View: Modi’s key woman needs strongman-handling skills

Perhaps the PM himself wants to be closely involved in supervising the economy. That’s good and bad.

from Economy-News-Economic Times http://bit.ly/2QCjPNL
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Trump terminates preferential trade status for India under GSP: Media reports

Trump on March 4, Trump had announced that the US intends to terminate Indias designations as a beneficiary developing country under the GSP program.

from India Infoline News Service http://bit.ly/2ENGpOZ

Why new jobs report is not comparable with old ones

The Standing Committee on Labour Force Statistics said on Friday the change in criteria from monthly per capita expenditure to education levels made it impossible to compare the periodic labour force survey (PLFS) with the employment-unemployment surveys of earlier years.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News http://bit.ly/2EY7ZJt

Ban e-cigarettes, says govt’s research wing

In a white paper, the Indian Council of Medical Research said the suggestion is made based on scientific data that shows Electronic Nicotine Delivery Systems (ENDS) contain nicotine which is highly addictive and harmful for health. Use of ENDS also has documented adverse effects including DNA damage, carcinogenesis, cardiovascular and neurological disorders among others.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News http://bit.ly/2XjoJlr

Joblessness at 45-year high? NSO puts a caveat

​The leaked report had triggered a major controversy, with the opposition parties slamming the government for its failure to create jobs and withholding the jobs report. The government had said that the report was only a “draft” and not final. The report released on Friday by the National Statistics Office (NSO) said the new labour force survey needs to be seen as a new series for measuring employment and unemployment on annual basis.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News http://bit.ly/2JPWPKM

NHAI appeal in SC for highway land sparks furore

After the Madras High Court released the order in April this year, Tamil Nadu chief minister Edappadi K Palaniswami had commented that it would “go by the court order.”

from Economy-News-Economic Times http://bit.ly/2wyDdSw
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India’s infant mortality rate falls but pace of change slows

The global average IMR is 29 and that for low and middle income countries, the category that India belongs to, is 34.

from Economy-News-Economic Times http://bit.ly/2YYuZ2j
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Transfer pricing methodology of MNCs under customs department lens

The special valuation branch of the customs department is scrutinising transfer pricing methodologies of several multinationals.

from Economy-News-Economic Times http://bit.ly/2EMTtUw
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Huawei 'too close' to Chinese government to be trusted: US

Acting secretary of defence Patrick Shanahan's comments came amid a wave of controversy over Huawei, which faces espionage allegations and a US ban. At a conference in Singapore, Shanahan said, "The integration of civilian businesses with the military is too close. China has national policies and laws where data is required to be shared...it is too much risk."

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News http://bit.ly/2MiGKix

Donald Trump terminates preferential trade status for India under GSP

The GSP is the largest and oldest US trade preference programme and is designed to promote economic development by allowing duty-free entry for thousands of products from designated beneficiary countries.

from Economy-News-Economic Times http://bit.ly/2MmyEWb
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Nifty, Bank Nifty consolidates, IT stocks to outshine

IT index bounced back after finding support at its 100-DMA. We expect IT stocks to outperform going forward.

from India Infoline News Service http://bit.ly/2KhHwtO

Sensex, Nifty gain for the 3rd consecutive week

Markets witnessed wild swings on Friday as Nifty Bank cracked over 1200 points ahead of the portfolio announcement of Modi Government.

from India Infoline News Service http://bit.ly/2WAuIVQ

In first Cabinet meeting, government reaches out to farmers, traders

The existing PM-KISAN scheme will now target another 20 million families at a total annual cost of Rs 87,217.5 crore.

from Economy-News-Economic Times http://bit.ly/2QL1nTr
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With Budget weeks away, Sitharaman has her hands full

Sitharaman, who was defence minister in the previous Narendra Modi government, will also be in charge of corporate affairs, a portfolio she has held before.

from Economy-News-Economic Times http://bit.ly/2HNgVmt
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Ex-IFIN directors okayed loans to Siva companies despite RBI reservations

Siva Group chairman C Sivasankaran is one of the 30 individuals and entities against whom the SFIO filed its chargesheet in the IL&FS case.

from Banking/Finance-Industry-Economic Times http://bit.ly/2Z3tPTj
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Banking

Siva Group chairman C Sivasankaran is one of the 30 individuals and entities against whom the SFIO filed its chargesheet in the IL&FS case.

from Banking/Finance-Industry-Economic Times http://bit.ly/2Z3tPTj

Andhra govt set to pull the plug on infra projects worth Rs 50,000 crore

The Andhra Pradesh chief secretary on Wednesday issued orders cancelling projects awarded before April 1.

from Economy-News-Economic Times http://bit.ly/2EGyCSX
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SBI in favour of a single Resolution Professional for RCom, subsidiaries

SBI made the proposal at a meeting of lenders on Thursday, arguing that it would ensure better coordination during the bankruptcy proceedings of RCom.

from Banking/Finance-Industry-Economic Times http://bit.ly/2Ki6ZmP
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Banking

SBI made the proposal at a meeting of lenders on Thursday, arguing that it would ensure better coordination during the bankruptcy proceedings of RCom.

from Banking/Finance-Industry-Economic Times http://bit.ly/2Ki6ZmP

Tech holds key to fast-tracking crop insurance claims

The use of tech to expedite claims has become even more important as the govt has mandated to settle insurance claims within two months of filing.

from Economy-News-Economic Times http://bit.ly/2EKvllm
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New finance minister needs to up resources for government

The health of banks will be a key focus area for the Modi govt, which in its previous stint had taken a number of steps, including enactment of the IBC to nurse them back to health.

from Economy-News-Economic Times http://bit.ly/2I7Ad4X
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The reforms India needs PM Modi to courageously undertake

One lesson that Modi should have learnt in the past five years is about the limits of the Indian prime minister’s power.

from Economy-News-Economic Times http://bit.ly/2VZLWHW
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US suspension of trade program with India 'a done deal', says US official

U.S. law requires the administration to wait 60 days after it notifies Congress of the move before it formally ends India's participation in the program.

from Economy-News-Economic Times http://bit.ly/2I8BzwA
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Structural to sectoral reforms: Agenda for Team Modi 2.0

ET looks at the agenda as the second Narendra Modi government takes charge.

from Economy-News-Economic Times http://bit.ly/2EM4Zzs
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Capital buffers

The RBI’s draft norms for non-banking financial companies are timely

from The Hindu - Editorial http://bit.ly/2EKJj77
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US bill on H-4 visa workers may provide Indians relief

H-4 visas are issued to the spouses of H-1B visa holders, a significantly large number of whom are high-skilled professionals from India. This week, the Trump administration announced plans to restrict work authorisation of certain H-4 visa holders. Now, two influential US lawmakers have introduced legislation in the House of Representatives against the overturn.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News http://bit.ly/2YUrPwo

Kaun banega FM: Shah, Sitharaman in the fray

It’s a toss-up between Amit Shah and Nirmala Sitharaman for the finance minister’s job — the most keenly watched Cabinet berth. After days of speculation in the corridors of power in the capital and stock & money markets in Mumbai, Prime Minister Narendra Modi may finally provide an answer by the time markets begin trading on Friday.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News http://bit.ly/2EW28V1

Nirav Modi extradition trial unlikely before 2020

The govt of India’s barrister told a London court it needs 8 weeks to produce the “opening note” in the Nirav Modi case, which could delay his extradition trial to February 2020. The chief magistrate insisted the “note” needed to be “provided in six weeks” and set July 29 for Nirav’s next case management hearing.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News http://bit.ly/2HKdhtA

Sensex reclaims 40,000-mark; Nifty above 12,000

Equity indices on Friday started on a positive note with the benchmark BSE sensex opening over 250 points higher amid renewed hopes from the new government. Sensex jumped 252 points or 0.63 per cent to 40,084, while the broader NSE Nifty moved 74 points or 0.62 per cent up to 12,019.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News http://bit.ly/2Xh3dhb

What new ministers need to do

On Thursday, as many as 57 ministers took oath. Out of these, 25 are cabinet ministers, nine are ministers of state (independent charge) and 24 are ministers of state (MoS).

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News http://bit.ly/2XjGdy6

US IT co cuts jobs, workers in India bear the brunt

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News http://bit.ly/2wuYAUR

Radio Mirchi profit grows 69.2% in Q4

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News http://bit.ly/2EGW8PC

Former Religare MD detained at airport

The Economic Offences Wing of the Delhi Police has detained Sunil Godhwani, former MD of Religare. Godhwani was on his way to London when he was detained at the Delhi airport. Former Fortis Healthcare promoter Shivinder Mohan Singh had levelled allegations that his elder brother Malvinder and Godhwani had conspired to divert around Rs 740 crore from Religare Finvest.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News http://bit.ly/2YW0wlx

SWIFT India and South Asia Regional Conference 2019

To discuss these paradigm shifts, SWIFT - a financial messaging services provider - hosted the India and South Asia Regional Conference 2019.

from Banking/Finance-Industry-Economic Times http://bit.ly/2EW2zi7
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IL&FS case: SFIO files first chargesheet

SFIO accused BSR & Co and Deloitte Haskins & Sells and others of concealing info and falsifying accounts.

from Banking/Finance-Industry-Economic Times http://bit.ly/2Qy1zVO
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Cartoonscape - May 31, 2019

from The Hindu - Cartoon http://bit.ly/2wswSIp

Banking

To discuss these paradigm shifts, SWIFT - a financial messaging services provider - hosted the India and South Asia Regional Conference 2019.

from Banking/Finance-Industry-Economic Times http://bit.ly/2EW2zi7

Banking

SFIO accused BSR & Co and Deloitte Haskins & Sells and others of concealing info and falsifying accounts.

from Banking/Finance-Industry-Economic Times http://bit.ly/2Qy1zVO

Result of the 14-day Variable Rate Repo Auction held on May 31, 2019

Tenor 14-day Notified Amount (in ₹ billion) 245.00 Total amount of bids received (in ₹ billion) 31.50 Amount allotted (in ₹ billion) 31.50 Cut off Rate (%) 6.01 Weighted Average Rate (%) 6.01 Partial Allotment Percentage of bids received at cut off rate (%) NA Ajit Prasad Assistant Adviser Press Release : 2018-2019/2818

from PRESS RELEASES FROM RBI http://bit.ly/2YVaVhp
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Results of Underwriting Auctions Conducted on May 31, 2019

In the underwriting auctions conducted on May 31, 2019 for Additional Competitive Underwriting (ACU) of the undernoted Government securities, the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers as given below: (₹ crore) Nomenclature of the Security Notified Amount Minimum Underwriting Commitment (MUC) Amount Additional Competitive Underwriting Amount Accepted Total Amount underwritten ACU Commission Cut-off rate (paise per ₹ 100) 7.00% GS 2021 3,000 1512 1488 3,000 0.07 7.27% GS 2026 3,000 1512 1488 3,000 0.06 GoI FRB 2031 5,000 2520 2480 5,000 0.13 7.62% GS 2039 2,000 1008 992 2,000 0.37 7.63% GS 2059 4,000 2016 1984 4,000 0.37 Auction for the sale of securities will be held on May 31, 2019. Ajit Prasad Assistant Adviser Press Release : 2018-2019/2817

from PRESS RELEASES FROM RBI http://bit.ly/2MlsHsF
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Financial Literacy Week 2019

The Financial Literacy Week is an initiative of RBI to promote awareness on key topics every year through a focused campaign. Financial Literacy Week 2019 will be observed from June 3-7 on the theme of “Farmers” and how they benefit by being a part of the formal banking system. Growth in agriculture is necessary for the overall economic growth & finance is an essential enabler for the same. RBI is actively involved in formulating policies that enhance the flow of credit to the farming community. In recent years, the Bank has undertaken several initiatives to strengthen credit delivery mechanism and financial inclusion. In order to build awareness and disseminate financial literacy messages to the farming community, focused content in the form of posters and leaflets have been prepared for dissemination. Banks have been advised to display the posters and content in their rural bank branches, Financial Literacy Centers, ATMs and websites. Further, RBI will undertake a centralized mass media campaign during the month of June on Doordarshan and All India Radio to disseminate essential financial awareness messages to farmers. It is RBI’s endeavour to reach out to the farming community and all stakeholders are requested to co-ordinate and make this financial literacy campaign a success. Yogesh Dayal Chief General Manager Press Release : 2018-2019/2816

from PRESS RELEASES FROM RBI http://bit.ly/2WGVXyd
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Money Market Operations as on May 30, 2019

(Amount in ₹ billion, Rate in Per cent) MONEY MARKETS @       Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 2,140.52 5.98 4.50-6.25      I. Call Money 204.01 5.92 4.50-6.05      II. Triparty Repo 1,379.77 5.98 5.90-6.10      III. Market Repo 555.23 5.98 5.05-6.08      IV. Repo in Corporate Bond 1.50 6.25 6.25-6.25 B. Term Segment            I. Notice Money** 0.97 5.85 5.25-6.02      II. Term Money@@ 3.05 - 6.30-6.43      III. Triparty Repo 21.75 5.98 5.95-5.99      IV. Market Repo 14.05 6.32 6.30-6.35      V. Repo in Corporate Bond 10.92 7.38 6.90-7.75

RBI OPERATIONS@   Auction Date Tenor (Days) Maturity Date Amount Outstanding Current Rate / Cut off Rate C. Liquidity Adjustment Facility (LAF)    (i) Repo (Fixed Rate) Thu, 30/05/2019 1 Fri, 31/05/2019 156.06 6.00    (ii) Repo (Variable rate)              (ii.a) Regular 14-day Fri, 17/05/2019 14 Fri, 31/05/2019 118.50 6.01   Tue, 21/05/2019 14 Tue, 04/06/2019 156.50 6.01   Fri, 24/05/2019 14 Fri, 07/06/2019 165.00 6.01   Tue, 28/05/2019 14 Tue, 11/06/2019 35.60 6.01    (ii.b) Others - - - - -    (iii) Reverse Repo (Fixed rate) Thu, 30/05/2019 1 Fri, 31/05/2019 123.60 5.75    (iv) Reverse Repo (Variable rate) Thu, 30/05/2019 1 Fri, 31/05/2019 450.10 5.99   Thu, 30/05/2019 1 Fri, 31/05/2019 14.50 5.99 D. Marginal Standing Facility (MSF) Thu, 30/05/2019 1 Fri, 31/05/2019 0.00 6.25 E. Standing Liquidity Facility (SLF) Availed from RBI $     27.12   F. Net liquidity injected [injection (+)/absorption (-)] *     70.58   RESERVE POSITION @ G. Cash Reserves Position of Scheduled Commercial Banks (i) Cash balances with RBI as on # 30/05/2019 5,211.85   (ii) Average daily cash reserve requirement for the fortnight ending 07/06/2019 5,131.57   H. Government of India Surplus Cash Balance Reckoned for Auction as on ¥ 30/05/2019 376.83   @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL). - Not Applicable / No Transaction ** Relates to uncollateralized transactions of 2 to 14 days tenor. @@ Relates to uncollateralized transactions of 15 days to one year tenor # The figure for the cash balances with RBI on Sunday is same as that of the previous day (Saturday). $ Includes refinance facilities extended by RBI ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015 * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo Ajit Prasad Assistant Adviser Press Release : 2018-2019/2815

from PRESS RELEASES FROM RBI http://bit.ly/2Xnf11y
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Liquidity Adjustment Facility: Fixed Rate Reverse Repo Operations

The result of the RBI Fixed Rate Reverse Repo Operations held on May 30, 2019 is as under: Amount (Face Value in ₹ Billion) Items Overnight Reverse Repo Auction 5.75% Fixed Rate 1. Bids received   (i) Number 50 (ii) Amount 123.60 2. Bids accepted   (i) Number 50 (ii) Amount 123.60 Ajit Prasad Assistant Adviser Press Release: 2018-2019/2814

from PRESS RELEASES FROM RBI http://bit.ly/2W1D8kL
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Naming of the Anthropocene epoch: move is a caution to humanity

The AWG vote is a sobering reminder to humanity that failure to end destructive activities will irrevocably change the face of the earth and make it uninhabitable.

from The Hindu - Editorial http://bit.ly/2XgMUAW
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Amitabh Kant task force proposes policy framework for public-private partnerships and public sector projects

The new government is expected to consider the proposal, aimed at creating world class infrastructure.

from Economy-News-Economic Times http://bit.ly/2Xi7Veq
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EU, US oppose India on ending sops that aid illegal fishing

The US and European Union (EU) have opposed the proposal as they give such subsidies to transport and water sports sector.

from Economy-News-Economic Times http://bit.ly/2EE3B1Z
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Sundaram Finance deposits cross ₹3,000 cr.

IL&FS imbroglio, Bharat Stage VI emission norms and liquidity issues made 2018-19 a tough year

from The Hindu - Industry http://bit.ly/2W3Wzt8

Three PSUs ink joint venture pact for buying rare metals

NALCO to hold 34% of the proposed ₹100 crore equity

from The Hindu - Industry http://bit.ly/30Uyd8V

Unable to approve results: Jet

Cites ongoing bidding process, resignation of staff, directors

from The Hindu - Industry http://bit.ly/2Xft353

Rolls Royce unveils Cullinan

Launch marks firm’s entry into Indian luxury SUV market

from The Hindu - Industry http://bit.ly/30RLTS0

Banking

Microfinance business has gained stability, setting aside the funding woes with banks backing micro lenders.

from Banking/Finance-Industry-Economic Times http://bit.ly/2XnoqWV

Ramco Cements to boost production capacity

To invest ₹3,500 crore in expansion

from The Hindu - Industry http://bit.ly/2EJlnAS

Goldman Sachs invests $250 mn in India

Local centre does high quality work, touches bank’s global entities: chairman

from The Hindu - Industry http://bit.ly/2YVsjCz

Coal India profit rises 148%

Better realisation, cost control boost performance

from The Hindu - Industry http://bit.ly/2W39rzM

R-Infra defers results announcements

Reliance Infrastructure has postponed its board meeting to June 7 to approve audited financial results for the quarter and financial year ended Marc

from The Hindu - Industry http://bit.ly/30SJir0

NACL Industries slips into loss

NACL Industries makes a loss in March quarter NACL Industries incurred a ₹16.23 crore loss on a standalone basis during the quarter ended March on th

from The Hindu - Industry http://bit.ly/2VXRiDz

Panasonic India embarks on 3-year growth plan

Eyes ₹12,000 crore revenue this year

from The Hindu - Industry http://bit.ly/30X4tYU

Piaggio unveils Aprilia Storm scooter in India

Vehicle targeted at first-time buyers

from The Hindu - Industry http://bit.ly/2W222k2

MFIs with Rs 3000 crore loans on Federal Bank radar for acquisition

Microfinance business has gained stability, setting aside the funding woes with banks backing micro lenders.

from Banking/Finance-Industry-Economic Times http://bit.ly/2XnoqWV
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Expect renewed vigour in economy under Modi 2.0: India Inc

Modi took oath as as the prime minister for a second term in the presence of a large gathering of national and international dignitaries on Thursday.

from Economy-News-Economic Times http://bit.ly/2EJ1zxF
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RBI releases data on ECB / FCCB/RDB for April 2019

The Reserve Bank of India has today released the data on External Commercial Borrowings (ECB), Foreign Currency Convertible Bonds (FCCB) and Rupee Denominated Bonds (RDB) both, through Automatic Route and Approval Route, for the month of April 2019. Ajit Prasad Assistant Adviser Press Release: 2018-2019/2807

from PRESS RELEASES FROM RBI http://bit.ly/2JSy6ph
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Sovereign Gold Bond Scheme 2019-20

Government of India, in consultation with the Reserve Bank of India, has decided to issue Sovereign Gold Bonds. The Sovereign Gold Bonds will be issued every month from June 2019 to September 2019 as per the calendar specified below: S.No. Tranche Date of Subscription Date of Issuance 1 2019-20 Series I June 03-07, 2019 June 11, 2019 2 2019-20 Series II July 08–12, 2019 July 16, 2019 3 2019-20 Series III August 05-09, 2019 August 14, 2019 4 2019-20 Series IV September 09-13, 2019 September 17, 2019 The Bonds will be sold through Scheduled Commercial banks (except Small Finance Banks and Payment Banks), Stock Holding Corporation of India Limited (SHCIL), designated post offices, and recognised stock exchanges viz., National Stock Exchange of India Limited and Bombay Stock Exchange Limited. The features of the Bond are: Sl. No. Item Details 1 Product name Sovereign Gold Bond 2019-20 2 Issuance To be issued by Reserve Bank India on behalf of the Government of India. 3 Eligibility The Bonds will be restricted for sale to resident individuals, HUFs, Trusts, Universities and Charitable Institutions. 4 Denomination The Bonds will be denominated in multiples of gram(s) of gold with a basic unit of 1 gram. 5 Tenor The tenor of the Bond will be for a period of 8 years with exit option after 5th year to be exercised on the interest payment dates. 6 Minimum size Minimum permissible investment will be 1 gram of gold. 7 Maximum limit The maximum limit of subscribed shall be 4 KG for individual, 4 Kg for HUF and 20 Kg for trusts and similar entities per fiscal (April-March) notified by the Government from time to time. A self-declaration to this effect will be obtained. The annual ceiling will include bonds subscribed under different tranches during initial issuance by Government and those purchased from the Secondary Market. 8 Joint holder In case of joint holding, the investment limit of 4 KG will be applied to the first applicant only. 9 Issue price Price of Bond will be fixed in Indian Rupees on the basis of simple average of closing price of gold of 999 purity, published by the India Bullion and Jewellers Association Limited for the last 3 working days of the week preceding the subscription period. The issue price of the Gold Bonds will be ₹50 per gram less for those who subscribe online and pay through digital mode. 10 Payment option Payment for the Bonds will be through cash payment (upto a maximum of ₹ 20,000) or demand draft or cheque or electronic banking. 11 Issuance form The Gold Bonds will be issued as Government of India Stock under GS Act, 2006. The investors will be issued a Holding Certificate for the same. The Bonds are eligible for conversion into demat form. 12 Redemption price The redemption price will be in Indian Rupees based on previous 3 working days simple average of closing price of gold of 999 purity published by IBJA. 13 Sales channel Bonds will be sold through Commercial banks, Stock Holding Corporation of India Limited (SHCIL), designated post offices (as may be notified) and recognised stock exchanges viz., National Stock Exchange of India Limited and Bombay Stock Exchange, either directly or through agents. 14 Interest rate The investors will be compensated at a fixed rate of 2.50 per cent per annum payable semi-annually on the nominal value. 15 Collateral Bonds can be used as collateral for loans. The loan-to-value (LTV) ratio is to be set equal to ordinary gold loan mandated by the Reserve Bank from time to time. 16 KYC documentation Know-your-customer (KYC) norms will be the same as that for purchase of physical gold. KYC documents such as Voter ID, Aadhaar card/PAN or TAN /Passport will be required. Every application must be accompanied by the ‘PAN Number’ issued by the Income Tax Department to individuals and other entities. 17 Tax treatment The interest on Gold Bonds shall be taxable as per the provision of Income Tax Act, 1961 (43 of 1961). The capital gains tax arising on redemption of SGB to an individual has been exempted. The indexation benefits will be provided to long term capital gains arising to any person on transfer of bond. 18 Tradability Bonds will be tradable on stock exchanges within a fortnight of the issuance on a date as notified by the RBI. 19 SLR eligibility Bonds acquired by the banks through the process of invoking lien/hypothecation/pledge alone, shall be counted towards Statutory Liquidity Ratio. 20 Commission Commission for distribution of the bond shall be paid at the rate of 1% of the total subscription received by the receiving offices and receiving offices shall share at least 50% of the commission so received with the agents or sub agents for the business procured through them. Ajit Prasad Assistant Adviser Press Release : 2018-2019/2812

from PRESS RELEASES FROM RBI http://bit.ly/2Wb9L4m
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Railways, roads and highways sector to get the largest chunk of investment in Modi 2.0: ICRA

The BJP in its manifesto proposed to construct 12,000 kms of national highways every year till 2024.

from Economy-News-Economic Times http://bit.ly/2EKm7WB
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Government says missing firms in MCA database to have insignificant impact on GDP

It said out of the 35,456 companies around 34,834 (86.5%) companies had filed their returns only 622 were untraceable perhaps due to change of Corporate Identification Number (CIN).

from Economy-News-Economic Times http://bit.ly/30RxZzi
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Sovereign Gold Bond Scheme 2019-20 - Series I/II/III/IV - Operational Guidelines

RBI/2018-19/193 IDMD.CDD.No.3391/14.04.050/2018-19 May 30, 2019 The Chairman & Managing Director All Scheduled Commercial Banks (Excluding RRBs) Designated Post Offices Stock Holding Corporation of India ltd.(SHCIL) National Stock Exchange of India Ltd. & Bombay Stock Exchange Ltd. Dear Sir/Madam, Sovereign Gold Bond Scheme 2019-20 - Series I/II/III/IV - Operational Guidelines This has reference to the GoI notification F.No.4(7)-W&M/2019 dated May 30, 2019 and RBI circular IDMD.CDD.No.3392/14.04.050/2018-19 dated May 30, 2019 on the Sovereign Gold Bonds. FAQs in this regard have been placed on our website (www.rbi.org.in). Operational guidelines with regard to this scheme are given below: 1. Application Application forms from investors will be received at branches during normal banking hours on the weeks of subscription. Receiving Offices need to ensure that the application is complete in all respects as incomplete applications are liable to be rejected. Relevant additional details may be obtained from the applicants, where necessary. The Receiving Offices may make arrangements to enable the investors to apply online, in the interest of better customer service. 2. Joint holding and nomination Multiple joint holders and nominees (of first holder) are permitted. Necessary details may be obtained from the applicants as per practice. An individual Non - resident Indian may get the security transferred in his/her name on account of he/she being a nominee of a deceased investor provided that: the Non-Resident investor shall need to hold the security till early redemption or till maturity; and the interest and maturity proceeds of the investment shall not be repatriable. 3. Know-Your-Customer (KYC) requirements Every application must be accompanied by the ‘PAN details’ issued by the Income Tax Department to the investor(s). It may be ascertained from the investor, if he/she has made a previous investment in SGBs or IINSC-C and hence in possession of an Investor ID. If so, the investments may be made under the unique Investor ID only. 4. Cancellation Cancellation of application is permitted till the closure of the issue, i.e. until Friday of the particular week of subscription. Part cancellation of submitted request for purchase of gold bonds is not permitted. 5. Lien marking As the bonds are government securities, lien marking, etc. will be as per the extant legal provisions of Government Securities Act, 2006 and rules framed there under. The lien shall be marked by the Receiving Offices/Public Debt Offices of RBI in case of financing by agencies other than the Receiving Offices. 6. Agency arrangement Receiving Offices may engage NBFCs, NSC agents and others to collect application forms on their behalf. Banks may enter into arrangements or tie-ups with such entities. Commission for distribution shall be paid at the rate of Rupee one per hundred of the total subscription received by the Receiving Offices on the applications received and Receiving Offices shall share at least 50% of the commission so received with the agents or sub-agents for the business procured through them. 7. Processing through RBI’s e-Kuber system Sovereign Gold Bonds will be available for subscription at the Receiving Offices through RBI’s e- Kuber system. The e-Kuber system can be accessed either through INFINET or Internet. The Receiving Offices need to enter the data or carry out bulk upload for the subscriptions received by them. They may ensure accuracy of entry of data to prevent occurrence of any inadvertent errors. An immediate confirmation will be provided to them for receipt of application. In addition, a confirmation scroll will be provided for file uploads to enable the Receiving Offices to update their database. On the date of allotment, Certificates of Holding will be generated for all the subscriptions in the name of the sole/principal holder. The Receiving Offices can download the same and take printouts. The Certificates of Holding will also be sent through e-mail to the investors who have provided their email address. The securities will be credited in their de-mat accounts by the depositories in due course subject to matching of particulars furnished in the application with the depositories’ records. 8. Printing Certificates of Holding Holding Certificate needs to be printed in colour on A4 size 100 GSM paper. 9. Servicing and follow up Receiving Offices will “own” the customer and provide necessary services with regards to this bond e.g. update contact details, receive requests for premature encashment, etc. Receiving Offices will be required to preserve applications till the bonds are matured and are repaid. 10. Tradability The Bonds shall be eligible for trading on a date notified by the Reserve Bank of India. (It may be noted that only bonds held in demat form with depositories can be traded in stock exchanges) 11. Contact details Any queries/clarifications may be e-mailed to the following: (a) Sovereign Gold Bond related: Please click here to send email. (b) IT related: Please click here to send email. Yours faithfully, (Raksha Mishra) General Manager

from NOTIFICATIONS FROM RBI http://bit.ly/2EM972G
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Sovereign Gold Bond Scheme (SGB) 2019-20- Series I/II/III/IV

from NOTIFICATIONS FROM RBI http://bit.ly/2XihlXw
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RBI to conduct 7-day Variable rate Reverse Repo Auction under LAF on May 31, 2019

The Reserve Bank of India will conduct the following Variable Rate Reverse Repo Auction on May 31, 2019, Friday, as per the revised guidelines on Term Repo Auctions issued on February 13, 2014. Sl. No. Notified Amount (₹ billion) Tenor (day) Window Timing Date of Reversal 1 400 7 12.00 pm to 12.30 pm June 7, 2019 (Friday) Successful offers will get accepted at their respective offered rates. Offers at or above the repo rate will be rejected. Ajit Prasad Assistant Adviser Press Release : 2018-2019/2813

from PRESS RELEASES FROM RBI http://bit.ly/2HKqsdY
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Ficci survey puts Q4 GDP growth at 6.5 per cent

Ficci said survey has put forth an annual median GDP growth forecast for 2019-20 at 7.1 per cent and the projection for fiscal 2020-21 has been put at 7.2 per cent.

from Economy-News-Economic Times http://bit.ly/2Qy2o0Z
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364-day Treasury Bills auction announcement: ₹ 4,000 crore under Regular Auction

from PRESS RELEASES FROM RBI http://bit.ly/2EUv8MT
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182-day Treasury Bills auction announcement: ₹ 7,000 crore under Regular Auction

from PRESS RELEASES FROM RBI http://bit.ly/2XeX5G1
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91-day Treasury Bills auction announcement: ₹ 9,000 crore under Regular Auction

from PRESS RELEASES FROM RBI http://bit.ly/2EJSYur
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Auction of State Government Securities

from PRESS RELEASES FROM RBI http://bit.ly/2HKmRgj
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RBI hosts Symposium on ‘Developing Vibrant Capital Markets in Emerging Market Economies’

from PRESS RELEASES FROM RBI http://bit.ly/2EIwD0p
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UK court remands Nirav Modi till June 27

A UK court on Thursday extended till June 27 the remand of fugitive diamond merchant Nirav Modi, who is fighting his extradition to India in the nearly $2 billion Punjab National Bank (PNB) fraud and money laundering case. The 48-year-old has been lodged at Wandsworth prison in south-west London since his third attempt at seeking bail was rejected.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News http://bit.ly/2MiPwgK

Alkem Laboratories posts net profit at Rs167.3cr; stock ends 2% higher

The company's revenue was up 24.3% at Rs1,854.2cr vs. Rs1,492cr. Its operating profit stood at Rs235cr against Rs103cr.

from India Infoline News Service http://bit.ly/2Xi08gW

Result of the Overnight Variable Rate Reverse Repo Auction held on May 30, 2019

from PRESS RELEASES FROM RBI http://bit.ly/2Xe9uu7
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Sensex, Nifty at record closing high ahead of PM Modi's swearing-in ceremony

Equity indices on Thursday finished in green with the benchmark BSE sensex rising over 300 points ahead of Prime Minister Narendra Modi's swearing-in ceremony. Sensex soared 330 points or 0.84 per cent to finish at record closing of 39,832, while the broader NSE Nifty moved 85 points or 0.71 per cent to settle at fresh closing high of 11,945.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News http://bit.ly/2Z3TtHJ

European markets, US Futures gain; Bonds steady

The Stoxx Europe 600 gained, led by energy firms, while S&P 500 Index futures pointed to a positive start a day after the benchmark closed at the lowest since March.

from India Infoline News Service http://bit.ly/2I8K7Dx

Liquidity Adjustment Facility: Fixed Rate Repo Operations

from PRESS RELEASES FROM RBI http://bit.ly/2HL2Q9e
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India's economy seen limping behind China as Modi begins second term

A Reuters survey of economists forecast growth slipped to 6.3% annually in the three months ending in March, its slowest pace in six quarters.

from Economy-News-Economic Times http://bit.ly/2Xew5Xf
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SJVN gains 1% post Q4FY19 numbers

The companys revenue spurted 133% yoy at Rs805.2cr, compared to Rs344.8cr in the corresponding quarter of the previous year.

from India Infoline News Service http://bit.ly/2VWyKDC

Markets resume upward momentum; Financial stocks shine

Nifty and Bank Nifty future added fresh long positions with a rise in open interest.

from India Infoline News Service http://bit.ly/30TCcTb

Bharti Airtel gains 2.5% post acquisition of Tikona Digital Networks

In a separate announcement, Bharti Airtel-backed Airtel Africa received approval of the UK Financial Conduct Authority (FCA) for document registration.

from India Infoline News Service http://bit.ly/2WymHAO

Natco settles generic Carfilzomib Injection patent litigation in US; stock down 1%

NATCO believes that its 10mg ANDA is sole first to file and could be eligible for 180-days marketing exclusivity for the 10mg strength under certain circumstances.

from India Infoline News Service http://bit.ly/2Mfsnf3

Why India must expand the scope of the two-year-old Maternity Bill

In this five-year term, the Government must think about how to make their landmark Maternity Bill Amendment Act (MBA) more effective.

from Economy-News-Economic Times http://bit.ly/2EHzUx8
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RBI to conduct Overnight Variable Rate Reverse Repo Auction under LAF on May 30, 2019

The Reserve Bank of India will conduct the following Variable rate Reverse Repo Auction on May 30, 2019, Thursday, as per the revised guidelines on Term Repo Auctions issued on February 13, 2014. Sl. No. Notified Amount (₹ billion) Tenor (day) Window Timing Date of Reversal 1 150 1 3.30 pm to 4.00 pm May 31, 2019 (Friday) Successful offers will get accepted at their respective offered rates. Offers at or above the repo rate will be rejected. Ajit Prasad Assistant Adviser Press Release : 2018-2019/2803

from PRESS RELEASES FROM RBI http://bit.ly/2QAqOGV
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Sensex jumps over 350 points; IT, Bank Nifty stocks gain

The Sensex was trading 373 points higher at 39,876, while the Nifty50 index was trading at 11,957, up 97 points.

from India Infoline News Service http://bit.ly/2WrJdv9

Non-tax revenue target can be raised moderately on spectrum auction

This year RBI excess reserves are also likely to be part of the NTR but the quantum has to be decided as per the Bimal Jalan panel report.

from Economy-News-Economic Times http://bit.ly/2MjeqwB
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Result of the Overnight Variable Rate Reverse Repo Auction held on May 30, 2019

from PRESS RELEASES FROM RBI http://bit.ly/2IbxB68
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Modi 2.0 to raise UDAN budget for common man

In the first round of UDAN bidding, the government in March 2017 awarded 128 routes to five airlines for 43 un-served destinations.

from Economy-News-Economic Times http://bit.ly/2HK1Jqs
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Top India FDI sources on tax haven list

The first ever ‘Corporate Tax Haven Index’, released on Tuesday night by the Tax Justice Network (TJN), has identified the UK with its network of British overseas territories — such as British Virgin Islands, Bermuda and Cayman Islands — as the largest enabler of corporate tax avoidance.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News http://bit.ly/2HKLV6I

Y Combinator selects record 15 desi startups

Y Combinator, famed Silicon Valley accelerator, has picked a record 15 startups for its summer batch of 2019. Typically, Y Combinator picks four-five startups from India for each of its summer and winter batches. Till now, Y Combinator has backed 40 startups from India since 2014. The firm had selected four startups for the recently concluded batch.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News http://bit.ly/2YZTah4

Rupee-Dollar seesaw: Rupee gains 13 paise at 69.71/$

The currency opened 8 paise higher at 69.76/$ compared to its previous close of 69.84/$.

from India Infoline News Service http://bit.ly/2MdrV0D

Manpasand Beverages hit lower circuit; ahead of Q4 nos

Meanwhile, the shares have tanked 48 % in the last four trading sessions.

from India Infoline News Service http://bit.ly/2WvV5MC

Auto companies face space crunch due to mounting inventory

The inventory pileup is resulting in a space crunch for several automakers, most of it for the market leader — Maruti Suzuki. While Maruti Suzuki’s production dropped by 10% in April, Toyota and Ford saw a decline of 29% and 28%, respectively.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News http://bit.ly/2JJSYyJ