Economy

mjunction conducts e-auction of commercial papers worth Rs. 700-crore for SAIL

Steel Authority of India Limited

New Delhi [India], Jan. 21 : mjunction services limited, a B2B e-commerce company, successfully conducted on Friday an e-auction for commercial papers (CPs) worth Rs. 700 crore for Steel Authority of India Limited (SAIL).

This was a significant step for SAIL towards adopting a business practice that is completely technology-driven, and thus a step forward in the government's Digital India programme.

SAIL said, "For SAIL, this e-auction conducted by mjunction of commercial papers has led to better price discovery. The process was structured, less time consuming, has a scope for greater participation and above all transparent."

CPSE ETF's FFO gets overwhelming response from investors

CPSE ETF's FFO gets overwhelming response from investors

New Delhi [India], Jan. 21 : The Further Fund Offer (FFO) of the Central Public Sector Enterprises (CPSE) Exchange Trade Fund (ETF) has got an overwhelming response as the issue got over-subscribed by wide margin.

The FFO, which was launched on Janury 17, 2017, got bids of approximately Rs. 12,000 crore (US$ 1.7 billion) and received applications from over two lakh investors across 300 cities.

This was the largest disinvestment program undertaken by the Government of India using ETF and largest fund offering by any Mutual Fund in India till date.

RBI Gov assures PAC of normalisation in currency soon

RBI Gov assures PAC of normalisation in currency soon

New Delhi [India], Jan 20 : Reserve Bank of India (RBI) Governor Urjit Patel on Friday told the Public Accounts Committee (PAC) that the cash crunch in the country post the November 8 demonetisation drive will normalise with the passage of time.

Sources said the central banking institution also informed the PAC that specific agencies like Financial Intelligence Unit and Income Tax Dept are looking into abnormal deposits.

Explaining demonetisation to the PAC members, the RBI Governor informed them about the efforts being made to normalise the situation of cash crunch in rural areas. He also threw light on the efforts being made to normalise the situation in urban areas.

More than 3.81 lakh consumers and 21,000 merchants win prizes worth Rs. 60.90 crore at Digi-dhan Melas

More than 3.81 lakh consumers and 21,000 merchants win prizes worth Rs. 60.90

New Delhi [India], Jan. 20 : The Government's efforts to give a boost to the digital payment systems and the cashless economy, post-demonetisation have generated enthusiastic response from the people. People from different age groups, occupations and different walks of life have taken part in a big way in the Lucky Graahak Yojana and Digi-dhan Vyaapaar Yojana giving a fillip to digital transactions.

Economy to grow five-fold by 2040, quotes FICCI representation on reforms required for a transition to gas based economy

Economy to grow five-fold by 2040, quotes FICCI representation on reforms

New Delhi [India], Jan 19 : Indian economy is poised to grow five-fold by the year 2040. Hydrocarbons will continue to play an important role in this growth story. This is also important that we increase our domestic oil and gas production to reduce overdependence on oil imports.

While delivering the inaugural address at PETROTECH 2016, Prime Minister Modi said, "I have to set a target to reduce import dependence by ten percent by 2022. This will have to be achieved during a period of increasing oil consumption."

He also stated that his government accords high priority to move towards a Gas Based Economy and efforts should be made to increase domestic production.

Printing of 2017 Budget documents to start today with 'halwa' ceremony

Printing of 2017 Budget documents to start today with 'halwa' ceremony

New Delhi [India], Jan 19 : The process of printing documents for the 2017-18 Budget will begin today with the ritual 'halwa ceremony' in Finance Minister Arun Jaitley's presence.

Jaitley will participate in the ritual ceremony to be held at 4 pm along with other Finance Ministry officials at the North Block here.

More than 100 Finance Ministry officials will stay in Budget Printing Press till Jaitley presents his budget speech.

As part of the ritual, which has continued for long, 'halwa' is prepared in a big 'kadhai' and served to the entire staff in the ministry.

This year's Budget, which will be the third full-fledged Budget of the present NDA government, is scheduled to be unveiled in Parliament on February 1.

IMF cuts India's growth to 6.6 pct post demonetization

IMF cuts India's growth to 6.6 pct post demonetization

New Delhi [India], Jan. 17 : The International Monetary Fund (IMF) on Tuesday announced a cut in India's growth rate for the current fiscal year to 6.6 percent from its previous estimate of 7.6 percent due to consumption weakness courtesy demonetisation.

Earlier, the World Bank had also decelerated India's growth estimates.

As per the IMF's latest World Economic Outlook (WEO) update released today, the growth forecast in India for the current (2016-17) and next fiscal year has been trimmed by one percentage point and 0.4 percentage point respectively.

The cut comes primarily due to the temporary negative consumption shock induced by cash shortages and payment disruptions associated with the recent currency note withdrawal and exchange initiative.

MPC likely to propose 0.25 percent rate cut

MPC likely to propose 0.25 percent rate cut

New Delhi [India], Dec 6 : The meeting of the six-member Monetary Policy Committee (MPC) will begin today amid widespread expectations of at least 0.25 percent rate cut in policy rates to cushion the impact of demonetisation.

This will be the second meeting of the MPC headed by RBI Governor Urjit Patel after October, where the central bank had announced a rate cut of 0.25 percent to 6.25 percent.

This will be the first monetary policy review after demonetisation of old Rs. 500 and Rs. 1,000 currency notes, following which banks witnessed surge in deposits.

According to the banking sector, it's difficult to predict what the monetary policy committee will now decide.

"There are chances of like 25-50-basis point cut by the RBI," said SBI Managing Director Rajnish Kumar.

PM Modi to inaugurate Heart of Asia Ministerial Conference in Amritsar today

PM Modi to inaugurate Heart of Asia Ministerial Conference in Amritsar today

New Delhi [India], Dec. 4 : Prime Minister Narendra Modi and Afghan President Ashraf Ghani will jointly inaugurate the sixth Heart of Asia Ministerial Conference in Amritsar today.

The Conference will discuss peace, cooperation and economic development in Afghanistan.

The theme for this year's conference is 'Addressing Challenges, Achieving Prosperity'.

At the Ministerial Conference, Finance Minister Arun Jaitley will lead the Indian delegation in place of External Affairs Minister Sushma Swaraj who is unwell.

Heart of Asia process was launched in 2011 from Istanbul. Elaborate security arrangements have been made for the event in Amritsar.

Demonetisation will result in some uncertainty in third quarter of fiscal 2016-17, says Centre

Demonetisation will result in some uncertainty in third quarter of fiscal

New Delhi [India], Dec.1 : India on Wednesday posted the world's fastest growth rate for a large economy in the September quarter, yet said that the nation could experience some amount of uncertainty in the third quarter of fiscal 2016-17 due to the government's decision to demonetise Rs.500 and Rs.1000 currency notes.

Gross domestic product (GDP) clocked an annual 7.3 percent growth between July and September, faster than 7.1 percent in the previous quarter and higher than China's 6.7 percent.

RBI allows banks to deposit old currency notes in district chests

RBI allows banks to deposit old currency notes in district chests

Mumbai [India], Nov. 28 : The Reserve Bank of India (RBI) has allowed lenders to park old 500 and 1,000 rupee currency notes in currency chests at the district level in view of mounting deposits due to the ongoing domonetisation drive.

In a statement, the RBI said a currency chest operating at the point to be called Designated Chest -DC will be required to operate a separate vault -- to be named Chest Guarantee Vault CGV as an extended arm of it.

In its notification, the RBI said banks not having a currency chest will deposit such notes in sealed boxes and will get the value of the notes to the credit of their current account with the chest branch.

Entire country will benefit from CPEC, says Gilgit-Baltistan CM

Entire country will benefit from CPEC, says Gilgit-Baltistan CM

Karachi [Pakistan], Nov. 27 : Gilgit-Baltistan Chief Minister Hafizur Rehman has said that all China-Pakistan Economic Corridor projects will be completed by 2029 and the entire country would benefit from it.

"Today, Russia is getting closer to Pakistan as the government is steering us out of isolation internationally with its correct economic policies," The Express Tribune quoted Rehman, as saying at the Karachi Press Club on Saturday.

He said that the country has wasted numerous opportunities earlier but CPEC would certainly boost the economy.

Stating that the work on the Rs35 billion fiber-optic cable laying project under CPEC has been completed in Gilgit-Baltistan, Rehman said an alternate communication system to the region will be provided by it.

Counter exchange of old currency available at RBI counter

Counter exchange of old currency available at RBI counter

New Delhi [India], Nov. 25 : The Reserve Bank of India (RBI) on Friday announced that the exchange of Rs. 500 and Rs. 1000 currency notes will continue to be available at its counters up to current limits per person as hitherto.

However, such exchange facility will no longer be available at other banks' counters.

On Thursday, the Centre announced that there will be no counter exchange of old Rs. 500 and Rs. 1000 currency notes after November 24 midnight.

However, certain exemptions relating to cancellation of legal tender character of old currency notes has been extended up to December 15, including for the payment of current and arrears dues to utilities which will be limited to only water and electricity.

Banks to exchange old notes for only senior citizens today

New Delhi [India], Nov 19 : Banks across the country have started to exchange old 500 and 1,000 rupee notes for only senior citizens.

Indian Banks' Association (IBA) Chairman Rajeev Rishi said working hours at banks on Saturday would be devoted to their own customers and added that only senior citizens have been exempted with regard to the exchange of currency notes at various bank branches across the country.

Rishi said, the decision is only for Saturday, and from Monday onwards, all customers will be allowed to exchange their notes at a branch of any bank.

Surgical Strike on Black Money - Your Savings are Secure!

Surgical Strike on Black Money - Your Savings are Secure!

New Delhi [India], Nov 15 : Government's greatest move to curb black currency market through the withdrawal of 500 and 1000 rupee notes from the economy has left the common populace with several queries.

How to get back the hard earned money was the repeated question from every nook and corner of the nation. Supporting the historic move, UAE Exchange India shares valuable information for the public.

UAE Exchange, India Managing Director, V George Antony shared, "Digital transactions and payments will support the nation's struggle in curbing black currency and bringing a cashless economy with high degree of security. This move is going to reflect in the lives of common man in a positive manner."

How can I exchange my 500 and 1000 rupee notes?

Demonetisation: former RBI governor assures reduction in circulation of black money

Demonetisation: former RBI governor assures reduction in circulation of black

Chennai (Tamil Nadu), Nov. 14 : Acknowledging the government for its introduction of the demonetization of currency in the economy, Former RBI governor C. Rangarajan on Monday said the Government's move to demonetize is a standard direction to extinguish reduction in circulation of black money.

Speaking to ANI, Rangarajan said, "This is a common step taken whenever an effort is made to curtail the circulation of black money or unaccounted income."

"In India, it is not the first time that it has been done, such steps have been taken in the past also. This time apparently there are three targets; one is to attack those who hold black money as a citizen."

Demonitisation: Task force set up for recalibration of ATMs

Demonitisation: Task force set up for recalibration of ATMs

New Delhi [India], Nov. 14 : Economic Affairs Secretary Shaktikanta Das has announced that a task force is being set up under the chairmanship of deputy governor of the Reserve Bank of India (RBI) for recalibration of ATMs to expedite the process of cash transactions.

"The ATMs which are being recalibrated to dispense 500 rupee notes and 2,000 rupee notes i.e. the new series of 500 rupee notes and the 2,000 rupee notes.to expedite this process as fast as possible a task force is being set up under the chairmanship of deputy governor of the Reserve Bank. It will have representatives of banks as its members," Das told ANI.

Central bank will in due course infuse notes of Rs. 1000: Shaktikanta Das

Economic Affairs Secretary Shaktikanta Das

New Delhi [India], Nov 10 : Backing the government's decision to demonetize Rs. 500 and 1,000 currency notes, Economic Affairs Secretary Shaktikanta Das on Thursday said that there was a need to revive the currency as the value of rupee has depreciated after 2001, adding notes of Rs. 1,000 will be introduced in due course.

Throwing light on the other logical reasons behind the government deciding to infuse the new currency, Das said: "Firstly, the logistical reason behind the very decision was to make it convenient for the citizens to exchange or deposit the old notes and get the value out of the new notes."

RBI appoints M Rajeshwar Rao as new Executive Director

RBI appoints M Rajeshwar Rao as new Executive Director

Mumbai [India], Nov.10 : The Reserve Bank has appointed M Rajeshwar Rao as Executive Director following G Mahalingam's decision to take voluntary retirement.

In a statement, the RBI said that as Executive Director, Rao will look after Department of Statistics and Information Management, Financial markets Operations Department and International Department.

Prior to taking over as the Executive Director, he was the Chief General Manager, Financial Markets Operations Department. He has previously held charge of the Risk Monitoring Department. He has also worked as the Banking Ombudsman, New Delhi. (ANI)

Deposits over Rs. 2.5 lakh to attract penalty on mismatch: Govt.

Deposits over Rs. 2.5 lakh to attract penalty on mismatch: Govt.

New Delhi [India], Nov. 10 : The government has warned that the cash deposits above Rs. 2.5 lakh threshold under the 50-day window could attract tax plus a 200 percent penalty if the cash deposited in bank accounts doesn't match with income declared.

"We would be getting reports of all cash deposited during November 10th to December 30th, 2016, above a threshold of Rs. 2.5 lakhs in every account. The Department would do matching of this with income returns filled by depositors and suitable action may follow," Revenue Secretary Hashmukh Adhia said.

"Penalty of 200 percent of the tax payable would be levied if the cash deposited in bank accounts don't match with income declared," he added.



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