India Latest News

India Latest News

  • Draft Scheme circulated to settle disputes related to govt contracts
    on February 8, 2023 at 7:34 pm

    With respect to cases of ongoing litigation for disputes arising out of contracts in which physical activity has been stopped or contracts terminated, the settlement amount would be 30% of the net claim amount. For ongoing litigation where physical activity in the disputed contract is ongoing, the settlement amount would be 20% of the net claim amount — claims by the contractors minus counter-claim by the procuring entity.

  • Climate concerns moving centre stage at Reserve Bank of India
    on February 8, 2023 at 7:31 pm

    “Being a full-service central bank with financial stability as part of its mandate, the Reserve Bank recognises that climate change can translate into climate-related financial risks for regulated entities (REs) which can have broader financial stability implications,” Das said Wednesday.

  • Cos may have to cough up steeper penalties for antitrust violations
    on February 8, 2023 at 7:29 pm

    Currently, the Competition Commission of India (CCI) imposes a penalty up to 10% of a company’s average turnover in the relevant market. The government may tweak this by changing the definition of average turnover by adding an explanation that it means the “global turnover derived from all products and services by a person or an enterprise” through activities out of India, the people said.

  • Analysts expect another 25 bps repo rate hike in RBI’s April policy
    on February 8, 2023 at 3:49 pm

    The continuous increase in Fed rates has made the monetary policymaking for emerging economy central banks now a difficult proposition. With the US job market continuing to be significantly resilient even with the latest data, it now looks likely that the Fed will continue to hike even beyond March.

  • Budget 2023-24 will give boost to fund-starved sectors: MSME secretary Swain
    on February 8, 2023 at 3:33 pm

    “The government has acknowledged the contribution of MSMEs to the economic growth of the country. Union Budget 2023-24 has given a boost to the fund-starved sector with higher credit flow and by simplifying compliances,” Swain said. He said the launch of a revamped credit guarantee scheme worth Rs 9,000 crore for MSMEs would enable collateral-free credit of Rs 2 lakh crore loans to small businesses.

  • India may extend wheat export ban to preserve local supplies: Govt sources
    on February 8, 2023 at 2:56 pm

    The current ban was scheduled to be reviewed in April and top government officials from food, farm and trade ministries are likely to make a decision on an extension by the end of March, or early April, government and industry sources said, adding they don’t expect wheat exports to resume until mid-2024.

  • Moderate rate hike gives leeway to make data-driven changes in monetary policy: Shaktikanta Das
    on February 8, 2023 at 2:19 pm

    “The issue of changing the monetary policy stance and withdrawal of accommodation till inflation falls to the desired level is like a chicken and egg question and that I want the chicken to decide,” the governor said jokingly, while addressing reporters at the post-policy presser, refusing to offer a guidance on the monetary policy stance.

  • FinMin issues draft scheme for settling disputes related to govt contracts
    on February 8, 2023 at 2:11 pm

    For ongoing litigation where physical activity in the disputed contract is ongoing, the settlement amount would be 20 per cent of the net claim amount — claims by the contractors minus counter-claim by the procuring entity. In cases where the total claim amount exceeds Rs 500 crore, the procuring entities will have an option not to accept the settlement request of the contractor, as per the draft scheme.

  • RBI rate hike on expected lines; policy focuses more on inflation despite recent moderation: Bankers
    on February 8, 2023 at 2:05 pm

    It can be noted that the last two readings of the headline inflation have come within the upper tolerance band of the central bank and some analysts, including in-house economists at the country’s largest lender SBI were expecting a pause on rate hike.

  • India-Pakistan trade stood at USD 1.35 billion during April-December 2022
    on February 8, 2023 at 1:48 pm

    Similarly, the country’s trade with China has aggregated at about USD 87 billion during the nine-month period of this fiscal, according to the data provided by Minister of State for Commerce and Industry Anupriya Patel in a written reply to the Lok Sabha.

  • Indian households’ inflation expectations moderating: RBI’s January survey
    on February 8, 2023 at 1:32 pm

    India’s annual retail inflation rate eased to 5.72% in December from 5.88% in the previous month, falling below the RBI’s upper tolerance band of 2%-6% for a second straight month, though core inflation, which excludes more volatile food and fuel prices, was still running at 6.1%.

  • Feeding of fake notes in coin vending machines led to launch UPI-based alternative: RBI
    on February 8, 2023 at 1:19 pm

    Earlier in the day, Governor Shaktikanta Das announced the ‘QR Code based Coin Vending Machine – Pilot project’. “Unlike cash-based traditional Coin Vending Machine, the QCVM would eliminate the need for physical tendering of banknotes and their authentication,” Das said, adding people can withdraw coins in required quantities and denominations.

  • Digital currency has 50,000 users, 5,000 merchants: RBI
    on February 8, 2023 at 11:38 am

    RBI said 50,000 users and 5,000 merchants are transacting through eight banks at present, and another five lenders are set to join soon. The pilot project started on December 1 has witnessed 7.70 lakh transactions, and is now being carried out in five cities, RBI said.

  • RBI Guv Shaktikanta Das proposes UPI for international travellers; coin vending machines in 12 cities
    on February 8, 2023 at 9:24 am
  • Indian Banks strong enough to be impacted by the Adani crisis
    on February 8, 2023 at 9:06 am

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