General Affairs
PM Modi To Inaugurate Superspeciality Hospital In Katra On April 19
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JAMMU: Prime Minister Narendra Modi will dedicate to nation Shri Mata Vaishno Devi Narayana Superspeciality Hospital at Kakryal, near Katra, in Jammu and Kashmir on Tuesday.
"Prime Minister will dedicate SMVDN Superspeciality hospital, Kakryal and Sports complex (Katra) on April 19, to nation" Chief Executive Officer of Shri Mata Vaishno Devi Shrine Board (SMVDSB), AK Sahu, said in Jammu today.
Jammu and Kashmir Governor NN Vohra, chairman of the Shrine Board, and Chief Minister Mehbooba Mufti besides chairman Narayana Hrudyalaya, Dr Devi Prasad Shetty, will also be present on the occasion.
"The Shrine Board's 230-bedded Rs 300 crore-Superspeciality hospital has been operationalised from April 8," the CEO said.
The Shrine Board has signed an agreement with Narayana Hrudayalaya Pvt Ltd, Bangalore, which operates 32 hospitals all over the country, for operationalisation of the hospital.
The hospital is offering Free OPD consultation to all the patients for next three months, he said.
JAMMU: Prime Minister Narendra Modi will dedicate to nation Shri Mata Vaishno Devi Narayana Superspeciality Hospital at Kakryal, near Katra, in Jammu and Kashmir on Tuesday."Prime Minister will dedicate SMVDN Superspeciality hospital, Kakryal and Sports complex (Katra) on April 19, to nation" Chief Executive Officer of Shri Mata Vaishno Devi Shrine Board (SMVDSB), AK Sahu, said in Jammu today.
Jammu and Kashmir Governor NN Vohra, chairman of the Shrine Board, and Chief Minister Mehbooba Mufti besides chairman Narayana Hrudyalaya, Dr Devi Prasad Shetty, will also be present on the occasion.
"The Shrine Board's 230-bedded Rs 300 crore-Superspeciality hospital has been operationalised from April 8," the CEO said.
The Shrine Board has signed an agreement with Narayana Hrudayalaya Pvt Ltd, Bangalore, which operates 32 hospitals all over the country, for operationalisation of the hospital.
The hospital is offering Free OPD consultation to all the patients for next three months, he said.
We Dominated China Culturally For Over 2,000 Years, Says Rajnath Singh
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MUMBAI: India has "culturally dominated" China through the sea route for over 2,000 years, Union Home Minister Rajnath Singh said today at the Maritime Summit in Mumbai.
Speaking at the event, Mr Singh also described the Gangetic plains as the cradle of all civilisational thoughts.
When the Chinese revolution was on, the then Peking University vice-chancellor Hu Shih, who also represented China at the UN, wrote that "India has dominated and culturally controlled China for more than 2,000 years without sending a single soldier," the minister said.
"The message has truly gone to China as well that Indian culture has influenced it and it might have gone only through the sea route," Mr Singh said, delivering the valedictory speech at the maiden Maritime Summit.
He also quoted the French philosopher Voltaire as saying that "I am fully convinced that everything has come from the banks of the Ganges."
Mr Singh further said that as India grows economically, militarily and technologically, its "national security imperatives and political interests will stretch gradually beyond the Indian Ocean Region."
Contribution of the shipping and maritime sector to GDP will grow by nearly three times over the next five years, he said, and added that it will continue to play an important role in the economic expansion.
The home minister's statement comes in the backdrop of New Delhi's strained relationship with Beijing after China recently blocked a proposal to proscribe the Pakistan-based terrorist group Jaish-e-Mohammed's founder Masood Azhar.
Mr Singh also exuded confidence that the shipping ministry will achieve its target of garnering over $66 billion in investments over the next five years for the Sagarmala project.
Speaking at the event, Mr Singh also described the Gangetic plains as the cradle of all civilisational thoughts.
When the Chinese revolution was on, the then Peking University vice-chancellor Hu Shih, who also represented China at the UN, wrote that "India has dominated and culturally controlled China for more than 2,000 years without sending a single soldier," the minister said.
"The message has truly gone to China as well that Indian culture has influenced it and it might have gone only through the sea route," Mr Singh said, delivering the valedictory speech at the maiden Maritime Summit.
He also quoted the French philosopher Voltaire as saying that "I am fully convinced that everything has come from the banks of the Ganges."
Mr Singh further said that as India grows economically, militarily and technologically, its "national security imperatives and political interests will stretch gradually beyond the Indian Ocean Region."
Contribution of the shipping and maritime sector to GDP will grow by nearly three times over the next five years, he said, and added that it will continue to play an important role in the economic expansion.
The home minister's statement comes in the backdrop of New Delhi's strained relationship with Beijing after China recently blocked a proposal to proscribe the Pakistan-based terrorist group Jaish-e-Mohammed's founder Masood Azhar.
Mr Singh also exuded confidence that the shipping ministry will achieve its target of garnering over $66 billion in investments over the next five years for the Sagarmala project.
In Health Warning Showdown, Tobacco Industry Turns To Supreme Court
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JAIPUR: The tobacco industry has sought to delay strict new health warning rules by appealing to the Supreme Court, a move anti-smoking activists say could backfire given that the court has ruled against cigarette makers in the past.
Earlier this month tobacco companies, some backed by "Big Tobacco" firms in the West, effectively went on strike by closing factories in protest against demands that 85 per cent of a cigarette packet's surface be covered by health warnings, up from the older requirement of 20 per cent.
The industry estimates the stoppages cost it as much as Rs 450 crore a day, taking cumulative losses of over Rs 5,000 crore.
Similar battles have played out around the world in recent years as governments try to discourage smoking. On a few occasions, major tobacco producers have resorted to drastic action by freezing output.
That tactic worked in India in 2010, when the government delayed a set of warnings proposed at the time after the industry shuttered plants.
But this time New Delhi's room to compromise is more limited, court documents and interviews with federal health ministry officials and activists suggest, leaving the Supreme Court as one of the last avenues of appeal for cigarette makers.
"The tide has turned and the tobacco industry is on a downhill slope," said one of the activists, Sanjay Seth.
The Tobacco Institute of India, an industry lobby group, declined to comment for this story. It has called the packaging rules drastic and impractical, saying the law will increase smuggling of illegal cigarettes.
One small local producer, Golden Tobacco, has started selling cigarette packs that comply with the new rules.
But the biggest companies - ITC Ltd, part-owned by British American Tobacco, and U.S.-based Philip Morris International's (PMI) India partner Godfrey Phillips - are holding out.
On April 8, an industry group that represents makers of traditional smokes, or beedis, in south India went to the Supreme Court to challenge the rules, according to the filing seen by news agency Reuters on Thursday. It was not previously reported.
The plea, filed by the Karnataka Beedi Industry Association, seeks a stay in enforcing the new rules, saying that they would bring the industry to a "grinding halt" and "cause grave and irreparable harm and loss".
A hearing is scheduled for April 22.
The appeal against the packaging regulations, which are among the world's strictest, does not directly involve major cigarette makers, but any ruling could also apply to them.
ITC declined to comment on the packaging row. BAT said it would be "inappropriate" to comment as they are "just shareholders in ITC". PMI referred questions to Godfrey Phillips, which did not respond to requests for comment.
JAIPUR: The tobacco industry has sought to delay strict new health warning rules by appealing to the Supreme Court, a move anti-smoking activists say could backfire given that the court has ruled against cigarette makers in the past.Earlier this month tobacco companies, some backed by "Big Tobacco" firms in the West, effectively went on strike by closing factories in protest against demands that 85 per cent of a cigarette packet's surface be covered by health warnings, up from the older requirement of 20 per cent.
The industry estimates the stoppages cost it as much as Rs 450 crore a day, taking cumulative losses of over Rs 5,000 crore.
That tactic worked in India in 2010, when the government delayed a set of warnings proposed at the time after the industry shuttered plants.
But this time New Delhi's room to compromise is more limited, court documents and interviews with federal health ministry officials and activists suggest, leaving the Supreme Court as one of the last avenues of appeal for cigarette makers.
"The tide has turned and the tobacco industry is on a downhill slope," said one of the activists, Sanjay Seth.
The Tobacco Institute of India, an industry lobby group, declined to comment for this story. It has called the packaging rules drastic and impractical, saying the law will increase smuggling of illegal cigarettes.
One small local producer, Golden Tobacco, has started selling cigarette packs that comply with the new rules.
But the biggest companies - ITC Ltd, part-owned by British American Tobacco, and U.S.-based Philip Morris International's (PMI) India partner Godfrey Phillips - are holding out.
On April 8, an industry group that represents makers of traditional smokes, or beedis, in south India went to the Supreme Court to challenge the rules, according to the filing seen by news agency Reuters on Thursday. It was not previously reported.
The plea, filed by the Karnataka Beedi Industry Association, seeks a stay in enforcing the new rules, saying that they would bring the industry to a "grinding halt" and "cause grave and irreparable harm and loss".
A hearing is scheduled for April 22.
The appeal against the packaging regulations, which are among the world's strictest, does not directly involve major cigarette makers, but any ruling could also apply to them.
ITC declined to comment on the packaging row. BAT said it would be "inappropriate" to comment as they are "just shareholders in ITC". PMI referred questions to Godfrey Phillips, which did not respond to requests for comment.
Vijay Bahuguna Blames Harish Rawat For President's Rule In Uttarakhand
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DEHRADUN: Holding former chief minister Harish Rawat responsible for the imposition of President's Rule in Uttarakhand, his predecessor Vijay Bahuguna today said this scenario could have been prevented if the deposed chief minister had resigned immediately after his government was reduced to a minority in the Assembly.
"Rawat himself is to be blamed for imposition of President's Rule in Uttarakhand. If he had resigned after his government was reduced to a minority in the state Assembly it would not have happened. Someone else from the Congress or some other party would have got a chance to form the government.
"But since he did not resign and the appropriation bill had not been passed by the House, the President was left with no choice but to impose President's Rule in the state," Mr Bahuguna told reporters in Haridwar.
Soon after President's Rule was imposed in Uttarakhand on March 27, Finance Minister Arun Jaitley had said it was a fit case for invocation of Article 356 as the appropriation bill had not been passed by the state Assembly.
Mr Bahuguna, who was among the nine Congress legislators who revolted against their own party's government in the state assembly, said they want President's Rule to come to an early end in Uttarakhand but everything depends on the high court which is yet to deliver its verdict on a bunch of petitions related to recent political developments in the state.
Justifying the role played by the nine rebel Congress legislators in the eviction of Rawat government, Mr Bahuguna made an oblique reference to growing morale of mining mafia under Mr Rawat saying, "He (Rawat) dug the state's rivers, we dug his chair."
Congress rebels have been alleging that mining, land and liquor mafia had begun to call the shots in Uttarakhand during Mr Rawat's tenure.
"Rawat himself is to be blamed for imposition of President's Rule in Uttarakhand. If he had resigned after his government was reduced to a minority in the state Assembly it would not have happened. Someone else from the Congress or some other party would have got a chance to form the government.
"But since he did not resign and the appropriation bill had not been passed by the House, the President was left with no choice but to impose President's Rule in the state," Mr Bahuguna told reporters in Haridwar.
Soon after President's Rule was imposed in Uttarakhand on March 27, Finance Minister Arun Jaitley had said it was a fit case for invocation of Article 356 as the appropriation bill had not been passed by the state Assembly.
Mr Bahuguna, who was among the nine Congress legislators who revolted against their own party's government in the state assembly, said they want President's Rule to come to an early end in Uttarakhand but everything depends on the high court which is yet to deliver its verdict on a bunch of petitions related to recent political developments in the state.
Justifying the role played by the nine rebel Congress legislators in the eviction of Rawat government, Mr Bahuguna made an oblique reference to growing morale of mining mafia under Mr Rawat saying, "He (Rawat) dug the state's rivers, we dug his chair."
Congress rebels have been alleging that mining, land and liquor mafia had begun to call the shots in Uttarakhand during Mr Rawat's tenure.
I Will Continue To Do Or Say As I Like, Says Mamata Banerjee
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RANAGHAT: West Bengal Chief Minister Mamata Banerjee today kept up her defiance against the Election Commission and said she would continue to do and say as she liked and transfer of police officers by it will not affect her party's poll prospects.
"I will continue to do or say as I like. If somebody threatens me I roar back. Transfer of police officers will not have any impact on our (TMC) poll prospect... We do not believe in threat in politics," Ms Banerjee told poll meetings at Nadia district a day after she was issued a showcause notice by EC for allegedly violating the model code of conduct.
Police officers are being transferred by EC "at the drop of a hat" but the transfer of some ICs and OCs of the police will unite the rest of them. "All police officers are our men," she claimed.
The Trinamool chief accused the poll panel of acting only on the complaints of opposition-sponsored "syndicates" and transferring police officers.
"Please close down your complaint book and act in an impartial manner to ensure a free and fair polls in the state. Instead of that you are acting only on the complaints of the opposition-sponsored syndicates, which has developed in the state this time.
"People in Bengal will not tolerate this insult... Seven TMC workers are killed in poll violence. What steps the poll panel has taken? It only knows to act on the complaints of opposition-sponsored syndicates," she said.
People would have to "deactivate" these "complain syndicates", who are calling on the EC in Delhi every now and then out of "fear psychosis" by rejecting the opposition in the election in a fitting reply to the poll panel.
"Once the poll result is declared on May 19, they (Opposition) will be surprised as their dreams will be shattered," she claimed.
The Trinamool chief further said her party would play an important role after 2019 Lok Sabha election. "Bengal will show the way to Delhi."
RANAGHAT: West Bengal Chief Minister Mamata Banerjee today kept up her defiance against the Election Commission and said she would continue to do and say as she liked and transfer of police officers by it will not affect her party's poll prospects."I will continue to do or say as I like. If somebody threatens me I roar back. Transfer of police officers will not have any impact on our (TMC) poll prospect... We do not believe in threat in politics," Ms Banerjee told poll meetings at Nadia district a day after she was issued a showcause notice by EC for allegedly violating the model code of conduct.
Police officers are being transferred by EC "at the drop of a hat" but the transfer of some ICs and OCs of the police will unite the rest of them. "All police officers are our men," she claimed.
The Trinamool chief accused the poll panel of acting only on the complaints of opposition-sponsored "syndicates" and transferring police officers.
"Please close down your complaint book and act in an impartial manner to ensure a free and fair polls in the state. Instead of that you are acting only on the complaints of the opposition-sponsored syndicates, which has developed in the state this time.
"People in Bengal will not tolerate this insult... Seven TMC workers are killed in poll violence. What steps the poll panel has taken? It only knows to act on the complaints of opposition-sponsored syndicates," she said.
People would have to "deactivate" these "complain syndicates", who are calling on the EC in Delhi every now and then out of "fear psychosis" by rejecting the opposition in the election in a fitting reply to the poll panel.
"Once the poll result is declared on May 19, they (Opposition) will be surprised as their dreams will be shattered," she claimed.
The Trinamool chief further said her party would play an important role after 2019 Lok Sabha election. "Bengal will show the way to Delhi."
Business Affairs
Five developers approach govt with SEZ cancellation plea
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Five special economic zone (SEZ) developers including Abex Infocom have approached the government to surrender their IT sector tax-free zones.
The Board of Approval (BoA) chaired by Commerce Secretary Rita Teaotia would take a decision on these applications in its meeting on April 28.
All the five zones are from IT/ITeS sector.
In all these cases, "formal approval has been granted by the Department of Commerce. However, since there is no significant progress made by the developer, the concerned Development Commissioner has proposed for cancellation of formal approval granted to the developers," the agenda of the BoA meeting said.
Last year, about 80 developers had surrendered their zones as progress made by those developers were not satisfactory.
Other developers who have sought government's approval to cancel there zones include Orion IT Parks, Salarpuria Properties, Bengal Shristi Infrastructure Development Ltd and ML Dalmia & Co Ltd.
Withdrawal of incentives and imposition of taxes like MAT and DDT have impacted the development and growth of these zones.
To revive investors sentiment, the Commerce Ministry is pitching for removal of minimum alternate tax (MAT) and dividend distribution tax (DDT) on SEZs.
SEZs are mainly exports hubs which contribute to about 23 per cent in the country's total exports.
The ministry wants tax incentives being enjoyed by SEZs should not be abolished. In the Budget, the Finance Minister had said the income tax benefits benefit new SEZ units will be available to those units which commence activity before March 31, 2020.
Exports from such zones in 2014-15 stood at Rs 4,63,770 crore as compared to Rs 4,94,077 crore.
The Export Promotion Council for EoUs and SEZs (EPCES) had said that MAT and DDT on SEZs have dented the investor friendly image of these zones.
Five special economic zone (SEZ) developers including Abex Infocom have approached the government to surrender their IT sector tax-free zones.
The Board of Approval (BoA) chaired by Commerce Secretary Rita Teaotia would take a decision on these applications in its meeting on April 28.
All the five zones are from IT/ITeS sector.
In all these cases, "formal approval has been granted by the Department of Commerce. However, since there is no significant progress made by the developer, the concerned Development Commissioner has proposed for cancellation of formal approval granted to the developers," the agenda of the BoA meeting said.
Last year, about 80 developers had surrendered their zones as progress made by those developers were not satisfactory.
Other developers who have sought government's approval to cancel there zones include Orion IT Parks, Salarpuria Properties, Bengal Shristi Infrastructure Development Ltd and ML Dalmia & Co Ltd.
Withdrawal of incentives and imposition of taxes like MAT and DDT have impacted the development and growth of these zones.
To revive investors sentiment, the Commerce Ministry is pitching for removal of minimum alternate tax (MAT) and dividend distribution tax (DDT) on SEZs.
SEZs are mainly exports hubs which contribute to about 23 per cent in the country's total exports.
The ministry wants tax incentives being enjoyed by SEZs should not be abolished. In the Budget, the Finance Minister had said the income tax benefits benefit new SEZ units will be available to those units which commence activity before March 31, 2020.
Exports from such zones in 2014-15 stood at Rs 4,63,770 crore as compared to Rs 4,94,077 crore.
The Export Promotion Council for EoUs and SEZs (EPCES) had said that MAT and DDT on SEZs have dented the investor friendly image of these zones.
Corporate earnings to rise by 25% in FY17, says report
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Corporate earnings are expected to grow by about 25 per cent in 2016-17, on likelihood of good monsoon, monetary easing as well as recovery in commodity prices, says a report.
According to the report by Motilal Oswal Securities, last fiscal's earnings decline was heavily influenced by headwinds from low commodity (metals and crude oil) prices, significant NPAs, two consecutive years of poor monsoon impacting consumer sector growth and lack of material transmission of rate cuts.
"For 2016-17, most of these headwinds are turning into tailwinds along with favourable base," the report said.
"We estimate 25 per cent PAT (profit after tax) growth in FY17 and 24 per cent CAGR (compound annual growth rate) over FY16-18," it added.
The report further said, likelihood of normal monsoon, government's focus on rural areas and implementation of the 7th Pay Commission's recommendations would provide strong impetus to consumption.
Besides, recovery of metal prices from bottom driving metal sector earnings and transmission of RBI's 2016-17 rate cuts will benefit corporate earnings.
Moreover, large part of banking and financial sector NPA being provided in previous fiscal would give a favourable base for the the current financial year.
Auto, FMCG and financial sector would exhibit continuous strong earnings growth.
In the financial sector, Bank of Baroda, M&M Financial Services Ltd and Shriram Transport would see a sharp recovery in this fiscal, on the back of significant NPA provisioning in 2015-16.
"Commodity companies like UltraTech (recovery in cement volumes driven by investment cycle recovery) and JSW Steel (recovery in steel prices coupled with strong volume growth) would also witness sharp profit growth," the report said.
Corporate earnings are expected to grow by about 25 per cent in 2016-17, on likelihood of good monsoon, monetary easing as well as recovery in commodity prices, says a report.
According to the report by Motilal Oswal Securities, last fiscal's earnings decline was heavily influenced by headwinds from low commodity (metals and crude oil) prices, significant NPAs, two consecutive years of poor monsoon impacting consumer sector growth and lack of material transmission of rate cuts.
"For 2016-17, most of these headwinds are turning into tailwinds along with favourable base," the report said.
"We estimate 25 per cent PAT (profit after tax) growth in FY17 and 24 per cent CAGR (compound annual growth rate) over FY16-18," it added.
The report further said, likelihood of normal monsoon, government's focus on rural areas and implementation of the 7th Pay Commission's recommendations would provide strong impetus to consumption.
Besides, recovery of metal prices from bottom driving metal sector earnings and transmission of RBI's 2016-17 rate cuts will benefit corporate earnings.
Moreover, large part of banking and financial sector NPA being provided in previous fiscal would give a favourable base for the the current financial year.
Auto, FMCG and financial sector would exhibit continuous strong earnings growth.
In the financial sector, Bank of Baroda, M&M Financial Services Ltd and Shriram Transport would see a sharp recovery in this fiscal, on the back of significant NPA provisioning in 2015-16.
"Commodity companies like UltraTech (recovery in cement volumes driven by investment cycle recovery) and JSW Steel (recovery in steel prices coupled with strong volume growth) would also witness sharp profit growth," the report said.
More rate cuts on lower inflation, good monsoon, says Raghuram Rajan
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Reserve Bank of India may further lower the interest rate if inflation continues to ease and the monsoon turns out to be good, Governor Raghuram Rajan has said.
"We are looking at inflation. If it continues on a downward path, that would create room (for further rate cuts)," he said.
Earlier this month, RBI reduced its policy rate by 0.25 per cent to 6.5 per cent - its lowest level in more than five years. While this was the first rate cut after a gap of six months, RBI has lowered its rate by 1.5 per cent cumulatively since January 2015.
Still, the industry wants further rate cuts from RBI to boost investment. During the same time period, the banks have lowered their own lending rate by 0.25-0.5 per cent.
Rajan, who is here for the spring meetings of the International Monetary Fund and the World Bank, further said RBI is also looking at how the monsoon progresses this year after two consecutive bad years.
"We are looking for signs of a good monsoon.
Unfortunately, India is still somewhat sensitive to monsoons though people find it hard to see a link between monsoons and food prices. But there is potentially (a link), with this being the third bad monsoon in a row (if) that happens," Rajan told business daily Wall Street Journal in an interview.
He further said India has got it "right" when it comes to managing the macro-economic scenario even as several other economies, including emerging ones, were struggling amid overall tough global conditions.
Rajan said India has narrowed its deficits to ensure greater flexibility to manage its economy through the turbulent global scenario.
He also praised US Federal Reserve Chair Janet Yellen for paying more attention to emerging markets in her policy for the US markets.
"They certainly are paying more attention and talking about paying more attention, which I think is a very welcome step... I think that's changed quite a bit under Yellen," he said.
The US Fed policies have been criticised in the past by policymakers from emerging markets for the adverse impact their quantitative easing moves have had on emerging markets, including on India and China.
Rajan said the current shift in the Fed policy allows the emerging markets more room to address issues like currency volatility and declining commodity prices.
Referring to the Fed move to slow the pace of their rate hikes, Rajan said it has helped take a little bit of pressure off on others.
"Are other countries capable of using the time well, or are the problems beyond their actions?" he wondered.
Reserve Bank of India may further lower the interest rate if inflation continues to ease and the monsoon turns out to be good, Governor Raghuram Rajan has said.
"We are looking at inflation. If it continues on a downward path, that would create room (for further rate cuts)," he said.
Earlier this month, RBI reduced its policy rate by 0.25 per cent to 6.5 per cent - its lowest level in more than five years. While this was the first rate cut after a gap of six months, RBI has lowered its rate by 1.5 per cent cumulatively since January 2015.
Still, the industry wants further rate cuts from RBI to boost investment. During the same time period, the banks have lowered their own lending rate by 0.25-0.5 per cent.
Rajan, who is here for the spring meetings of the International Monetary Fund and the World Bank, further said RBI is also looking at how the monsoon progresses this year after two consecutive bad years.
"We are looking for signs of a good monsoon.
Unfortunately, India is still somewhat sensitive to monsoons though people find it hard to see a link between monsoons and food prices. But there is potentially (a link), with this being the third bad monsoon in a row (if) that happens," Rajan told business daily Wall Street Journal in an interview.
He further said India has got it "right" when it comes to managing the macro-economic scenario even as several other economies, including emerging ones, were struggling amid overall tough global conditions.
Rajan said India has narrowed its deficits to ensure greater flexibility to manage its economy through the turbulent global scenario.
He also praised US Federal Reserve Chair Janet Yellen for paying more attention to emerging markets in her policy for the US markets.
"They certainly are paying more attention and talking about paying more attention, which I think is a very welcome step... I think that's changed quite a bit under Yellen," he said.
The US Fed policies have been criticised in the past by policymakers from emerging markets for the adverse impact their quantitative easing moves have had on emerging markets, including on India and China.
Rajan said the current shift in the Fed policy allows the emerging markets more room to address issues like currency volatility and declining commodity prices.
Referring to the Fed move to slow the pace of their rate hikes, Rajan said it has helped take a little bit of pressure off on others.
"Are other countries capable of using the time well, or are the problems beyond their actions?" he wondered.
Thyssenkrupp wants active role in any steel mergers
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Germany's biggest steelmaker Thyssenkrupp wants to play a role in any consolidation of the European steel market, which is afflicted by excess production capacity and a weak demand outlook, its chief executive said.
"We have clearly said that we consider a consolidation as a sensible and proper step towards a solution. And if such solutions are possible we will play an active role from a position of strength," Heinrich Hiesinger told reporters.
"Whether, when and with whom consolidation may take place is still completely unclear today," he said in remarks released on Friday.
Tata Steel's move to sell its British operations has increased expectations that a deadlock among European steelmakers, each unwilling to make the first move, could finally be broken.
Thyssenkrupp shares were up 1.2 per cent by 0912 GMT at the top of the German blue-chip index. ArcelorMittal, the world's biggest steelmaker, rose 0.4 per cent, while German steelmaker Salzgitter fell 0.4 per cent.
"It's all a long way off. Until now there's evidently nothing concrete. But they have to talk to one another, costs have to come down," said a Frankfurt-based trader.
Hiesinger said: "Demand is indeed stable today but it will grow only immaterially in the future. The issue of overcapacity is being clearly aggravated by high imports from China and also to an extent from Russia."
Sources have told Reuters that talks are taking place between all Europe's steelmakers but no deal is imminent. Labour representatives, who have a right to be consulted on any concrete plan, have not been informed.
Hiesinger said he did not believe financially stretched steelmakers would buy one another, but would rather merge their operations with each continuing to own a stake.
Salzgitter, asked for a comment, referred to statements made by Chief Executive Heinz Joerg Fuhrmann in a Reuters interview earlier this year, when he ruled out taking part in any consolidation.
Germany's biggest steelmaker Thyssenkrupp wants to play a role in any consolidation of the European steel market, which is afflicted by excess production capacity and a weak demand outlook, its chief executive said.
"We have clearly said that we consider a consolidation as a sensible and proper step towards a solution. And if such solutions are possible we will play an active role from a position of strength," Heinrich Hiesinger told reporters.
"Whether, when and with whom consolidation may take place is still completely unclear today," he said in remarks released on Friday.
Tata Steel's move to sell its British operations has increased expectations that a deadlock among European steelmakers, each unwilling to make the first move, could finally be broken.
Thyssenkrupp shares were up 1.2 per cent by 0912 GMT at the top of the German blue-chip index. ArcelorMittal, the world's biggest steelmaker, rose 0.4 per cent, while German steelmaker Salzgitter fell 0.4 per cent.
"It's all a long way off. Until now there's evidently nothing concrete. But they have to talk to one another, costs have to come down," said a Frankfurt-based trader.
Hiesinger said: "Demand is indeed stable today but it will grow only immaterially in the future. The issue of overcapacity is being clearly aggravated by high imports from China and also to an extent from Russia."
Sources have told Reuters that talks are taking place between all Europe's steelmakers but no deal is imminent. Labour representatives, who have a right to be consulted on any concrete plan, have not been informed.
Hiesinger said he did not believe financially stretched steelmakers would buy one another, but would rather merge their operations with each continuing to own a stake.
Salzgitter, asked for a comment, referred to statements made by Chief Executive Heinz Joerg Fuhrmann in a Reuters interview earlier this year, when he ruled out taking part in any consolidation.
Masala bonds a step to make Rupee global currency
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Issuance of rupee-denominated masala bonds overseas is a step towards making the Indian currency global, CARE Ratings said on Thursday.
Rupee-denominated bonds issued overseas can become an important instrument from the point of view of Indian companies which can raise such funds from global markets without taking on the currency risk, CARE Ratings said in a note.
"It differs from External Commercial Borrowings (ECBs) as these are issued in rupees and repaid in the same currency. It is a step towards making the rupee a global currency where foreign investors buy such bonds", it said.
Presently the limit of $51 billion for foreign investment in corporate debt has been fixed in rupee terms at Rs 2,443.23 billion.
Issuance of rupee-denominated bonds overseas is also within this aggregate limit of foreign investment in corporate debt, it said.
On maturity period of three years for rupee denominated bonds issued overseas so that it is aligned with the maturity for foreign investment in corporate bonds, CARE said the it is a positive move and will lead to more companies raising funds through this route.
"This route can also be used by foreign companies or governments who would like to invest in India by borrowing from overseas markets provided the cost is favourable", it added.
Issuance of rupee-denominated masala bonds overseas is a step towards making the Indian currency global, CARE Ratings said on Thursday.
Rupee-denominated bonds issued overseas can become an important instrument from the point of view of Indian companies which can raise such funds from global markets without taking on the currency risk, CARE Ratings said in a note.
"It differs from External Commercial Borrowings (ECBs) as these are issued in rupees and repaid in the same currency. It is a step towards making the rupee a global currency where foreign investors buy such bonds", it said.
Presently the limit of $51 billion for foreign investment in corporate debt has been fixed in rupee terms at Rs 2,443.23 billion.
Issuance of rupee-denominated bonds overseas is also within this aggregate limit of foreign investment in corporate debt, it said.
On maturity period of three years for rupee denominated bonds issued overseas so that it is aligned with the maturity for foreign investment in corporate bonds, CARE said the it is a positive move and will lead to more companies raising funds through this route.
"This route can also be used by foreign companies or governments who would like to invest in India by borrowing from overseas markets provided the cost is favourable", it added.
General Awareness
BANKING AWARENESS PRACTICE QUESTIONS FOR BANK EXAMS
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1. Alice Vaidyan is the Chairman and Managing Director of which of the following Insurance Companies?
a) New India Assurance
b) Life Insurance Corporation
c) Birla Sun Life Insurance Co. Ltd.
d) National Insurance Company
e) General Insurance Corporation of India
2. Prepayment charges are exempted for:
a) Housing Loans
b) Education Loans
c) Agri. Loans
d) Corporate Loans
e) a, b & c
3. Minimum and Maximum period of Certificate of Deposits:
a) 15 days & 1 year
b) 30 days & 1 year
c) 7 days & 1 year
d) 7 days & no limit
e) None
4. The Reserve Bank established which board to encourage transparency in lending and fair pricing and customer servicing?
a) Board of Financial Supervision (BFS)
b) Banking Ombudsman
c) Banking Codes and Standards Board of India
d) Deposit Insurance and Credit Guarantee Corporation
e) All of the Above
5. In strategic alliance, the alliance partners:
a) Merge with each other
b) One partner acquires the other
c) Remain separate entities
d) It is a type of convertion
e) None of the above
6. Maximum SLR to be maintained by banks is:
a) 50% of Net Demand and Time Liabilities (NDTL)
b) 40% Net Demand and Time Liabilities
c) 30% Net Demand and Time Liabilities
d) 60% Net Demand and Time Liabilities
e) None of the above
7. With regard to nomination to Illiterate account, which of the following statement is correct?
a) Can extend in favour of literate only
b) Nomination facility is not available
c) Consent from Nominee is required
d) Witness is a must
e) None
8. Acustomer is entitled to get a duplicate DD in place of the lost one, provided:
a) He gives due intimation to the issuing branch
b) Payment of DD not already made by the drawer branch
c) Execution of an indemnity Bond
d) All of the above
e) a and b
9. Bank stakeholders include:
a) Shareholders
b) Customers
c) Employees
d) a & b only
e) a, b, c
10. Agency which purchases NPA from banks is called:
a) Asset Management Company
b) Assets Reconstruction Company
c) Consolidation Company
d) Financial Reconstruction Company
e) None of the above
11. Working capital means:
a) Capital Requirements for the day-to-day transactions
b) Excess of current assets over current liabilities
c) Fixed assets - Current assets
d) None of above
e) b and c
12. E.P.S. in share market stands for:
a) Earnings Per Share
b) Electronic Payment System
c) Employee Pension Scroll
d) Equated Payment System
e) None of these
13. Housing Loans granted to individuals up to Rs.___ for construction of houses (excluding loans
granted by banks to their employees) are treated as priority sector advances:
a) 1 lakh
b) 10 lakhs
c) 25 lakhs
d) 20 lakhs
e) 15 lakhs
14. When the contents of the Negotiable Instrument are modified by the drawer, it is treated as:
a) Forgery
b) Fraud
c) Material alteration
d) Suppression of facts
e) None
15. Operational risk is the risk of loss arising from various types of:
a) Human error
b) Failed systems and procedures in the bank
c) Breakdown in internal controls
d) All of the above
e) a and b
16. Exercise of nomination by the depositor is:
a) Optional to the depositor
b) Mandatory in case of single named accounts
c) Mandatory in case of joint accounts
d) Mandatory for locker accounts
e) None
17. Which of the following statements is not correct with regard to Tax Saver Scheme of Banks?
a) Tax exemption is available for the deposit amount under section 80C of IT Act
b) Period of deposit is allowed up to 5 Years
c) TDS is applicable, if interest payment is above Rs.10,000 in a financial year
d) Maximum amount of deposit allowed is Rs. 5 Lakhs
e) c & d
18. What is the total Priority Sector Lending target for Foreign banks with 20 branches and above to
be increased to ____ by 2018?
a) 32 %
b) 34 %
c) 36 %
d) 40 %
e) None of the above
19. No security is required for obtaining Educational Loan up to an amount of:
a) Rs.4.0 lakhs
b) Rs.3.5 lakhs
c) Rs.5.5 lakhs
d) Rs.6.5 lakhs
e) Rs.7.5 lakhs
20. EEFC a/c means:
a) Exchange Earnings Foreign Currency a/c
b) Exchange Earnest Foreign Currency a/c
c) Exchange Earners Foreign Currency a/c
d) Exchange Equated Foreign Currency a/c
e) None of these
21. As per SEBI guidelines, in a Book Building process the cap in the price band:
a) Should be at least 10% of the floor price
b) Should not be more than 20% of the floor price
c) No limits
d) a and c
e) None
22. The targets and sub-targets set under priority sector lending (PSL) for all scheduled commercial banks are calculated on ___
a) Adjusted Net Bank Credit [ANBC]
b) Credit Equivalent Amount of Off - Balance Sheet Exposure
c) Either Adjusted Net Bank Credit [ANBC] or Credit Equivalent Amount of Off - Balance Sheet Exposure
d) Adjusted Net Bank Credit [ANBC] or Credit Equivalent Amount of Off - Balance Sheet Exposure, whichever is higher
e) All of the Above
23. When banks give home loans, the nature of charge created is:
a) Hypothecation
b) Mortgage
c) Assignment
d) Pledge
e) None
24. Depositories hold securities in which of the following forms?
i. Demat, ii. Physical
a) Only (i)
b) Only (ii)
c) Either (i) or (ii)
d) Both (i) and (ii)
e) None
25. The nature of charge created while advancing against LIC policies is:
a) Assignment
b) Lien
c) Pledge
d) Set-off
e) a and b
26. Universal Banking means____
a) International Banking
b) Wholesale Banking
c) Offering multiple Financial Products
d) All of the above
e) a and b
27. In Core banking system:
a) Branches are connected to a central host
b) Branch automation modules and delivery channels are incorporated
c) Transactions are done centrally and online
d) All of the above
e) a and b
28. Cheque truncation can be done by:
a) Using MICR data
b) Using electronic image of the cheque and processing it at CTS centre
c) Using data processing
d) a & b
e) None
29. RBI acts as the Banker to the___ Governments:
i. Central ii. State
a) Only (i)
b) Only (ii)
c) Either (i) or (ii)
d) Both (i) and (ii)
e) None of the above
30. The committee which has recommended for establishment of data warehouse is:
a) Vasudevan Committee
b) Rangarajan Committee
c) Saraf Committee
d) Shere Committee
e) b and c
31. Which of the following does not match?
a) Regulator of insurance market –IRDA
b) Regulator of capital market– SEBI
c) Regulator of money market– RBI
d) Regulator of forex market– SEBI
e) All of the Above
32. This gives added value to products(is part of the product) in an attempt to augment their products
with values and associations that are recognised by and are meaningful to their customers:
a) Promotion
b) Brand
c) Product
d) Price
e) c and d
33. Who among the following was selected to succeed Arun Kumar Jain as the new Chairperson of the Central Board of Direct Taxes (CBDT)?
a) Sushil Chandra
b) Atulesh Jindal
c) Laxman Das
d) Subrat Kumar Ray
e) Sudha Sharma
34. The Central Board of RBI comprises, a Governor, 4 deputy governors and ____ directors.
a) 5
b) 7
c) 10
d) 15
e) 9
35. S.S. Tarapore passed away in Mumbai on February 2, 2016. He was well-known for his work in the field of:
a) Diplomacy
b) Banking
c) Civil Service
d) Law
e) Agriculture
36. Prime Minister Narendra Modi unveiled the Start-up India action plan to encourage new ventures on January 16, 2016. Income of start-ups will be exempted from tax for how many years?
a) 1
b) 2
c) 3
d) 4
e) 6
ANSWERS:
1) e 2) e 3) c 4) c 5) c 6) b 7) d 8) c 9) e 10) b
11) a 12) a 13) c 14) c 15) d 16) a 17) d 18) d 19) a 20) c
21) b 22) d 23) b 24) a 25) a 26) c 27) d 28) b 29) d 30) a
31) d 32) b 33) b 34) d 35) b 36) c
- 1. Alice Vaidyan is the Chairman and Managing Director of which of the following Insurance Companies?
a) New India Assurance
b) Life Insurance Corporation
c) Birla Sun Life Insurance Co. Ltd.
d) National Insurance Company
e) General Insurance Corporation of India
2. Prepayment charges are exempted for:
a) Housing Loans
b) Education Loans
c) Agri. Loans
d) Corporate Loans
e) a, b & c
3. Minimum and Maximum period of Certificate of Deposits:
a) 15 days & 1 year
b) 30 days & 1 year
c) 7 days & 1 year
d) 7 days & no limit
e) None
4. The Reserve Bank established which board to encourage transparency in lending and fair pricing and customer servicing?
a) Board of Financial Supervision (BFS)
b) Banking Ombudsman
c) Banking Codes and Standards Board of India
d) Deposit Insurance and Credit Guarantee Corporation
e) All of the Above
5. In strategic alliance, the alliance partners:
a) Merge with each other
b) One partner acquires the other
c) Remain separate entities
d) It is a type of convertion
e) None of the above
6. Maximum SLR to be maintained by banks is:
a) 50% of Net Demand and Time Liabilities (NDTL)
b) 40% Net Demand and Time Liabilities
c) 30% Net Demand and Time Liabilities
d) 60% Net Demand and Time Liabilities
e) None of the above
7. With regard to nomination to Illiterate account, which of the following statement is correct?
a) Can extend in favour of literate only
b) Nomination facility is not available
c) Consent from Nominee is required
d) Witness is a must
e) None
8. Acustomer is entitled to get a duplicate DD in place of the lost one, provided:
a) He gives due intimation to the issuing branch
b) Payment of DD not already made by the drawer branch
c) Execution of an indemnity Bond
d) All of the above
e) a and b
9. Bank stakeholders include:
a) Shareholders
b) Customers
c) Employees
d) a & b only
e) a, b, c
10. Agency which purchases NPA from banks is called:
a) Asset Management Company
b) Assets Reconstruction Company
c) Consolidation Company
d) Financial Reconstruction Company
e) None of the above
11. Working capital means:
a) Capital Requirements for the day-to-day transactions
b) Excess of current assets over current liabilities
c) Fixed assets - Current assets
d) None of above
e) b and c
12. E.P.S. in share market stands for:
a) Earnings Per Share
b) Electronic Payment System
c) Employee Pension Scroll
d) Equated Payment System
e) None of these
13. Housing Loans granted to individuals up to Rs.___ for construction of houses (excluding loans
granted by banks to their employees) are treated as priority sector advances:
a) 1 lakh
b) 10 lakhs
c) 25 lakhs
d) 20 lakhs
e) 15 lakhs
14. When the contents of the Negotiable Instrument are modified by the drawer, it is treated as:
a) Forgery
b) Fraud
c) Material alteration
d) Suppression of facts
e) None
15. Operational risk is the risk of loss arising from various types of:
a) Human error
b) Failed systems and procedures in the bank
c) Breakdown in internal controls
d) All of the above
e) a and b
16. Exercise of nomination by the depositor is:
a) Optional to the depositor
b) Mandatory in case of single named accounts
c) Mandatory in case of joint accounts
d) Mandatory for locker accounts
e) None
17. Which of the following statements is not correct with regard to Tax Saver Scheme of Banks?
a) Tax exemption is available for the deposit amount under section 80C of IT Act
b) Period of deposit is allowed up to 5 Years
c) TDS is applicable, if interest payment is above Rs.10,000 in a financial year
d) Maximum amount of deposit allowed is Rs. 5 Lakhs
e) c & d
18. What is the total Priority Sector Lending target for Foreign banks with 20 branches and above to
be increased to ____ by 2018?
a) 32 %
b) 34 %
c) 36 %
d) 40 %
e) None of the above
19. No security is required for obtaining Educational Loan up to an amount of:
a) Rs.4.0 lakhs
b) Rs.3.5 lakhs
c) Rs.5.5 lakhs
d) Rs.6.5 lakhs
e) Rs.7.5 lakhs
20. EEFC a/c means:
a) Exchange Earnings Foreign Currency a/c
b) Exchange Earnest Foreign Currency a/c
c) Exchange Earners Foreign Currency a/c
d) Exchange Equated Foreign Currency a/c
e) None of these
21. As per SEBI guidelines, in a Book Building process the cap in the price band:
a) Should be at least 10% of the floor price
b) Should not be more than 20% of the floor price
c) No limits
d) a and c
e) None
22. The targets and sub-targets set under priority sector lending (PSL) for all scheduled commercial banks are calculated on ___
a) Adjusted Net Bank Credit [ANBC]
b) Credit Equivalent Amount of Off - Balance Sheet Exposure
c) Either Adjusted Net Bank Credit [ANBC] or Credit Equivalent Amount of Off - Balance Sheet Exposure
d) Adjusted Net Bank Credit [ANBC] or Credit Equivalent Amount of Off - Balance Sheet Exposure, whichever is higher
e) All of the Above
23. When banks give home loans, the nature of charge created is:
a) Hypothecation
b) Mortgage
c) Assignment
d) Pledge
e) None
24. Depositories hold securities in which of the following forms?
i. Demat, ii. Physical
a) Only (i)
b) Only (ii)
c) Either (i) or (ii)
d) Both (i) and (ii)
e) None
25. The nature of charge created while advancing against LIC policies is:
a) Assignment
b) Lien
c) Pledge
d) Set-off
e) a and b
26. Universal Banking means____
a) International Banking
b) Wholesale Banking
c) Offering multiple Financial Products
d) All of the above
e) a and b
27. In Core banking system:
a) Branches are connected to a central host
b) Branch automation modules and delivery channels are incorporated
c) Transactions are done centrally and online
d) All of the above
e) a and b
28. Cheque truncation can be done by:
a) Using MICR data
b) Using electronic image of the cheque and processing it at CTS centre
c) Using data processing
d) a & b
e) None
29. RBI acts as the Banker to the___ Governments:
i. Central ii. State
a) Only (i)
b) Only (ii)
c) Either (i) or (ii)
d) Both (i) and (ii)
e) None of the above
30. The committee which has recommended for establishment of data warehouse is:
a) Vasudevan Committee
b) Rangarajan Committee
c) Saraf Committee
d) Shere Committee
e) b and c
31. Which of the following does not match?
a) Regulator of insurance market –IRDA
b) Regulator of capital market– SEBI
c) Regulator of money market– RBI
d) Regulator of forex market– SEBI
e) All of the Above
32. This gives added value to products(is part of the product) in an attempt to augment their products
with values and associations that are recognised by and are meaningful to their customers:
a) Promotion
b) Brand
c) Product
d) Price
e) c and d
33. Who among the following was selected to succeed Arun Kumar Jain as the new Chairperson of the Central Board of Direct Taxes (CBDT)?
a) Sushil Chandra
b) Atulesh Jindal
c) Laxman Das
d) Subrat Kumar Ray
e) Sudha Sharma
34. The Central Board of RBI comprises, a Governor, 4 deputy governors and ____ directors.
a) 5
b) 7
c) 10
d) 15
e) 9
35. S.S. Tarapore passed away in Mumbai on February 2, 2016. He was well-known for his work in the field of:
a) Diplomacy
b) Banking
c) Civil Service
d) Law
e) Agriculture
36. Prime Minister Narendra Modi unveiled the Start-up India action plan to encourage new ventures on January 16, 2016. Income of start-ups will be exempted from tax for how many years?
a) 1
b) 2
c) 3
d) 4
e) 6
ANSWERS:
1) e 2) e 3) c 4) c 5) c 6) b 7) d 8) c 9) e 10) b
11) a 12) a 13) c 14) c 15) d 16) a 17) d 18) d 19) a 20) c
21) b 22) d 23) b 24) a 25) a 26) c 27) d 28) b 29) d 30) a
31) d 32) b 33) b 34) d 35) b 36) c
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