Economy
Bihar Topped In Gross State Domestic Product With 13.1 Percent Growth In 2012
Acoording
to data released by Ministry of statistics of India on 1 June 2012,
Bihar emerged as the state with highest economic growth rate in the
country.
No-Penality On Pre-Closure of Home Loan
The
reserve bank of India (RBI) on 5 June said that banks would not be
permitted to charge force closure of charges/per-payment penalties on
home loans on floating interest rate basis,with immediate effect.
CII Spells Out 10-Point Agenda For Economic Revival
The
confederation of Indian industry on 5 June announced a 10-poit agenda
foe economic revival and out linked key areas of concern.
points are
-Cut repo rate by 100 basis points
-Cut CRR by 100 bps
-Allow accelerated depreciation for investments in plant & machinery.
-25% weighted tax deduction on expenditure on companies going green.
-Increase FDI limits in civil aviation and defence: allow FDI in multi brand retail.
-provide interest subvention of 2% to export credit for six months .
- Clear 50 large projects in next 30 days .
-Announce clean plan for fiscal consolidation.
Allow direct access to importers to stockly items for their Forex requirement.
points are
-Cut repo rate by 100 basis points
-Cut CRR by 100 bps
-Allow accelerated depreciation for investments in plant & machinery.
-25% weighted tax deduction on expenditure on companies going green.
-Increase FDI limits in civil aviation and defence: allow FDI in multi brand retail.
-provide interest subvention of 2% to export credit for six months .
- Clear 50 large projects in next 30 days .
-Announce clean plan for fiscal consolidation.
Allow direct access to importers to stockly items for their Forex requirement.
World Bank projected Indian Economy to grow by 6.9 Per Cent in the Financial Year 2012-13
The
World Bank in its report named Global Economic Prospects released on 12
June 2012, projected Indian economy to grow by 6.9% in the financial
year 2012-13. The World Bank report predicted India’s growth increasing
to 6.9 per cent, 7.2 per cent and 7.4 per cent in fiscal years 2012-13,
2013-14 and 2014-15, respectively.
India’s Exports dropped by 4.16 Per Cent at 25.68 Billion Dollar in May 2012
As
per the export-import data released by the Commerce Ministry on 14 June
2012, India’s export dropped by 4.16 per cent at 25.68 billion dollar
in May 2012. The falling exports figure was largely attributed to slump
in global demand of goods and contracted industrial growth in the
country. Imports also registered a decline of 7.36 per cent at 41.9
billion dollar. The trade deficit figure also shrank to 16.3 billion
dollar during the May 2012, from 18.5 billion dollar in May 2011.
SBH Cuts Interest On Retail Loans By Upto 175 bps
SBH
has reduced interest rates on retail loans by upto 175 bps with effect
from 17 June 2012 for housing loans, the interest rate was reduced by 25
points to 11-11.50 percent .which on car loans it would be 11.50
percent against existing 12.25 percent.
SBI Cuts Lending Rates by 50-350 bps For Small Units, Farm Sector
Country’s
largest public sector lender SBI has cut lending rates any 50 to 350
bps for SMEs (Small & medium enterprises) and agricultural segments.
Multi Level TDS on Software To Go From July 1
The
Finance Ministry has done away the Tax deduction at source obligation
at each of the software distribution chain a TDs level of 10 percent was
applicable at each level of the software distribution chain.The TDs
exemption would be available only when the software is acquired in
subsequent transfer, without any modification.This could mean that the
benefit of TDS exemption will not be available for un branded software
(or) customized software.
India Ranks 55th On Foreign Money In Swiss Banks
Indians’
money in Swiss banks may have risen for the first time in five years,
but they account for a meager 0.14 per cent of total foreign wealth
deposited there — putting India at 55th place globally for such
funds.The total overseas funds in Switzerland’s banking system stood at
1.53 trillion Swiss francs (about Rs. 90 trillion) at the end of 2011,
which included 2.18 billion Swiss francs (Rs. 12,700 crore) belonging to
Indian individuals and entities.While India accounted for only 0.14 per
cent of total foreign money in Swiss banks, the U.K. accounted for the
largest share of little over 20 per cent, followed closely by the U.S.
with about 18 per cent.
SBI TO Risk Up To $2 b via Overseas Bond Sale
The
country;s largest lender state bank of indi will raise up to $2 billion
through an overseason bond sale ion the nect three months.
Credit Rating Agency Fitch Downgraded India’s Credit Outlook Rating
“International
credit rating agency Fitch revised the credit outlook of India to
negative on 18 June 2012.The rating agency, however, maintained the
India’s sovereign rating at ‘BBB-’.Fitch also downgraded the credit
outlook of seven PSUs namely NTPC, SAIL, IOC, PFC, GAIL, REC and NHPC.
The agency downgraded the credit outlook after considering a broad range
of factors, such as, macro economic policy, economy, public finances.
Negative credit rating means
that over the next 12-24 months there is a possibility that India’s rating could be downgraded.”
that over the next 12-24 months there is a possibility that India’s rating could be downgraded.”
14 More services Come Under Tax- Exempt Negative List
The
Government on 20 June,Included 14 more services in the ‘Negative list’
to exempt that from the payment of service tax under the new
dispensation that will come into effect on July 1.Among the new services
that would now be exempted from the negative list-bared system of tax
on services are advocate providing services to entities with a turnover
of up to Rs.10 lakh,companies engaged in construction of metro projects,
law firms & entities providing public conveniences.
Moody’s Cut Rating Of 15 Top Global Banks
Rating
agency Moody’s downgrades 15 of the world’s biggest banks on 21 June
lowering credit rating by one to three notches ti reflect the risk they
faced from volatile capital market activists. Margan staley, Bank of
America corp & citi group, Goldman sochs group, swizerland’s central
bank e.t.c are in this list.
RBI Hiked Foreign Investment Limit In Government Bonds By 5Million Dollars
In
a moved aimed at arresting the unrelenting fall of Indian rupee,India’s
central bank ‘the Reserve Bank of India’ on 25 June 2012 hiked the
limit of foreign investment in government bonds by 5 million dollar to
20 billion dollar.The bank also raised the limit of external commercial
borrowing (ECB)to 10 billion dollar.
E-Voting Made Mandatory By SEBI For Top 500 Listed Companies Of BSE ANSE
The
capital market regulator Securities and Exchange Board of India
(SEBI)on 26June 2012 made it mandatory for top 500 listed companies to
hold e-voting with an objective ti widen share holder participation in
key decisions.
India’s Fiscal Deficit For April -May Period Stood At 1.41 Lakh Core Rupees.
As
Per the latest data released ny the controller General of Accounts
(CGA), India’s fiscal deficit during the April- May, the first of the
fiscal year 2012-13 stood at 1.41 lakh croer rupees,27%of the budget
estimates.
IRDA Fined 1.47 Crore Rupees On HDFC Life Insurance
The
Insurance Regulatory and Development Authority(IRDA) on 28 June 2012
fined 1.47crore rupees on HDFC Life insurance against disobedience of
number of regulatory provisions.It was the highest five on any
insurer.IRDA tested HDFC Life Insurance from 26 July 2010 to 30 July
2010. Before HDFC Life, IRDA had dined on ICICI prudential Life
Insurance of Rs.1.18 crore for violations that include paying agents and
broker’s commissions exceeding the permissible limits on May 2012.ICICI
prudential penalty is the second highest impaired penalty by the
regulator after HDFC Life.
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