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India’s forex reserves up $4.26 billion to $339.99 billion

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By Nwsgram Staff Writer

India’s foreign exchange reserves showed an increase of $4.26 billion to $339.99 billion for the week ended March 20, according to the Reserve Bank of India (RBI) data showed.

According to the RBI’s weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves grew by $4.53 billion at $314.88 billion in the week under review.

The foreign currency assets had declined by $1.97 billion at $310.34 billion in the week ended March 13. under review. However, for the week ended March 6, the foreign currency assets had risen by $122.4 million at $312.32 billion.

The RBI said the foreign currency assets, expressed in US dollar terms, include the effect of appreciation or depreciation of non-US currencies such as the pound sterling, euro and yen held in reserve.

India’s reserve position with the International Monetary Fund (IMF) in the week ended March 20 decreased by $295.8 million and stood at $1.28 billion.

The value of special drawing rights (SDRs) was higher by $18.2 million in the week under review at $3.97 billion.

Gold reserves were static at $19.83 billion. The gold reserves had plunged by $346.2 million in the week ended March 6.

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Google Pay Users Can Now Even Buy Gold Through the App

The petitioner has sought direction to the RBI to stop Google Pay operation in India

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The app "Google Pay" displayed on a user's Smartphone.

Aiming to make Google Pay more useful for Indian users, Google on Thursday announced its partnership with MMTC-PAMP India for buying and selling gold through the application.

MMTC-PAMP India Pvt. Ltd is an internationally recognised metal and mining service provider.

“Google Pay users would be able to buy 99.99 per cent, 24 karat gold after this partnership with India’s only LBMA accredited gold refinery,” the company said in a statement.

With this, Google Pay users can purchase gold for any value that will be stored in secure vaults on their behalf by MMTC-PAMP. The users can buy and sell the gold any time at the latest price, refreshed every few minutes, as displayed on the Google Pay app.

Google Pay.

“Gold is core to Indian culture and tradition, making India the world’s second largest consumer of gold. Keeping this in mind, we introduced gold buying and selling feature on Google Pay for millions of Indians who can buy gold right from their mobile phones,” said Ambarish Kenghe, Director-Product Management, Google Pay, India.

The announcement came as the Delhi High Court on Wednesday asked the Reserve Bank of India (RBI) and Google India Digital Services Private Limited to file a reply on a plea alleging Google Pay not being listed as an authorised operator as per a list of the ‘Payment System Operators’.

Also Read- Indians Are Willing To Share Personal Information With Their Banks, Claims Study

A division bench of Chief Justice Rajendra Menon and Justice Anup Jairam Bhambhani issued notice to the RBI and Google India Digital Services Private Limited on a PIL filed by Abhijit Mishra.

The petitioner has sought direction to the RBI to stop Google Pay operation in India. (IANS)

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