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Daily Archives: February 7, 2019

RBI unlikely to transfer contingency fund to govt.

The Reserve Bank of India (RBI) is unlikely to give in to the government’s demand of transferring funds that was set aside for contingency reserves in 2016-17 and 2017-18, according to sources.A total of Rs. 27,330 crore — Rs. 13,140 crore in FY17 and Rs. 14,190 crore in FY18 — …

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Strong export growth boosts Wheels India net

Leading steel wheels manufacturer Wheels India Ltd. has posted an 18.28% rise in net profit for the third quarter ended December 2018 to Rs. 15.27 crore compared to Rs. 12.91 crore registered in the corresponding year-earlier period. Revenues rose 32.77% to Rs. 786 crore, from Rs. 592 crore. “There was …

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Cabinet approves unified regulator for IFSCs

The Cabinet has approved the setting up of a unified authority that would regulate all the financial services in International Financial Services Centres (IFSC), such as the Gujarat International Finance Tec-City (GIFT) in Gandhinagar. This is to be done through the International Financial Services Centres Authority Bill, 2019. An IFSC …

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‘Members’ fiduciary responsibility with RBI’

The fiduciary responsibility of the RBI’s board members lies with the central bank, its Governor Shaktikanta Das is learnt to have said. Mr. Das, who took charge in December, had made the remark while interacting with other board members during the farewell of his predecessor Urjit Patel in a South …

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Hiking MSPs distorts agri market: official

A senior Finance Ministry official has slammed a key plank of the government’s agriculture policy, saying that raising minimum support prices (MSP) for major crops causes distortions in the agriculture market. This leads to a vicious cycle of oversupply of such crops and a crash in market prices, said the …

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Centre bans Kashmir outfit

The Union Home Ministry has banned the Tehreek-ul-Mujahideen (TuM) under the Unlawful Activities (Prevention) Act for promoting terrorism and radicalising and recruiting youth for terrorist activities in India. Set up in the 1990s, TuM claims to be fighting for the “liberation of Kashmir,” the Ministry said in a notification announcing …

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Rajya Sabha rises in just 11 minutes

Protests by Opposition parties on issues such as the National Register for Citizens and a cut in faculty positions for SC/ST and OBC candidates ensured that the Rajya Sabha functioned only for a total 11 minutes on Wednesday. Soon after official papers were tabled in the morning, Rajya Sabha Chairman …

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