Manoj's Feed
Jul 31, 2015

India seeks $4 billion spending boost, almost half for state banks

NEW DELHI (Reuters) – Finance Minister Arun Jaitley sought parliament’s approval on Friday to increase the spending budget for this fiscal year by $4 billion, with almost half to be used to inject extra capital into state banks struggling with bad loans.

High levels of non-performing assets in the state-run banks have made it hard for the government of Prime Minister Narendra Modi to revive investment or accelerate growth in Asia’s third largest economy.

Jul 30, 2015

Political gridlock holds up India’s landmark tax reform

NEW DELHI, July 30 (Reuters) – India’s parliament is
unlikely to approve a landmark tax shakeup in its current
sitting, a new setback for Prime Minister Narendra Modi’s reform
agenda that makes it harder to meet a deadline to launch the new
levy by next April.

Failure to pass the bill for a nationwide goods and services
tax (GST) in the “monsoon” session will further erode investor
confidence, already hurt by the slower-than-expected progress on
economic transformation since Modi took office a year ago.

Jul 28, 2015

India’s No.4 state bank may take over steelmakers to recover debt

NEW DELHI, July 28 (Reuters) – India’s fourth-largest state
lender by assets could take control of some of the country’s
most heavily indebted steel companies and sell them on as part
of a restructuring backed by New Delhi, bank officials said.

Punjab National Bank (PNB), a quarter of whose
nearly $4 billion portfolio of steel loans is stressed, is
considering taking charge of some companies over the next two
years, changing their management and then selling stakes,
Executive Director K.V. Brahmaji Rao said.

Jul 27, 2015

India govt signals retreat over plans to clip central bank wings

NEW DELHI (Reuters) – The Indian government, under attack for a draft bill that reduces the central bank’s independence to set interest rates, has signaled its willingness to retreat.

The draft legislation, published on Thursday for public comments, calls for creation of a rate-setting panel, and permits the government to appoint more than half of its members.

Jul 27, 2015

Govt signals retreat over plans to clip RBI wings

NEW DELHI (Reuters) – The Indian government, under attack for a draft bill that reduces the central bank’s independence to set interest rates, has signalled its willingness to retreat.

The draft legislation, published on Thursday for public comments, calls for creation of a rate-setting panel, and permits the government to appoint more than half of its members.

Jul 27, 2015

India govt signals retreat over plans to clip c.bank wings

NEW DELHI, July 27 (Reuters) – The Indian government, under
attack for a draft bill that reduces the central bank’s
independence to set interest rates, has signalled its
willingness to retreat.

The draft legislation, published on Thursday for public
comments, calls for creation of a rate-setting panel, and
permits the government to appoint more than half of its members.

Jul 27, 2015

Jaitley says to consider carefully report on “black money”

NEW DELHI/MUMBAI (Reuters) – Finance Minister Arun Jaitley said the government would take into account the impact on foreign investments should it act to prevent illegal funds or “black money” from flowing into India through popular equity derivative products.

The comments came after a Supreme Court-appointed panel said on Friday that India needed to take stronger measures to identify the owners of participatory notes (P-notes), or derivatives that track domestic equity markets.

Jul 27, 2015

India finmin says to consider carefully report on “black money”

NEW DELHI/MUMBAI, July 27 (Reuters) – India’s Finance
Minister Arun Jaitley said the government would take into
account the impact on foreign investments should it act to
prevent illegal funds or “black money” from flowing into the
country through popular equity derivative products.

The comments came after a Supreme Court-appointed panel said
on Friday that India needed to take stronger measures to
identify the owners of participatory notes (P-notes), or
derivatives that track domestic equity markets.

Jul 27, 2015

India tightens security on Pakistan border after Punjab attack

NEW DELHI (Reuters) – India tightened security on the border with old enemy Pakistan on Monday after heavily armed men stormed a police station in the northern frontier state of Punjab, killing six people and wounding several others.

Armed police exchanged fire with the gunmen, who were holed up in the police station in Gurdaspur district more than eight hours after the assault began at about 5 a.m. (2330 GMT Sunday), officials said.

Jul 22, 2015

Indian official to visit Iran to discuss oil dues – sources

NEW DELHI (Reuters) – India’s top financial official will visit Iran this weekend to discuss how to pay its oil import dues, sources said on Wednesday after the deal Tehran struck with world powers to curb its nuclear programme in return for the lifting of sanctions.

Finance Secretary Rajiv Mehrishi will lead a delegation of officials from Reserve Bank of India, state-run UCO Bank and oil companies from July 25-26, three sources with direct knowledge of the matter said.