financial crisis

In order to improve transparency and avoid build up of a financial crisis, a Reserve Bank of India (RBI) panel today suggested tighter norms for reporting and monitoring of interest rate and forex derivatives. The report of the Working Group set up by the Reserve Bank suggested that Clearing Corporation of India (CCIL) should be made the repository of all interest rate and forex derivative transactions. Full Article

After 40 years Dubai have created artificial islands full of luxury villas, the world's tallest tower, an underwater hotel and many more things which might make tails spin of ones eyes. Dubai is now the glittering crown of the Middle East. The gulf state is now being known for its tall skyscrapers, wall-to-wall shopping centers and luxury hotels. Full Article

“We are setting up a group in the RBI and they will interact with market participants,” Gopinath said at a banking seminar here. A credit default swap is a swap contract in which the buyer of the CDS makes a series of payments to the seller and, in exchange, receives a payoff if a credit instrument goes into default. Full Article

States that have huge mineral and petroleum reserves, but are economically backward may face significant loss of tax revenues on implementation of goods and services tax (GST), according to economists and experts in public finance. Introduction of GST would lead to the abolition of central sales tax (CST), which is collected by state governments on inter-state sales of goods. The CST rate was reduced from 4% to 2% at the time of introducing value added tax (VAT) in 2005. Full Article