FOREIGN EXCHANGE MARKET
Foreign exchange market is the place where the financial institutions
of different countries come and exchange the currencies in a defined
manner and set rates. In forex market the deals of currencies are done
and in turn it defines the value of one currency in comparison to the
other (remember the hue and cry created about falling of our Rs
against Uncle Sam's dollars).
A foreign investor (FII or FDI) is a major source of foreign currency
in India let us consider a situation, There is a massive downturn in
the USA's economy, an investor with bag full of dollars goes to Forex
market and convert his dollars in to Rupees, then he comes to India to
invest and in turn generate huge amount of profits because of cheap
labour and other resources. He zeroes on Bengal as his site of
operation, but whatever rosy he had heard of India evaporates in a
jiffy, Didi along with her brigade stopped the move and forced the
dollar man out of the state, he shifts his base to other possible
alternative and loose huge amount of money due to leasing of new land,
final settlement of employees in Bengal taking new licenses and
clearances and adding insult to the injury was a 10lakh fine imposed
on him due to environmental issues all these created a Picasso classic
of bad Indian image in the foreign market, in meantime US economy
shows signs of revival so the Dollarman disinvested his chunks of
dollars from India and move towards uncle Sam's backyard, it results
in the loss of dollars in Indian chest.
WHY INDIA NEEDS DOLLAR -
Here is a case in the context -
India has a huge demand of petrol and diesel in their economy, to buy
fuels from Saudi Arabia India needs a currency that Arab accepts (same
as you cannot buy milk by paying wheat anymore). Arab needs dollars to
invest and purchase goods from different countries (dollar is the most
accepted and sought of currency). So Indian oil companies will have to
go to foreign exchange market to buy dollars with rupees.
How the rates are decided-
Now the Indian oil companies go to Forex market to buy dollars for
paying fuel bills but the dollar rich institutes citing the
opportunity will not release their funds this easily, as they don't
need Rs anymore (due to the unsupportive govt, Inflation and scams in
India), The case is same as you fetch a drastically low prices for the
junk lying inactive at your home, So this will lead in to extended
round of negotiations and the past rate of 55Rs (say) against a dollar
will go up to 60Rs a dollar or even more. This will in turn be a
reason for rise of transport of goods in India and the final goods
that used to come for 10Rs in past will jump to 12 or more hence the
prise rise will strike in India leading to inflation.
FEMA(Foreign Exchange Management Act,1999)-
Foreign exchange regulation in India comes under FEMA (previously
FERA) , under this act RBI puts the persons who engage in foreign
exchanges, who holds properties abroad and who makes payment to
offshore countries under the scanner.
DAILY GK UPDATE - 29-30th June
1. PSLV C23 launched successfully from Sriharikotai. It was a 'grand'
exclusive commercial success for the Indian Space Research
Organisation (ISRO), which successfully launched Polar Satellite
Launch Vehicle PSLV-C23 with five foreign satellites into the space
this morning. This has strengthened India's space mission capability
to launch foreign satellites on a commercial basis.
ii. At 9.52 a.m., the ISRO's power horse PSLV roared into the cloudy
sky from the first launch pad here at Satish Dhawan Space Centre SHAR,
Sriharikota. The launch was delayed by three minutes to avoid space
debris.iii. Prime Minister Narendra Modi was ecstatic after watching
the launch (his first after taking over as PM) from the mission
control room along with senior ISRO officials, including Chairman K
Radhakrishnan.
Foreign satellitesThe rocked carried a 714 kg French Earth Observation
Satellite SPOT-7 as the main payload. This satellite was built by
Airbus Defence and Space, a leading European space technology company.
This satellite will be placed diametrically opposite to SPOT-6 and
will form part of the existing observation constellation.It also
carried Germany's 14 kg AISAT (a sea monitoring system), NLS7.1 and
NLS7.2 of Canada (each weighing 15 kg for accurate position control
system) and Singrapore's 7 kg VELOX-1 (for inhouse design of image
2. Malala Yousafzai wins Liberty Medali. A Pakistani girl Malala
Yousafzai has won the Liberty Medal from the National Constitution
Centre in Philadelphia.ii. "It's an honour to be awarded the Liberty
Medal," Yousafzai, now 17, said yesterday. "I accept this award on
behalf of all the children around the world who are struggling to get
an education".iii. The medal has been awarded annually since 1989,
when Polish Solidarity founder Lech Walesa received it first. Since
then, recipients have included Muhammad Ali, former President Jimmy
Carter, and, last year, then-Secretary of State Hillary Clinton.iv.
Yousafzai will receive the award at a ceremony at the centre on
October 21.
3. West Bengal Governor M K Narayanan resigns from his posti. West
Bengal Governor M K Narayanan today resigned from his post. Official
sources confirmed his resignation. Earlier, the Governors of
Chhattisgarh, Uttar Pradesh and Nagaland had resigned following new
government at the Centre. Sources said some other state governors may
also resign in the coming days.
ii. The new government has also not renewed the tenures of Karnataka
governor H.R. Bhardwaj and Tripura governor Devanand Konwar. Both were
appointed during the UPA regime and their terms ended last week.
4. Pankaj Advani wins his maiden IBSF 6-Red World Snooker title in
Egypti. Indian cueist Pankaj Advani won his maiden IBSF 6-Red World
snooker title at Sharm el-Sheikh in Egypt today.
ii. He defeated Kacper Flilpiak of Poland in the final that lasted
barely an hour. With this win, Advani today created history by
becoming the first player in the world to win world titles in the long
and shorter formats of both billiards and snooker.
5. Saina Nehwal wins Australian Open Super Series title
i. Ace Indian shuttler Saina Nehwal has won her second title of the
year after beating Carolina Marin of Spain 21-18, 21-11 in the
Australian Open Super Series final in Sydney .
ii. Saina stuttered a bit initially in the second game today but she
fought back in style and led 11-4 against struggling Carolina at the
interval. Saina sealed the title in her favour by winning the second
game 21-11.
iii. Sixth-seeded Saina got off the blocks early as she won the first
game 21-18 against promising Spaniard Carolina, who was playing her
first World Super Series final. Saina Nehwal has won the Indian Open
Grandprix Gold in Delhi early this year .
Active Voice and Passive Voice
Verbs are either active or passive in voice. In the active voice, the
subject and verb relationship is straightforward: the subject is a
do-er. In the passive voice, the subject of the sentence is not a
do-er. It is shown with by + do-er or is not shown in the sentence.
Passive voice is used when the action is the focus, not the subject.
It is not important (or not known) who does the action.
The window is broken. (It is not known who broke the window, or it is
not important to know who broke the window.)
The class has been canceled. (The focus is on the class being
canceled. It is not important to know who canceled it.)
The passive voice is often used. (The focus is on the passive voice.
It is not important to explain who the writer is.)
Passive voice should be avoided when you want more clarity in writing.
However, in some cases, you need to use passive voice to stress the
action, not the actor. Also, passive voice can be considered more
polite, as it sounds less aggressive or dramatic.
That building was built in 1990.
The car was invented about a hundred years ago.
I was told that Mary moved to a different country.
Your business is appreciated.
She was elected to city council.
It was rumored that the company would lay off a few people soon.
It is recommended that the billing process be shortened.
You can easily rewrite an active sentence to a passive sentence. The
object in the active sentence becomes a subject in the passive
sentence. The verb is changed to a "be" verb + past participle. The
subject of the active sentence follows by or is omitted.
Sam wrote a letter to Jamie.
A letter was written to Jamie by Sam.
The government built a new bridge.
A new bridge was built by the government.
I recommend that you apply for this position.
It is recommended that you apply for this position.
[Quiz 17.1]
Rewrite the following sentence in passive voice.
John gave me a bunch of flowers on my birthday.
[Quiz 17.2]
Choose the sentences written incorrectly in the passive voice.
1) I was eaten an ice cream.
2) The song was sung by a singer.
3) I was deceived by the TV program.
4) The concert was finished at 12 p.m.
5) He was written a novel.
6) The tennis match was aired on TV.
7) He was treated kindly.
8) I have been managed a company since 2004.
"Haunted"
The house was built in the middle of the 18th century and some signs
could still be found that it had once been a famous meeting place for
people who liked playing card games. By the time it was bought by my
aunt and uncle some two hundred years later it had been owned by a
long list of different people whose names are recorded on the title
deeds. As it is situated by the sea, it became a favourite place for
various members of the family to visit. It also had an added
attraction -- it was haunted, at least so my uncle said.
To this day of course it never had been proved. The story according to
my uncle was that at certain times of the day, incidentally at all
times when the house was only occupied by him, a small figure appeared
at the bottom of the stairs in the shape of an old lady and held
firmly in her hands what appeared to be a walking stick. She waited a
moment, looked up the stairs, climbed a few steps to check as if she
was being watched and then suddenly she could no longer be seen.
At this stage in the story it must be pointed out that my uncle was a
man blessed with a vivid imagination. Once he even convinced his wife
shortly after they got married that he was hypnotized when they
visited the theatre. This turned out to be his excuse for falling
asleep because he was bored. She could not be persuaded. But he was
quite definite about the little old lady. "You just wait" he used to
say "till you see her. Then you will be convinced. " The trouble with
the younger generation is that they refuse to believe anything unless
it it is presented to them on a plate. He claimed that he was endowed
with special psychic powers because he was the seventh son of a
seventh son. That was a fact that couldn't be disputed. Personally, I
didn't believe a word about this so-called ghost. But then when you
are invited to someone's house you have to be polite.
I had just finished at university and had a couple of weeks holiday
before I started my first full-time job when I was invited by my aunt
and uncle to stay for a few days at the famous haunted house. "You are
given freedom of the house while you're here", my uncle had said, "and
you can carry out any investigations you like concerning our "house
ghost" -- that was how the old lady was referred to because I want you
of all people to to be conviced of the authenticity of this
apparition." Somehow I was a highly respected member of the family and
my uncle firmly believed that my word was accepted. The first two
days, no sign was given of the "ghostly" old lady. On the third day my
aunt and uncle asked me if I wanted to come on a lengthy shopping
expedition because their supplies now had been exhausted and they had
to travel some twenty miles to the nearest town that had a
supermarket. This ritual regularly was carried out once a month. I
declined the offer as I had decided it was time for me to go for a
swim in the sea. Before they left, meaningful glances were exchanged
between my aunt and uncle as if they both expected to hear some news
from me when they got back. As they left, my uncle turned and said,
"You will be suprised at what happens, while we are away."
I went for my swim but the sea was very rough and I constantly was
pushed onto the beach by the waves. I gave up in the end and made my
way back to the house, got washed and dressed, had a bite to eat and
sat on the most comfortable chair to watch television. After what
seemed like a few minutes, I was aware of an unusual sound as if
pieces of material were rubbed together. I got up from the chair and
walked into the hall. I was quite taken aback with what confronted me.
There, at the bottom of the stairs was the celebrated little old lady
carrying her walking stick and holding a pack of cards. For some
strange reason I wasn't frightened at all by this apparition. I went
up to her and quite calmly asked her, "Will you come in and join me in
the sitting room." She too showed no sign of being disturbed by my
casual invitation. "I should be delighted" she replied "and perhaps
you could be persuaded to join me in a game of cards." We got on like
a house on fire but strange as it may seem, the subject of ghosts or
haunting wasn't mentioned and we played one game of cards after the
other as if it was the most natural thing in the world. I think I was
dealt some terrible cards because I kept on losing and in the end my
guest was obviously getting bored by the lack of competition. A little
later she complained of tiredness and left the room.
When they returned, I told my uncle that the little old lady had made
an appearance but I didn't go into the card games and our little chat.
He was overwhelmed by the news. It changed his life. Till his dying
day he regaled all visitors with the story of the ghostly lady and
then added with a broad grin, "It is not just me, you know, the story
was verified by my nephew."
Well, I did spend a lovely holiday there, they were both very kind to
me and no harm was done. You see it depended on the way <<made an
appearance>> is interepreted. After my vigorous swim I'd sat down in
front of the television and fallen asleep and well -- I have to confess
-- I simply dreamt the whole thing.
--
Thanks and best Regards
Yours'
Ram
Feel free to get back to me, always available for you
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