Around the Globe

Around the Globe

Notes ban: I-T writes to RBI; says co-op banks' cash records seriously tampered with

The Income Tax Department has written to the RBI informing it about alleged illegal malpractices being deployed by a number of cooperative banks after its probe found "serious" difference in accounts, to the tune of multi-crore rupees, in the aftermath of the notes ban.

In an analysis report prepared by the department, also accessed by PTI, two specific instances in Mumbai and Pune have been reported where it was found that over Rs 113 crore "excess amount" of old demonetised notes was reported by two banks to the banking regulator in order to generate black funds.

ICRA upgrades long term rating on Patanjali Ayurved

Credit rating agency ICRA has upgraded long term rating on Baba Ramdev-led Patanjali Ayurved Ltd (PAL) to enhanced degree of adequate safety with stable outlook citing the company's "robust revenue growth in FY 2016" and increased brand penetration.

"ICRA has upgraded the long term rating of Patanjali Ayurved Ltd from A minus to A plus for Rs 300-crore fund based facilities. The outlook on the long-term rating is Stable," ICRA said.

Jallikattu: Protests enter third day, CM meets PM

Massive protests in support of Jallikattu continued for the third day today at the Marina here and other parts of Tamil Nadu, with hundreds more joining the agitation.

Unfazed by the Chief Minister's call to withdraw protests, thousands of volunteers remained steadfast on their demand for holding the bull-taming sport in the state. They vowed to continue the stir till they got a positive response on it.

Rs 10,000 crore incentive for electronics manufacturing

The government on Wed­nesday gave a big push to electronics manufacturing in the country by approving a new and modified Rs 10,000 crore incentive scheme.
It also approved a package for supporting the micro and small enterprises, which entails augmenting the corpus of Credit Guarantee Trust Fund for such ventures and doubling the coverage of loans under the credit guarantee scheme.

ND Tiwari adds to BJP’s turncoat ammo

In the season of defections, Congress veteran Narayan Dutt Tiwari showed up at the BJP office on Wednesday with his son Rohit Shekhar. The BJP is tight-lipped if the Congress leader has joined the party, but a ticket to Rohit is not ruled out.
Though in his 90s and battling illness, the former Congress stalwart’s presence in the BJP camp does not augur well for Uttarakhand Congress, which has seen desertions right at the start of the poll battle.

India a very friendly place

With the message of being a "very friendly" investment destination, India on Wednesday sought to woo foreign investors at the WEF annual meet where leaders pored over the benefits of globalisation amid concerns over the impact of automation on jobs worldwide.
The issue of slow pace of bridging the gender gap also figured prominently in discussions, with IMF chief Christine Lagarde referring to an example from India about how women are using mobiles to report harassment by their mothers-in-law.

Growth to drop, but rebound likely in H2 2017: Nomura

The gloom over demonetisation and its impact on India's growth numbers appears to be blowing over to be replaced by positive growth stories. A report by Japanese financial major Nomura suggests that the impact of note ban will not be long lasting. It anticipates that while growth figures will slip in the next two quarters, there will be a sharp rebound in the second half of 2017.

Government gets scope for fiscal expansion

In spite of all the glaring inconsistencies in the advance estimates of economic growth for FY17 released by the Central Statistical Organisation (CSO), the numbers could still be a blessing in disguise as it could provide additional fiscal expansion scope to the government. The CSO has pegged the nominal GDP growth for 2016-17 at 11.9 per cent, higher than the 11 per cent assumed in the Union Budget.

Govt should control sugar market

The Modi government’s policy has been always on fire fighting mode. It is also anti-farmer. When the Rangarajan committee submitted its report, the northern states did not consent to its suggestions. It talked about de-regulation and also suggested that there should be a consistency in export-import policy, otherwise India will lose credibility in the global market. Now they are tweaking that, which is very unfortunate.