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FINANCIAL NEWS IN A NUT SHELL

Yatheendradas C.k. at 09:44 PM - Nov 08, 2018 ( ) Views: 78

On the second anniversary of
demonesation, finance minister Arun
Jaitley clarified that the real purpose of
demonesation was not the confiscation
of cash but to bring it to the formal
economy and make the holders pay tax. -Economic Times


India's finance minister said today
that Mastercard and Visa were losing
market share to domestic payments
networks, months after Mastercard
complained to the U.S. government that
Indian Prime Minister was using naontialism
to promote a local rival. -Economic Times


The RBI has liberalised the norms
governing foreign borrowings for
infrastructure creation “in consultation
with the Government”. The minimum
average maturity requirement for ECBs
(external commercial borrowings) in the
infrastructure space raised by eligible
borrowers has been reduced to three
years from earlier five years, a
nofication said. -Business Line


The RBI may set-up an ombudsman for
digital payments by March to reduce the
burden on banking ombudsman because
of a rising number of complaints, The
Economic Times reported. -Moneycontrol.com


On the second anniversary of demonesation, the opposition alleged
it was the "biggest scam" of independent
India that should be probed and asserted
that the people will punish the
"wreckless decisition". -Business Standard


Opposition leader Rahul Gandhi called
the note ban a "cruel conspiracy" and a
"scam". "Note ban was a planned and
cruel conspiracy. This scam was a scheme
to launder black money," Gandhi
tweeted. -Business Standard


The Delhi High Court has directed the
SEBI to take on board a minority
shareholder’s petition that the LIC should
be asked to offer a price of ₹76.77 per
share, instead of ₹61.73, to acquire IDBI
Bank’s shares. The court has asked the
regulator to consider the plea as a
complaint and take appropriate action.
According to the order, which was passed
by the Court on Nov 2, the market
regulator is required to take action
within two weeks. -Business Line


Rupees 20 may be lower in denomination
than ₹50, but cost of production of ₹20
note is higher than ₹50. According to
information obtained by BusinessLine
under RTI, the RBI said the selling price
of currency notes varies between ₹0.70
and ₹4.18 for various denominations.
The selling price reflects cost of producon
plus margin. The RBI receives notes from
four currency note printing presses. -Business Line


Amid the ongoing tussle between the
government and the RBI, former Niti
Aayog vice chairman Arvind
Panagariya has suggested that the two
sides must eventually 'compromise' and
'come together in national interest'. -Economic Times


Higher global oil prices, sharp depreciation
in rupee, and rising borrowing costs due to ghtening
monetary policy are among a host of
factors that will limit the pace of the
Indian economy's growth over the next
few years, with the real GDP growth in
2019 and 2020 pegged at 7.3% against
around 7.4% in 2018, said Moody's
Investors Service. -Business Line


Former Finance Minister P Chidambaram
today accused the Central Government
of trying to "capture" the RBI to tide over
its fiscal crisis, warning that any such
move would be "catastrophic". -Economic Times


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