The Enforcement Directorate has issued a foreign exchange violation notice to Internet giant Google for alleged irregularities in transfer of funds to its foreign entities. The ED has asked the Indian arm of the company to explain to it all the permissions the company has obtained from the Reserve Bank ofIndiain this regard and its [...]
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Reserve Bank ofIndiaon jan 24 injected Rs. 32,000 crore into the system by lowering the Cash Reserve Ratio (CRR) by half-a-percentage point but kept the short-term lending rate (repo) unchanged in view of persisting inflationary concerns. “Based on the current inflation trajectory, including consideration of suppressed inflation, it is premature to begin reducing the policy [...]
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In an effort to resolve a long-standing payment crisis, the Reserve Bank of India (RBI) has given permission to the Central Bank of Iran to open rupee accounts with two Indian banks, namely UCO and IDBI.“Permission from the RBI has very recently come to open rupee accounts with two Indian banks, one of which is [...]
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Falling for the eight day in a row, the Indian rupee on Wednesday ended at 52.35/36 — its all-time closing low — against the U.S. dollar amid continuing signs of capital outflows and steep fall in stock markets.Dealers said persistent capital outflows amid late dollar buying by importers kept the rupee under pressure despite suspected [...]
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Amid contradictory ratings by global agencies, the Reserve Bank ofIndiaNovember 11 said the Indian banking sector was not facing any stress, though state-owned lenders need capital infusion.“Overall, we don’t see any fundamental stress on the banking system as a whole. So we are nowhere close to the problem,” RBI Deputy Governor Subir Gokarn told reporters [...]
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As the rupee depreciated to a new 32-month low against the US dollar, Finance Minister Pranab Mukherjee on November 16 said the Reserve Bank is monitoring the situation and will intervene in the forex market “as and when necessary“.His was speaking to reporters on the the sidelines of CAG even. The apex bank had said [...]
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The government has prepared a strategy paper envisaging doubling of exports toUS $500 billion by 2014, in the backdrop of increasing current account deficit and uncertainties in the global markets. The development comes after theReserve Bank of India (RBI) recently said the country’s current account deficit had touched 3.1 per cent of the gross domestic [...]
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Amid contradictory ratings by global agencies, the Reserve Bank ofIndiaNovember 11 said the Indian banking sector was not facing any stress, though state-owned lenders need capital infusion.“Overall, we don’t see any fundamental stress on the banking system as a whole. So we are nowhere close to the problem,” RBI Deputy Governor Subir Gokarn told reporters [...]
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The government has prepared a strategy paper envisaging doubling of exports to US $500 billion by 2014, in the backdrop of increasing current account deficit and uncertainties in the global markets.The development comes after the Reserve Bank of India (RBI) recently said the country’s current account deficit had touched 3.1 per cent of the gross [...]
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Seeking to woo global investors by easing foreign direct investment (FDI) procedures, the Reserve Bank of India (RBI) on November 4 announced that transfer of shares between Indians and non-resident Indians (NRIs) would not require its permission in several key areas such as financial services.Amending the Foreign Exchange Management Regulations, the RBI said its prior [...]
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The Central Information Commission has directed the Reserve Bank to make public audit reports of co-operative banks, rejecting the arguments of the Bank that such disclosure could “lead to loss of faith in some banks” and adversely affect economic interests of the State.The Reserve Bank had sought exemption on two grounds – it could affect [...]
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The Union Finance Minister Shri Pranab Mukherjee has said that the today’s monetary policy announcement by Reserve Bank of India (RBI) would help in getting us back to a more comfortable inflation situation soon while leaving scope for growth to pick up in the second half of current fiscal year. The Finance Minister Shri Mukherjee [...]
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Inflation again continues at higher levels and nobody is ready to believe that it can come down in the near future. One of the Deputy Governors of the Reserve Bank of India (RBI) has already hinted that money tightening policy will continue. While the RBI is planning to announce its second-half monetary views and measures [...]
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The Union Cabinet approved the proposal to bring India Infrastructure Finance Company (IIFC) under the supervision of Reserve Bank ofIndia. This will enhance the professional capability of the company and increased its capital base from Rs 2,000 to 5,000 crore, Information and Broadcasting Minster Ambika Soni said. It can further be increased to Rs 8,000 [...]
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The Reserve Bank ofIndiasaid on September 14 that the “Developments in the global economy over the past few weeks are a matter of serious concern,” said RBI. Since its first quarter review of July 26, the RBI said, “the global macroeconomic outlook has worsened.” There is growing consensus that sluggishness will persist longer than earlier [...]
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