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Banerjee said a meeting was also held to hold a discussion on the preparations for the cyclone. Fishermen have also been asked not to venture into the sea.
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The government would also make the use of conical geysers mandatory within a year, which by using less gas would save Rs 92 billion, and alternative use of street lights would save another Rs 4 billion.
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The restrictions were imposed three days ago.
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The senior Congress leader took to twitter to question the delay
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TK Chand of Nalco said that company has taken cost-cutting measures and is focussing on higher production levels.
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Jagdish Malkani, Member, NSE is happy with the possibility of Aam Aadmi Party winning the Delhi elections despite the fact that the new party may initially incorporate some populist measures. According to him, if BJP loses in the capital, it will be a good wake up call for the party.
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In an interview to CNBC-TV18, Jayesh Mehta, Bank of America speaks about the current environment in the currency market. He feels that the worst may be over for the rupee temporarily.
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In an interview to CNBC-TV18, SL Bansal, CMD, Oriental Bank of Commerce said that before July 15 most of the banks were sitting on reasonable profits, then the yields started moving northwards and banks were sitting on the huge losses. However, now most of the losses have been taken care of by RBI's decision on Tuesday.
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In an interview to CNBC-TV18, Pathik Gandotra, partner, Dron Capital Advisors says the market will realise that the rupee volatility curbing measures are not working and hence, any further monetary moves are unlikely.
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The Reserve Bank of India (RBI) on Tuesday late evening issued another set of measures, aimed at twin purposes: arresting dip in long term bond yields and shielding banks from incurring financial losses due to declining bond prices.
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The currency is likely to follow its recent pattern of remaining under pressure and may strengthen towards the end of the day, AV Rajwade, forex and treasury risk management consultant, AV Rajwade & Co.
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A raft of measures taken by the Reserve Bank of India (RBI) seems to have fallen flat. The Indian rupee on Monday closed all time record low at 63.13 as against the US dollar. The 10-year benchmark bond yield spiked nearly 35 basis points to 9.23 percent.
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Contradicting the market behaviour, Abheek Baruah, chief economist, HDFC Bank says there will be some consolidation and reversal of behaviour once the market internalises and gets a timeline of the measures announced by the FinMin on Monday.
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In two sets of announcements last month, the RBI had taken a string of liquidity tightening measures aimed at curbing speculation on the depreciating rupee, which has lost nearly 12 percent against the dollar since the start of FY14.
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In an interview to CNBC-TV18, Nizam Idris, head-fixed income and currency strategy says the rupee may see a further weakening to 62 against the dollar before the RBI announces a new set of rupee volatility curbing measures.
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In an interview to CNBC-TV18, UR Bhat of Dalton Capital says that the market will take cues from the RBI policy meet and international positivity too.
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Indian diaspora ha been demanding big risk premium to support the falling rupee. Indian authorities are contemplating longer term steps to plug a deep current account deficit to help prop up the currency.
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CNBC-TV18‘s Pragya Bhardwaj reports that the RBI's reinstating the gold-on-lease model has made things easier for the company.
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Nizam Idris, head of EM FX Strategy, Macquarie says the RBI's move sends a message to the market on its strong intention to curb the rupee weakness.
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Industry experts see worse times for the Indian economy. They expect the Sensex and the Nifty to fall by another 15-20 percent and the rupee may touch 63-65/USD levels.
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Arms sales by the 100 biggest weapons makers fell for the first time since the mid-90s in 2011 as economies slowed and military equipment purchases were reduced for operations in Afghanistan and Iraq, a leading think-tank said on Monday.
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Ashok Gautam of Axis Bank explains to CNBC-TV18 that the government must execute the measures that it has announced to support the rupee which will aid control of inflation, reduce the current account deficit and improve the balance-of-payments
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Egypt's government took measures on Tuesday to calm investors and help Egyptians hurt financially by unprecedented countrywide protests that have entered their eighth day.
