Business

The probe comes after a sting operation on private banks shows brazen money laundering across various branches of HDFC Bank, ICICI Bank and Axis Bank.

The rupee had lost 12 paise to close at 54.30 against the US dollar on Wednesday due to fall in local stock markets and renewed dollar demand.

Meanwhile, the BSE benchmark Sensex fell by 112.82 points,or 0.58 per cent, to 19,452.10 in early trade on Wednesday.

Besides local factors, markets were influenced by weak trend in Asian region and lower opening in Europe, brokers said.

Union Finance Minister P Chidambaram joined a Google+ Hangout to field questions on Budget 2013-14.

Chidambaram said, people of India will heed his appeal and will not demand so much gold.

The reassurances from the finance minister soothed some of the concerns, foreign investors called the poorly worded amendment.

Gitanjali group Chairman Mehul Choksi said any hike would have increased smuggling and other such illegal activities.

Debt funds for infrastructure would be encouraged and tax-free bonds up to Rs 50,000 crore will be allowed in 2013-14, Chidambaram said.

Presenting the Union Budget in Parliament, Finance Minister P Chidambaram also quoted his favourite poet Tiruvalluvar.

Finance Minister P Chidambaram expressed confidence that the affluent class in India will not mind paying a little more.

The Railway Minister said that the thrust of the plan is on doubling of tracks, safety and passenger and staff welfare.

Forex dealers said a lower opening at the domestic equity market also put pressure on the rupee.

The biggest loser was Canara Bank, whose stock was down 1.98 per cent in the afternoon trade.

Some concessions in excise could be expected keeping the slagging auto demand in the past few months.

Mukesh Ambani's Reliance Industries is the only company with nationwide fourth-generation (4G) broadband airwaves.