Around the Globe

Around the Globe

RBI to hold on to its accommodative stance

Following some good advice from Keynes, we will try to be humble. Amidst rapid domestic and global changes, we humbly accept that any growth and inflation forecasts we make come with a sizeable margin of error. In such a situation, it may be a good idea for policymakers to leave some ‘wiggle’ room and focus on what is known; which is that the budget has been broadly disciplined (barring some small ‘quibbles’), and investment is weak and likely to remain so, given the sensitivity to uncertainty.

No conspiracy, mystery in Jaya's death: Doctor

Two months after the death of former Tamil Nadu chief minister J Jayalalithaa, doctors who treated her tried to clear the air over her health and treatment protocol. The press conference attracted attention for being held a day after VK Sasikala was chosen as the leader of AIADMK legislative party and is now all set to become the new chief minister of the state.

Trump Immigration Ban Bound for Supreme Court, Now or Later

President Donald Trump’s effort to bar travelers from seven mostly Muslim nations is on a track to the U.S. Supreme Court, which may eventually decide whether the executive branch has top authority on immigration and national security. The ban affecting business travelers, students, immigrants and refugees may be re-imposed if an appeals court freezes a judge’s temporary restraining order blocking it while the legal fight continues over whether it’s constitutional.

Govt to discuss US visa restrictions with IT industry

Admitting that there could be an impact on India if the US goes ahead with visa restriction on techies, commerce minister Nirmala Sitharaman has said she would soon discuss the issue with the IT industry representatives.
“There are several nuances to that. So I would not rush to give a view on it, but yes there is going to be an impact,” she said in New Delhi on Monday.

Cyrus Mistry voted out by Tata Sons shareholders as director

Ousted Tata Sons Chairman Cyrus Mistry was today removed as director of the company with shareholders voting in favour of his removal with "requisite majority".

"The shareholders of Tata Sons Ltd, at the extraordinary general meeting held today, passed, with the requisite majority, a resolution to remove Cyrus P Mistry as a Director of Tata Sons Ltd," the Tata Group's holding firm said in a statement.

Last month, Tata Sons had called for an extraordinary general meeting (EGM) to remove Mistry from its board.

10 NBFCs surrender registration certificate

Reserve Bank today said 10 Non Banking Finance Companies (NBFCs), including Supreme Securities and Island Leasing, have surrendered their registration certificate.

The central bank also said it has cancelled the certificate of registration of nine NBFCs.

"(Ten) NBFCs have surrendered the Certificate of Registration granted to them by the Reserve Bank of India...(and) has therefore cancelled their Certificate of Registration," it said in a statement.

Taxman not to ask questions on deposits up to Rs 2.5 lakh:CBDT

Providing clarity on scrutiny of deposits made in banks post demonetisation, I-T department today said no questions will be asked about deposits of up to Rs 2.5 lakh and only those accounts will be probed that do not match the tax returns.

Using Big Data analytics, the Income Tax Department has segregated different kinds of deposits and large ones like more than Rs 1 crore that do not match with income tax returns filed in previous years will be taken for "layer enforcement".

Toyota, Suzuki vow to take partnership to next level

Japanese auto majors Toyota and Suzuki today agreed to begin concrete examinations for business partnership in areas of environment, safety and information technology along with supply of products and components.

Toyota Motor Corporation and Suzuki Motor Corporation have agreed to start exploring ideas directed towards business partnership, as announced on October 12, 2016, the two companies said in a statement.

Power Min crosses milestone of electrifying 12,000 villages

Power Ministry has so far achieved the milestone of electrifying over 12,000 villages out of 18,452 unelectrified villages.

Prime Minister Narendra Modi had announced from the ramparts of Red Fort on August 15, 2015 in his independence day speech that all 18,452 unelectrified villages would be electrified in 1,000 days, i.e. by May 1, 2018.

According the GARV (Grameen Vidyutikaran) portal, which monitors the rural electrification programme in a real-time basis, as many as 12,033 villages have been electrified so far and work is underway in 5,665 villages.

Tata Power Solar ships 1GW solar modules

Tata Power Solar has achieved the milestone of shipping 1 GW solar modules and recorded 60 per cent rise in shipment in the last five years.

"Tata Power Solar has successfully shipped 1 GW solar modules worldwide, a first for any Indian solar manufacturer," the company said in a statement today.

With modules as well as cell manufacturing capacities, this milestone cements the company's position as one of India's leading players in the photovoltaic (PV) module manufacturing industry, it said.