Citizens' Issues
2G case: Delhi High Court grants bail to Kanimozhi and four others

DMK MP Kanimozhi, Karim Morani, Rajeev Aggarwal, Sharad Kumar and Asif Balwa got bail in 2G spectrum case

The Delhi High Court on Monday granted bail to Dravida Munnettra Kazhagam's (DMK) member of parliament (MP) Kanimozhi, Kalaignar TV's managing director Sharad Kumar, Asif Balwa, Kareem Morani and Rajeev Aggarwal in the 2G spectrum case.

The High Court, however, reserved its order on the bail plea of sixth accused and former telecom secretary Siddharth Behura, saying that the judgement would be annouced later as CBI has apposed to the bail plea. "You (Behura) file your written submissions to the contentions of the CBI," Justice VK Shali told Mr Behura's counsel, senior advocate Aman Lekhi. 

The Court has asked Kanimozhi and four others to furnish two bond sureties of Rs5 lakh each.

Earlier, during the day, Additonal Solicitor General (ASG) Mohan Parasaran said the probe agency was not opposed to grant of bail to the five persons except Mr Behura and they can be released on the ground of parity as the Supreme Court has already given the same benefit to five other co-accused in the case.

The ASG, however, opposed Mr Behura's bail plea saying the bail pleas of public servants require stricter scrutiny as they are the trustees of public property. 

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Global prices, not rupee value to have impact on inflation: PMEAC

Chairman of the Prime Minister’s Economic Advisory Council (PMEAC) C Rangarajan said that global commodity prices will have a larger impact on the India, which imports about 80% of its crude oil requirement. A weak Indian currency means paying more rupees against every dollar of imports

Hyderabad: Prime minister’s advisory panel chief C Rangarajan today said movement in global commodity prices, and not the declining value of rupee against dollar, will have bigger implications for the inflation, which is hovering near double-digit for the last 28 months, reports PTI.

“The depreciation of the rupee has an impact on imports, obviously the imported commodities such as oil in rupee terms will cost more. But the ultimate impact to the economy will also depend on what happens to the dollar price of these commodities,” he said on the sidelines of the Foundation day fete of the Institute for Development and Research in Banking Technology here.

The chairman of the Prime Minister’s Economic Advisory Council (PMEAC) said the global commodity prices will have a larger impact on the India, which imports about 80% of its crude oil requirement. A weak Indian currency means paying more rupees against every dollar of imports.

“There is a possibility that if the world economy does not grow strongly, perhaps the international commodity prices will also come down,” Mr Rangarajan said.

The rupee touched a historic low of 52.73 this month against the dollar. However, it has recovered since and was quoting 35 paise up against dollar in early trade today at 51.90.

The growth in the US economy is yet to pick up pace and several Eurozone nations are facing sovereign debt crisis.

Mr Rangarajan further said that the recent moderation in food inflation, which fell to a four-month low of 9.01% for the week ending 12th November, is on account of the good monsoon and exuded optimism that the rate of price rise will fall further over next three months.

He also said that headline inflation will moderate to around 7% by March 2012. Headline inflation has been above the 9% since December last year and stood at 9.73% in October this year.

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