RBI cuts RTGS deals threshold to Rs 1 lakh
Posted Date : 08-Jun-2012 , 05:50:46 pm | Posted By CASANSAAR
The Reserve Bank today said it has cut down the threshold limit in Real Time Gross Settlement System transactions to Rs 1 lakh from existing Rs 2 lakh until June 9, 2012 due to some technical issues.
"To ensure that customers were not unduly inconvenienced, the Reserve Bank temporarily bro...
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Finance ministry to seek feedback on recent QFI relaxations
Posted Date : 05-Jun-2012 , 07:57:45 am | Posted By CASANSAAR
As part of the ongoing efforts to kick-start investments through the qualified foreign investor (QFI) route, the finance ministry has called for a meeting with top foreign institutional investors (FIIs), including Citi, JP Morgan and HSBC.
The meeting, to be held tomorrow, will be chaired b...
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Govt clears 25 FDI proposals worth Rs 2,973 crore
Posted Date : 29-May-2012 , 04:05:50 pm | Posted By CASANSAAR
The government today said it has cleared 25 foreign direct investment (FDI) proposals, including that of AIF III of Mauritius and Mumbai based Microqual Techno, worth Rs 2,973.40 crore.
The applications were cleared after recommendations of the Foreign Investment Promotion Board (FIPB) head...
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Forex reserves drop by $1.37 billion
Posted Date : 19-May-2012 , 11:00:16 pm | Posted By CASANSAAR
Foreign exchange reserves declined by $1.37 billion to $291.80 billion for the week ended May 11, largely due to drop in the value of core currency reserves, official data showed. The forex reserves has dropped sharply for the second consecutive week. It had declined b...
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Cabinet clears Micro Finance Bill; RBI to regulate MFIs
Posted Date : 10-May-2012 , 10:18:00 pm | Posted By CASANSAAR
The Union Cabinet today approved a bill to regulate the micro finance industry and bring the micro lenders under the purview of the Reserve Bank. "It (Micro Financial Sector Development and Regulation Bill, 2011,) has also been cleared," Finance minister Pranab Mukherjee tol...
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RBI to allow ECB for working capital for civil aviation sector
Posted Date : 25-Apr-2012 , 08:09:28 am | Posted By CASANSAAR
The Reserve Bank of India today decided to allow External Commercial Borrowings, ECB, for working capital as a permissible end-use for the civil aviation sector on certain conditions.
The notification issued by RBI in Mumbai stated that the overall ECB ceiling for the entire civil aviation...
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Govt to plough back disinvestment funds into PSUs
Posted Date : 24-Apr-2012 , 07:28:22 pm | Posted By CASANSAAR
In a move to strengthen the PSUs, government proposes to plough back funds raised through disinvestment proceeds into the state-owned firms.The Department of Disinvestment (DoD) has proposed to create special purpose funds out of the disinvestment proceeds to enable the public sector units (PSUs) bu...
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Govt approves FDI proposals worth Rs 586cr
Posted Date : 20-Apr-2012 , 01:46:06 pm | Posted By CASANSAAR
The government has approved 22 Foreign Direct Investment, FDI, Proposals amounting to over 586 Crore rupees. The proposals have been approved on the recommendations of Foreign Investment Promotion Board. According to an official release issued in New Delhi today, these include proposals from El...
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Companies in the Aviation Sector Allowed to Avail of ECBS for Working Capital Requirements
Posted Date : 19-Apr-2012 , 08:31:10 pm | Posted By CASANSAAR
The rapid growth of the Aviation sector in India has generated demand for additional finance for working capital and capacity expansion. High operating costs, particularly on account of high fuel costs, have put additional stress on the Airline Industry. In order to alleviate the immediate fina...
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Govt to make Payment above Rs.25,000 directly to bank account of payee
Posted Date : 11-Apr-2012 , 07:30:20 am | Posted By CASANSAAR
Government to make payment Directly to the bank accounts of Payees; Measure to Enhance Transparency and Accountability in Public Dealings of the Central Government and also user Green Banking.
As part of the Government’s commitment to good governance and elimination of corrup...
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RBI calls for greater focus on state finances
Posted Date : 01-Apr-2012 , 07:58:56 pm | Posted By CASANSAAR
The Reserve Bank of India has called for greater attention on structural issues confronting state finances in the country. Releasing a publication today which focuses on the study of budgets of state finances, the RBI said there is need for greater focus on structural issues confronting state financ...
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Muthoot Fincorp banned from taking deposits
Posted Date : 30-Mar-2012 , 07:09:49 am | Posted By CASANSAAR
The Reserve Bank of India has banned gold finance company Muthoot Fincorp from taking deposits from public, dealing yet another blow to the industry where regulatory attention is intensifying after blistering growth threatened system stability. The lender of money against gold has been, through ...
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RBI tells NBFCs to notify clients before auctioning jewellery
Posted Date : 27-Mar-2012 , 07:59:53 am | Posted By CASANSAAR
Non-banking finance companies (NBFC) will now have to send "adequate prior notice" to their gold loan borrowers, if they plan to auction the jewellery kept as collateral, due to non-repayment of loans, according to the Reserve Bank of India's (RBI) guidelines on the fair practices code for the sec...
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Revision of Interest Rates for Small Savings Schemes with Effect from 1st April 2012
Posted Date : 26-Mar-2012 , 08:34:00 pm | Posted By CASANSAAR
Based on the decisions taken by the Government on the recommendations of the Shyamala Gopinath Committee for Comprehensive Review of National Small Savings Fund (NSSF), the interest rates for small saving schemes are to be notified every financial year, before 1st April of that...
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Govt approved 6 Proposals of Foreign Direct Investment Amounting to Rs. 232.67 crore
Posted Date : 23-Mar-2012 , 08:10:07 am | Posted By CASANSAAR
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on March 2, 2012, the CentralGovernment has approved sixteen (16) proposals of Foreign Direct Investment amounting to Rs.&nb...
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Insurance Companies Mandated to Take Prior Approval of IRDA of their Products Before Launching
Posted Date : 20-Mar-2012 , 09:02:38 pm | Posted By CASANSAAR
The insurance companies are mandated to take prior approval from the Insurance Regulatory and Development Authority (IRDA) of the product before launching. As per File and Use Guidelines, the insurance companies are required to launch products after allowing for 60 days for non-life and 30 days...
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Highlights of Economic Survey 2011-12
Posted Date : 15-Mar-2012 , 01:10:25 pm | Posted By CASANSAAR
Following are the highlights of Economic Survey 2011-12, as detailed in the website of the Press Information Bureau:
1. Rate of growth estimated to be 6.9%. Outlook for growth and stability is promising with real GDP growth expected to pick up to 7.6% in 2012-13 and 8.6% in 2013-14.
2. Agricultu...
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Summary of Economic Survey
Posted Date : 15-Mar-2012 , 01:08:14 pm | Posted By CASANSAAR
Indian economy is estimated to grow by 6.9% in 2011-12 mainly due to weakening industrial growth. This indicates a slowdown compared not just to the previous two years, when the economy grew by 8.4%, but also from 2003 to 2011, except 2008-9 economic downturn, when the growth rate was 6.7 percent. T...
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FDI rises 31% to 27.5 billion US Dollars last year
Posted Date : 12-Mar-2012 , 08:52:13 am | Posted By CASANSAAR
Foreign direct investment, FDI, in India went up by 31 per cent to 27.5 billion US Dollars last year, notwithstanding uncertain economic environment globally. FDI inflows in 2010 totalled USD 21 billion. According to the Industry Ministry's latest data, the sectors that attracted maximum FDI la...
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Govt approves buyback of PSU shares to expedite disinvestment
Posted Date : 01-Mar-2012 , 01:57:26 pm | Posted By CASANSAAR
Hard pressed for funds, the government on Thursday approved the proposal for expediting disinvestment through the buyback route under which blue chip state-owned companies will buy its stake. The decision to allow Public Sector Undertakings (PSUs) to buyback shares was taken by the Ca...
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Black money: Indians have stashed over $500bn in banks abroad, says CBI
Posted Date : 13-Feb-2012 , 04:33:55 pm | Posted By CASANSAAR
Indians are the largest depositors in banks abroad with an estimated 500 billion US dollars (nearly Rs 24.5 lakh crore) of illegal money stashed by them in tax havens, the CBI director said on Monday. India, in particular, has suffered from the flow of illegal funds to tax h...
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Govt approved 20 foreign direct investment of Rs 1,034 crore
Posted Date : 11-Feb-2012 , 09:25:24 pm | Posted By CASANSAAR
The Government today approved 20 foreign direct investment proposals amounting to around Rs 1,034 crore. The proposals were cleared following recommendations of the Foreign Investment Promotion Board.According to the Ministry of Finance release, the Government cleared Singapore-based Fluke South Eas...
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Text of the Speech of Union Finance Minister Shri Pranab Mukherjee at the India Corporate and Investor Meet
Posted Date : 06-Feb-2012 , 07:47:40 pm | Posted By CASANSAAR
Following is the text of the Speech of Union Finance Minister Shri Pranab Mukherjee at the India Corporate and Investor Meet in Kolkata today:-
&ldqu...
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Finance Minister Holds Meeting with Representatives of Business and Trade as Part of Pre-Budget Consultations;
Posted Date : 03-Feb-2012 , 07:32:06 pm | Posted By CASANSAAR
The Union Finance Minister Shri Pranab Mukherjee has said in order to achieve the objective of inclusive growth, we need to have 9 plus growth rate for a sustainable period. The Finance Minister said that in order to ensure that everybody gets due share of development, it is necessary that the benef...
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Need for Appropriate Policy Instruments to Address Areas of Concern in the Economy: FM
Posted Date : 21-Jan-2012 , 07:46:49 am | Posted By CASANSAAR
The Union Finance Minister Shri Pranab Mukherjee has said that on account of the global impact, the Indian economy was facing areas of concern and to address them appropriate policy instruments were required. The Finance Minister Shri Mukherjee was addressing the First meeting of the Consultative Co...
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Govt to address slippages in economic parameters in upcoming Budget: FM
Posted Date : 18-Jan-2012 , 09:55:12 pm | Posted By CASANSAAR
Finance Minister says, the Government will have to address the slippages in economic parameters in the upcoming Budget. Addressing 84th Annual General Meeting of FICCI in New Delhi, Pranab Mukherjee warned that the months ahead are difficult as growth rate may fall below 7.5 per cent. He said there ...
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Inflation will come down further: Pranab
Posted Date : 16-Jan-2012 , 08:08:42 pm | Posted By CASANSAAR
The Government has expressed confidence that moderation in inflation will continue in the coming months. Finance Minister Mr. Pranab Mukherjee today said that the headline inflation would be between six and seven per cent by the end of March. Reacting to the decline in monthly inflation to 7.47...
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Fin Min to include financing of climate change in the Economic Survey
Posted Date : 15-Jan-2012 , 07:31:19 am | Posted By CASANSAAR
Chief Economic Advisor Kaushik Basu says, the Finance Ministry will include a special chapter on financing of climate change in the Economic Survey. He said this while addressing a UNDP event in New Delhi.As per the 2010-2011 Economic Survey, India's total carbon- dioxide emissions were about 4 per ...
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Fin Min looking for good dividends from PSUs
Posted Date : 14-Jan-2012 , 09:38:06 pm | Posted By CASANSAAR
The Finance Ministry today said, it expects the public sector units to pay good amount of dividend in the current fiscal.Economic Affairs Secretary R Gopalan told reporters in New Delhi, the Ministry is conscious of the fact that they also need resources for their own financing programmes. They also...
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Finance Minister holds Moderation in Inflation Would Continue in Coming Months;
Posted Date : 12-Jan-2012 , 09:20:56 pm | Posted By CASANSAAR
The Union Finance Minister Shri Pranab Mukherjee said that he is confident that moderation in inflation would continue in the coming months, though softening in the prices of manufactured goods, despite the rapid decline in non-food primary inflation, may be more gradual. The Finance Minister Shri M...
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