Raghuram Rajan appointed chief economic advisor
Posted Date : 11-Aug-2012 , 08:07:03 am | Posted By CASANSAAR
Former International Monetary Fund chief economist Raghuram Rajan has been appointed the chief economic advisor in the Ministry of Finance. The Appointments Committee of the Cabinet approved his name on Friday, a finance ministry official said. Rajan succeeds Kaushik Basu, who would return to a prof...
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Guidelines for Basel-III Capital Requirement Norms
Posted Date : 09-Aug-2012 , 08:02:54 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) released the final guidelines on Implementation of Basel III Capital Regulations in India on May 2, 2012 which are available at RBI website www.rbi.org.in. RBI has informed that Basel III will be implemented in India over a sufficiently long transition period to avoid...
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E Governance in DRTs/ DRATs
Posted Date : 26-Jul-2012 , 09:50:08 pm | Posted By CASANSAAR
Department of Financial Services , Ministry of Finance is considering implementation of e-governance in the Debt Recovery Tribunals (DRTs)/Debt Recovery Appellate Tribunals (DRATs) for which the services of National Institute of Smart Governance (NISG) are being utilised as Consultants.
The...
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Finance ministry bans PSU banks from taking over loan accounts
Posted Date : 17-Jul-2012 , 08:29:22 am | Posted By CASANSAAR
The finance ministry has banned public sector banks from taking over loan accounts from lenders where their current chairman and managing director (CMD) or executive director (ED) had worked earlier. The ministry had in June issued draft guidelines on 'takeover of loans' in which it h...
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PFRDA Issues Revised Set of Guidelines for Registration of Pension Fund Managers to Manage National Pension System for the Non-Governmentand Private Sector
Posted Date : 12-Jul-2012 , 07:52:57 pm | Posted By CASANSAAR
The Pension Fund Regulatory and Development Authority (PFRDA) today issued a revised set of guidelines for registration of Pension Fund Managers (PFMs) to manage the National Pension System (NPS) for the non-government and private sector. The revised guidelines, available on PFRDA’s websi...
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Controlling fiscal deficit, tax clarity,clearing FI proposal backlog top priority:PM
Posted Date : 06-Jul-2012 , 10:01:54 pm | Posted By CASANSAAR
Prime Minister Manmohan Singh has assured the international community that India offers a level playing field for foreign investors and there will be no arbitrariness in tax matters. Speaking in an interview to a leading daily, the Prime minister identified, controlling fiscal deficit, achieving cla...
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Finance Ministry under PM will very quickly resolve uncertainty among investors:Montek
Posted Date : 02-Jul-2012 , 03:09:01 pm | Posted By CASANSAAR
Planning Commission Deputy Chairman Montek Singh Ahluwalia said that the Finance Ministry under Prime Minister Manmohan Singh will very quickly resolve uncertainty among investors caused by anti-tax avoidance rules which were unveiled in the Budget.
In an interview to a TV channel, he said,...
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PM reviews state of economy; presses for urgent revival of investor sentiment
Posted Date : 27-Jun-2012 , 10:25:38 pm | Posted By CASANSAAR
A day after taking charge of the Finance Ministry, Prime Minister Manmohan Singh on Wednesday sought to give a push to the sagging economy as he directed initiation of steps to reverse the climate of pessimism and revive investor sentiment. Dr. Singh reviewed the state of economy passing through dif...
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Pranab Mukherjee resigns as Finance Minister; PM to take additional charges
Posted Date : 26-Jun-2012 , 08:48:47 pm | Posted By CASANSAAR
Pranab Mukherjee met Prime Minister Manmohan Singh at his 7 Race Course Road residence and resigned as India's Finance Minister today. Dr Singh is expected to take additional charge of the crucial Finance Ministry, sources have said. An announcement is expected soon. Mr Mukherjee, the ruli...
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India raises foreign investment limit in govt bonds
Posted Date : 25-Jun-2012 , 05:19:37 pm | Posted By CASANSAAR
India took a handful of measures to prop up the embattled rupee on Monday, including increasing the limit on foreign investment in government bonds by $5 billion to $20 billion, the central bank said.COMMENTARY JONATHAN CAVENAGH, SENIOR FOREX STRATEGIST, WESTPAC, SINGAPORE "Well not the 'shock an...
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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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