Finance Minister Arun Jaitley today expressed hope that the Reserve Bank will keep in mind the decline in retail inflation while deciding on interest rates at its policy review meeting on October 4.

“I expect when the policy review takes place next month then RBI, and hopefully if MPC is constituted by then, they will collectively keep all these factors in mind,” he said when asked if declining inflation leaves room for rate cut.

RBI is a responsible organisation, Jaitley said, adding, “we should wait for its judgement and we should trust its judgement”.

In its monetary policy review last month, RBI maintained status quo on key rates citing upside risks to 5 per cent inflation target for March 2017.

Retail inflation eased to a five-month low of 5.05 per cent in August.

The cooling of retail inflation and 2.4 per cent contraction of factory output in July has revived hopes for a rate cut by RBI in its next policy meet on October 4 to boost growth.

Moving towards the new regime, the government had in July notified 4 per cent inflation target for the next five years, based on which the monetary policy committee (MPC) would take its decisions going forward.

It also provides for a margin of plus or minus 2 per cent in this target, thus fixing the upper tolerance level at 6 per cent till 2021.

MPC will set interest rates by majority, with a casting vote for the central bank governor in the event of a tie.

Out of six members of MPC, three will be from RBI – the Governor, who will be the ex-officio Chairperson, a deputy governor and an executive director.

The other three members will be appointed by the central government on the recommendations of a search-cum-selection committee, headed by the Cabinet Secretary. Government is yet to name its nominees on MPC.

Needling India yet again, Prime Minister Nawaz Sharif on Tuesday dedicated Eid-ul-Azha to the “supreme sacrifices” of Kashmiris and said Pakistan will continue doing so till the Kashmir issue is not resolved.

“We cannot ignore sacrifices of Kashmiris. They will succeed through their sacrifices. We dedicate this Eid to the supreme sacrifices of Kashmiri people and we will continue doing so till the Kashmir issue is not resolved according to their (Kashmiri people) wishes,” the Prime Minister said in his message on the occasion of Eid-ul Azha.

Sharif offered Eid prayer along with other family members in the mosque at his Raiwind residence in Lahore.

He said, “Kashmiri people have sacrificed their third generation in their struggle to get freedom from India.

“They are struggling for their right to self-determination and facing Indian atrocities. Their voice cannot be suppressed through force,” he said.

President Mamnoon Hussain, in his message on the occasion, said Pakistan must remember “our Kashmiri brothers and sisters affected by terrorism”.

“During this hour of need we must support the Kashmiri people. They are facing the worst atrocities to get their right to self-determination. Time is not far away when the Kashmiri people will get dividend of their supreme struggle. They will soon celebrate such festivals in free land,” the President said.

Meanwhile, Jammat-ud-Dawah chief and Mumbai attack mastermind Hafiz Saeed led Eid prayers at Gaddafi Stadium and prayed for the “success of Kashmiris fighting against Indian forces”.

He urged the Nawaz government to take firm stance on Kashmir and “help them get freedom”.

India and Pakistan are engaged in a fierce verbal battle over terrorism and the situation in Kashmir in the aftermath of the unrest in the Valley that broke out on July 8 after Hizbul commander Burhan Wani was killed by security forces.

While India has accused Pakistan of supporting cross border terrorism, Pakistan, on its part, has been trying to internationalise Kashmir, alleging New Delhi of human rights violations.

Sharif had earlier called for investigation into the “atrocities” committed by Indian forces, protection of Kashmiris’ fundamental rights, a fair inquiry into the killing of Wani and implementation of UN resolutions.

Amid mounting criticism over spread of vector-borne diseases in the city, Chief Minister Arvind Kejriwal today sought to pass the buck, saying the Delhi government was “incapable of even buying a pen” as he and his Cabinet colleagues stand “fully stripped of powers.”

Kejriwal, who returned from Punjab yesterday, said Lt Governor Najeeb Jung and Prime Minister Narendra Modi should be “questioned” over the issue as powers rested with them.

“CM n min left wid no power now, even to buy a pen. LG n PM enjoy all powers wrt Del. LG abroad. Question them for Del, (sic)” he tweeted.

As the city reels under a major health crisis, virtually the entire Delhi Cabinet is missing from action as ministers including Kejriwal, Manish Sisodia, Satyendar Jain, Gopal Rai and Imran Hussain are out of station.

While the Chief Minister is scheduled to undergo a throat operation in Bengaluru today, his deputy Sisodia is in Finland to study its education system.

Jain, who holds the Health portfolio, is touring poll-bound Goa, Rai is in Chhattisgarh and Hussain is on Haj pilgrimage. Only Water minister Kapil Mishra is stationed in the national capital.

Three persons have died due to chikungunya in Delhi.

While one death was reported yesterday, two more fatalities were recorded today. The Dengue and Malaria toll stand at nine and two respectively.

Sisodia said officials of the Delhi government were busy following the “LG’s instructions” of going through the files of the past 18 months and sending these to him.

“Officers do not come to meetings called by ministers.

They remain away from their offices throughout the day. If the country has reporters who are not in the ‘Modi school of journalism’, they should decide who the government is–LG or Chief Minister

“If they believe LG has all the powers in Delhi then he should be held responsible in these cases. Where did the LG disappear after putting useless and lazy officers at the helm of the Health department in the city,” the Deputy CM said in a series of tweets.

The Delhi High Court, in its August 4 verdict, had held that the Lt Governor was the administrative head of the national capital, thus rejecting the AAP government’s contention that the Governor was bound to act only on the aid and advice of the CM and his council of ministers.

Coast Guard is undertaking Operation Utsav to provide seaward security and safety cover to people during Ganesh Visarjan days.

The cover was in force during visarjan days on September 6 and 9 and will be in force tomorrow and September 15-16.

Coast Guard Regional Headquarters (West), Worli is deploying Fast Patrol Vessel, Interceptor Boat, Hovercraft and Helicopter on random patrol off Mumbai coast.

This is for being extra vigilant and provide surveillance against seaward threats and assisting civil authorities during Ganpati Visarjan, a CG official said.

The operation forms part of Coast Guard efforts towards realising its motto of ‘We protect’ at Sea, the official said in a statement.PTI

The Reserve Bank of India today fixed the reference rate of the rupee at 66.4483 against the US dollar and 74.7676 for the euro.

These rates were at 66.3618 and 74.6902 respectively, yesterday.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were quoted at 88.6088 and 65.33 per 100 yens respectively, based on reference rates for the dollar and cross-currency quotes at noon.

The SDR-rupee figure will be based on this rate, the statement added.PTI

Italy today made a fresh plea in the Supreme Court for modification of bail conditions of marine Massimiliano Latorre to enable him remain in Italy till an international tribunal decides on which country has the right to try the case of killing of Indian fishermen.

The apex court agreed to hear on September 20 the plea in which Latorre has sought imposition of same bail conditions that were made applicable to marine Salvatore Girone, his co- accused in killing of two fishermen off Kerala coast in 2012.

A bench comprising Justices A R Dave and L Nageswara Rao decided to hear the plea filed by Italy on behalf of Latorre after a batch of senior lawyers, including K T S Tulsi, mentioned the matter and sought an urgent hearing on the ground that an earlier apex court order in the matter was valid till September 30 this year.

“Modify the bail conditions of chief master sergeant Massimiliano Latorre in the same terms as those prescribed for sergeant major Salvator Girone by this court’s order dated May 26 this year… to enable Latorre to remain in Italy until a final decision by the Annex VIII Arbitral Tribunal on the merits of the case that finds India may exercise jurisdiction over him in respect of the Enrica Lexie incident,” the plea said.

While relaxing Girone’s bail conditions on May 26, the apex court had allowed him to go to his country till the jurisdictional issue between India and Italy was decided in an international arbitral tribunal.

The apex court had imposed four conditions on Girone including that he has to report to police station in Italy on first Wednesday of every month and the Italian authorities have to inform the Indian Embassy in Rome about it.

The second condition was that he will not tamper with any evidence, nor influence any witness in the case.

The third condition was that Girone will give an undertaking that he will remain under the jurisdiction of Supreme Court and lastly, if found violating any of the conditions, his bail will be cancelled, the court had said.

The marines, who were on board ship ‘Enrica Lexie’, are accused of killing two Indian fishermen off the Kerala coast on February 15, 2012.

The complaint against the marines was lodged by Freddy, the owner of fishing boat ‘St Antony’, in which the two Indian fishermen were killed when the marines opened fire on them allegedly under the misconception that they were pirates.PTI..