Didn't Pay Salary To SEBI Chief After Retirement: ICICI On Congress Claim

ICICI Bank has denied the Congress's claims that SEBI chairperson Madhabi Puri Buch has received Rs 16.8 crore in salary and compensation from the bank, calling it an "office of profit." The bank clarified that Buch had not received any salary since her retirement from ICICI bank in 2013. 

They added that she had received payments after retirement, but they were accrued benefits from her time of employment and not a salary paid post-retirement. The Congress has alleged a conflict of interest, stating that Buch has received Rs 16.8 crore from ICICI bank since joining SEBI in 2017, which is significantly more than her income from SEBI during the same period (Rs 3.3 crore). 

The party is now demanding that Buch be sacked and has requested the Supreme Court to take note of these allegations. However, ICICI bank's clarification has shed more light on the matter, indicating that these payments were not a salary, but rather accrued benefits.

Rupee surges to 2-month high at 51 against US dollar

The Indian rupee gained by 32 paise to trade at 51.02 to US dollar on the Interbank Foreign Exchange market on Tuesday. This level of the Indian currency was last seen on 18 November 2011. The surge in the currency was supported by continued foreign fund inflows.

Dealers said consistent dollar inflows and euro's gains against the US currency overseas, mainly supported the rupee.

The rupee had gained 15 paise to close at nearly one-and-a-half month high of 51.37/38 against the dollar yesterday on the back of late recovery in equities and mild dollar selling.

In 2012 so far, foreign institutional investors have reported a net inflow of $ 543m in Indian equities. For the whole of 2011, FIIs reported a net outflow of $ 348m. World Bank data suggests that India would be the biggest recipients of overseas remittances at $ 58bn in 2011.

In 2011, the Indian currency fell 22 per cent and below Rs 54 to the US dollar. It was among the worst performing currencies in Asia.