Business News – Newsletter for February 21, 2011

RBI Advisory on Overseas Forex Trading through Electronic / Internet Trading Portals

The Reserve Bank of India has today clarified that remittance in any form towards overseas foreign exchange trading through electronic/internet trading portals is not permitted under the Foreign Exchange Management Act (FEMA), 1999. The Reserve Bank has also clarified that the existing regulations under FEMA, 1999 do not permit residents to … Read this article on Gaea Times at : RBI Advisory on Overseas Forex Trading through Electronic / Internet Trading Portals.

RBI and 926 branches of Banks to accept Advance Income Tax

As many as 926 computerised branches of public and private sector banks will receive advance income tax in Mumbai and Navi Mumbai. These arrangements have been made for the convenience of the income tax assesses. Of the 926 bank branches 862 branches are public sector bank branches, 35 HDFC bank branches, … Read this article on Gaea Times at : RBI and 926 branches of Banks to accept Advance Income Tax.

Reforms will top government’s agenda, says President

NEW DELHI – Drawing comfort from the high growth of the Indian economy despite the global meltdown, President Pratibha Patil Monday promised to hasten the reforms process with specific emphasis on not just attracting domestic and overseas capital into key areas but also to advance social inclusion.

“The policies we followed to handle the global …. Original article  : Reforms will top government’s agenda, says President.

Infrastructure development to get top priority: Patil

NEW DELHI – India’s economic and social development depends on how fast infrastructure is ramped up, President Pratibha Patil said here Monday.

The government has accorded infrastructure development the highest priority and allocated for it Rs.20 lakh crore in the Eleventh Five Year Plan, which ends March 2012. In the subsequent five-year plan, the government …. Source  : Gaea News Network.

Gandhi family has black money in Swiss banks: Jethmalani

NEW DELHI – Veteran lawyer and Bhartiya Janata Party (BJP) MP Ram Jethmalani Monday said that he believed that the Gandhi family has black money stashed in Swiss bank accounts.

I believe that the Gandhi family has money stashed in Swiss banks, Jethmalani told reporters outside parliament.
Swiss magazines have written, even Kent books …. Source article on Gaea Times at  : Gandhi family has black money in Swiss banks: Jethmalani.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.11 and the Reference Rate for Euro is ` 61.70 on February 21, 2011. The corresponding rates for the previous day (February 18, 2011) were ` 45.18 and ` 61.43 respectively. Based on the Reference Rate for …. Source article  : RBI Reference Rate for US $ and Euro.

Sensex still weak, broader markets in red

MUMBAI – A benchmark index for Indian equities markets Monday continued to rule flat, while broader markets saw greater selling.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,238.54 points, was ruling at 18,161.07 points, down 50.45 points or 0.28 percent from its previous close at 18,211.52 points.
The … Read more »»».

Black money issue will be tackled: President

NEW DELHI – The central government is concerned about the ill effects of black money and stands committed to tackling the problem, President Pratibha Patil told parliament here Monday.

“The issue of black money has attracted a lot of attention in the recent past, especially that allegedly stashed away in foreign banks. The government …. Original article on Gaea Times at  : Black money issue will be tackled: President.

States being consulted on food security bill: President

NEW DELHI – President Pratibha Patil Monday said states were being consulted on the proposed food security bill as its success critically depends on their commitment to reforms in the public distribution system (PDS).

I had announced earlier my government’s commitment to bring forward a food security law that will entitle statutorily every family, …. Source  : Gaea News Network.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on February 21, 2011 are:

Amount (face value in ` crore)                            

Item

1 day Reverse Repo Auction
(Sale of securities by RBI)

1 day Repo Auction 
… Read more : Liquidity Adjustment Facility : Auction Results.

Government deeply concerned about inflation: Patil

NEW DELHI – The United Progressive Alliance government is deeply concerned over the effect of inflation on the common man and the threat it poses to the growth of the economy, President Pratibha Patil said here Monday.

My government is deeply concerned over the adverse impact of inflation on the aam aadmi and the threat …. Source  : Gaea News Network.

Have to maintain momentum on reforms: President

NEW DELHI – India has to maintain momentum on reforms and encourage more investment in the economy, President Pratibha Patil said here Monday.

We have to maintain the momentum for reforms on a wide front, Patil said in her address to the joint session of parliament, marking the start of the budget session.
She patted … Read more : Have to maintain momentum on reforms: President.

Chinese firm offers phone network for London subway commuters

LONDON – A Chinese company has offered to install a phone network estimated to cost 50 million pounds for subway commuters here as a gift before the 2012 Olympics.

According to Daily Mail Sunday, London Mayor Boris Johnson is backing the idea but security chiefs fear the move could increase the risk of terrorism.
“In … Read the original article on Gaea Times at : Chinese firm offers phone network for London subway commuters.

Japanese shares fall on profit-taking, yen’s rise

TOKYO – Japanese stocks declined in Monday morning trading as investors sold shares to lock in quick profits after recent gains and as exporters were hurt by the yen’s rise against the dollar.

The benchmark Nikkei 225 Stock Average lost 38.71 points, or 0.36 percent, to trade at 10,804.09 while the broader Topix index …. Original article  : Japanese shares fall on profit-taking, yen’s rise.

Sensex flat in early trade

MUMBAI – A benchmark index for Indian equities markets Monday was flat in in early trade.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,238.54 points, was ruling at 18,216.96 points, up 5.44 points or 0.03 percent from its previous close at 18,211.52 points.
The 50-scrip S&P CNX Nifty … Read more : Sensex flat in early trade.

Money Market Operations as on February 18, 2011

… Original article on : Money Market Operations as on February 18, 2011.

Ahmadinejad presents $180 bn budget

TEHRAN – Iranian President Mahmoud Ahmadinejad Sunday presented a 1,769-trillion-rial ($180 billion) budget for the 2011-12 fiscal starting March 21.

He submitted the budget Bill at the opening session of the Majlis, the Iranian parliament, IRNA reported.
The budget for the fiscal encompasses measures that give Ahmadinejad the mandate to promote his major economic … Read the original article on Gaea Times at : Ahmadinejad presents $180 bn budget.

Mumbai gets its first air-conditioned bus stand

MUMBAI – Maharashtra’s first fully air-conditioned bus stand, resembling an airport lounge, was Sunday inaugurated in the Dadar east area here by Chief Minister Prithviraj Chavan.

Chavan, who also holds the transport portfolio, complimented the Maharashtra State Road Transport Corporation (MSRTC) for the project and said that depending on passenger volumes, all bus stands in … Read : Mumbai gets its first air-conditioned bus stand.

IT, BPO complex project in Kerala’s Infopark kicks off

KOCHI – The foundation stone for the first IT/BPO complex, intended to create cost-effective infrastructure for the industry in Kerala’s Infopark Phase-II, was laid Sunday.

Chief Minister V.S.Achuthanandan, who was to take part in the inauguration, read out his speech from the guest house as he was not well and it was transmitted live …. Source  : IT, BPO complex project in Kerala’s Infopark kicks off.

Foreign funds inflow slackens even as markets gain

MUMBAI – Foreign funds were aloof during the trading week at Indian equities markets which ended Friday, even as stocks rose significantly for the first time in three weeks.

Foreign institutional investors (FIIs) were net buyers of equities to the tune of $12.4 million, according to data available with the Securities and Exchange Board …. Original source  : Foreign funds inflow slackens even as markets gain.