured by the accused against illegal gratification accepted through different companies in the name of consultancy services.
An FIR was registered against them on March 12, 2013 under various charges dealing with criminal conspiracy, cheating and under provisions of the Prevention of Corruption Act.
Cancel Budget Before Elections, Says Opposition. Not At All, Says BJP
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With elections being called in five states today including Uttar Pradesh, whether the government can present its budget for the coming year on February 1 is being reviewed by the Election Commission.
Dr Nasim Zaidi, who heads the powerful agency, said that it has been asked to disallow the government from sharing its budget before the elections are held. Most opposition parties and the ruling BJP's ally, the Shiv Sena, say the budget will give the government an unfair advantage in presenting populist schemes and reforms.
Voting starts on February 4, just days after the budget is to be revealed, and ends on March 8. Counting for all five states will be held on March 11.
In 2012, when the same states were up for election, the budget, usually shared on the last working day in February, was moved to mid-March after voting was completed.
"Even in 2014, the budget was presented before the polls," said Finance Minister Arun Jaitley, making it clear that there is no requirement for a delay. "The government cannot come to a standstill because some states are going to polls. Every year, some election or the other takes place," said GVL Narasimha Rao, spokesperson for the BJP.
The government has said that it will announce its budget on February 1 for the 2017/18 financial year. It decided to advance the date of the general budget, to ensure proposals take effect from April 1.
But opposition parties have complained including to President Pranab Mukherjee that presenting the budget on February 1 will allow the government to manipulate and skew voters in its favour.
The first part of the budget session of parliament will start on January 31 when the government is expected to present the Economic Survey, which sets the scene for Finance Minister Arun Jaitley's fourth annual budget.
The cabinet decided last September to merge the railway budget with the annual budget, ending a nearly century-long practice.
Dr Nasim Zaidi, who heads the powerful agency, said that it has been asked to disallow the government from sharing its budget before the elections are held. Most opposition parties and the ruling BJP's ally, the Shiv Sena, say the budget will give the government an unfair advantage in presenting populist schemes and reforms.
In 2012, when the same states were up for election, the budget, usually shared on the last working day in February, was moved to mid-March after voting was completed.
"Even in 2014, the budget was presented before the polls," said Finance Minister Arun Jaitley, making it clear that there is no requirement for a delay. "The government cannot come to a standstill because some states are going to polls. Every year, some election or the other takes place," said GVL Narasimha Rao, spokesperson for the BJP.
The government has said that it will announce its budget on February 1 for the 2017/18 financial year. It decided to advance the date of the general budget, to ensure proposals take effect from April 1.
But opposition parties have complained including to President Pranab Mukherjee that presenting the budget on February 1 will allow the government to manipulate and skew voters in its favour.
The first part of the budget session of parliament will start on January 31 when the government is expected to present the Economic Survey, which sets the scene for Finance Minister Arun Jaitley's fourth annual budget.
The cabinet decided last September to merge the railway budget with the annual budget, ending a nearly century-long practice.
PM Narendra Modi Close To Sealing $600 Million For Fire Power: Report
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India is set to finalize a $660 million deal for mobile heavy artillery weapons -- its third major gun purchase in the past year and a sign Prime Minister Narendra Modi’s defense spending spree is far from over, according to people with knowledge of the matter.
The deal, expected to be approved in a cabinet decision in the coming days after extended commercial price negotiations, is a big win for Larsen & Toubro Ltd., a major Indian infrastructure and engineering company which partnered with South Korea’s Hanwha Techwin to modify the howitzer for local conditions.
It’s part of Modi’s $250 billion push to modernize the armed forces and overcome a 30-year lapse in its firepower procurement program, as India prepares to counter potential threats from Pakistan and China. Plans to buy new equipment from overseas have been held back by bureaucratic delays and the military’s desire to balance the needs of troops against efforts to have equipment built domestically under Modi’s "Make in India" program.
An Indian Army officer, who did not wish to be named as the matter is yet to go public, said the purchase contract for the 100 guns offered by L&T is pending final clearance and will soon go to the Cabinet Committee on Security for approval.
A second person familiar with the discussions who could not be named said the deal had been approved by the Ministry of Defence and was now with the Ministry of Finance. The proposal would be sent to cabinet for endorsement soon, they said.
Artillery modernization is long overdue, said Anit Mukherjee, assistant professor in the South Asia Program at the S. Rajaratnam School of International Studies at Nanyang Technological University in Singapore.
"Once these are inducted, these will give significant capabilities to the Indian military, both in the mountains and in the plains." After the cabinet approves the deal, it could take two-to-four years before the weapons are delivered to India, he said.
India Ministry of Defence spokesman Nitin Wakankar had no comment to offer on the possibility of the deal for the 155-mm 52-caliber K9 artillery gun -- modified for the army’s need for a highly mobile, long-range deep fire support weapon with a higher rate of fire -- being signed.
An email and phone calls to Larsen & Toubro seeking comment on the deal remain unanswered.
Since July last year, India’s state-owned Ordnance Factory delivered six locally-made 155-mm 45-caliber ‘Dhanush’ guns. In November, India signed a $737-million deal with the U.S. for buying 145 155-mm 42-caliber M777 guns.
India’s Defense Minister Manohar Parrikar said on Nov. 18 in New Delhi that the Indian Army had in mid-2016 inducted the Dhanush guns which would be tested by soldiers before more were added to the artillery regiments.
Some of these acquisitions are legacy items, Mukherjee said. The Dhanush project was started under former defense minister A. K. Antony in 2012 and the M777 howitzer deal was also under consideration earlier. "But it’s true that the Modi government made it happen," he said.
S.K. Chatterji, an independent strategic affairs analyst based in Delhi and a former brigadier in the Indian Army’s artillery regiment, said the acquisition of the guns "will tremendously improve the conventional war fighting capability of the Indian Army."
"Artillery is the weapon of choice when armies want to deploy a great amount of firepower on the enemy, but without escalating the battle to missiles deployment. Artillery also gives the stand-off advantage to forces," Chatterji said.
"The government has been aware that not a single artillery gun had been procured for 30 years now," he said, noting other significant weapons tenders were underway. "These are just the beginning."
The deal, expected to be approved in a cabinet decision in the coming days after extended commercial price negotiations, is a big win for Larsen & Toubro Ltd., a major Indian infrastructure and engineering company which partnered with South Korea’s Hanwha Techwin to modify the howitzer for local conditions.
It’s part of Modi’s $250 billion push to modernize the armed forces and overcome a 30-year lapse in its firepower procurement program, as India prepares to counter potential threats from Pakistan and China. Plans to buy new equipment from overseas have been held back by bureaucratic delays and the military’s desire to balance the needs of troops against efforts to have equipment built domestically under Modi’s "Make in India" program.
A second person familiar with the discussions who could not be named said the deal had been approved by the Ministry of Defence and was now with the Ministry of Finance. The proposal would be sent to cabinet for endorsement soon, they said.
Artillery modernization is long overdue, said Anit Mukherjee, assistant professor in the South Asia Program at the S. Rajaratnam School of International Studies at Nanyang Technological University in Singapore.
"Once these are inducted, these will give significant capabilities to the Indian military, both in the mountains and in the plains." After the cabinet approves the deal, it could take two-to-four years before the weapons are delivered to India, he said.
India Ministry of Defence spokesman Nitin Wakankar had no comment to offer on the possibility of the deal for the 155-mm 52-caliber K9 artillery gun -- modified for the army’s need for a highly mobile, long-range deep fire support weapon with a higher rate of fire -- being signed.
An email and phone calls to Larsen & Toubro seeking comment on the deal remain unanswered.
Since July last year, India’s state-owned Ordnance Factory delivered six locally-made 155-mm 45-caliber ‘Dhanush’ guns. In November, India signed a $737-million deal with the U.S. for buying 145 155-mm 42-caliber M777 guns.
India’s Defense Minister Manohar Parrikar said on Nov. 18 in New Delhi that the Indian Army had in mid-2016 inducted the Dhanush guns which would be tested by soldiers before more were added to the artillery regiments.
Some of these acquisitions are legacy items, Mukherjee said. The Dhanush project was started under former defense minister A. K. Antony in 2012 and the M777 howitzer deal was also under consideration earlier. "But it’s true that the Modi government made it happen," he said.
S.K. Chatterji, an independent strategic affairs analyst based in Delhi and a former brigadier in the Indian Army’s artillery regiment, said the acquisition of the guns "will tremendously improve the conventional war fighting capability of the Indian Army."
"Artillery is the weapon of choice when armies want to deploy a great amount of firepower on the enemy, but without escalating the battle to missiles deployment. Artillery also gives the stand-off advantage to forces," Chatterji said.
"The government has been aware that not a single artillery gun had been procured for 30 years now," he said, noting other significant weapons tenders were underway. "These are just the beginning."
Business Affairs
Notes Ban: BofA-ML Sees RBI Surplus Payout At Rs. 50,000 Crore
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With almost 95 per cent of the scrapped notes finding their way to banks, the government may at best gain around Rs. 50,000 crore only by way of additional surplus transfer from the Reserve Bank, which is far less than what was estimated earlier, says a brokerage report.
"How much can budget 2017 raise from the demonetisation drive? Rs. 1,500 billion (Rs. 1.5 lakh crore), we estimate, down from Rs. 2,000 billion (Rs. 2 lakh crore) earlier," Bank of America-Merrill Lynch said in a note on Wednesday.
It also nearly halved its estimate of RBI dividend from black cash money not returned to banks to Rs. 50,000 crore from Rs. 95,000 crore, as the banks had collected over Rs. 14 lakh crore out of the Rs. 15.55 lakh crore in demonetised notes deposits by December 19, it said.
The dividend will be possible after the recent Ordinance that allows the RBI to cancel the liability in respect of demonetised Rs. 500 and Rs. 1000 notes not returned to banks.
"The Ordinance presumably paves the way for a 'special dividend' to the fiscal," it said, adding additionally, the income disclosure scheme will net another Rs. 1 lakh crore to the government.
The RBI's "special dividend" may be utilised for social sector schemes, it said.
Assuming Finance Minister Arun Jaitley sticks to the 3.5 per cent fiscal deficit target, he will "be just about able to maintain public capex" at budgeted levels after utilising the benefits of IDS for bank recapitalisation and seventh pay commission payout, it said.
"How much can budget 2017 raise from the demonetisation drive? Rs. 1,500 billion (Rs. 1.5 lakh crore), we estimate, down from Rs. 2,000 billion (Rs. 2 lakh crore) earlier," Bank of America-Merrill Lynch said in a note on Wednesday.
It also nearly halved its estimate of RBI dividend from black cash money not returned to banks to Rs. 50,000 crore from Rs. 95,000 crore, as the banks had collected over Rs. 14 lakh crore out of the Rs. 15.55 lakh crore in demonetised notes deposits by December 19, it said.
The dividend will be possible after the recent Ordinance that allows the RBI to cancel the liability in respect of demonetised Rs. 500 and Rs. 1000 notes not returned to banks.
"The Ordinance presumably paves the way for a 'special dividend' to the fiscal," it said, adding additionally, the income disclosure scheme will net another Rs. 1 lakh crore to the government.
The RBI's "special dividend" may be utilised for social sector schemes, it said.
Assuming Finance Minister Arun Jaitley sticks to the 3.5 per cent fiscal deficit target, he will "be just about able to maintain public capex" at budgeted levels after utilising the benefits of IDS for bank recapitalisation and seventh pay commission payout, it said.
GST: Major Differences Remain Over The Definition Of 'Territory' Says, Arun Jaitley
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Finance Minister Arun Jailtley on Wednesday said that the major gaps in the GST negotiations are related to the definition of the word 'territory', cross-empowerment and (dual) control.
All the three issues are part of the IGST or interstate GST that concerns sharing of administrative over goods are services sold in more than 1 jurisdiction. The IGST has 11 chapters of which 10 have been approved. "Some issues remain open, and are in the process of being discussed," said Mr jaitley.
He also spoke about his meeting with the representatives of the Information Technology sector, where the industry raised a similar issue and requested a single registration under GST law even though data of software programming may initiate from multiple jurisdictions.
Mr Jaitley informed about the demand of the state governments in various coastal activities like fishing.
"Area within 12 nautical miles part of Indian Territory, whose territory is it? Some states have fishing rights in that area but customs and service tax are charged by the government of India," said Mr Jaitley.
The GST council, headed by Finance Minister began its two-day meeting on Tuesday to discuss the contentious issue of sharing of administrative powers between the centre and the state governments.
The differences over the sharing of administrative powers have prevented the GST Council to come to an agreement over supporting legislations for GST, which will unify the country into a common market.
All the three issues are part of the IGST or interstate GST that concerns sharing of administrative over goods are services sold in more than 1 jurisdiction. The IGST has 11 chapters of which 10 have been approved. "Some issues remain open, and are in the process of being discussed," said Mr jaitley.
He also spoke about his meeting with the representatives of the Information Technology sector, where the industry raised a similar issue and requested a single registration under GST law even though data of software programming may initiate from multiple jurisdictions.
Mr Jaitley informed about the demand of the state governments in various coastal activities like fishing.
"Area within 12 nautical miles part of Indian Territory, whose territory is it? Some states have fishing rights in that area but customs and service tax are charged by the government of India," said Mr Jaitley.
The GST council, headed by Finance Minister began its two-day meeting on Tuesday to discuss the contentious issue of sharing of administrative powers between the centre and the state governments.
The differences over the sharing of administrative powers have prevented the GST Council to come to an agreement over supporting legislations for GST, which will unify the country into a common market.
Rupee Rebounds From 1-Month Low, Soars 28 Paise
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The rupee made a roaring comeback after a two-day downfall against the American currency and ended higher by 28 paise at 68.05 following a fresh bout of dollar selling by banks and exporters.
This is the biggest single day gain in one month. A weak dollar sentiment across the board alongside unwinding of long positions by speculative traders ahead of key US macro data release largely supported the recovery momentum, a forex dealer said.
At the Interbank Foreign Exchange (Forex) market, the domestic unit commenced slightly better at 68.29 a dollar from overnight close of 68.33 and maintained its stellar performance throughout the session driven by robust dollar supplies.
It finally settled at the day's highest level of 68.05, revealing a smart gain of 28 paise, or 0.41 per cent.
The local unit had depreciated by a whopping 41 paise in last two sessions -- giving a tepid start to New Year.
Meanwhile, foreign funds sold shares worth Rs 500.49 crore yesterday, as per the provisional data.
In worldwide trade, the dollar retreated from a 14-year high against a basket of currencies as investors turned cautious ahead of FOMC latest minutes release and other key macro data.
The US dollar index was trading lower at 102.95 in late afternoon deals.
The RBI fixed the reference rate for the dollar at 68.1791 and for the euro at 70.9949.
In cross-currency trades, the rupee hardened further against the pound sterling to finish at 83.43 from 83.81, but fell back modestly against the euro to settle at 70.99 from 70.97 earlier.
It also turned weak against the Japanese Yen to end at 57.90 per 100 yens from 57.73 yesterday.
Meanwhile, domestic bourses ended marginally lower in a range-bound trade despite bullish Asian sentiment after Japanese shares jumped more than 2 per cent.
The benchmark Sensex moved down over 10 points to end at 26,633.13, while broader Nifty inched down 1.75 points to 8,190.50.
In the forward market, premium for dollar edged higher owing to renewed paying pressure from corporates.
The benchmark six-month premium for June edged higher to 145-147 paise from 142-144 paise and the far-forward December 2017 contract inched up to 284.5-286.5 paise from 284-286 paise on Tuesday.
On the global commodity front, crude oil prices continued to move higher on expectations that US crude inventories are falling and signs that oil producers will stick to agreed output cuts that took effect this week.
This is the biggest single day gain in one month. A weak dollar sentiment across the board alongside unwinding of long positions by speculative traders ahead of key US macro data release largely supported the recovery momentum, a forex dealer said.
At the Interbank Foreign Exchange (Forex) market, the domestic unit commenced slightly better at 68.29 a dollar from overnight close of 68.33 and maintained its stellar performance throughout the session driven by robust dollar supplies.
It finally settled at the day's highest level of 68.05, revealing a smart gain of 28 paise, or 0.41 per cent.
The local unit had depreciated by a whopping 41 paise in last two sessions -- giving a tepid start to New Year.
Meanwhile, foreign funds sold shares worth Rs 500.49 crore yesterday, as per the provisional data.
In worldwide trade, the dollar retreated from a 14-year high against a basket of currencies as investors turned cautious ahead of FOMC latest minutes release and other key macro data.
The US dollar index was trading lower at 102.95 in late afternoon deals.
The RBI fixed the reference rate for the dollar at 68.1791 and for the euro at 70.9949.
In cross-currency trades, the rupee hardened further against the pound sterling to finish at 83.43 from 83.81, but fell back modestly against the euro to settle at 70.99 from 70.97 earlier.
It also turned weak against the Japanese Yen to end at 57.90 per 100 yens from 57.73 yesterday.
Meanwhile, domestic bourses ended marginally lower in a range-bound trade despite bullish Asian sentiment after Japanese shares jumped more than 2 per cent.
The benchmark Sensex moved down over 10 points to end at 26,633.13, while broader Nifty inched down 1.75 points to 8,190.50.
In the forward market, premium for dollar edged higher owing to renewed paying pressure from corporates.
The benchmark six-month premium for June edged higher to 145-147 paise from 142-144 paise and the far-forward December 2017 contract inched up to 284.5-286.5 paise from 284-286 paise on Tuesday.
On the global commodity front, crude oil prices continued to move higher on expectations that US crude inventories are falling and signs that oil producers will stick to agreed output cuts that took effect this week.
30 Indian-Origin Persons In Forbes List Of Super Achievers
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Over 30 Indian-origin innovators, entrepreneurs and leaders have been featured in the 2017 edition of Forbes' list of super achievers under the age of 30 who seek to break the status quo and transform the world.
The Forbes list has 30 game changers in 20 industries including healthcare, manufacturing, sports and finance.
The 600 in the list are "challenging the conventional wisdom and rewriting the rules for the next generation of entrepreneurs, entertainers, educators and more. They are passionate and formidable bunch, and for good reason. Their goal is nothing short of breaking the status quo and transforming the world."
The group has over 30 men and women who are of Indian-origin and are making a mark in their fields.
The list includes 27-year-old Vivek Kopparthi, cofounder of NeoLight that has developed a phototherapy device that is portable for use at home for jaundice.
The company is also working on a second tool to treat infant hypothermia.
Prarthna Desai, 27, left her Harvard graduate school programme to use drones to get medication to people in the developing world.
In her operations role at the healthcare company Zipline, she is leading efforts to integrate the medicine-delivery-by-drone service with the healthcare system in Rwanda.
Shaun Patel, 28, is the orthopedic surgery chief resident at Harvard Medical School and has dozens of scientific publications in surgery journals.
His company, OrthoNinja, aims to streamline communication between doctors by creating a mobile app that allows doctorsto consult with one another.
Rohan Suri, 17 is the founder of Averia Health Solutions and has developed an improved concussion test.
In the law and policy category is 27 year old Varun Sivaram, Acting Director: Energy Security and Climate Change in leading think tank Council on Foreign Relations.
Sivaram completed his PhD at Oxford University and is on the advisory boards for Stanford's energy and environment institutes.
He is an adjunct professor at Georgetown University teaching "clean energy innovation" and previously, he advised Hillary Clinton's campaign on energy policy.
In manufacturing and industry, Neha Gupta, 28, played a role in the sale of Beats by Dre to Apple.
She manages manufacturing and supply chain for DAQRI, which makes augmented reality headsets to improve safety and efficiency for industrial workers.
Featured in the social entrepreneurs category is Aditya Agarwalla, 23, Cofounder of Kisan Network, The Princeton University dropout co-founded the Kisan Network, which is an xonline marketplace for small-scale farmers in India.
In the sports category is Akshay Khanna, 29, Vice President of Strategy for American football team Philadelphia 76ers.
Among the top guns in the venture capital sector is Anarghya Vardhana, 28, who joined the firm Maveron after spending a year at Rothenberg Ventures, where she launched a virtual reality accelerator and sourced and made seed investments in a dozen startups in the virtual reality space.
Akshay Goyal, 28, is the Vice President of Starwood Capital.
The youngest vice president in Starwood's history when he was promoted at the age 26, Goyal focuses on hotel acquisitions and has helped drive over $7 billion in deals.
Recently he helped sell a portfolio of 240 US hotels to China Life for $2 billion.
In the consumer technology sector is Ajay Yadav, 29, who is the founder of Roomi, a startup app that lets users find the right roommate to live with, chat with each other, search for listings, apply for an apartment and pay rent.
Over 30 Indian-origin innovators, entrepreneurs and leaders have been featured in the 2017 edition of Forbes' list of super achievers under the age of 30 who seek to break the status quo and transform the world.
The Forbes list has 30 game changers in 20 industries including healthcare, manufacturing, sports and finance.
The 600 in the list are "challenging the conventional wisdom and rewriting the rules for the next generation of entrepreneurs, entertainers, educators and more. They are passionate and formidable bunch, and for good reason. Their goal is nothing short of breaking the status quo and transforming the world."
The Forbes list has 30 game changers in 20 industries including healthcare, manufacturing, sports and finance.
The 600 in the list are "challenging the conventional wisdom and rewriting the rules for the next generation of entrepreneurs, entertainers, educators and more. They are passionate and formidable bunch, and for good reason. Their goal is nothing short of breaking the status quo and transforming the world."
The group has over 30 men and women who are of Indian-origin and are making a mark in their fields.
The list includes 27-year-old Vivek Kopparthi, cofounder of NeoLight that has developed a phototherapy device that is portable for use at home for jaundice.
The company is also working on a second tool to treat infant hypothermia.
Prarthna Desai, 27, left her Harvard graduate school programme to use drones to get medication to people in the developing world.
In her operations role at the healthcare company Zipline, she is leading efforts to integrate the medicine-delivery-by-drone service with the healthcare system in Rwanda.
Shaun Patel, 28, is the orthopedic surgery chief resident at Harvard Medical School and has dozens of scientific publications in surgery journals.
His company, OrthoNinja, aims to streamline communication between doctors by creating a mobile app that allows doctorsto consult with one another.
Rohan Suri, 17 is the founder of Averia Health Solutions and has developed an improved concussion test.
In the law and policy category is 27 year old Varun Sivaram, Acting Director: Energy Security and Climate Change in leading think tank Council on Foreign Relations.
Sivaram completed his PhD at Oxford University and is on the advisory boards for Stanford's energy and environment institutes.
He is an adjunct professor at Georgetown University teaching "clean energy innovation" and previously, he advised Hillary Clinton's campaign on energy policy.
In manufacturing and industry, Neha Gupta, 28, played a role in the sale of Beats by Dre to Apple.
She manages manufacturing and supply chain for DAQRI, which makes augmented reality headsets to improve safety and efficiency for industrial workers.
Featured in the social entrepreneurs category is Aditya Agarwalla, 23, Cofounder of Kisan Network, The Princeton University dropout co-founded the Kisan Network, which is an xonline marketplace for small-scale farmers in India.
In the sports category is Akshay Khanna, 29, Vice President of Strategy for American football team Philadelphia 76ers.
Among the top guns in the venture capital sector is Anarghya Vardhana, 28, who joined the firm Maveron after spending a year at Rothenberg Ventures, where she launched a virtual reality accelerator and sourced and made seed investments in a dozen startups in the virtual reality space.
Akshay Goyal, 28, is the Vice President of Starwood Capital.
The youngest vice president in Starwood's history when he was promoted at the age 26, Goyal focuses on hotel acquisitions and has helped drive over $7 billion in deals.
Recently he helped sell a portfolio of 240 US hotels to China Life for $2 billion.
In the consumer technology sector is Ajay Yadav, 29, who is the founder of Roomi, a startup app that lets users find the right roommate to live with, chat with each other, search for listings, apply for an apartment and pay rent.
Chinese Smartphone Makers Capture 40% Of Indian Market: Survey
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Chinese smartphone vendors last year captured about 40 per cent share in India, the second largest smartphone market in the world, the official media here reported.
Among all, Lenovo saw its shipment volume rise to the second only after Samsung in the third quarter last year, state-run China Daily quoted global research firm International Data Corporation (IDC) survey as saying.
Xiaomi took the third spot with a market share of 10.7 per cent, whereas Chinese vendors collectively took up 40 per cent, according to the survey conducted across 30 major Indian cities.
The forays by Chinese phone makers comes as India's domestic brands saw decline in market share.
Micromax reported a 16.7 per cent month-over-month sales drop in October, the survey said.
Analysts noted that as smartphone giants look at India which has a population of 1.34 billion, to be the "new China" and the competition will be intense, the report said.
Despite growth, price war remains fierce in what is becoming the world's second-largest smartphone market where the price of a mobile averages only $100, the survey said.
"Lenovo has retained its duo-brand strategy in India," Rahul Agarwal, the company's managing director, told state-run Beijing News, adding that Motorola is focused on high-end market, taking up a third of its sales, whereas Lenovo phones targeting lower end account for two thirds.
Indian customers are even more price sensitive than Chinese users, Ni Fei, co-founder and CEO of Nubia Technology, said.
Besides price war, patent rights and tariff could also hinder further growth in India, analysts said, citing patent disputes faced by Chinese smartphone makers OPPO, VIVO and Xiaomi in recent years.
OPPO is planning to invest 1.5 billion yuan ($215 million) to build an industrial park in India to bring down manufacturing cost, according to media reports earlier last month. The company already has a factory in Greater Noida.
Among all, Lenovo saw its shipment volume rise to the second only after Samsung in the third quarter last year, state-run China Daily quoted global research firm International Data Corporation (IDC) survey as saying.
Xiaomi took the third spot with a market share of 10.7 per cent, whereas Chinese vendors collectively took up 40 per cent, according to the survey conducted across 30 major Indian cities.
The forays by Chinese phone makers comes as India's domestic brands saw decline in market share.
Micromax reported a 16.7 per cent month-over-month sales drop in October, the survey said.
Analysts noted that as smartphone giants look at India which has a population of 1.34 billion, to be the "new China" and the competition will be intense, the report said.
Despite growth, price war remains fierce in what is becoming the world's second-largest smartphone market where the price of a mobile averages only $100, the survey said.
"Lenovo has retained its duo-brand strategy in India," Rahul Agarwal, the company's managing director, told state-run Beijing News, adding that Motorola is focused on high-end market, taking up a third of its sales, whereas Lenovo phones targeting lower end account for two thirds.
Indian customers are even more price sensitive than Chinese users, Ni Fei, co-founder and CEO of Nubia Technology, said.
Besides price war, patent rights and tariff could also hinder further growth in India, analysts said, citing patent disputes faced by Chinese smartphone makers OPPO, VIVO and Xiaomi in recent years.
OPPO is planning to invest 1.5 billion yuan ($215 million) to build an industrial park in India to bring down manufacturing cost, according to media reports earlier last month. The company already has a factory in Greater Noida.
General Awareness
India Ranks Third Among Countries Offering Highest Salaries to Expats
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According to HSBC Expat survey 2016, India ranks third among the countries offering the highest average annual salary to expatriates. Switzerland topped the list to offer highest average salary of about $188,275 a year to expats while Hong Kong was listed third.
Key highlights of the HSBC Expat Explorer 2016 survey
Expatriates living in India are the third-highest paid in the world.Out of almost 27,000 expats polled, the average salary of foreigners living in India was $145,057 while the highest paid were foreign workers in Switzerland who got an average salary of $188,275, followed by Hong Kong at $169,756.
- Respondents regarded India as a good place to progress their career, start a business or achieve long-term financial goals.
- The average annual expat salary in Switzerland was almost twice the global average. It tops the expat career ranking for a second year. The combination of high salaries and excellent work culture has placed Switzerland at the top of the table.
- Almost 89% of expats in India receive at least one financial benefit from their employer for living in India. Expats in India are also able to save more, with 44% saying that living in India accelerated their progress towards making long-term savings and investments, compared with 39% across the region.
- India attracts more expat entrepreneurs than the rest of Asia Pacific. Of expats in India, 11% had moved to set up a business when compared with an average of 5% across Asia Pacific.
- Nearly two-thirds, or 64%, of expats living in India said they had confidence in the country and just over half 53% said they had confidence in the political system.
- Despite the large pay packets in Asia, Europe was considered the best destinations for a successful expat career.
- Six European countries made it into the top 10 of the ranking that included scores for economics, experience and family.
- The survey showed Singapore topped for that, followed by New Zealand and Canada. On that ranking, India came 26th, scoring particularly low for “experience,” the measurement for lifestyle and ease of setting up there. The U.S. ranked 30th.
HSBC Expat Explorer surveys 2016
Expat Survey is conducted by HSBC annually covering about 100 nations. In the ninth edition of this annual survey, nearly 27,000 expats from 190 countries and territories shared their thoughts and experiences of expat life.
- The Expat Explorer surveys countries after combining views of expats about economics, experience and family, with 27 questions.
- Young Expat (aged 18-34) moved abroad to build a career and are more likely to achieve greater job satisfaction, with nearly half (49%) saying they find their work more fulfilling in their host country than it was at home.
- HSBC Holdings PLC is a British multinational banking and financial services company headquartered in London, United Kingdom. It is the world’s sixth largest bank by total assets, with total assets of US$2.67 trillion.
- Headquarter: London
- Founded: March 1991
- Chairman: Douglas Flint
- Respondents regarded India as a good place to progress their career, start a business or achieve long-term financial goals.
- The average annual expat salary in Switzerland was almost twice the global average. It tops the expat career ranking for a second year. The combination of high salaries and excellent work culture has placed Switzerland at the top of the table.
- Almost 89% of expats in India receive at least one financial benefit from their employer for living in India. Expats in India are also able to save more, with 44% saying that living in India accelerated their progress towards making long-term savings and investments, compared with 39% across the region.
- India attracts more expat entrepreneurs than the rest of Asia Pacific. Of expats in India, 11% had moved to set up a business when compared with an average of 5% across Asia Pacific.
- Nearly two-thirds, or 64%, of expats living in India said they had confidence in the country and just over half 53% said they had confidence in the political system.
- Despite the large pay packets in Asia, Europe was considered the best destinations for a successful expat career.
- Six European countries made it into the top 10 of the ranking that included scores for economics, experience and family.
- The survey showed Singapore topped for that, followed by New Zealand and Canada. On that ranking, India came 26th, scoring particularly low for “experience,” the measurement for lifestyle and ease of setting up there. The U.S. ranked 30th.
- The Expat Explorer surveys countries after combining views of expats about economics, experience and family, with 27 questions.
- Young Expat (aged 18-34) moved abroad to build a career and are more likely to achieve greater job satisfaction, with nearly half (49%) saying they find their work more fulfilling in their host country than it was at home.
- HSBC Holdings PLC is a British multinational banking and financial services company headquartered in London, United Kingdom. It is the world’s sixth largest bank by total assets, with total assets of US$2.67 trillion.
- Headquarter: London
- Founded: March 1991
- Chairman: Douglas Flint
According to HSBC Expat survey 2016, India ranks third among the countries offering the highest average annual salary to expatriates. Switzerland topped the list to offer highest average salary of about $188,275 a year to expats while Hong Kong was listed third.
Key highlights of the HSBC Expat Explorer 2016 survey
Expatriates living in India are the third-highest paid in the world.Out of almost 27,000 expats polled, the average salary of foreigners living in India was $145,057 while the highest paid were foreign workers in Switzerland who got an average salary of $188,275, followed by Hong Kong at $169,756.
HSBC Expat Explorer surveys 2016
Expat Survey is conducted by HSBC annually covering about 100 nations. In the ninth edition of this annual survey, nearly 27,000 expats from 190 countries and territories shared their thoughts and experiences of expat life.
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