Export-Import Bank of India (Exim Bank) has concluded an Agreement dated February 18, 2011 with the Government of the Federal Democratic Republic of Ethiopia making available to the latter, a Line of Credit (LOC) of USD 91 million (USD ninety one million) for financing eligible goods and services including consultancy services, machinery and equipment from India for the purpose of financing development of sugar industry in Ethiopia.
REF.No.MPD.BC.344 /07.01.279/2010-11 Please refer to the Mid-Quarter Monetary Policy Review of June 16, 2011, in terms of which the repo rate under the Liquidity Adjustment Facility (LAF) has been increased by 25 basis points from 7.25 per cent to 7.50 per cent with immediate effect.
Monetary Measures -On the basis of the current macroeconomic assessment, it has been decided to increase the repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 7.25 per cent to 7.5 per cent with immediate effect.Consequent to the above increase in the repo rate, the reverse repo rate under the LAF will stand automatically adjusted to 6.5 per cent and the marginal standing facility (MSF) rate to 8.5 per cent with immediate effect.
The CBI, probing the multi-crore accounting scam in Satyam Computers, has reduced the number of witnesses in the case to 220 as against 690 mentioned in the charge sheet, following directions from the Supreme Court to speed up the trial, a top official said. Lakshmi Narayana, DIG, CBI said as per the apex court directives, the number of documents supporting the charge sheet, which were around 3,067, have also been reduced to a thousand-odd.
The Income Tax department today conducted searches at 17 premises of contractors who conducted overlays works worth Rs 140 crore for the Commonwealth Games held here last year. According to I-T sources, the searches and survey operations were carried out on the premises of two contractors in Delhi, Noida and Gurgaon. They, however, declined to divulge names of the firms as the searches were on.
The set of policies which deal with managing the downside of systemic risk is known as macro prudential policy. Macroprudential policies primarily use prudential tools to limit systemic risk and thereby minimize disruptions in the provision of key financial services that can have serious consequences for the economy by (i) dampening the buildup of financial imbalances; (ii) building defenses that contain the speed and sharpness of subsequent downswings and their effects on the economy; and (iii) identifying and addressing common exposures, risk concentrations, linkages and inter-dependencies that are sources of contagion and spillover risks that may jeopardize the functioning of the system as a whole2. While the third objective of macroprudential policy [(iii) above] is concerned with the cross-sectional dimension, the first two objectives [(i) and (ii) above] are concerned with the procyclicality issues.
The Income Tax Department is targeting an 18% jump in collection from the financial capital in FY12 to Rs 1,85,000 crore, a top official said on Wednesday.The department, which surpassed its target last fiscal by Rs 3,000 crore by collecting Rs 1,53,000 crore, has set itself the ‘fairly challenging’ target of Rs 1,85,000 crore for 2011-12, Chief Commissioner of Income Tax PP Srivastava told reporters.
Despite unrest consuming nearly five months of business in the valley last year, the Income Tax department has registered a growth of 27% in its revenue collection in Jammu and Kashmir at Rs 1,197 crore for the fiscal ended March 31, 2011.
The government has initiated a probe into alleged dumping of digital plates, used in the printing industry, from Japan and China to protect domestic players from cheap imports. Acting on an application of domestic producers on the alleged dumping of ‘Digital Offset Printing Plates’ from Japan and China, the Directorate General of Anti-dumping and Allied Duties (DGAD) has initiated the probe.
In our country, the employment challenges in coming years are immense which range from generating productive employment at an accelerated rate to improving the quality of employment through skill development. Generation of Productive Employment and decent working conditions is crucial for inclusive growth. India has a large percentage, 58% of population in the working age group (15-59 years). We are concerned about making employment opportunities accessible to the poor and weaker sections of our society. We have initiated many schemes and are working to provide skills and training to our vast labour force which is largely in the unorganized sector. However, in India we have more of structural unemployment which is more prevalent in developing countries whereas the developed countries have more of cyclical unemployment. It has to be discussed as to how we can have a coordinated policy on employment because though our objectives are the same but the action plan adopted to promote full employment and quality jobs may have to be different. We strongly support international efforts to encourage and facilitate mobility of labour. India strongly feels that over emphasis on indicators/standards/Policy recommendation should not appear in the G-20 prescription to the developing countries/ and to Least Industrialized Countries (LICs) lest it should result in protectionism.
