Former Liberal MP Raj Grewal sent the names of 100 people he wanted to invite to receptions with Prime Minister Justin Trudeau in India in 2018, and no one on his list raised red flags with Trudeau staff before the trip, heard a courtroom in Ottawa. Monday.

Grewal, 36, faces two breach of trust charges, relating to loans he sought from friends, family and other associates to help pay for a gambling habit that racked up millions of dollars in debt.

These charges allege that Grewal, using his political office, lied to obtain loans and that he used his office to obtain loans for personal gain.

Grewal denied any foul play. In 2018, he said he sought treatment for a gambling addiction, got loans only from friends and family, and paid it all back.

The Crown alleges Grewal sought loans from people in exchange for securing them access to travel to India or work on immigration cases.

Grewal was elected in 2015 in a riding of Brampton, Ont., but split from the Liberals in 2018 when the gambling problem came to light. He sat as an independent for almost a year, but did not run again in the 2019 federal election.

He was originally charged by the RCMP in September 2020 with four counts of breach of trust and one count of fraud, but only two of the breach of trust charges remain.

On Monday, as the trial entered its second week, Crown Attorney Tim Wightman presented a former Liberal political staffer with emails and documents outlining the process by which MPs could invite people to events on the trip in India.

Vandana Kattar Miller, who in 2018 was a senior assistant to Innovation Minister Navdeep Bains, served as a liaison between the Prime Minister’s Office and Liberal MPs who wanted to go on the India tour in February 2018.

The nine-day trip was tense as Indian politicians accused Trudeau of sympathizing with Sikh separatist extremists. He fell completely over a cliff when it emerged that invitations to two receptions with Trudeau had been sent to a man with ties to Sikh extremists, who had been convicted in Canada of attempting to murder of an Indian politician in 1986.

But in court, the Crown is focused on who Grewal put on the guest list.

Kattar Miller said there were two larger receptions – one in Delhi and one in Mumbai – and MPs who wanted to join could submit the names of people they wanted to invite to the receptions.

More than a dozen Liberal MPs joined the trip and their guest list runs to over 12 pages. Grewal’s initial list contained 100 names.

She said there was also a more intimate meeting with Trudeau in Delhi to which MPs could invite up to five people. This event would allow guests to meet Trudeau and have their picture taken with him.

During cross-examination, Grewal’s defense attorney confirmed with Kattar Miller that MPs could submit as many names as they wished for the invitation list and that there were no restrictions on who members of Parliament could invite.

She also confirmed to him that she had done a “high-level” review of the submitted names and that none of them had raised the alarm.

“I don’t remember anything,” she said.

The trial is expected to last until the end of July.

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By Levi Rickert

June 12, 2022

The National Congress of American Indians (NCAI) announced late Saturday evening that its Chief Executive Officer (CEO) Dante Desiderio (Sappony Tribe) was observing an administrative leave, effective Friday, June 10, 2022.

Desiderio’s leave comes two days before the nation’s largest Native American organization convenes in Anchorage, Alaska, for its midyear convention, which is the first in-person conference for NCAI since the COVID pandemic began. -19. The NCAI Mid-Year Convention and Market will meet in Anhcorage from Sunday, June 12 through Thursday, June 16.

Another Native American publication ran an article on Friday saying Desiderio had been suspended.

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“While we recognize that the timing of this furlough is inappropriate given that the NCAI Mid-Year Convention begins on Sunday, June 12, the Executive Committee, the governing body of NCAI, agrees that placing the CEO on furlough temporary administrative staff is necessary and appropriate. to fulfill their fiduciary governance obligations and to comply with NCAI policies and procedures,” NCAI President Fawn Sharp said in a statement shortly before midnight Saturday night. “Thank you in advance for your understanding that we are unable to share further information regarding Desiderio’s leave and to respect his privacy.”

According to the NCAI statement, Desiderio has not parted ways with the organization and his leave is appropriate under the organization’s policies governing the current situation.

The Executive Committee will temporarily rely on its existing internal team leaders, Dr. Yvette Roubideaux, Larry Wright, Jr. and Warren Hope to administer the important day-to-day work of the NCAI. The NCAI is confident that leadership intervention will ensure the success of the mid-year convention and the execution of operational tasks with integrity.

Desiderio was chosen on April 18, 2021 to lead the NCAI after a five-month search. Previously, he served as Executive Director of the Native American Finance Officers Association (NAFOA) for 10 years.

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About the Author

Author: Levi RickertE-mail: This email address is protected from spam. You need JavaScript enabled to view it.

Levi Rickert (Prairie Band Potawatomi Nation) is the founder, publisher and editor of Native News Online. Rickert was awarded the 2021 Native Media Award Best Column for the Print/Online Category by the Native American Journalists Association. He sits on the advisory board of the Multicultural Media Correspondents Association. He can be reached at [email protected]

• After a small jump of 40 basis points in May, RBI traveled the interest rate by another base of 50 in its attempt to fight inflation.
• If the RBI expects inflation to exceed its tolerance limit, it increases the rate at which banks borrow money from the central bank.

India’s central bank Reserve Bank of India raised its repo rate for the second consecutive month, from 4.4% to 4.9% on Wednesday.

After a small jump of 40 basis points in May, RBI raised the interest rate another 50 basis points in its bid to fight inflation.

For the month of April, consumer price inflation reached 7.8%, digging a hole in the pockets of the common man.

But why exactly is the Indian central bank raising interest rates? How does this reduce the expense burden of ordinary people like you and me? Let’s find out.

What is pension rate?
Before we dive into that, let’s understand what exactly repo rate is.

The repo rate stands for “call option or buy-back agreement”. It is the rate at which commercial banks and financial institutions like SBI, ICICI Bank, HDFC Bank and others borrow money from the central bank.

Why is the repo rate increasing?

If the RBI expects inflation to exceed its tolerance limit, it increases the rate at which banks borrow money from the central bank.

Over the past three months, retail inflation figures have remained above the RBI’s upper tolerance limit of 6%. The last time inflation was below 4% was before the 2019 global pandemic.

When the repo rate increases, the cost of borrowing for banks also increases, which is passed on to their account holders by increasing the interest rate on loans and deposit rates.

It also makes borrowing money from the bank an expensive affair, which in turn slows investment and money supply in the market.

As a result, it limits the money supply and lowers the purchasing power of consumers, which helps control inflation.

The pension rate is reduced when the government intends to inject money into the market and support economic growth, as it did during the lockdown.

In fact, RBI had not increased the repo rate for almost 4 years until last month.

How a Small Repo Rate Increase Affects You

A slight rise in the repo rate makes borrowing from commercial banks expensive. Home loanauto loan, education loan, personal loan, business loan, credit cards, mortgages are all influenced by rising rates.

When the cost of borrowing increases, the common man is discouraged from making unnecessary purchases, thereby reducing the demand for goods and services. This sets off a chain reaction, leading to a reduction in prices and, consequently, inflation.

It is simply a game of supply and demand, with the repo rate acting as a catalyst.

On the other hand, people who have savings and who have a fixed deposit, for example, will benefit from an increase in interest rates. A survey by Stocktwits shows that banking stocks could also benefit from the rise in the repo rate.

Ripple effects of rising repo rate

When business loans become expensive, companies cut back or freeze hiring, leading to unemployment.

Consumers have also put a pause on buying all luxury items, including vehicles, which is affecting the auto industry.

The real estate sector, which was experiencing a good recovery in sales due to the low cost of financing, could be impacted by the rise in RBI rates. As banks raise their interest rates, this will cause a further increase in monthly equivalent payments (EMI) for existing borrowers and shake the confidence of new buyers.

Low interest rates are unlikely to return as the Indian government expects the country’s economy to take at least 12 years to overcome the Covid-19 setback. He said ongoing structural changes catalyzed by the pandemic have the potential to alter the medium-term growth trajectory.

Higher interest rates and inflation put the common man in a soup

The war in Ukraine has greatly aggravated the misfortunes of the common man. It pushed up commodity prices due to geopolitical tensions and affected the global supply chain, tightening financial conditions globally.

As a result, due to import restrictions and high demand for essentials, everything from food and drink to clothing and accessories is expensive today.

Ordinary people in India were already struggling to manage their daily expenses with limited purchasing power on a minimum wage.

Due to this runaway inflation, consumers are losing more purchasing power, which is a measure of how many goods or services you can buy with one monetary unit, at a faster rate than usual.

While the current repo rate of 4.9% is still not as high as the pre-pandemic level of 5.15%, the common man will feel the pinch due to rising inflation. consumer prices.

On Wednesday, the RBI raised its inflation projection for the current fiscal year to 6.7% from 5.7% forecast in April and 4.5% in February.

If the inflation rate continues to rise despite the recent changes in the repo rate, RBI will resort to another hike in a few months to bring inflation under control.

The Reserve Bank of India (RBI) on Wednesday maintained its growth projection at 7.2% for the current financial year thanks to improving urban demand and a gradual recovery in rural India. Unveiling the third monetary policy for the current fiscal year, RBI Governor Shaktikanta Das said India’s economy remained resilient and the central bank would continue to support growth. Here are 5 new announcements made by the RBI:

1. The RBI expects growth of 16.2% in the first quarter of the current financial year, which will decline to 4% in the fourth quarter. Das, however, warned that the ongoing Russian-Ukrainian war poses risks. Earlier in April, the central bank cut the GDP growth projection for 2022-2023 to 7.2% from its previous forecast of 7.8%.

The World Bank on Tuesday cut India’s economic growth forecast for the current fiscal year to 7.5% as rising inflation, supply chain disruptions and geopolitical tensions slow recovery. It was the second time the World Bank revised its GDP growth forecast for India for the current fiscal year 2022-23 (April 2022 to March 2023). In April, he cut the forecast from 8.7% to 8% and now it is projected at 7.5%.

GDP growth compares to an 8.7% expansion in the previous fiscal year 2021-22. India’s economy grew by 4.1% in the January-March quarter of 2021-22.

2. On Wednesday, the RBI allowed credit cards to be linked to the Unified Payments Interface (UPI), which will allow more people to make payments using the popular platform. Currently, UPI facilitates transactions by linking savings accounts or checking accounts through users’ debit cards.

“It is proposed to allow credit card linking at UPI,” RBI Governor Shaktikanta Das said in announcing the regulatory measures, along with the bi-weekly policy review. He said that to start with, Rupay credit cards issued by National Payments Corporation of India (NPCI) promoted by the RBI will be activated with this feature, and the feature will be made available after system developments.

Das said the new arrangement should provide more options and convenience for customers to make payments through the UPI platform.

UPI has become the most inclusive payment method in India, with over 26 crore unique users and 5 crore merchants integrated on the platform, he added.

In May, 594.63 crore transactions amounting to Rs 10.40 lakh crore were processed through UPI, Das said.

The interoperability of prepaid payment instruments (PPIs) has also made it easier for PPIs to access the UPI payment system to initiate transactions, Das said.

3. RBI raised the interest rate by 50 basis points to a two-year high of 4.9 percent as it doubled to rein in inflation which has surged in the past two months. The rate hike comes on the heels of a 40 basis point hike made by RBI at an unscheduled meeting on May 4.

The six-member Monetary Policy Committee (MPC), headed by RBI Governor Shaktikanta Das, voted unanimously for the latest rate hike, which is expected to make lending more expensive.

Inflation based on the consumer price index (CPI), which RBI takes into account when setting its monetary policy, has galloped for the seventh consecutive month to an 8-year high of 7.79% in April.

4. RBI raised the inflation projection for the current financial year to 6.7% from 5.7% forecast in April. RBI Governor Shaktikanta Das said inflation risk remains and the recent tomato price spike will fuel food inflation. In addition, high world crude oil prices would add upward pressure on inflation.

The upward revision to inflation projections comes as domestic retail inflation has remained above the RBI’s 6% comfort level for four consecutive months, mainly due to the Russian-Ukrainian war. which has had an impact on commodity prices around the world.

As part of the fortnightly monetary policy, Das raised the inflation projection for the current fiscal year to 6.7%. He predicted inflation of 7.5% in the June quarter (Q1) and 7.4% in the September quarter (Q2).

Inflation is expected to decline to 6.2% in the December quarter (Q3) and further decline to 5.8% in the March quarter (Q4) of this fiscal year.

5. RBI Governor Shaktikanta Das said on Wednesday that the central bank will ensure the availability of adequate liquidity to meet the productive needs of the economy.

“Going forward, while normalizing the extraordinary accommodation of pandemic-related liquidity over a multi-year period, the RBI will ensure the availability of adequate liquidity to meet the productive needs of the economy,” Das said during the announcement of monetary policy.

The RBI will also remain focused on the orderly completion of the government’s borrowing programme.

Prime Minister Narendra Modi on Monday stressed the need to make India’s banks and currency an important part of international trade and the supply chain. The Prime Minister also urged financial institutions to continuously encourage good financial and corporate governance practices.

Inaugurating the iconic celebrations of the week by the Ministry of Finance and Commercial Affairs as part of the Azadi ka Amrit Mahotsav, Modi said that India had developed various financial inclusion platforms and there was a need to enhance them. raise awareness for their optimal use.

“There should be an effort to scale these financial inclusion solutions globally.” Modi also launched the “Jan Samarth Portal”, a credit-linked portal of 12 government programs, to ensure easy access to credit for youths, entrepreneurs and farmers.

The Jan Samarth portal will be an “end-to-end delivery platform”, and more people will show up for loans, he said. In his address, the Prime Minister said: “There is a need to focus on how to make our national banks, our currency an important part of the international supply chain and trade.”

Modi said people-centered governance and continuous efforts for good governance have been the hallmark of the government for the past 8 years. He also said permanent housing, electricity, gas, water and free treatment gave them the respect they deserve.

(With PTI inputs)

Hyderabad: Following the request of Chief Minister K Chandrashekhar Rao (KCR) to lift the ban on government borrowing, the Reserve Bank of India on Friday allowed the government to opt for Open Market Borrowing (OMB) of Rs 4,000 crore.

Telangana will be allowed to borrow the sum of money by auctioning the state properties no later than June 7. After a two-month long standoff, the finance ministry conceded, allowing the state to raise funds under the Fiscal Responsibility and Fiscal Management Act (FRBM) this year.

Telangana has decided to increase FRMB loans worth Rs 53,000 crore for this year, but the center may impose a 20% cut on borrowings. This means that the state will only be allowed to borrow Rs 43,000 crore.

“The Ministry of Finance has authorized the increase in borrowing. However, the amount of the loan to be raised by the state for the whole of the 2022-23 financial year will be known next week, “said an official from the Ministry of Finance, quoted by The new Indian Express.

Earlier, Telangana Finance Secretary K Ramakrishna Rao was on a five-day visit to New Delhi. Rao presented the state government’s requirements for open market borrowing. The argument seems to have convinced the ministry.

The seriousness of the issue could be understood by the fact that Telangana was willing to go to the Supreme Court, asking for the ban to be revoked. Anticipating the state’s victory in the supreme court, the center allowed Telangana to borrow on the open market.

At the beginning of May, the center decided to stop the FRBM for Telangana, which prevented the state from borrowing on the open market.

New Delhi, June 1 (IANS): The Law Enforcement Directorate’s summons to Sonia Gandhi and Rahul Gandhi, the top congressional leaders, in a money laundering investigation linked to the more than decade-old National Herald case, seems the culmination of a complex and complex case of corporate law and transfer shares.

The genesis of the controversy lies in the acquisition of the shares of Associated Journals Ltd (AJL) on January 26, 2011.

The AJL was incorporated as a limited company on November 20, 1937 under the Indian Companies Act 1913, for the purpose of publishing newspapers in different languages. He started publishing newspapers such as “National Herald” in English, “Navjivan” in Hindi and “Quami Awaz” in Urdu.

The publication of the newspapers was suspended on various occasions due to financial difficulties and some work problems, and on April 2, 2008, the newspaper was closed.

The properties were allocated for carrying out press activities and publishing newspapers in different languages. However, he was also allowed to rent these properties for rent to meet his publishing activities, after the newspaper closed.

AJL’s office was relocated from Lucknow on September 1, 2010 to its Delhi property located at 5A, Herald House, Bahadurshah Zafar Marg.

Amid this chain of events, the All India Congress Committee (AICC), a supreme organ of Congress, had from time to time advanced loans to the AJL.

On March 31, 2010, there was an outstanding loan of Rs 88,86,68,976 (over Rs 88 crore) and another loan of Rs 1.35 crore was received during the period of April 1, 2010 to 16 December 2010, totaling Rs 90.21 crore.

On December 16, 2010, the AICC transferred the entire unpaid loan of Rs 90.21 crore owed by AJL in favor of the appellant company, Young Indian, for consideration of Rs 50 lakh.

In addition, nearly 99.99% of AJL shares were transferred to Young Indian.

On December 13, 2010, at Young Indian’s first board meeting, Rahul Gandhi was appointed director.

On 22nd January 2011, a new allotment of Young Indian shares was made, in which 1,900 shares, having a paid-up value of Rs 1.90,000, were granted to Rahul Gandhi and 1,350 shares with a paid-up amount of Rs 1,35,000 in the name of Sonia Gandhi among other shareholders.

In order to achieve his goal of acquiring 100% of AJL shares, Rahul Gandhi, together with his sister Priyanka Gandhi Vadra, purchased additional shares amounting to 47,513 and 2,62,411, through Ratan Deep Trust and Janhit Nidhi Trust, respectively, without complying with provisions of the Companies Act.

In a nutshell, the National Herald case concerns the awarding of a loan of Rs 90 crore advanced by Congress to Young Indian for a consideration of Rs 50 lakh, and the alleged misappropriation of assets of over Rs 2,000 crore.

• External Commercial Borrowing, or ECB, is a crucial source of funding to help businesses meet their financing needs.
• Falling interest rates in foreign markets is one of the reasons companies choose to borrow in foreign currencies.
• While India Inc. borrowed $38 billion from foreign lendersIndia’s richest men Ambani and Adani alone accounted for more than a fifth.

Mukesh Ambani and Gautam Adani, India’s richest men, have a combined net worth of over $200 billion. Together, their companies have a market capitalization of almost ₹33,000,000,000 (about $429 billion).

Now, a report based on Reserve Bank of India data shows that Ambani and Adani together borrowed more than $1 out of $5 from foreign lenders.

In total, Indian companies borrowed $38.2 billion from foreign lenders in 2021-22. Of this amount, Reliance Industries of Mukesh Ambani and the companies headed by Gautam Adani have borrowed $8.25 billion.

While ECBs are lucrative due to lower interest rates, especially in the United States, Japan and Europe, exchange rate volatility remains an issue that businesses need to proactively manage.

This, according to a report by Bank of Baroda, will be a headwind for companies considering BCEs.

“However, with global central banks in a monetary policy tightening cycle, interest rates are likely to rise. This may lead to moderation ECB entries. Furthermore, the steady depreciation of INR recently will also be a headwind for ECB inflows going forward,” the report says.

ECBs fell by a third due to Covid, but are regaining strength

Over the past eight years, Indian companies have borrowed nearly $260 billion from overseas markets – this includes capital markets, commercial banks, equity investors, among others.

Interestingly, ECBs continuously declined during the early years of the Modi government, only to pick up again in 2017. The Covid-19 pandemic again acted as a speed breaker, but now it is accelerating again.



A large part of the BCEs are concentrated in three sectors: financial services, oil and electricity.

External Commercial Borrowing, or ECB, is a cheap source of funds, allowing Indian businesses to tap into overseas markets with cheaper interest rates to finance working capital, capital expenditure, expansion or expansion. other financing needs.

Following the ECB’s lead allows companies to reduce their overall cost of debt, which plays a critical role in an entity’s financial performance.

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COLOMBO, Sri Lanka (AP) — Sri Lankan police used tear gas and water cannons on Saturday to disperse protesters who attempted to approach the president’s office to demand his resignation due to the current economic crisis in the country. country.

Protesters gathered to mark the 50th day of protests during which they camped outside the office of President Gotabaya Rajapaksa. Police dispersed the gathering and briefly detained three people before releasing them.

Sri Lanka is on the verge of bankruptcy, having defaulted on its foreign loans, and is grappling with severe shortages of essentials like cooking gas, fuel and medicine. People have been forced to wait for hours in long queues trying to buy goods and many are still empty-handed.

The country’s foreign exchange reserves have also dwindled to only enough to buy two weeks of needed imports.

Authorities announced last month that they were suspending repayment of nearly $7 billion in foreign debt to be repaid this year. Sri Lanka must pay $25 billion until 2026. The Indian Ocean island nation’s total foreign debt is $51 billion.

Protesters say the main responsibility for the economic crisis lies with Rajapaksa and his family, whom they accuse of corruption and mismanagement.

Violence erupted across the country on May 9, when Rajapaksa supporters attacked peaceful protesters. Nine people, including a ruling party MP, were killed and the homes of serving ministers were burned down. He nearly dismantled the Rajapaksa dynasty after the president’s brother, then Prime Minister Mahinda Rajapaksa, resigned amid violence.

Three of the president’s siblings and a nephew had already resigned from their ministerial posts.

New Prime Minister Ranil Wickremesinghe said he would have an economic reform plan ready within two weeks to seek International Monetary Fund approval for a bailout.

With each drop in the rupee against foreign currencies, studying abroad becomes expensive. As a result, the dream of studying in foreign universities would become distant for aspiring students, while sustenance might become difficult for students who are already studying abroad.

Impact of falling rupee

With the depreciation of the rupee, the cost of education (including board and lodging) will increase in rupees even if there is no increase in fees. For example, if the tuition fee for a course in an American university is $10,000 for one year, it will be Rs 7 lakh in rupee terms when the value of 1 USD is INR 70. If the Rupee depreciates to INR 75 against USD 1, the same tuition fee in terms of Rupee will become Rs 7.5 lakh. It will further increase to Rs 7.7 lakh, when the Rupee depreciates further to INR 77 against USD 1.

“The weakening of the Indian currency against the US dollar will have a profound impact on the study abroad plans of students (existing and new). Parents who have covered the cost of overseas education from their coffers will experience a higher outflow of the sum due to the depreciation of the rupee. Likewise, people who fund their education through bank loans may need to opt for a top-up loan that some banks offer to bridge the gap created by exchange rate fluctuations,” said Ashish Fernando, Founder and CEO of iSchoolConnect.

“Rupee devaluation increases financial obligations. When the rupee loses value, the amount of rupee needed to pay in dollars increases. This results in an increase in the cost of education and living expenses and diminishes the value of the corpus set aside for education abroad by aspirants and their family members, as the loans are taken in taking into account the initial needs. While supplemental loans and refinance options are excellent sources. However, the repayment terms of these loans are not feasible for everyone; also, to obtain this loan, one may be required to give a guarantee,” he added.