Intolerance of economic crimes is not unique to India; Bernard Madoff the mastermind of the largest known Ponzi scheme, worth an estimated $18 billion, was sentenced by a US court to 150 years in prison, making people wonder if financial fraud was worse than violent crimes like rape and murder.
India’s foreign exchange (forex) reserves marginally rose by $16.6 million during the week ending December 7, official data showed on Friday.
According to the Reserve Bank of India (RBI)’s weekly statistical supplement, the overall forex reserves increased to $393.73 billion from $393.71 billion reported for the week ending November 30.
India’s forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and India’s position with the International Monetary Fund (IMF).
FCAs, the largest component of the forex reserves, edged up by just $9.7 million to $368.49 billion during the week ending November 30.
Besides the US dollar, FCAs consist of 20-30 per cent of other major global currencies.
The RBI’s weekly data showed that the value of the country’s gold reserves remained stagnant at $21.15 billion.
However, the SDR value went up by $2.5 million to $1.45 billion, whereas the country’s reserve position with the IMF increased by $4.4 million to $2.63 billion.