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RBI tightens norms to check flow
Global Fertiliser Prices
Inflation rises to 3.75 per cent
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IT returns can be filed till Feb 29
India inc give thumbs up to UPA
govt: Assocham
Citigroup COO quits
ICICI, IL&FS, Kotak pick up 9.55 pc stake in MCX
Telcos to give undertaking on life-time plans
RCom files caveat in Delhi HC
GDP growth expected at 8.5 pc: Reddy
TRAI for auctioning spectrum for TV on cells
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RBI tightens norms to check flow
Mumbai, December 14 Issuing the guidelines after the close of trading session today, the RBI said: “Entities such as FIIs are not permitted to avail of fund or non-fund based facilities such as Irrevocable Payment Commitments (IPCs) from banks.” The RBI further said that funds provided by banks to the equity-oriented MFs would be factored into individual banks’ capital market exposure limit. As far as other MFs are concerned, the central bank said they can borrow up to 20 per cent of the net asset of the scheme from banks for six months to meet temporary liquidity needs like repurchase of units or payment of interest or dividend to the unit holders. The RBI has issued these guidelines after it came to the notice of the central bank that “banks have extended large loans to various MFs and have also issued IPCs to stock exchanges (BSE and NSE) on behalf of MFs/FIIs”. The RBI has also given six months time to the banks to comply with its notification on exposure of banks to capital markets through loans to MFs and issuance of IPCs.
— PTI |
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Global Fertiliser Prices
New Delhi, December 14 Keeping this volatility in international prices in mind, the Centre has urged all states to emulate states like Punjab and Haryana in taking timely action for identifying supply gaps and nominate a state agency to place orders well in advance. With high volatility in the international market, advance information on the requirement will help the agencies like MMTC and IPL to place order at an appropriate time and at a price, which is low or at least competitive, Vijay Chibber, a joint secretary in the fertiliser ministry said here today. The burden of fertiliser subsidy on the Centre is over Rs 46,000 crore this year, including the subsidy backlog of Rs 8,000 crore. With an estimation of 35 per cent spurt in prices, the subsidy bill is also expected to go up correspondingly in the near future. This year the urea prices have shot over $ 407 per tonne, while DAP has touched an unprecedented $ 600 per tonne, Chibber said. This year Punjab and Haryana had done commendable work by placing advance requirements and thus the importing agencies like MMTC and IPL were in a position to contract the supply on time, he said. “Each state government is expected to take timely action for identifying supply gaps, nominate a state agency to place orders and thereafter arrange for receiving and marketing the imported stocks of fertilisers,” he added. Asserting that there is no overall shortage of either urea, DAP or MOP at the macro-level and that shortage if any at the local level is due to deficiencies in the transportation and marketing, he said. The Centre on its part has from this year started monitoring the delivery of fertilisers at the district level and the subsidy component is paid to the company only on delivery at the District level, he said adding, “This has helped a great deal in removing the supply constraints at the local level.” However, still in some states, due to deficiencies in transportation and marketing, fertilisers are not hitting the shelves at local level,” he added without naming the states. |
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Inflation rises to 3.75 per cent
New Delhi, December 14 The Wholesale Price Index stood at 5.56 per cent in the corresponding week a year ago. While prices of fruits, vegetables, condiments and spices went up by 1 per cent, naphtha and bitumen became dearer by 9 per cent and bajra rose by 3 per cent, according to official data released here today. Inflation figure for the week ended October 6 was revised to 3.22 per cent against the provisional figure of 3.07 per cent as the WPI finally stood at 215 points compared to the earlier estimate of 214.7 points. Despite sharp increase, inflation rate of 3.75 per cent is below the RBI’s projection of close to 5 per cent for the current fiscal. |
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IT returns can be filed till Feb 29
New Delhi, December 14 The direction was passed after Additional Solicitor General Mohan Parasaran informed the Bench headed by Justice B N Agarwal that the Centre was issuing a notification today extending the time for filing returns till February 29, next year in relation to all categories of assessees. The Bench also set aside the Allahabad High Court order that allowed business class and professionals having income below Rs 20 lakh to file tax returns under both SARAL-2D and new return forms for the assessment year. “It is for the statutory authority to decide the type of forms.” Earlier, the apex court on October 30 had allowed UP taxpayers to file returns under 2D Saral Form as well as the new forms for assessment year 2007-08 to avoid inconvenience to tax payers who were trying to meet the October 31 deadline for filing returns.
— PTI |
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India inc give thumbs up to UPA govt: Assocham
New Delhi, December 14 The survey, in which 70 per cent of the CEOs and MDs participated, rated the government’s performance at seven points out of 10 and described its Business Confidence Index as investment-friendly to fair extent and for keeping average GDP growth to around 8.3 per cent. The CEOs, however, felt that inflation remained a prime concern for the government in the past three and half years which despite its best effort, stayed at 6 per cent and caused a great deal of criticisms for the UPA government. As many as 35 per cent of the CEOs and MDs have rated the current government performance, describing it just an average, arguing that neither employment increased substantially nor reforms in labour market were introduced and therefore, the growth rate cannot be termed as ‘inclusive’. However, 85 per cent of CEOs felt that Dr Singh did all humanly possible ever since he took over as the Prime Minister on almost all fronts under coercion of coalition politics, particularly in maintaining an excellent foreign policy with equally-balanced approach towards economies of scale and those of developing countries. FTA’s performance and foreign exchange reserves were appreciated by 85 per cent of CEOs. Nearly 30 per cent of CEOs and MDs have hailed the leadership of Dr Manmohan Singh in handling the nuclear issue with United States of America without any offensive and belligerent approach to some of its nuclear partners, saying that such a delicate issue was handled with much more maturity and statesmanship and at times, the government faced embarrassment on this issue because of domestic political reason. Nearly 70 per cent CEOs said that Dr Singh’s leadership deserves only 7 marks out of 10 because prices of agricultural commodities showed a sharp rise in the 3 and half years of the UPA rule primarily due to stagnating production and rising demand. Commodities prices like pulses, wheat and edible oil have seen a jump of 40-100 per cent thereby contributing to overall inflation. Majority of the CEOs appreciated the allocation of UPA government towards education. Compared to 2001-02, financial outlays for the Sarva Shiksha Abhiyan increased 15-fold from Rs 665 crore and stood at Rs.10,671 crore in 2007-08. |
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Citigroup COO quits
New York, December 14 It was not clear whether the move was linked to Pandit’s plans for fixing Citigroup hard hit by its exposure to mortgage-related investments to the tune of about $18 billion and shoring up its stock price, which has plunged 38 per cent this year. But DealBook, a New York Times blog, noted Thursday that Druskin, a longtime adviser and friend to former CEO Charles O. Prince III, spearheaded the reorganisation at the firm that led to 17,000 layoffs last spring. The news was conveyed to Citi employees via internal memorandums from Pandit and Druskin, who would be retiring at the end of the year. “I am sorry to see him leave, but after 16 years of exceptional service to Citi, he certainly has earned that right. I clearly understand and respect his decision,” said Pandit, describing Druskin as “an outstanding executive and an extraordinary individual.” “The company is in very good hands with Vikram as Chief Executive, Sir Win (Winfried F.W. Bischoff) as Chairman and all of you in our businesses, regions and functions; I can’t imagine a more talented or dedicated team,” said Druskin noting that “with the company entering an important next phase now seems right (time) to me” to leave. DealBook also said that with the appointment of Pandit as CEO, attention is increasingly turning to the question of whether he will break up the financial behemoth. In an interview for BusinessWeek, Pandit remained vague about whether asset-sales were on the table. One of his main focuses, Pandit said, is “to look at every one of our businesses...individually and collectively, to make sure they’re the right businesses and they are positioned for the future we see in financial services.” The company’s diversified model, masterminded by Sanford I. Weill, has come under criticism from investors who say Citigroup has become too unwieldy to be managed effectively. Its stock price has fallen 40 per cent this year. The company could face billions of dollars in additional losses on troubled credit card, auto and home loans.
— IANS |
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ICICI, IL&FS, Kotak pick up 9.55 pc stake in MCX
Mumbai, December 14 ICICI Group has picked up a 3.5 per cent stake in the country’s largest commodity exchange, while Kotak and IL&FS have acquired 5 per cent and 1 per cent respectively, the company informed the Bombay Stock Exchange. “This milestone is a testimony of the quality of the institute we have built in and from India where the global and domestic best have converged,” MD and CEO of MCX, Jignesh Shah said. The transactions valued MCX at $ 1 billion to $ 1.1 billion, the communiqué said. Other shareholders in MCX include Fidelity International, State Bank of India, State Bank of Hyderabad, State Bank of Indore, State Bank of Saurashtra, State Bank of Patiala, State Bank of Travancore, State Bank of Mysore, State Bank of Bikaner & Jaipur, SBI Life Insurance Co Ltd, HDFC Bank, National Stock Exchange, NABARD, Canara Bank, Bank of India, Union Bank of India, Bank of Baroda and Corporation Bank. Earlier this year, Merrill Lynch and Citigroup bought a 5 per cent stake each in the exchange. Financial Technologies is the parent firm of the Multi Commodity Exchange. — PTI |
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Telcos to give undertaking on life-time plans
New Delhi, December 14 During a hearing before the Monopolies and Restrictive Trade Practices Commission (MRTPC) last month Bharti Airtel, Vodafone Essar, Reliance Communications, Tata Teleservices, and government-run BSNL and MTNL agreed to submit the undertaking. MRTPC was hearing a case filed by its investigative arm DGIR alleging the use of deceptive advertisements by operators to promote their lifetime prepaid services. The life-time prepaid scheme holds good till the time the license of a telecom operator is valid and not the life time of the customer. The commission had granted the telcos three weeks to file the undertaking . Earlier this year, taking a suo motto cognisance, the Commission had directed the Director General of Investigation and Registration (DGIR) to look into the advertisements published by telcos promoting life-long free incoming calling cards. The DGIR found the ads deceptive and recommended action against the telcos. The matter will come up for next hearing in mid-January.
— PTI |
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RCom files caveat in Delhi HC
New Delhi, December 14 Telecom Disputes Settlement and Appellate Authority had on December 12 refused to stay the government’s process of awarding new licences and allocating airwaves to mobile firms, a decision which existing GSM players say would hurt them Bharti Airtel, Vodafone Essar and Idea Cellular are the major GSM players in COAI, but it is learnt that there is no consensus within the lobby group over moving the High Court.
— PTI |
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GDP growth expected at 8.5 pc: Reddy
Chennai, December 14 Reddy also said the external sector continued to be stable and strong. “The fiscal situation is likely to be on track. The financial market, particularly money market, government securities market and products market, are expected to be reasonably stable,” he said.
— PTI |
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TRAI for auctioning spectrum for TV on cells
New Delhi, December 14 “‘We are talking about delinking licence from spectrum. Operators may like to bid for spectrum marked for mobile television,” TRAI Chairman Nripendra Mishra told reporters on the sidelines of a conference at India Telecom Summit 2007 here. TRAI will submit the recommendations to the government by Wednesday, he added.
— UNI |
Maharashtra Seamless Mahindra IPO Intel $10 b GFH zone VSNL renamed Rel Energy |
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