Sunday 27 November 2016
Tuesday 22 November 2016
Tuesday 15 November 2016
Govt to use indelible ink to crack down repeated exchanges at banks, not ATMs withdrawal
Government has taken some more practical measures to manage
the rush at banks, and plans to use indelible ink marks as used in election
voting, to crack down on cheats and others being used for carrying out multiple exchanges.
The use of indelible ink, or a semi-permanent ink or dye
that is applied to the forefinger (usually) of voters during elections in order
to prevent electoral fraud such as double voting, will be used only at the cash
counters, and not at ATM withdrawl.
Economic Affairs Secretary Shaktikant Das, on Tuesday,
announced that the move is aimed at reducing large crowds at bank branches
leading to long waiting hours for cash withdrawal and discouraging people who
are standing in the queue multiple times in order to convert black money into
white.
"The reason for long queues at banks and ATMs is that
the same people keep coming again and again at different places. We have
received reports that many people are trying to convert black money into white
and they have organised groups of people and are sending them to exchange
money," Das said at a news conference.
"To solve this problem, we have decided to use
indelible ink marks, similar to elections, at cash counters... This will start
today in major cities," he said.
He also appealed to people not to believe on rumors doing
round on social media.
"Lots of false stories on social media. I appeal to
everyone, not to believe such stories on social media and they suddenly create
panic, and it is not a desirable thing", said Das.
He said that there is enough cash available in the system,
and enough stocks of essential commodities, "there is no need to
panic".
He also said that government is trying to popularise
cashless economy.
A Special Task Force has also been set up to monitor
movement of fake currency in the market, he added. He also urged places of
worship, who receive smaller denomination notes, to deposit them in banks so
supply of these notes increases. Das added that government was also keeping
close watch on Jan Dhan Accounts which have suddenly seen surge in cash.
Wednesday 9 November 2016
Monday 7 November 2016
Oil prices steady ahead of election, but oversupply still weighs
Oil prices were stable early on Tuesday after posting strong
gains the previous day, with investors piling money into financial markets in
expectation that Democrat Hillary Clinton would win the US presidential
election. US West Texas Intermediate (WTI) crude futures were down 1 cent at
USD 44.88 per barrel at 0038 GMT. The contract had gained almost 1.9 percent
the previous session on polls putting Clinton ahead of her Republican
competitor Donald Trump for Tuesday's election.
"Oil appears to have coat-tailed most other commodities
higher, as part of a Clinton-led, broad based, risk asset rally," said
Jeffrey Halley, senior market analyst at brokerage OANDA in Singapore.
"Crude oil prices bounced off key support levels as
investors piled back into the energy sector," ANZ bank said on Tuesday.
In physical oil markets, US pipeline companies with
operations at the heart of the country's commercial oil industry at Cushing,
Oklahoma, restarted on Monday after a 5.0-magnitude earthquake late on Sunday
triggered safety shutdowns.
However, traders said that financial crude markets were
capped by lingering doubts over the ability of oil producers to agree on a
planned output cut in order to prop up a market which has been dogged by two
years of oversupply.
The chief executive of US oil giant Exxon Mobil , Rex
Tillerson said on Monday that global oil supplies have exceeded demand by 1 to
1 million barrels per day since the start of 2015.
India, UK sign agreements on IPR, ease of doing business
India and Britain on Monday signed agreements on
intellectual property rights (IPR) and ease of doing business following
delegation-level talks led by Prime Ministers Narendra Modi and Theresa May
here.
"Advancing business through agreements. The two leaders
witness exchange of MoUs in Intellectual Property and Ease of Doing
Business," External Affairs Ministry spokesperson Vikas Swarup tweeted.
Earlier on Monday, Modi and May addressed the India-UK Tech
Summit here.
This is Theresa May`s first bilateral visit outside of
Europe since she assumed the Prime Minister`s office in July this year.
She took over the prime ministership after David Cameron
resigned following the historic referendum in June in which Britain voted to
exit from the European Union. Cameron rooted for Britain to stay in the EU.
May`s visit comes a little less than a year after Modi`s
visit to Britain in November last year.
May, who arrived here late on Sunday night on a three-day
official visit to India, will also visit Bengaluru on Tuesday.
Saturday 5 November 2016
RBI issues guidelines for forex hedging by foreign companies
Reserve Bank of India (RBI) issued draft guidelines on how
Indian subsidiaries of multinational companies can hedge their currency
exposure risk in the country.
RBI said on Friday that subsidiaries looking to hedge their
exposure outside of exports and imports could do so through all foreign
currency-rupee derivatives, over-the-counter, and exchange-traded products.
It also said profits and losses arising from hedging
transactions in India must be reflected in the books of the domestic
subsidiaries of multinational companies, among other guidelines.
Previously, multinational companies could only hedge
currency risk arising out of transactions involving imports and exports.
The RBI had said last month that it would widen the scope of
activities where hedging was allowed.
Market participants and banks can submit their comments
about the proposed guidelines by Nov. 11, the RBI said.
Private Sector Needs to Invest Big-Time, Says Arun Jaitley
Finance Minister Arun Jaitley today said public and foreign
investment remains intact, but private sector expansion is needed in a big way
to let the economy start firing on all cylinders.
Observing that domestic investment continues to be a
challenge, Mr Jaitley called upon the banking sector to support corporates to
propel growth.
"Indian private sector needs to expand in a big way. It
needs to invest and that's when all engines of economy (will) start
firing," Mr Jaitley said while addressing a seminar on debt recovery
here.
The minister spoke of liberalisation of FDI policies because
of which India has emerged as a preferred destination of foreign investment.
"Foreign investors are getting far greater returns on
their investment here than in any other country," he asserted.
"Public investment and foreign capital on which the
economy is firing are intact... domestic investment is still a challenge."
The minister further said there is a "silver
lining" visible with festive purchases, indicating upturn in rural and
urban demand, but domestic investment will have to pick up in a big way for
which banks need to do their bit by supporting corporates and thus boosting
growth.
'India's Rank to Seriously Improve In World Bank's Report'
India's rank will "seriously improve" in the World
Bank's 'Doing Business' report next year on the back of reforms like GST and
Insolvency & Bankruptcy Code, Department of Industrial Policy and Promotion
(DIPP) Secretary Ramesh Abhishek said today.
In the World Bank's latest 'Doing Business' 2017 report,
India's place remained unchanged from last year's original ranking of 130 among
the 190 economies that were assessed on various parameters. But the last year's
ranking has been revised to 131 from which the country has improved its place
by one spot.
"We have had marginal improvement this year. But if you
see in giving electricity connections, we have moved up 111 ranks in the last
two years and the kind of reforms that we have done in construction permits, in
starting a business and many more that are being done, it will be reflected and
our rank should seriously improve next year," Mr Abhishek said.
Asked what was the basis of his optimism, Mr Abhishek told
PTI: "A new form is coming up, SPICe (Simplified Proforma for
Incorporating a Company Electronically) for incorporating companies so that
will improve the ranking, the Goods and Services Tax, again it will improve.
"Reforms have to be done, plus it has to be felt by the
people and also there are timing issues. All these things will be reflected next
year in a major way".
However, the DIPP Secretary said it was
"difficult" to put a number to India's rank next year as it depends
on how other countries perform.
Addressing a conference to kick off the Vibrant Gujarat
Summit roadshow here, Mr Abhishek said India has a very good macroeconomic
situation in terms of fiscal deficit, inflation, foreign exchange balance and
strong fundamentals.
He added that infrastructure bottlenecks are being addressed
by Government in terms of doubling national highways, significantly augmenting
railways infrastructure and implementing dedicated freight corridors.
"Implementation is being done now in a timely manner
and it is being monitored at the highest level," he said.
Besides, asked about Gujarat slipping to third position in
the World Bank's latest 'Doing Business' report from the top position last
year, the state's Chief Minister Vijay Rupani said his Government was committed
to improve Gujarat's position in the coming days.
Asked about his views on the four 4-tier tax structure of 5,
12, 18 and 28 per cent decided by the Goods and Services Tax (GST) Council,
Rupani said he believes the indirect tax regime will be implemented nation-wide
in a smooth manner.
He invited investors to participate in the Vibrant Gujarat
2017 Summit to be held from January 10-13.
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