28 TH AUGUST,2019
THE HINDU AND ECONOMICS TIMETHE HINDU
QUESTIONS ON RBI’S CREDIBILITY OUTLANDSIH
1. THE RBI’S DECISIONS TO TRANSFER OF RS 1.76 LACS CRORE OF ITS SURPLUS TO THE GOVERNMENT TRIGGERED A POLITICAL STORM AS THE CONGRESS PARTY ACCUSING THE GOVERNMENT OF STEALING THE CENTRAL BANK’S MONEY TO HIDE ITS ECONOMIC FAILURE AND FINANCE MINISTER NIRMALA SITHARAMAN SAYING SHE DID NOT CARE ABOUT SUCH CHARGE
2. QUESTIONING THE CRDIBILITY OF RBI WHICH HAS CONSTITUTED BIMAL JALAN COMMITTEE ON DETERMINING EXCESS CAPITAL WAS A WORRYING SIGN. COMMITTEE WAS CONSITUTED BY RBI AND NOT BY GOVERNMENT
3. SHE ALSO SAID THAT THE GOVERNMENT HAS YET TO DECIDE DEPLOYMENT OF THE FUNDS
4. THE MINISTER SLAMMED CONGRESS LEADER RAHUL GANDHI OVER THE LATER REMARKS ACCUSING THE NARENDRA MODI LED CG OF STEALING MONEY FROM RBI
5. MS SITHARAMAN AND MINISTER OF STATE FOR FINANCE AND CORPORATE AFFAIRS ANURAG THAKUR WERE IN PUNE FOR A MEETING WITH TAX OFFICIALS,TRADERS AND ENTRPRENEUR AND INDUSTRY EXPERTS ON ISSUES RELATED TO GST.
6. COMMITTEE MEMBERS THEMSELVES HAD GIVEN AN EXPLANATION THROUGH THE MEDIA THAT ISSUES LIKE FISCAL FINACIAL STABILITY,THE SURPLUS TO MEET ANY EMERGENCY AND CONTIGENCY
7. ON AUTO INDUSTRY DEMAND FOR GST,RATE CUT,GST RATES WERE IN THE FINANCE MINISTER’S DOMAIN BUT THAT OF THE GST COUNCIL
8. MEETING WITH TAX OFFICIALS AND TRADERS HAD CHIEFLY FOCUSED ON MATTER PERTAINING TO THE GST FORMS,SIMPLIFICATIONS AND DEADLINE RELATED ISSUES
9. URGING TAX OFFICIALS NOT TO OVERREACH THEMSELVES TO MEET THEIR TARGETS AND TAX DEALINES ARE ACHIEVABLE AND RELAISTIC FIXED WERE IN CONSULTAION WITH ALL THE AUTHORITIES.
RAHUL GANDHI ACCUES GOVT OF STEALING FROM RBI( PAGE 10)
THE CONGRESS ON TUESDAY LAUNCHED A SCATHING ATTACK ON MODI GOVERNMENT OVER THE TRANSFER OF CASH RESERVES OF THE RBI OF INDIA AND SAID THAT PRIME MINISTER AND THE FINANCE MINISTER ARE CLUE LESS ABOUT SOLVING THE SELF CREATED ECONOMIC DISASTER
FORMER COMMERCE MINISTER ANAND SHARMA SOUGHT A WHITE PAPER ON THE STATE OF THE ECONOMY AND INDEPENDENT ANALYSIS OF THE ECONOMIC DATA
SAID THAT IN RECENT TIMES. THE CENTRAL BANK IN ARGENTINA HAD TRANSFERRED ITS OCNTIGENCY FUN TO THE GOVERNMENT AND NOW THEIR ECONOMY IS DESTROYED..
MODI 2.0 HAS CONVERTED THE R IN RBI FROM RESERVE TO RAVAGED . CONTIGENCY RESERVE OF RBI MEANT FOR EXTREME FINACIAL EMEGENCIES AND WAR LIKE SITUATIONS.
THE BJP HAS FINSIHED RBI’S CREDIBILITY.
ANOTHER TWEET HE ASKED IS THIS FISCAL PRUDENCE OR FISCAL HARA-KIRI
EDITORIAL GIFT FROM RBI
1. THE RBI BOARD ON MONDAY DECIDED TO TRANSFER A MASSIVE 1,76,051 CRORE TO THE GOVERNMENT INCLUDING A SUM OF 52,637 CRORE FROM ITS CONTIGENCY RESERVE BULIT OVER THE LAST FEW YEARS,
2. IT COULD BE ARGUED THAT THE GOVERMNET AS SOVERIGN OWNS THE RBI AND HENCE THERE IS NOTHING WRONG IF IT DECIDES TO TAP THE CENTRAL BANK’S RESERVES
3. YET THAT IT ACTUALLY CHOSE TO TAP THE CENTRAL BANK’S RESERVE IS UNFORTUNATE BECAUSE THESE RESERVES REPRESENT INTERGENERATIONAL EQUITY BULIT OVER SEVERAL YEARS BY RBI SQUIRRELING AWAY A PART OF THE ANNUAL SURPLUS
4. MORALLY UNACCEPTABLE THAT ANY GOVERNMENT CAN SWALLOW EVEN A PART OF SUCH FUNDS TO HELP MEET ITS EXPENDITURE IN PARTICUALR YEAR.
5. RELEASSE OF THE RBI’S ANNUAL REPORT IN THE NEXT FEW DAYS WILL HELP IN THE UNDERSTANDING OF THE REASONS BEHIND THE SHARP JUMP IN THE SURPLUS
PROCESS BEGINS TO FREE J&K POLITICAL LEADERS IN PHASES
1. THE J& K GOVERNMENT HAS INITIATED A PROCESS TO RELEASE AT LEAST 173 INCARCERATED LEADERS OF THE REGIONAL POLITICAL PARTIES,INCLUDING THOSE FROM THE NATIONAL CONFERENCE,THE PEOLE CONFERENCE AND THE PEOPLE’S DEMOCRATIC PARTY IN PHASES COMING DAYS.
2. UNION HOME MINISTER HAD PASSED ON DIRECTIONS TO THE JAMMU AND KASHMIR POLICE TO FINALISE THE NAMES OF POLITICIANS TO BE RELEASED IN THE FIRST PHASE. THOSE WHO POSE LEAST THREAT TO THE LAW AND ORDER SITUATION WILL TASTE FREEDOM FIRST.
3. PC LEADER IMRAN ANSARI ALSO A FORMER MINISTER IN THE PDP-BJP REGIME WILL BE AMONG THE FIRST TO RELEASED DUE TO ILL HEALTH AND HE IS ALSO PROMINNET SHIA PRIEST WILL BE ALLOWED TO ATTEND SHAI TAZIA
4. AUTHORITIES LIFTED RESTRICTIONS FROM 12 MORE POLICE STATIONS
MAMTA GOVERNMENT TO TABLE BILL AGAINTS MOB ASSAULT LYNCHING
1. THE MAMTA BANERJEE GOVERNMENT IN WEST BENGAL IS PLANNING TO INTRODUCE A STRINGENT BILL IN THE ASSEMBLY TO CHECK INCIDENTS OF MOB ASSAULT AND LYNCHING IN THE STATE.
2. THE WEST BENGAL ( PREVENTION OF LYNCHING BILL) 2019 IS LIKELY TO BE TABLED IN THE HOUSE ON AUGUST 30
3. THE BIALL AIMS TO PROTECTS THE CONSITUTIONAL RIGHTS OF VULNERABLE PERSONS AND PREVENT INCIDENTS OF LYNCHING. IT ALSO PROPOSES ACTION AGAINTS THOSE INVOLVED IN PREPETRATING THE CRIME
4. AS PER THE LEGISLATION IF ANY ON IS FOUND GUILITY OF PUBLISHING,COMMUNICATING AND DISEMINATING ANY OFFENSIVE MATERIAL EITHER PHYSICALLY OR ELECTRONICALY SHALLBE LIABLE TO IMPRIOSNMENT OF ONE YEAR AND FINE UP TO 50,000. THE BROAD OUTLINE OF THE BILL CREATION OF HOSTILE ENVIRONMENT SHALL BE PUNISHED WITH IMPRIOSNMENT WHICH MAY EXTEND TO THREE YEARS.
5. MAMTA GOVERNMENT TO TABLE BILL AGAINTS MOB ASSAULT LYNCHING
6. THE LEGISLATION WILL PITCH FOR JAIL TERM WHICH MAY VARY FROM THREE YEARS TO LIFE FOR THOSE INVOLVED IN ASSUALTING AND INJURING A VICTIM OF MOB VIOLENCE
7. IN CASE OF DEATH,THOSE RESPONSIBLE FOR THE INCIDENT WOULD BE PUNISHED WITH RIGROUS LIFE IMPRISONMENT AND FINE UP TO 5 LACS
8. AS PER THE BILL THE STATEDIRECTORATE GENERAL OF POLICE WILL APPOINT A COORDINATOR WHO WILL ACT AS NODAL OFFICER TO MONITOR AND TAKE MEASURES TO PREVENT INCIDENTS OF LYNCHING
9. THE SUPREME COURT HAS RECOMMENDED FOR ENACTING LEGISLATION IN THIS REGARD.
REVIEW CAPITAL FRAMEWORK EVERY FIVE YEARS
- THE BIMAL JALAN COMMITTEE SET UP TO REVIEW THE RESERVE BANK OF INDIA’S ECONOMIC CAPITAL FRAMEWORK HAS USGGESTED THE FRAMEWORK MAY BE PERIODICALLY REVIEWED EVERY FIVE YEARS
- IF THERE IS A SIGNIFICANT CHANGE IN THE RBI’S RISK AND OPERATING ENVIRONMENT ,AN INTERMEDIATE REVIEW MAY BE CONSIDERED
- THE PANEL RECOMMENDED TO ALIGN THE CENTRAL BANK’S ACCOUNTING YEAR WITH THE FINANCIAL YEAR WHICH COULD REDUCE THE NEED FOR PAYING INTERIM DIVIDEND
- FOR 2018-2019 THE RBI HAD PAID 28,000 CRORE AS INTERIM DIVIDEND
- HISTORICALYY THE JULY-JUNE YEAR WOULD HAVE BEEN LINKED TO THE AGRICULTURAL SEASONS WHICH IS NOT A CONSIDERATION IN THESE TIMES.
- ABLE TO PROVIDE BETTER ESTIMATE OF THE PROJECTED SURPLUS TRANSFERS TO THE GOVERNMENT
- RBI SHOULD PUT IN PLACE FRAMEWORK FOR ASSESSING THE MARKET RISK OF ITS OOF BALANCE SHEET EXPOSURES IN VIEW OF THE THEIR INCREASING ISGNIFICANCE
- ALSO SUGGESTED CLEAR DISTINCTION BETWEEN RELISED EQUITY AND REVALUATION BALANCES
- GIVEN THE INCLUSION OF THE REVALUATION BALANCES IN THE RBI’S OVERALL RISK BUFFERS,MEASURE TO ADDRESS VOLATILITY WILL HAVE TO BE INTRODUCED
- ALSO SUGGESTED THAT THE MINIMUM LEVEL OF RELIZED EQUITY TO BE MAINTAINED SHOULD BE THE SUM OF MONETARY AND FINANCIAL STABLITY RISK AND CREIDT RISK AND OPERATIONAL RISK
INDUSTRY AT THE BOTTOM OF CYCLE SAYS BHARGAVA
1. INDIA’S LARGEST CARMAKER MARUTI SUZUKI IS HOPEFUL OF BOUNCING BACK TO ITS USUAL RATE OF GROWTH IN 2021 THOUGH THE ENVIRONMENTAL REMINED CHALLENGING AMID TRANSITION TO NEW REGULATIONS DURING THE CURRENT FINANCIAL YEAR
2. ACCORDING TO HIM THEY AT THE NEAR BOTTOM OF THE DOWNWARD CYCLE AND THE ECONOMY AND CAR SALES SHOULD START TO ACCELERATE AND COMPANY HAD NO PLANS TO RETRENCH 16050 PERMANENT WORKFORCE AND IT HAD NOT RENEWED CONTRACT OF ABOUT 30,000 CONTRACUTAL WORKERS
KERALA,TAMIL NADU AND HIMACHAL TOP INDIA’S CHILD WELL BEING INDEX
- KERALA,TAMILNADU AND HIMACHAL PRADESH AND PONIDCHERY TOPPED THE CHARTS IN CHILD WELL BEING INDEX
- A TOLL DESIGNED TO MEASURE AND TRACK CHILDREN’S WELL BEING COMPREHENSIVELY
- MEGHALYA,JHARKHAND AND MP FEATURED AT THE BOTTOM
- THIS IS AS PER THE REPORT RELEASED BY NON GOVERNMENT ORGANIZATION WORLD VISION INDIA AND RESEARCH INSITUTUE IFMR LEAD
- CEO NITIAAYOG AMITABH KANT : CRUICAL REPORT: USEFUL FOR THE GOVERNMENT AND THE CIVIL ORGANIZATION TO ACHIEVE THE GOAL OF CHILD WELL BEING
- PROVIDES INSIGHT ON HEALTH,NUTRION,EDUCATION,SANITATION AND CHILD PROTECTION
- THE DIMENSTIONS OF THE INDEX INCLUDE HEALTHY INDIVIDUAL DEVELOPMENT,POSITIVE RELATIONSHIP AND PROTECTIVE CONTEXT
- KERALA,TAMIL NADU AND HIMACHAL TOP INDIA’S CHILD WELL BEING INDEX
- FOCUSING ON THREE KEY DIMESNIONS 24 INDICATORS WERE SELECTED TO DEVELOP THE COMPUTATION OF THE CHILD WELL BEING INDEX.
- THE RESEARCH HAS BROUGHT TO FRCE COMPELLING INSIGHT ON CHILD WELL BEING INDIA
- ONE OF THE PRIMARY OBJECTIVE OF THIS INDEX IS TO GARNER ATTENTION TO UNDERRESEARCHED THEME OF CHILD WELL BEING IN INDIA AND
- INSPIRE FURTHER ACADEMIC AND POLICY CONVERSATION ON RELATED ISSUES
- SOME OF KEY INDICATORS NNED TO BE SYUDIED INCLUDE MOBILE USAGE,DIGITAL ACCESS,FIANCIAL LITERACY,METAL HEALTH AND QUALITY OF RELATIONSHIP BETWEEN PEERS,PARENTS AND CHILDREN
ASTRA RAFEL OPENS FACILITY FOR DEFENCE COMMUNCIATION SYSTEM
1. A STATE OF THE ART 20,000 SQ FT FACILITY OF AN INDO ISRAEL JOINT VENTURE TO DESIGN,DEVELOPMENT AND MANUFACTURE TACTICAL COMMUNICATION SYSTEM FOR THE ARMED FORCES WAS INAUGURATED.
2. WITH THIS ASTRA RAFAEL COMMUNICATION SYSTEM ( ARC) HAS POSITIONED ITSELF TO BECOME INDIA’S FIRST PRIVATE SECTOR FIRM TO MANUFACTURE CUTTING EDGE SOFTWARE DEFINED RADIOS IN MULTIPLE VARIANTS
3. WHILE THE INITIAL FOCUS WILL BE SOFTWARE DEFINED RADIOS AND SUPPLIES TO THE DEFENCE FORCES BETWEEN ASTRA MICROWAVE AND ISRAEL ‘S RAFAEL ADVANCED DEFENSE SYSTEMS INTENDS TO DEVLOP AND MANUFACTURE A WIDE RANGE OF ADVANCED EQUIPMENT FOR THE EXPORT.
4. FACILITY LOCATED AT THE HARDWARE TECHNOLOGY PARK IS EXECUTING $ 30 MILLION ORDER FROM RAFEL WHICH IS RECEIVED FROM THE IAF
ET : EASIER FOREIGN FUND RAISING FOR UNLISTED FIRMS
1. UNLISTED INDIAN COMPANIES COULD SOON FIND IT EASIER TO RAISE CAPITAL OVERSEAS EASIER TO RAISE CAPITAL OVERSEAS THROUGH DEPOSITORY RECIPTS
2. THE SECURITIES AND EXCHNAGE BOARD OF INDIA IS PLANNING A LIBERALISED REGIME FOR THE ISSUE OF GLOBAL DEPOSITORY RECIPTS AND AMERICAN DEPOSITORY RECIPTS THAT WILL HELP START UPS AND OTHER RAISE FUNDS
3. CURRENTLY ONLY LISTED COMPANIES CAN ISSUE THE INSTRUMENTS
4. SEBI TO EASE THE NORMS FOR COMPANIES ISSUING ADRS AND GDRS
5. SEVERAL TECH DRIVEN START UPS TO BENEFITS FROM NEW NORMS
6. REGUALTOR MIGHT ALSO ALLOW FREE CONVERSIONS OF SHARES TO DRS AND VICE VERSA
7. GOVT HAD LAST WEEK ANNOUNCED SEBI WILL OPERATIONALIZE NEW DR FRAMEWORK
8. HELP INDIANS COMPANIS TO RAISE FOREIGN FUNDS
YIELDS BOND WITH RBI DECISION FALL TO LOWEST IN THREE WEEKS
1. BONDS YIELDS TUMBLED TO THE LOWEST IN ABOUT THREE WEEKS AS THE FEAR OF GOVT PROFLIGACY RECEDED AFTER THE RBI DECIDED TO TRANSFER A RECORD SURPLUS TO THE GOVT INCLUDING 52,637 CRORE OF EXCESS CAPITAL
2. WHILE TRADERS HAVE BEEN SPECULATED OVER AN EXPECTED FISCAL STIMULUS USING THESE PROCEEDS,CONCERNS ABOUT THE GOVERNMENT HAVING TO BORROW MORE THAN IT BUDGETED SEEMS TO HAVE BEEN ASSUAGED DESPITE LOWER THAN FORECAST TAX COLLECTIONS
3. THE BENCH MARK BOND YIELD DIPPED AS LOW AS 6,35% ON TUESDAY FROM 6.48 %. THE PLUNGE WAS SHARPER WHEN COMPARED WIT 6,57% CLOE ON FRIADY
4. IT DOES SUPPORT THE BOND OUTLOOK AS BORROWING WORRIES GET ADDRESSED A BIT ALONG WITH IMPROVED SYSYTEM LIQUIDITY, NEED TO SEE WHETHER THE GOVERNMENT USES THE ADDITIONAL BOUNTY TO STIMULATE THE ECONOMY AND IN THAT CASE THE FALL IN YIELDS WILL BE MUTED.
FPI SURCHARGE ON BONDS LIKELY TO STAY
- AFTER THE GOVERNMENT’S DECISIONS TO ROLL BACK THE HIGHER SURCHARGE ON CAPITAL GAIN ,FINANCIAL MARKET GRAPPLING WITH A NEW QUESTIONS : IS BOND MISSING PIECE IN THE FINANCE MINISTRY’S LATEST COMMUNIQUE
- THE QUESTION HAS COME TO FORE AFTER TUESDAY’S INTRA DAY RALLY IN THE BOND MARKET,TRIGGERED BY RBI ANNOUNCEMENT OT TRANSFER SURPLUS TO GOVERNMENT
- TO ENCOURAGE INVESTMENT IN THE CAPITAL MARKET THE GOVERNMENT HAS WITHDRAWN THE EXTRA SURCHARGE ON TAX PAYABLE OF CERTAIN ASSETS. THESE ARE :
- LISTED EQUITY SHARES,UNITS OF EQUITY ORIENTED MUTUAL FUNDS AND UNITS OF BUSINESS TRUST
- FOR FOREIGN PORTFOLIO INVESTORS,THE LOWER SURCHARGE WAS EXTENDED TO CAPITAL GAINS FROM DERIVATIVES DEALS AS WELL BUT IT EXLCLUDES BONDS
VCS READY TOOLS TO PLANT SEED IN START UP GROUND
1. VENTURE CAPITAL FIRMS ARE RUSHING TO SNAP UP START UP EARLY BY LAUNCHING SEPARATE SEED STAGE FUNDS,SPECIALISED ACCELERATORS AN MENTORSHIP PROGRAMMES
2. THE PUSH TO SPOT COMPANIES AT THE SEED STAGE COMES AT TIME WHEN A BUNCH OF NEW EARLY SATGE FUNDS LIKE STELLEARIS VP,PI VENTURES AND WATERBRIDGE ARE SCOURING FOR THE SAME SET OF FOUNDEERS MAKING THE MARKET EXTREMELY COMPETITIVE
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