On behalf of the Central Board of Excise & Customs, I extend a warm welcome to you all at the Annual Conference of Chief Commissioners and Directors General for the year 2011. The annual conference provides us with an opportunity to take stock of our performance in the year gone by, and to analyze the reasons for deficiencies and failures. In a Conference such as this, we capitalize on our strengths; we deliberate on issues that warrant close attention; and with the collective wisdom in hand we set out goals for action, both in the short term and the long term. Even as our core competency continues to be revenue collection, we are aware of our commitment to delivery of services to the taxpayers.
The RBI, which hiked interest rates for the tenth time in 15 months today, said it will continue with its tight monetary policy as inflation is spreading to the non-food segment also, which is a concern. Based on the current and evolving growth and inflation scenario, the Reserve Bank will need to persist with its anti-inflationary stance of monetary policy, the central bank said in its mid-quarter review of credit policy.
Union Finance Minister Shri Pranab Mukherjee has said that by announcing an increase of 25 basis points in repo rate, from the existing 7.25 per cent to 7.50 per cent, RBI has sought to maintain an interest rate environment that moderates inflation and checks inflationary expectations. The Finance Minister was reacting to the Reserve Bank of India’s Monetary Policy announcement made today.
Union Finance Minister Shri Pranab Mukherjee has said that the process of disinvestment of Central Public Sector Enterprises (CPSEs) through public offerings is technical in nature and requires knowledge of not only the rules and regulations laid down by SEBI and other concerned bodies but also the various processes followed by Government. He was releasing the “Handbook on Disinvestment through Public Offerings” prepared by the Department of Disinvestment of the Ministry of Finance, here today.
As announced in the Mid-Quarter Monetary Policy Review: June 2011, 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 7.50 per cent with immediate effect.
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.
