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NDTV
a day ago
- Business
- NDTV
India's Forex Reserves Rise $2.29 Billion To $698.95 Billion
Mumbai: India's forex reserves rose USD 2.294 billion to USD 698.95 billion for the week ended June 13, the RBI said on Friday. The overall reserves had increased by USD 5.17 billion to USD 696.65 billion for the previous reporting week ended June 6. Forex reserves had touched an all-time high of USD 704.885 billion in end-September 2024. For the week ended June 13, foreign currency assets, a major component of the reserves, rose by USD 1.739 billion to USD 589.426 billion, the data released on Friday showed. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. The gold reserves were up by USD 428 million to USD 86.316 billion during the week, the RBI said. The Special Drawing Rights (SDRs) also rose by USD 85 million to USD 18.756 billion, the central bank said. India's reserve position with the IMF also inched up by USD 43 million at USD 4.452 billion in the reporting week, the apex bank data showed.
The Hindu
a day ago
- Business
- The Hindu
India's forex reserves rise $2.29 billion to $698.95 billion
India's forex reserves rose $2.294 billion to $698.95 billion for the week ended June 13, the RBI said on Friday (June 20, 2025). The overall reserves had increased by $5.17 billion to $696.65 billion for the previous reporting week ended June 6. Forex reserves had touched an all-time high of $704.885 billion in end-September 2024. For the week ended June 13, foreign currency assets, a major component of the reserves, rose by $1.739 billion to $589.426 billion, the data released on Friday showed. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-U.S. units like the euro, pound and yen held in the foreign exchange reserves. The gold reserves were up by $428 million to $86.316 billion during the week, the RBI said. The Special Drawing Rights (SDRs) also rose by $85 million to $18.756 billion, the central bank said. India's reserve position with the IMF also inched up by $43 million at $4.452 billion in the reporting week, the apex bank data showed.
India Today
13-06-2025
- Business
- India Today
Air India crash: Who will bear cost of one of the deadliest aviation disasters?
A London-bound Air India flight crashed in Ahmedabad on Thursday, shortly after take-off. The flight crash, one of the deadliest accidents in India's history, not only left behind devastation for the families of at least 256 crash victims, but also dealt a huge financial blow to the aviation industry, one that could linger for years to Boeing 787-8 Dreamliner crash could possibly become the costliest aviation insurance claim in the country's history. advertisementBut who will bear the financial burden of the insurance and compensation payments? India Today attempts to break it PAYOUTS An important set of rules that will determine the compensation for the passengers of a crash is the Montreal Convention, 1999. The Montreal Convention is an international treaty that governs airline responsibility for death or injury to passengers, as well as for damage, loss, or delay of baggage and cargo. According to this treaty, Air India is liable to pay a fixed amount of 1,51,880 Special Drawing Rights (SDRs) per victim. SDRs are a unit of account created by the International Monetary Fund (IMF), based on a basket of five currencies, ensuring consistent valuation worldwide. At the current rate of approximately Rs 120 per SDR, this translates to about Rs 1.8 crore per 256 lives lost, including 231 passengers and 10 crew members, the minimum compensation liability for Air India under the Montreal Convention exceeds Rs 435 crore. However, crew members are typically compensated under employment contracts or workers' compensation laws, not directly under the Montreal Convention, which may slightly adjust the total payout Montreal Convention mandates airlines to make an advance payment of at least 16,000 SDRs (about Rs18 lakh) to victims' families promptly, even before any investigations conclude. This payment is usually made to cover the immediate needs of the family, such as funeral and related expenses. While the fixed SDR compensation sets a baseline, families of the victims can seek higher payouts if any negligence or fault by the airline is the legal obligation under the Montreal Convention, the Tata Group, which owns Air India, has pledged an additional Rs1 crore compensation each for the victims' families. This decision, independent of the Montreal Convention, could bring the total compensation per victim to approximately Rs 2.8 crore, combining both statutory and voluntary PAYOUTS TO AIR INDIAHull InsuranceHull insurance is a specialized form of aviation insurance that provides coverage for physical damage or loss to an aircraft itself, rather than covering third-party liability or passenger injuries. advertisementThis insurance, essential for aircraft owners, operators, and lessors, protects the financial value of the aircraft against a range of risks, including accidents, collisions, fire, natural disasters, and sometimes even disappearance of a Boeing 787-8 Dreamliner involved in the Ahmedabad crash was insured under a hull insurance policy valued between 80 million US Dollars and 115 million US Dollas (Rs 665 to Rs 960 crore). Given the aircraft was a total loss, insurers would possibly be liable to pay out the full insured value of the InsuranceThe Montreal Convention requires airlines to carry liability insurance to ensure they can meet their compensation obligations to passengers and cargo owners in the event of accidents, injury, or loss. This requirement is designed to protect passengers by guaranteeing that airlines have the financial resources to pay compensation as mandated under the Convention's strict liability regime. The Convention says that all air carriers engaged in international carriage must maintain adequate insurance covering their liability for death, injury, baggage, and cargo Air India, this liability insurance is expected to cover the Rs 435 crore in passenger compensation and additional claims related to the damaged hostel and other possible third-party FINANCIAL COSTOverall, the insurance claims and the compensation payouts together can be forecasted to range between 120 million US Dollars and 150 million US Dollars (Rs 1,000–1,250 crore), which includes the hull insurance payout, passenger liability claims and other third party and ground damages of around 10–20 million US will also include damages to the medical college, on whose residents' doctors hostel the flight crashed. The Tata Group has committed to rebuilding the BEARS THIS COST?The lead primary insurer for the Air India Boeing 787-8 Dreamliner that crashed is Tata AIG General Insurance, holding over 40 per cent of the share in the insurance policy. Other Indian insurers include New India Assurance, ICICI Lombard General Insurance, and several public sector insurers such as United India Insurance, Oriental Insurance Company, and National Insurance insurance policy covers both - the hull insurance and the liability there also exists a crucial reinsurance structure in the event of such tragedies. Reinsurance in the aviation sector refers to the practice where primary insurers (those who directly insure airlines, aircraft manufacturers, airports, and other aviation-related entities) transfer a portion of their risk to other insurance companies, known as reinsurers. Simply put, it works as insurance for the insurance insurers typically retain less than 10% of the total risk in such large aviation policies. The vast majority - about 90–95 per cent - of the risk is ceded to global reinsurers through international reinsurance the present case, in accordance with the mandatory domestic reinsurance requirements, GIC Re - India's government-owned reinsurer holds only around 4-5 per cent of the reinsurance risk. Over 90 per cent of the liability is ceded to international reinsurers, primarily based in London, including AIG London. This means that of the total Rs 1,000- Rs 1,250 crore cost, GIC Re will bear a cost of about Rs 50 crore, while the remainder will have to be borne by the international THERE A FIXED TIMELINE FOR THE PAYMENTS?Under the Montreal Convention, airlines are required to settle all claims within two years. For this, the families of the victims must submit documentation such as death certificates, proof of kin etc to initiate the compensation claims. This, however, pertains only to the fixed liability of the airlines under the convention. In case there are any additional claims arising out of proven negligence or fault of the airline, the matter may have to be decided by a court of least 265 people died in the deadly Ahmedabad-London AI 171 flight crash. The number of victims includes 241 people on board, with only one survivor. Must Watch
The Print
30-05-2025
- Business
- The Print
Forex reserves jump USD 6.992 bln to USD 692.721 bln
For the week ended May 23, foreign currency assets, a major component of the reserves, increased by USD 4.516 million to USD 586.167 billion, the data released on Friday showed. In the previous reporting week ended May 16, the overall reserves had dropped by USD 4.888 billion to USD 685.729 billion. The forex reserves had touched an all-time high of USD 704.885 billion in end-September 2024. Mumbai, May 30 (PTI) India's forex reserves jumped by USD 6.992 billion to USD 692.721 billion during the week ended May 23, the RBI said on Friday. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. The gold reserves increased by USD 2.366 billion to USD 83.582 billion during the week, the RBI said. The Special Drawing Rights (SDRs) rose by USD 81 million to USD 18.571 billion, the apex bank said. India's reserve position with the IMF was also up by USD 30 million at USD 4.401 billion in the reporting week, the apex bank data showed. PTI AA SHW This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
The Print
23-05-2025
- Business
- The Print
India's forex kitty drops USD 4.88 bn to USD 685.72 bn
For the week ended May 16, foreign currency assets, a major component of the reserves, increased by USD 279 million to USD 581.652 billion, the data released on Friday showed. The overall reserves jumped by USD 4.553 billion to USD 690.617 billion in the previous reporting week. The forex reserves touched an all-time high of USD 704.885 billion in September 2024. Mumbai, May 23 (PTI) India's forex reserves dropped USD 4.888 billion to USD 685.729 billion for the week ended May 16, the Reserve Bank of India said on Friday. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. After the sharp USD 4.52 billion jump in the previous reporting week, the gold reserves dropped by USD 5.121 billion to USD 81.217 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were down by USD 43 million to USD 18.49 billion, the apex bank said. India's reserve position with the IMF was also down by USD 3 million at USD 4.371 billion in the reporting week, the apex bank data showed. PTI AA BAL BAL This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
