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In exercise of powers conferred by Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) as amended in 2010, and also read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2009-2014, (as amended from time to time), the Central Government hereby makes the following amendment in the Foreign Trade Policy, 2009-2014.
The Annual Policy for 2011-12 is set in conditions significantly different from those a year ago. Last year’s policy was made in an environment of incipient domestic recovery and uncertainty about the state of the global economy. While signs of inflation were visible, they were driven primarily by food items. Nonetheless, there was a clear risk of food price pressures spilling over into more generalised inflation, as the recovery consolidated and domestic resource utilisation rose to levels which stretched capacities. Throughout last year, the goal of monetary policy was to nurture the recovery in the face of persistent global uncertainty, while trying to contain the spill-over of supply side inflation.
The country’s exports went up by 37.55 per cent to USD 245.86 billion during FY2010-11, demonstrating robust demand for Indian merchandise not just in Western economies, but in new markets like Latin America and Africa as well.
PricewaterhouseCoopers affiliates agreed to pay $25.5 million to former Satyam Computer Services Ltd investors to settle US litigation over the audit of the Indian outsourcing company. The settlement came four weeks after PwC agreed to pay a record $7.5 million US penalty over its auditing work for Satyam.
The Income Tax chief recently made surprise visits to some offices in the department and found to his dismay their poor maintenance and the indifferent attitude of senior officers towards their juniors. During his visit to have a first hand feel of the condition in the I-T offices, Central Board of Direct Taxes (CBDT) Chairman Sudhir Chandra was shocked to see obsolete furniture, dilapidated coolers, broken tubelights — all covered under thick layers of dust.
The Annual Policy for 2011-12 is set in conditions significantly different than they were a year ago. Last year’s policy was made in an environment of incipient domestic recovery amidst uncertainty about the state of the global economy, a perception that was reinforced with the precipitation of the Greek sovereign debt crisis a few weeks later. While signs of inflation were visible, they were driven primarily by food. However, food price pressure spilling over into more generalised inflation was clearly a risk as the recovery consolidated and domestic resource utilisation rose to levels which stretched capacities. Throughout the year, the goal of monetary policy was to nurture the recovery in the face of persistent global uncertainty while trying to contain the spillover of supply-side inflation.
MCA has clarified that the revised limits for disclosure of details of employees drawing remuneration in excess of Rs. 5 lacs per month or Rs. 60 lacs per annum under Section 217(2A) of the Act is applicable to all annual reports approved, published and circulated on or after.
As announced today in the Annual Monetary Policy 2011-12, it has been decided to increase the repo rate under the Liquidity Adjustment Facility (LAF) by 50 basis points from 6.75 per cent to 7.25 per cent with immediate effect. Further, as announced in the Policy, the reverse repo rate under the LAF, determined with a spread of 100 basis points below the repo rate, will stand at 6.25 per cent with immediate effect.
In exercise of the powers conferred by Section 35A of the Banking Regulation Act, 1949 and in partial modification of its directive DBOD.No.Dir.BC.75/13.03.00/2002-03 dated February 28, 2003 as amended from time to time, the Reserve Bank of India, being satisfied that it is necessary and expedient in the public interest so to do, hereby directs that, the rate of interest on domestic and ordinary Non-Resident savings deposits as well as savings deposits under Non-Resident (External) Accounts Scheme shall be 4.0 per cent per annum with immediate effect.
Please refer to the Monetary Policy Statement 2011-12 dated May 3, 2011, in terms of which the repo rate under the Liquidity Adjustment Facility (LAF) has been increased by 50 basis points from 6.75 per cent to 7.25 per cent with immediate effect. Accordingly, the Standing Liquidity Facilities provided to banks (export credit refinance) and Primary Dealers (PDs) (collateralised liquidity support) from the Reserve Bank would be available at the revised repo rate, i.e., at 7.25 per cent with effect from May 3, 2011.
