Manoj's Feed
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.

Jul 21, 2015

India frets over high yields as more surprise bond sales expected

MUMBAI (Reuters) – The central bank’s unexpected bond sale last week has fuelled expectations that the market will be hit by more sales in coming weeks, raising concerns in the government that it will have to pay higher yields as it prepares to raise more debt.

An increase in government spending has left India’s banking system flush with funds, just as the central bank is scheduled to pass on a yearly dividend to the finance ministry of at least 50 billion rupees ($787 million) in August.

Jul 9, 2015

Indian business dreads lifting of Iran sanctions

NEW DELHI (Reuters) – Indian businessman Pankaj Bansal is losing sleep. He says that any nuclear deal under which global powers lift sanctions against Iran could wipe him out.

“I have been forced to take sleeping pills now to avoid nightmares as my business with Iran has drastically come down,” said Bansal, 43, from his base in a teeming commercial district of South Delhi.

Jul 3, 2015

RBI, govt in talks to scrap import curbs on gold-silver alloy – sources

MUMBAI/NEW DELHI (Reuters) – The Reserve Bank of India and the finance ministry are in talks to scrap bulk import licences for a gold-silver alloy used by domestic refiners, months after relaxing curbs on gold imports, officials with direct knowledge of the discussions told Reuters.

Gold is India’s second-highest import in value terms, and a jump in imports widened the current account deficit in 2013, sparking the country’s worst currency turmoil since a balance of payments crisis in 1991.

Jul 3, 2015

India c.bank, govt in talks to scrap import curbs on gold-silver alloy -sources

MUMBAI/NEW DELHI, July 3 (Reuters) – The Reserve Bank of
India and the finance ministry are in talks to scrap bulk import
licences for a gold-silver alloy used by domestic refiners,
months after relaxing curbs on gold imports, officials with
direct knowledge of the discussions told Reuters.

Gold is India’s second-highest import in value terms, and a
jump in imports widened the current account deficit in 2013,
sparking the country’s worst currency turmoil since a balance of
payments crisis in 1991.

Jul 2, 2015

India to roll out cash transfer of food subsidies from Sept – official

NEW DELHI (Reuters) – India plans to phase in cash transfers of food and kerosene subsidies from September, saving 10-15 percent of the $21 billion in annual outlays on the benefits by eliminating fraud, a senior finance ministry official said on Thursday.

Three so-called union territories, directly administered by the central government, would become a testbed for the measures, said Peeyush Kumar, the senior finance ministry official in charge of the cash transfer scheme.

Jun 25, 2015

India state pension fund to start buying shares as Modi pushes reform

NEW DELHI, June 25 (Reuters) – India’s state social security
and pension fund, undeterred by trade union resistance, will
start investing in equity markets next month, the labour
minister said, part of a broader push by Prime Minister Narendra
Modi to move away from socialist ways rooted in decades-old
labour laws.

With more than $100 billion of assets from some 80 million
members, the Employees’ Provident Fund Organisation (EPFO) is
one of the world’s largest. It will begin by investing in Indian
exchange traded funds, with the goal of earning higher returns.

Jun 25, 2015

India’s pension fund to start equity investments in July

NEW DELHI (Reuters) – India’s state social security fund, undeterred by resistance from trade unions, will start investing in equity markets next month, the labor minister said, as part of a reform drive aimed at boosting the economy.

With more than $100 billion of assets from some 80-million members, the Employees’ Provident Fund Organisation (EPFO) is one of the world’s largest. It will begin by investing in exchange traded funds, with the goal of earning higher returns.

Jun 25, 2015

Interview – State-rune EPF to start equity investments in July

NEW DELHI (Reuters) – India’s state social security fund, undeterred by resistance from trade unions, will start investing in equity markets next month, the labour minister said, as part of a reform drive aimed at boosting the economy.

With more than $100 billion of assets from some 80-million members, the Employees’ Provident Fund Organisation (EPFO) is one of the world’s largest. It will begin by investing in exchange traded funds, with the goal of earning higher returns.