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India at Bali WTO Meet Bats for Duty Free Quota Free Market Access for LDCs to 96.2% of Indian Tariff Lines

Bali (ABC Live): The Union Minister of Commerce and Industry, Mr.  Anand Sharma addressed the Plenary Session of the 9th Ministerial Conference of the World Trade Organization (WTO) at Bali Today. Following is the address. India congratulates Indonesia and Minister Gita Wirjawan for hosting the 9th Ministerial Conference of the WTO in Bali. We acknowledge and appreciate the leadership of ... Read More »

RBI Releases Draft Framework for Dealing with Domestic Systemically Important Banks

Mumbai (ABC Live): The Reserve Bank of India today released on its website, the draft framework for dealing with Domestic Systemically Important Banks (D-SIBs). The Reserve Bank has sought views/comments on the document from banks, other institutions and the public at large. Suggestions and comments on the draft framework may be sent to the Principal Chief General Manager, Reserve Bank of India, ... Read More »

India’s Balance of Payments Shows Positive Sign during Second Quarter

Mumbai (ABC Live):Preliminary data on India’s balance of payments (BoP) for the second quarter (Q2), i.e., July-September 2013, of the financial year 2013-14, are now available and presented in Statements I and II. While Statement I presents BoP data in BPM6 format,Statement II provides the same as per the old format. Developments in India’s BoP during July-September 2013 India’s current account deficit (CAD) narrowed ... Read More »

Foreign Investment Promotion Board Approves 12 FDI Proposals

New Delhi (ABC Live): Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on November 13, 2013, the Government of India has approved twelve (12) proposals of Foreign Direct Investment (FDI) amounting to Rs.821.63 crore approximately. Details of Proposals considered in the Foreign Investment Promotion Board (FIPB) Meeting held on 13.11.2013 Following 12 (Twelve) proposals have been approved: Name of the applicant Particulars of the proposal FDI/NRI inflows(`In crore) M/s H&M Hennes &Mauritz GBC AB To set up a WOS in India to undertake single brand retailing. 720.00 M/s Conrad Horler, Karnataka A Foreign ... Read More »

RBI Issues ‘Draft Guidelines on Entry of Banks into Insurance Business

Mumbai (ABC Live):The Reserve Bank of India today released on its website, ‘Draft Guidelines on Entry of Banks into Insurance Business –Insurance Broking Business’ for comments and feedback. Comments / feedback on the draft guidelines may be sent by email latest by December 31, 2013 to the Chief General Manager, Department of Banking Operations and Development, Reserve Bank of India, Central Office Building, ... Read More »

RBI Releases Draft Report on Implementation of Countercyclical Capital Buffer

Mumbai (ABC Live):The Reserve Bank of India (RBI) today placed on its website the Draft Report of the Internal Working Group (IWG) on Implementation of Countercyclical Capital Buffer (CCCB) in India (Chairperson: Shri B. Mahapatra). Comments on the Report may please be emailed or forwarded by December 31, 2013 to the Principal Chief General Manager, Department of Banking Operations and Development, Reserve ... Read More »

RBI Issues Revised Directions FDI + FII Limits in Credit Information Companies

Mumbai (ABC Live): At present, investments, directly or indirectly by any person, whether resident or otherwise are limited to 10% of the equity capital of a Credit Information Company (CIC). However, an investment under FDI was permitted up to 49% subject to the conditions stipulated in the directive DBOD.DL.BC.No.85/20.16.040/2008-09 and Press Release dated November 20, 2008. The Reserve Bank of ... Read More »

India Exempts IEC Code Holder Rice, Edible Oils Exporters from Essential Commodities Act

New Delhi (ABC Live): The Union Cabinet yesterday approved exemption to exporters having IEC Code issued by DGFT from the purview of stock holding limits under the Essential Commodities Act, 1955 with respect to edible oilseeds, edible oils and rice. This will help exporters benefit from economies of scale and bigger operation for optimally meeting export demands on a long-term ... Read More »

Power Grid Corporation of India to Offer Follow-on Public Offer

Mumbai (ABC Live): The Power Grid Corporation of India (POWERGRID) is coming up with a Follow-on Public Offer (FPO) which includes 13 per cent of fresh issue of shares and 4 per cent disinvestment of shares by Government of India. The issue opens on December 3rd and closes on December 5th for Institutional Investors and December 6th for Retail category ... Read More »

RBI to Auction 14 Day Term Repo Variable Rate for Rs 38,500 Crore

Mumbai (ABC Live): The Reserve Bank of India will conduct a 14 day term repo variable rate auction for a notified amount of ` 38,500 crore on November 29, 2013 (Friday). The auction will be conducted as per the guidelines issued on October 29, 2013. Successful bidders will get the allotment at their respective bids. The reversal of the term ... Read More »