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Forex reserves rise to record USD 729.3 billion

Mumbai, Aug 29 (NVI) India’s Foreign Exchange (FOREX) reserves rose to a record USD 729.3 billion in the week ended  August 21, according to the Reserve Bank of India (RBI).

The latest data released by the RBI shows that FOREX reserves increased by USD 12.4 billion during the week, taking the total reserves past USD 728.5 billion accumulated in February.

The rise in reserves has been supported by strong foreign currency inflows following measures introduced by the central bank in June to attract overseas capital. These included a special deposit programme for overseas Indians and other non-resident customers, aimed at strengthening foreign currency liquidity in the domestic financial system.

The measures had attracted around USD 72.8 billion in inflows through August 21.

The inflows have strengthened India’s external position and reduced the risk of a third consecutive year of a deficit in the country’s broadest measure of capital flows.

The record reserves provide the RBI with greater capacity to intervene in the foreign exchange market if the rupee comes under renewed pressure.

The Indian currency has recovered around 1.7 per cent from its record low in May, although higher crude oil prices and India’s dependence on imported fuel continue to pose risks.

A rise in oil prices typically increases the country’s import bill and demand for foreign currency, putting pressure on the rupee. A larger reserve stock gives the central bank greater flexibility to supply dollars to the market and limit excessive currency volatility when necessary.

However, the strategy of attracting overseas deposits has also increased the cost for the central bank.

Under the special diaspora deposit programme, the RBI bears the hedging costs incurred by banks, enabling lenders to offer more attractive interest rates to overseas customers.

The cost of mobilising funds through the programme has become more significant as US interest rates remain substantially higher than they were in 2013.

The RBI had last turned to overseas residents that year to raise foreign currency and strengthen its reserves during a period of pressure on the rupee.

The RBI earlier this month advanced the closure of the special diaspora deposit programme, with Governor Sanjay Malhotra saying inflows had been stronger than anticipated.

The decision came after the scheme helped generate substantial overseas inflows and contributed to the sharp improvement in the country’s reserve position. (NVI)

J&K To Remain Hot, Humid; Rain Likely At Several Places Till Sept 1

Rainfall
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Srinagar, Aug 29 (NVI): Jammu and Kashmir is likely to witness generally hot and humid weather over the next few days, with brief spells of rain and thundershowers expected at scattered places, the Meteorological Centre said on Saturday.

According to Director Meteorological Centre Srinagar Dr Mukhtar Ahmad, weather will remain generally hot and humid on August 29 and 30, with brief spells of rain or thundershowers likely at scattered places during the early morning and afternoon hours.

On August 31 and September 1, generally hot and humid conditions are expected to persist, with one or two spells of light to moderate rain and thundershowers likely at many places.

Brief intense or heavy showers are also possible during the early morning and afternoon hours, mainly in a few districts of the Jammu division, he said.

For September 2 to 10, the weather is expected to remain generally dry, though brief spells of rain or thundershowers may occur at scattered places during the early morning and afternoon hours.

The Meteorological Centre has advised people to remain cautious as brief intense showers in localised areas could trigger flash floods, mudslides and landslides, particularly during August 31 and September 1-2.

Residents of vulnerable and landslide-prone areas have been advised to follow local advisories during periods of intense rainfall.

Farmers can continue harvesting and other agricultural activities as weather conditions are expected to remain largely manageable, barring brief periods of rainfall, the Met office said.—(NVI)

Pak Drone Sighting Near LoC Triggers Search Operation In J&K’s Poonch

Drone
Representational image

Shivam Bakshi

Poonch, Aug 29 (NVI): A drone suspected to be of Pakistani origin was spotted hovering over forward areas along the Line of Control (LoC) in Poonch district, prompting security forces to launch a search operation, officials said on Saturday.

According to officials, the drone was spotted over Behrooti village in Balakote area of Mendhar sector late Friday evening. It was seen moving towards the Mangalnar-Dabrote side near the LoC before returning towards Pakistan.

Following the sighting, Army troops deployed along the LoC intensified surveillance in the area and launched a search operation at first light to ascertain whether the drone had dropped or carried any suspicious material, officials said.

The search operation is underway, while security forces have remained on heightened alert along the border, they added.(NVI)

J&K: Nurse Held In Kishtwar Minor Death Case; SIT Probe Continues

J-K Police
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Shivam Bakshi

Kishtwar, Aug 29 (NVI): Police have arrested a nurse posted at District Hospital Kishtwar in connection with the death of a minor girl from Chatroo area of Kishtwar district, taking the total number of arrests in the case to six, officials said on Friday.

The accused has been identified as Sonika, a nurse at District Hospital Kishtwar. She was arrested in connection with FIR No. 34/2026 registered at Police Station Chatroo under relevant provisions of the POCSO Act, Bharatiya Nyaya Sanhita and the SC/ST (Prevention of Atrocities) Act, they said.

A Special Investigation Team (SIT) was constituted by the SSP Kishtwar to investigate the sensitive case.

During the investigation, police found material indicating alleged sexual exploitation of the minor, her pregnancy and attempts to terminate it. The probe also revealed the alleged involvement of several persons, including those linked to her medical treatment, officials said.

Five accused had earlier been arrested in the case. The nurse’s alleged role came to light during further investigation, following which she was arrested, they said.

The SIT is conducting a detailed, scientific and evidence-based investigation into the circumstances leading to the minor’s death and the role of all persons connected with the case.

Police said further arrests would be made if warranted and strict legal action would be taken in accordance with law.—(NVI)

Nepal Flood: Death Toll rises to 584, nearly 2,000 missing, including 320 Indians

flood
Representational/file photo

Kathmandu, Aug 28 (NVI) The death toll in the monstrous Nepal floods has gone up to 584 while nearly 2,000 people, including 320 Indians, are still missing.

India, meanwhile, sent the third consignment of the essential items to Nepal where the sudden deluge swept away concrete buildings, bridges, vehicles and people in the central part, bordering Tibet.

According to officials, 579 people have been killed in Nepal and 5 in Tibet, whose border areas were also impacted by the flooding two days back.

At least 1,924 people, including foreigners are still missing, according to the Nepal Disaster Management authorities.

So far, 3742 people have been rescued.

India’s Ministry of External Affairs spokesperson Randhir Jaiswal said 320 Indians are still out of contact while 21 landed in Delhi from Kathmandu.

According to the US Geological Survey, the worst disaster to hit Nepal after the 2015 earthquake was caused by a glacial collapse that triggered a vast flow of icy debris.

The deluge of ice and mud also caused huge pools of water to form, with one of these formations bursting on Friday in Tibet in a new threat to emergency workers scouring the region for survivors.

The flood water surged through the Bhote Koshi River, reportedly coming from the direction of Tibet.

The deluge caused widespread destruction in Timure in the Rasuwa district and the nearby Syafrubesi area, the Nepal Army said in a statement.

The Prime Minister’s Office has said that Nepal Army, Armed Police Force, and Nepal Police personnel have been deployed in Rasuwa and surrounding areas to intensify efforts for rescue and relief activities in view of the devastating flood.

Nepal’s National Disaster Risk Reduction and Management Authority said 14,829 security personnel have been mobilised for search and rescue operations.  (NVI)

NC MP Ruhullah to party chief: Accountability Before Resignation

File Pic of NC chief Farooq Abdullah with Aga Ruhullah Mehdi

Srinagar, Aug 28 (NVI): National Conference MP Aga Syed Ruhullah Mehdi today gave a terse response to party President Farooq Abdullah’s suggestion that he should resign.

Mehdi told Abdullah that his resignation would come, but accountability must precede that step of his.

In a letter written to Abdullah in response to his demand for resignation, Ruhullah said, “Rest assured, the resignation will come. It would have come even without you asking but before that must come accountability,” Ruhullah said in a post on X.

In his letter dated August 28, Ruhullah questioned the National Conference’s shift from its earlier demand for restoration of Article 370 to seeking restoration of statehood, arguing that accepting statehood as the “outer limit” of the party’s political position amounted to legitimising the constitutional changes made in August 2019.

Referring to Abdullah’s recent remarks that people must “stand on their feet”, Ruhullah said the statement resonated with him, but questioned why the party president objected when he raised similar questions.

Ruhullah also said the National Conference was no longer even “begging” for Article 370 but was seeking statehood, which he said had been recognised by the Supreme Court and promised by the BJP in its 2024 election manifesto.

He argued that the party’s present position was inconsistent with its earlier promise of restoration of Articles 370 and 35A, on which, he said, it had secured electoral support.

Responding to Abdullah’s remark questioning his standing before joining the National Conference, Ruhullah said he belonged to a family with a long tradition of sacrifice and was the son of a martyr.

He also said it was Abdullah himself who had personally invited him to join the party.

Ruhullah’s remarks come amid an apparent public disagreement within the National Conference over the party’s political position on the constitutional changes made in Jammu and Kashmir in 2019 and the demand for restoration of statehood.—(NVI)

J&K Sets Target To Raise Hydropower Capacity To 10,970 MW By 2035

Srinagar, Aug 28 (NVI): Jammu and Kashmir has set an ambitious target of increasing its operational hydropower generation capacity to nearly 11,000 MW by December 2035, more than three times its present installed capacity, officials said on Friday.

The roadmap, aimed at strengthening energy security and reducing dependence on power purchased from outside the Union Territory, was reviewed at a high-level meeting chaired by Chief Secretary Atal Dulloo here.

The UT currently has an installed hydropower capacity of 3,540.15 MW and plans to raise it to 10,969.65 MW by 2035 through phased commissioning of major projects, officials said.

The meeting reviewed the physical and financial progress of hydropower projects under execution, their construction and commissioning schedules and measures required to ensure timely addition of generation capacity.

Dulloo stressed the need for sustained inter-departmental coordination, close project monitoring and timely removal of bottlenecks to ensure that the targeted commissioning schedules are adhered to.

Additional Chief Secretary, Power Development Department, Ashwani Kumar said J&K has an identified hydropower potential of 14,635 MW, of which around 24.21 per cent has so far been harnessed.

The Chenab Basin accounts for the largest share of the identified potential at 11,283 MW, followed by the Jhelum Basin with 3,084 MW and the Ravi Basin with 500 MW, he said.

According to Managing Director, Jammu and Kashmir Power Corporation Limited, Rahul Yadav, the first major capacity addition is expected through the commissioning of the 1,000 MW Pakal Dul, 624 MW Kiru and 12 MW Karnah hydropower projects.

The commissioning of the 37.5 MW Parnai project is expected to further increase the cumulative capacity, while the 540 MW Kwar and 850 MW Ratle projects are targeted to add another 1,390 MW in 2028.

By December 2029, another 500 MW is expected to be added through Central Sector projects, including the 260 MW Dulhasti Stage-II and 240 MW Uri-I Stage-II projects.

The subsequent phase between 2031 and 2035 will include commissioning of the 820 MW Kirthai-II, 390 MW Kirthai-I and 1,856 MW Sawalkote projects, taking the total installed hydropower capacity to 10,969.65 MW.

Reviewing the progress of projects currently under construction, officials said Pakal Dul has achieved 85 per cent physical progress and 77.54 per cent financial progress.

Testing and commissioning of Units 3 and 4 is scheduled for March 2027, followed by Units 1 and 2 in May-June 2027.

The 624 MW Kiru project has recorded 88.75 per cent physical progress, with commissioning targeted for March 2027.

The 540 MW Kwar project has achieved 37.82 per cent physical progress, while excavation of its powerhouse cavern is nearly complete. It is targeted for commissioning by March 2028.

The 850 MW Ratle project has registered 31.53 per cent physical progress, with the underground powerhouse cavern excavation completed. Full commissioning is envisaged by November 2028.

Among UT-sector projects, the 12 MW Karnah project has reached 93 per cent completion and is on track for wet commissioning, while the 37.5 MW Parnai project has achieved 72.5 per cent physical progress.

The government expects the expansion of hydropower generation to provide a stronger energy base for industry, infrastructure, tourism and other economic activities and help J&K move towards greater energy self-reliance and eventually become power surplus.—(NVI)

M.K. Sinha Takes Over As ADG CID J&K; Nitish Kumar Posted As ADG Armed

Srinagar, Aug 28 (NVI): Senior IPS officer M.K. Sinha on Friday took charge as the Additional Director General of Police (ADG), CID, Jammu and Kashmir, replacing Nitish Kumar, who has been transferred and posted as ADG Armed J&K.

Sinha, a 1996-batch IPS officer, was serving as ADG (Headquarters) at Police Headquarters, J&K, before taking over his new assignment.

Soon after assuming charge at the CID headquarters, Sinha chaired a meeting with senior officers and reviewed the functioning of the intelligence wing.

Nitish Kumar, a 1999-batch IPS officer, was serving as ADG CID and Director of the State Investigation Agency (SIA), J&K.

Senior officers at CID headquarters welcomed Sinha and assured him of their cooperation in carrying out his responsibilities. They also wished Kumar success in his new assignment as ADG Armed J&K.(NVI)

Anti-terror operations remain first priority: IGP Kashmir Sujit Kumar

Srinagar, Aug 28 (NVI): Anti-terror operations will remain the first priority of the Jammu and Kashmir Police, newly appointed Inspector General of Police (IGP), Kashmir Zone, Sujit Kumar, said on Friday, while appealing to people to cooperate with security agencies in maintaining peace and law and order.

Kumar made the remarks during his maiden ground visit to Srinagar after taking charge of the Kashmir Police establishment on Thursday evening.

Reviewing security and coordination arrangements in the city in view of Friday prayers being held amid Eid-e-Milad-un-Nabi observances, the IGP said counter-insurgency operations continued to remain a top priority for the police.

“Our operations were the first priority in the past, and they remain the first priority today as well,” Kumar said in response to a question about the recent increase in counter-terror operations in Kashmir.

He said several operations had been carried out across the Valley in recent days, resulting in significant recoveries.

Kumar also reviewed coordination between the police and other security agencies at various locations in Srinagar where large congregations were expected for Friday prayers.

“I joined you yesterday, and today we are here first, to assess the coordination of our police team and other agencies,” he said, adding that similar arrangements were being reviewed at other locations witnessing large gatherings.

The IGP appealed to people to cooperate with security personnel, acknowledging that heightened security arrangements could sometimes cause inconvenience and affect movement.

“Many people are offering prayers today, so we seek your cooperation. We understand movement is difficult for the public,” he said.

Kumar assured the people that the Kashmir Zonal Police remained committed to ensuring their safety and security.

“I congratulate everyone and want to assure the people that the Zonal Police is always there for you,” he said.—(NVI)

India to buy Javelin anti-tank missile system from US

missiles
Representational/file photo

New Delhi, Aug 28 (NVI) India will be buying Javelin anti-tank guided missile system from the United States.

The Indian Army has signed a Letter of Offer and Acceptance (LOA) for the purchase of the missile system through the U.S. Foreign Military Sales process.

The Javelin is used by the U.S. Army, U.S. Marine Corps, and numerous international customers and is designed for use against a wide array of targets, including armored vehicles and fortified positions.

Announcing and welcoming the move, the US government today said, “The milestone reflects the enduring partnership between the U.S. and Indian Armed Forces and opens the door for future collaboration between the U.S. and Indian defense industries.”

U.S. Ambassador to India Sergio Gor said, “This agreement reflects a defense partnership that is growing deeper, more capable, and more consequential.”

He added that, “The Javelin agreement demonstrates the depth of U.S. support for the Indian Army and creates new opportunities for our defense industries to work together. We see tremendous potential for future cooperation that strengthens the defense industrial bases of both countries.”

With the signing of the LOA, India becomes a customer of the Javelin system, an advanced, medium-range, fire-and-forget anti-tank guided missile.

The Javelin system is produced by the Javelin Joint Venture, a partnership between RTX and Lockheed Martin.

The landmark signature further strengthens the U.S.-India Major Defense Partnership by demonstrating the depth of ongoing U.S. support to the Indian Army, the US Embassy said in a statement here.

“It also opens discussions on mutually beneficial co-production and additional opportunities to strengthen the defense industrial bases of both countries,” it said. (NVI)

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