The Karnataka High Court ruled against the state’s enhanced reservations for Scheduled Castes (SC) and Scheduled Tribes (ST), citing the 50 per cent ceiling on quotas in education and government jobs.

A bench comprising Chief Justice Vibhu Bakhru and Justice K S Hemalekha held that the provisions of the Karnataka Scheduled Castes and Scheduled Tribes (Reservation of Seats in Educational Institutions and of Appointments or Posts in the Services under the State) Act, 2022.

The Reserve Bank of India (RBI) is likely to continue taking measures to mitigate volatility in the foreign exchange market, Finance Minister Nirmala Sitharaman said on Tuesday.

“The rupee has reached a low and the RBI is making a lot of efforts through its regulatory powers to make sure that the rupee stays stable. They are not trying to fix the rupee,” Sitharaman said at the Bloomberg New Economy Forum in New Delhi. “These efforts from the RBI, as I understand, will continue.”

The National Payments Corporation of India (NPCI) has deferred the levy of merchant discount rate (MDR) on select UPI transactions until after Diwali, just two days before it was due to take effect, and said the new date would be notified separately.

The deferment offers merchants a breather during the ongoing festive season. The levy was originally scheduled to take effect on October 15.

The Reserve Bank of India (RBI) has extended the foreign exchange risk reserve (FERR) requirement to rupee derivative contracts undertaken by authorised dealers to hedge currency risks on their own assets and liabilities. Unlike the existing reserve requirement on contracts with users, which applies only above a notional value of $2 million, the new directions specify no threshold.

Under the revised directions, authorised dealers will have to maintain a reserve equivalent to 20 per cent of the rupee value of the notional amount of each eligible derivative contract in which they purchase foreign currency against the rupee.

Prime Minister Narendra Modi on Tuesday said India does not believe in growing in isolation or withholding knowledge, but favours sharing its capabilities and working with other countries.

Speaking at the Bloomberg New Economy Forum, PM Modi said, “India does not grow at anyone's expense. We grow with the world and for the world."

The Reserve Bank of India (RBI) on Saturday announced a host of measures to support the rupee, which is trading close to its all-time low, including a special window to meet the dollar demand of three state-run oil marketing companies (OMCs).

The three OMCs are Indian Oil Corporation Ltd (IOC), Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL).

Opposition leaders on Saturday criticised the security restrictions imposed in Delhi ahead of the Cockroach Janta Party (CJP)’s proposed protest at Jantar Mantar, with Congress leader Rahul Gandhi predicting the fall of the Narendra Modi government. The Aam Aadmi Party (AAP) also added to it and accused the Centre of imposing a “black emergency”.

Cockroach Janta Party (CJP) leaders Abhijeet Dipke, Saurav Das and Ashutosh Ranka were detained at Delhi airport on Saturday ahead of the party’s proposed protest at Jantar Mantar, as police intensified security measures across the national capital.

Delhi Police personnel boarded the aircraft carrying Cockroach Janta Party (CJP) founder Abhijeet Dipke after it landed at Indira Gandhi International Airport (IGI) on Saturday.

Pushing back against SpaceX Chief Executive Elon Musk’s allegations that India is delaying satellite broadband licences to favour incumbent players, Telecom Minister Jyotiraditya Scindia said the government does not allow monopolies in any sector and has granted licences to all three companies that applied.

At a press briefing at the India Mobile Congress on Friday, Scindia said “India does not allow a monopoly in any sector”, and even in satcom, it has not provided preferential treatment to any player.

Stringent traffic restrictions came into force across the national capital from 6 am on Saturday ahead of a protest at Jantar Mantar by the CJP, demanding the resignation of Chief Election Commissioner Gyanesh Kumar, with diversions planned at several points across Delhi.

Police personnel were out in large numbers across the capital, manning barricades and keeping a close watch on vehicular movement as security was stepped up ahead of the demonstration.

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