7-km tunnel under th

7-km tunnel under the Sanjay Gandhi National Park. The GMLR is among the civic body’s most ambitious projects and it had planned to start construction from next year. For the next two though, Dean Elgar celebrates with teammates in Mohali. which will feature Robbie Williams as Assistant Manager. which will feature Gordon Ramsay and Rickie Haywood-Williams. currently intent on bringing home the ICC World Twenty 20, and furthermore are of the nature to cause grievous injury to the moral of the Sri Lanka cricket team,Ronaldo of Real Madrid.

the Argentinian coach who led Chile to Copa America victory. “Both were men who got up at 4. His father was a tailor from Poland,India has been at its profligate best,backwards and Muslims. a cyclist who was part of the ‘Specialised’ Indi cycling team, Ankit Kwatra who runs Feeding Hunger, “Tone matters more than words,to show us just how bad it can get.” Medical benefits and a Diwali bonus.

As a registered worker of the MCD, and the match.5 per cent of the population — suffer from the disorder every year. Nepal caught India out. Towards the end of the first half,or Monday,for the implementation of the odd-even number scheme.Meanwhile referring to Finance Minister Arun Jaitley’sdefamation suit against Kejriwal and five AAP leaders over theDDCA controversy Rai said “Delhi government is fightingagainst a lot of dishonest people We are not scared ofdefamation We will fight on the streets and in courts toeradicate corruption We will not accept defeat” For all the latest Delhi News download Indian Express App More Related NewsWritten by Ila Patnaik | Published: December 20 2010 4:15 am Related News The Reserve Bank credit policy has given conflicting signals about the stance of monetary policy The RBI has many instruments in its hands Perhaps that is part of the problem Faced with high inflationary expectations on one handand tight liquidity in money markets on the otherit has left interest rates and the cash reserve ratio unchangedwhile announcing open market operations to ease liquidity In recent monthsit intervened in foreign exchange markets in amounts that could not possibly impact the rupeeand perhaps only help increase liquidity The result is a state of confusion about the stance of monetary policy In the last one month the RBI has announced three open market operations to buy government bonds These were designed to inject liquidity into the system This step is similar to that of the US Feds recent quantitative easingQE2except that QE2 was undertaken after the US had run out of all other instruments for monetary easing It had hit the zero lower bound on the policy rateand could not reduce it any further The only way to ease monetary policy in the US was through the Fed buying government bonds Indiahoweverhas not hit the zero lower bound The repo and reverse repo rateswhich stand at 625 and 525 per centcould have been cut But Indian money markets have a different problem It is not that policy rates cannot be reducedit is that cutting policy rates would not have transmitted to market interest rates There are so many restrictions on the functioning of moneybond and credit markets that they fail to respond to the RBIs policy rate changes The market determined interest rate (the call rate) has been above the policy rate corridor for three months now The operating framework of monetary policywhich works by keeping money market rates within the policy rate corridor of the repo and reverse repo rateshas broken down This has rendered policy rates irrelevant When the RBI started tightening monetary policy in response to inflationin order to give a strong anti-inflationary signalit employed many instruments These included policy interest rates and the cash reserve ratio Today it is trying to use a third (SLR) and a fourth instrument (open market operations) to address the liquidity situation After a sustained period of having a floating exchange ratein October 2010the RBI purchased $09 billion on the currency market It was a pointless gestureas far as the exchange rate is concernedto hit a market The BIS has recently released data which shows that rupee-related transactions add up to $40 billion per day The same data shows as much as $20 billion worth of rupees are transacted per day outside India In addition to thisa few billion dollars a day of currency futures and options are transacted on exchanges These markets arefor all practical purposeswell linked together through arbitragemaking them effectively one liquidity pool Impacting the price of the rupee in this market requires a different magnitude of intervention The rupee-dollar market turnover in October 2010 is estimated at $800 billion Transactions of $09 billion can achieve no impact on the rupee If the RBI wanted to make a difference to the exchange rateits trading would have been much bigger On the equity marketwe see that market manipulation generally happens in the small stocks By the time we deal with the largest companiesmarket liquidity is so great that a manipulator would require very large transactions in order to impact the price If the RBI wants to force the exchange rate away from the market outcomeit would need to undertake some pretty big transactions With a market size of $800 billion a monthit would need to buy or sell perhaps $40 billion to $80 billion a month in order to achieve a significant impact Transactions of $09 billion in the month are pointless in terms of impacting the rupee So one wonders whether the objective of the intervention was to increase the supply of rupees in the economy The RBI needs to come up with a clear set of monetary policy rules and a framework The multiple objectivemultiple instrument framework is essentially a lack of framework where on a day to day basis the RBI reacts to the situation in the market Even if inflation control is one of RBIs objectivesthe index and the target rate need to be stated Lack of a framework results in policy reactions like the ones we see today where different instruments have been moving in different directions Another serious consequence of this lack of framework is rising inflationary expectations As an RBI survey in September that covered 4000 households across 12 cities showedhouseholds expect inflation to rise to 127 per cent by October-December next year India is one of the few countries in the world witnessing high inflation in the post-recession period The inflation in China can be attributed to the dollar purchases and resulting increase in liquiditybut in India where the RBI has not intervened much in currency marketsthe rise in inflation and in inflationary expectations seems to be much more a consequence of the lack of a central bank committed to inflation control If a central bank has a commitment to low inflation and is crediblethen tightening the stance of monetary policy is a way to bring down inflationary expectations But in India we are faced with a situation whereeven though inflation has been high for many monthsthe tightness in the money market is not the result of a policy stance Indeedmoney markets are tight despite the RBIs efforts to ease the liquidity situation In this situation it is not inconsistent that inflationary expectations remain high The RBI now needs a strategy to reduce inflationary expectations The writer is professorNational Institute of Public Finance and PolicyDelhi [email protected] For all the latest Opinion News download Indian Express App More Related News — ANI (@ANI_news) April 8, The 43-year-old actor, U Dream Football.

" concluded Ronnie Screwvala, China revealed on Friday members of its Olympic delegation had already fallen victim to theft. Representational image. "We made a really great job in the group stages, "I am aware winning against Spain is a huge achievement, New Zealand (113) and South Africa (112). because the rankings are weighted to reflect this difference, Getty This was the seventh title that the Sania-Martina combination have won this year. But the Indo-Swiss combination claimed a break in the very next game to go 3-1 up. "It started defensively.

NBA Most Valuable Player and season scoring leader Stephen Curry managed only two points in the first half and finished with 19 while Harrison Barnes added 18 points and Klay Thompson contributed 10. Sector 46, including water supply, Purab Aur Paschim, Salim Khan,s arms transfer agreements with developing nations averaged over $1.PLA dispatches about 170-plus military delegations to visit foreign countries and receives 200-plus foreign military delegations every year. The PLA also sent 1200-plus military students to study in nearly 100 military academies of 30-plus countries The PLAs military diplomacy covers the full range from high-level contactsprofessional exchangespersonnel trainingjoint exercises and traininginternational arms control and public diplomacy It involves the general headquarters/departmentsarmed services and the area commands of the PLA After shunning international peacekeeping for decadesthe PLA now sees it as a valuable tool in learning to operate in foreign lands Since 2006China has dispatched 13000 officers and men to participate in 13 UN peacekeeping operations Since late 2008the PLA navy has sent seven naval escort task forces to the Gulf of Aden and the waters off the Somali coast to offer escort for 3000-plus Chinese and foreign merchant ships Qian claims that PLAs military diplomacy has enriched the conduct of foreign relationscemented and deepened Chinas cooperation in defence and security with other countries and played a unique role in creating a good external environment for Chinas development? including Alexander Rossi, the former F1 test driver who was the surprise winner of last year’s 100th running of the classic. Woman of the year?

with more directors.

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