RBI To Take NRI Bonds Route To Curb Rupee Volatility And FPI Inflow

New Delhi:  The Reserve Bank of India is expected to raise close to $30 to 35 billion via NRI bonds for supporting its domestic currency as well as offset any impact of declining foreign portfolio investments or FPI into the Indian markets.

The Bank of America Merrill Lynch (BofAML) report highlights that listing of Chinese companies in global benchmark indices such as MSCI will shift nearly US$100 billion worth of investment to China by the year 2019. Also, in the run up to general assembly elections slated early next year, there can be seen a slowdown in FPI flow given the political uncertainty situation the country is reeling in. NRI bonds are deposits raised in foreign currency from NRIs at attractive rate of interest for tenures between 3 and 5 years.


Currency With The Public Reaches A Record High Of Over Rs 18.5 Lakh Crore

New Delhi:  The total currency put in circulation by the Reserve Bank has more than doubled to over Rs 19.3 lakh crore — from a low of about Rs 8.9 lakh crore post-demonetisation. Currency with the public has reached a record high of over Rs 18.5 lakh crore, more than double the low of Rs 7.8 lakh crore it had hit after demonetisation in late 2016, as per RBI data.

As a percentage of GDP, however, the proportion remains much lower than the pre-demonetisation level. Currency with the public is arrived at after deducting cash with banks from total currency in circulation. This high level of currency available with the public is in contrast to the reported cash crunch in various parts of the country a few months ago. Hoarding of cash was then cited as a possible factor that could have triggered an artificial currency crunch.


Petrol And Diesel Prices Down By 21-22 Paise Per Liter

New Delhi: Prices for petrol and diesel have fallen by 21-22 paise per litre and 15-16 paise per litre respectively in Delhi, Kolkata, Mumbai and Chennai, compared with the previous day’s rates.

In Delhi, petrol now costs Rs 77.42 a litre, and diesel costs Rs 68.58 per litre. After a 16-day long upward rally, fuel prices have been cut marginally everyday since May 30, in the range of 1 paise per litre, to 21-22 paise a litre on Friday.

On Thursday, price for petrol was Rs 77.63 per litre, while diesel price was Rs 68.73 a litre in Delhi. Besides Delhi, revised petrol prices in other metro cities are - Rs 80.07 a litre in Kolkata, Rs 85.24 per litre in Mumbai and Rs 80.37 in Chennai. Diesel, on the other hand, was being sold at Rs 71.13 a litre in Kolkata, Rs 73.02 a litre in Mumbai and Rs 72.40 in Chennai.


Mallya Barred From The Securities Market For Three More Years

New Delhi:  Fugitive Indian businessman Vijay Mallya has been barred by Securities and Exchange Board of India (SEBI) from the securities market for another three years as also from holding directorship in listed companies for five years in the case of illegal fund diversions at United Spirits Ltd. Besides, the watchdog has imposed a one-year ban on two former company officials -- Ashok Capoor and P AMurali.

Through an interim order in January 2017, the regulator had barred Mallya and six former officials of United Spirits, including Capoor and Murali, from the securities markets in the case related to illegal fund diversions.


Economic Growth At 7.7% Signals Country has emerged From The Impact Of Demonetisation And GST

New Delhi: In its fastest pace in nearly two years, the Indian economy grew at 7.7% during January-March quarter this year giving signals that it appeared to have emerged from the impact of demonetisation and rollout of GST.

The latest numbers released by the government on Thursday showed that India was the fastest growing major economy, ahead of China, which reported a 6.8% expansion in the March quarter, though there is a massive difference in the size of the two Asian economies (India’s $2.6 trillion vs China’s $12 trillion).