Latest news with #SDRs
New Indian Express
a day ago
- General
- New Indian Express
If Cost of death escalates, will the State invest in keeping its citizens alive?
The tragic air accident in Ahmedabad involving the Air India flight has shocked the world. Air travel is one of the safest modes of transport, and when such a tragedy occurs, it is heartbreaking. Although nothing can compensate for the loss of life of the dear ones, Air India's parent company, Tata, has announced a compensation of `1 crore for the families of the victims. Though this may appear generous, under the international Montreal Convention, the airline is liable to pay a compensation amounting to 1,51,880 Special Drawing Rights (SDRs) per deceased passenger. This translates to approximately Rs 1.8 crore at the current exchange rates to the next of kin. It is unclear whether the Tata offer is in addition to the mandatory payment of Rs 1.8 crore as per law. A few days before the tragic air accident, some passengers of Mumbai's infamous local trains fell off the overcrowded compartments and died. These were daily commuters struggling to make a living in one of the world's most prosperous cities. The Maharashtra government promptly announced a compensation of Rs 5 lakhs. Railways have remained silent so far, but as per the Railways Act of 1989, the Railways are bound to give a compensation of Rs 8 lakh. For this, the kin of the victim will have to file a claim with the Railway Claims Tribunal, and the compensation may take many years to be fruitful, if at all. On an average, the passengers in an international flights are wealthier than an average commuter in a Mumbai local. The disparity in compensation between the two sets of victims is glaring. All lives are equal, but some lives are more equal in our society. Life is so cheap in India. The victory celebration of the IPL champions claimed many lives in Bengaluru a few weeks ago. Many died in a stampede in Kumbh Mela; we don't even know how many actually died there. The accident in Mumbai local that claimed five lives are in headlines only because they happened together in one tragic accident. It is estimated that on an average seven people die every day in accidents related to Mumbai local. That is around three thousand victims a year. To put things in perspective, total number of terror victims in India last year was 87, including the terrorists killed. In other words, commuting to office or college in a Mumbai local is more dangerous than living in a terror-prone area.
Mint
2 days ago
- Business
- Mint
Stock market this week sees big moves—Check the top gainers and losers
India's foreign exchange reserves saw a healthy rise of $2.29 billion, touching a new total of $698.95 billion for the week ending June 13, 2025, according to the latest data from the Reserve Bank of India. This consistent growth in forex reserves reflects the country's strong external position and the confidence of global investors in the Indian economy. The increase is likely supported by gains in foreign currency assets, gold holdings, and Special Drawing Rights (SDRs). A robust forex reserve buffer not only strengthens India's ability to manage external shocks but also enhances the country's creditworthiness and macroeconomic stability. This upward trend provides the RBI with more room to manage currency volatility, support the rupee when required, and ensure smooth financing of the current account deficit. Overall, the steady accumulation of reserves underscores India's resilience and growing economic stature on the global stage. The Initial Public Offering (IPO) of Arisinfra Solutions Limited has received an encouraging response from investors, closing with an oversubscription of 1.32 times. This reflects growing investor confidence in the company's business model and future prospects. Arisinfra Solutions, known for its expertise in infrastructure and engineering solutions, attracted interest across various investor categories, including retail, high-net-worth individuals (HNIs), and institutional investors. The oversubscription indicates a healthy demand for the company's shares and highlights market optimism surrounding infrastructure development and allied services in India. The company's focus on innovative project delivery, operational efficiency, and its growing footprint in the infrastructure sector have contributed to this positive sentiment. With the IPO now concluded successfully, the next steps include the finalization of share allotment and eventual listing on the stock exchange. The strong subscription figures signal a promising start for Arisinfra Solutions as it prepares to enter the public market. Mirae Asset Mutual Fund has introduced two new investment opportunities through its latest NFOs: the Mirae Asset CRISIL IBX Financial Services 9-12 Months Debt Index Fund (Growth – Direct Plan) and the Mirae Asset Income Plus Arbitrage Active FoF (Growth – Direct Plan). The debt index fund offers investors access to a portfolio of high-quality financial sector instruments with a defined maturity range of 9 to 12 months, making it ideal for those seeking short-term, stable returns with low interest rate sensitivity. Meanwhile, the arbitrage active FoF provides a balanced approach by investing in arbitrage opportunities and income-generating schemes, aiming to deliver consistent returns with lower volatility. This fund leverages price differences in equity markets while dynamically allocating assets to optimize returns. Both funds reflect Mirae Asset's commitment to offering innovative, low-risk strategies tailored to diverse investor needs, making them attractive options for those looking to diversify their portfolios and align with evolving market dynamics. Index Returns Best Performers Worst Performers Bought and Sold Most Watchlisted Kuvera is a free direct mutual fund investing platform. Unless otherwise stated data sourced from BSE, NSE and kuvera.
The Print
2 days ago
- Business
- The Print
India's forex reserves rise USD 2.29 bn to USD 698.95 bn
Forex reserves had touched an all-time high of USD 704.885 billion in end-September 2024. The overall reserves had increased by USD 5.17 billion to USD 696.65 billion for the previous reporting week ended June 6. Mumbai, Jun 20 (PTI) 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. 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. PTI AA SHW This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
The Print
13-06-2025
- Business
- The Print
India's forex reserves jump USD 5.17 bn to USD 696.65 bn
Forex reserves had touched an all-time high of USD 704.885 billion in end-September 2024. The overall reserves had dropped by USD 1.237 billion to USD 691.485 billion for the week ended May 30. Mumbai, Jun 13 (PTI) India's forex reserves increased by USD 5.17 billion to USD 696.65 billion for the week ended June 6, the RBI said on Friday. For the week ended June 6, foreign currency assets, a major component of the reserves, rose by USD 3.47 billion to USD 587.68 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 1.58 billion to USD 85.88 billion during the week, the RBI said. The Special Drawing Rights (SDRs) also rose by USD 102 million to USD 18.67 billion, the apex bank said. India's reserve position with the IMF also inched up by USD 14 million at USD 4.4 billion in the reporting week, the apex bank data showed. PTI NKD DRR This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
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Business Standard
13-06-2025
- Business
- Business Standard
Ahmedabad Air India crash: All about insurance safety net and beyond
The death of 241 passengers on-board London-bound Air India flight -- which crashed in Ahmedabad on Thursday afternoon -- has trained the spotlight on passenger rights, insurance liabilities, and what families can claim after such disasters. We spoke to four experts to break it down. Airline liability and Montreal Convention Under the Montreal Convention, airlines are strictly liable up to 151,880 Special Drawing Rights (SDRs), an international asset class created by the International Monetary Fund, which is about Rs 1.7 crore, without needing to prove fault, says Sajja Praveen Chowdary, director at Policybazaar for business. Beyond this, compensation can be claimed only if the airline was negligent. However, this applies only to international flights between signatory nations, clarifies Sudhish Ramteke, associate director at Anand Rathi Insurance Brokers. In India, domestic flights follow the Carriage by Air Act, 1972, with similar provisions but typically lower compensation and more legal hurdles. Vaibhav Kathju, chief executive officer of Inka Insurance, adds that for domestic travel, the liability is capped at 100,000 SDRs about Rs 1.1 crore. However, payments can be delayed if fault is in dispute, and actual disbursal may depend on negotiations or court proceedings. Travel Insurance: A crucial extra layer of protection Most standard Indian travel insurance policies do provide accidental death benefits, which are paid in addition to airline compensation, says Ramteke. These fixed lump-sum payouts can range from Rs 10 lakh to Rs 1 crore, depending on the policy. According to Manish Kumar Goyal, chairman and managing director at Finkeda, such policies must be purchased voluntarily, often at the time of booking. Exclusions may include travel under the influence of alcohol, invalid tickets, or pre-existing medical conditions. Kathju highlights that insurance payouts are faster and more straightforward than airline compensation, which often involves legal proof and timelines. Policies also usually cover medical evacuation, repatriation of remains, and emergency hospitalization. Employer's group covers: What happens if death occurs on duty? If the victim was on official duty, corporate insurance can provide crucial support. Most employers offer Group Term Life Insurance (GTLI) and Group Personal Accident (GPA) policies. 'These can range from 2 times to 5 times of annual salary or a fixed sum insured,' says Kathju. Government employees may receive additional benefits through schemes like CGEGIS. But coverage varies widely across private companies, and small businesses may offer minimal or no protection. Goyal notes that accidental death on duty may also attract double indemnity payouts, depending on the policy. Personal term insurance: Claim all you're eligible for Personal term life insurance is completely independent of any other insurance, be it group cover, travel insurance, or airline compensation. Chowdary from Policybazaar says that there is no overlap and families can claim from all sources. Goyal adds that all payouts under Section 10(10D) of the Income Tax Act are tax-free in India, provided policies follow IRDA norms. Airline payouts, being compensatory, are also not taxable. However, travel insurance payouts under some clauses might have different tax implications, so consulting a tax advisor is advised. Credit card coverage: Often overlooked Premium Indian credit cards such as HDFC Infinia, SBI Elite, or Axis Magnus offer complimentary air accident insurance, if the ticket was booked using the card, says Kathju. The cover may include sums up to Rs 1 crore, but only for commercial flights, and excludes events outside the aircraft. Documents like a death certificate, boarding pass, and ticket copy are needed for claim processing. Cardholders should ensure the policy is activated, as some insurers require registration via the bank portal.
