Archive for the ‘Economy’ Category

Idea, Airtel, Vodafone suffered huge losses after TRAI’s decision to cut IUC

idea airtel vodafone shares tumbled trai iuc decision

Shares of telecom companies such as Bharti Airtel and Idea Cellular plunged up to 7.4 percent today after Trai reduced mobile interconnection charges (IUC) by more than half to 6 paise a minute.

The scrip of Idea Cellular tumbled 7.4 percent to Rs 76.85, Bharti Airtel tanked 6.25 percent to Rs 370, Reliance Communications dipped 4.21 percent to Rs 19.30 and Tata Teleservices lost 2.53 percent to Rs 6.15 on BSE.

Shares of RIL, however, gained 3.82 percent to Rs 872.10 at its 52-week high.

Telecom regulator Trai yesterday announced slashing of mobile call connection charge by more than half to 6 paise a minute and said no rate will apply from January 1, 2020, a move that may benefit newcomer Reliance Jio.

Mobile companies currently charge 14 paise a minute for allowing a domestic call from a rival operator to terminate on their network. This charge, called Interconnection Usage Charge or IUC, will be 6 paise per minute from October 1, 2017, Trai said in a statement.

Established telecom operators have argued that every call on the network has a cost, and expenses of an incoming call on their network should be borne by the operator from whose network the call has originated.

2.25 lakh ATM Machines to recalibrate as supply of 200 rupees note will be started soon

200 rupees note

The RBI issued 200 rupees note last week. But it can take two to three months to reach people as 2.25 lakh ATM machines across India to recalibrate before the supply of Rs 200 Notes. Some banks have told ATM companies to start testing new notes to make machines suitable for them. Although new 200 rupees note have not been supplied to the banks. After the ban on old currency notes was made in November last year, banks had made ATM machines suitable for new notes of Rs 500 and Rs 1000.

200 rupees note

200 Rupees Note

The Reserve Bank of India issued a statement saying that supply of 200 rupees note will be started soon. But the RBI has not said that when these notes will be available in adequate quantities?

Companies making ATM machines have said that they have not received any guidelines regarding changing the ATM according to the new notes of Rs 200 from the RBI. He said that some banks have unofficially told them that they should start testing new notes because its size is different.

2.25 Lakh ATMs to recalibrate for 200 Rupees Note

There are a total of 2.25 lakh ATM machines in the country, and they are yet to be made in line with the new notes.

Mr. Ravi B Goyal, Chairman and Managing Director, AGS Transact Technologies Ltd. told, “But the ATM favoring process will start only after getting the instructions from the RBI, the size of the new notes is different from the ongoing notes in circulation, as soon as we get new notes, we will understand its size and recalibrate the machines accordingly. We will have to see whether the supply of the notes is enough to run the ATM at full capacity. ” This company has set up 60 thousand ATM machines.

He said, “The entire process of favoring the ATM will be completed in 90 days, and the regular operation of the ATM will not be affected. In fact, ATMs will be fully operational and the supply of 100, 500 and 2000 notes will continue.”

Among other companies making ATM, there is NCR Corporation, which has 1,08,000 ATM machines. Apart from this, BTI Payments has 4,500 installed machines.

NCR Corporation’s General Manager (Services) Anand Garolu said, “Banks have started contacting us for testing new notes and they will tell us which machines they want to recalibrate for the supply of 200 rupees note. Only after that, the test will start.”

K. Srinivas, Managing Director and Chief Executive Officer of BTI Payments said, “When we get enough amount of 200 rupees, we will start the to recalibrate ATM machines. We are keen to start this work as soon as possible.” This company is authorized by the RBI, which operates ATM machines, which do not own the banks, and the banks do not even manage them.

At present, 200 rupees note is available in selected RBI offices and some banks.

Although State Bank of India and Punjab National Bank have said that they have received new 200 rupees note, whereas Eknath Baliga, manager of KYC-Antimony Laundering Cell of Corporation Bank in Mangalore, told that not a single branch has not received 200 rupees note.

The 200 rupees note is currently being printed in RBI printing presses. Sources of Security Printing and Minting Corporation of India (SPMCL) told that the company has not received any instructions for printing of Rs 200 notes so far. In the country, the two companies authorized for printing notes are owned by the RBI, while the two with SPMCL, which is a government-owned company.

RBI annual report 2016-17: 99 percent of demonetized currency returned to banking system

rbi annual report on demonitized currency

As per the annual report released by the Reserve Bank of India, about 99% of the notes in the 500 and 1,000 rupees notes have come back to the banking system. After the release of RBI annual report 2016-17, the opposition has begun to question the government’s unprecedented decision.

rbi annual report on demonitized currency

It is notable that the government stopped the currency of these big value notes from midnight on November 8 last year to tighten the black money and corruption, and new notes were issued in lieu of them.

The Central Bank, after a long period, had been neglecting to tell the actual number of notes returned to the banking system, but in RBI annual report 2016-17 released today, he said that Rs 15.28 lakh crore was returned from the banned currency, and only Rs 16,050 crore currency has not returned.

In its annual report of the year 2016-17, the central bank said that before the demonetization in November, 1716.5 crore rupees in 500 rupees and 685.8 crore rupees in 1,000 rupees were in circulation whose total value was Rs 15.44 lakh crore.

It has been said in the report that after the ban, the cost of printing notes of Rs 500 and Rs 2,000 was doubled to Rs 7,965 crore, compared to Rs 3,421 crore in the previous year.

In support of the ban, the government had said that it will curb black money, corruption, and counterfeit currency.

Although the Reserve Bank found in its sample survey that only 7.1 percent of 500 rupees notes and 19.1 percent of 1000 rupees notes per 1 million rupees in the circulation were found to be fake.

Condemning the government’s decision of currency ban on the basis of these figures, former Finance Minister P. Chidambaram said, “The Reserve Bank raised Rs 16,000 crore but spent Rs 21,000 crore on the printing of new notes. These economists should get the Nobel Prize. “He tweeted,” Out of the 15,44,000 crore rupees, Rs 16000 crore did not return to the Reserve Bank. It is only 1%. Curtailed on the Reserve Bank, which gave the “suggestion” of the ban on bondage.

Modi Governemnt approves printing of 200 Rupees Note, RBI Released 200 Rupees note images

200 rupees note image

The government today allowed the Reserve Bank of India to issue a 200 rupees note. This will help in reducing the pressure from small currency notes. Earlier, 200 Rupees note image was circulated online.

200 rupees note image

The Finance Ministry said in a notification that in view of the recommendations of the Central Board of Directors of the Reserve Bank, the central government allows issuing bank 200 rs note.

The note of the new 200 Rupees is expected in September. Sources said that the start of the 200 Rupees Note printing process will help in improving the currency situation in the country. After the ban was announced in November last year, the central bank had issued a new note of Rs 500 and a note of Rs 2,000 was issued. It is believed that after getting a note of 200 rupees, people who are facing problems due to the high value of Rs 2,000 will be able to reduce them. Apart from this, the Reserve Bank has also introduced a new fluorescent blue note of 50.

Bank strike on 22 August 2017 is completely successful: AIBEA General Secretary C M Venkatachalam

bank strike on 22 august 2017

Bank services are affected in the National Capital Region (NCR) on Tuesday due to All-India Bank strike on 22 August 2017 of bank personnel against the proposed government policies to improve banking sector.

bank strike on 22 august 2017 An official of the United Forum of Bank Unions (UFBU), the organization of nine bank associations calling for a strike, said that more than 10 lakh bank employees employed in 1,30,000 branches of the country are involved in the strike, due to which the work of check clearing has influenced.

UFBU is opposing reforms in the banking sector and other issues.

All India Bank Employees Association (AIBEA) general secretary C.H. Venkatachalam told “The strike is completely successful. Bank officials performed outside the branches on the previous evening (Monday) in protest of the government’s move towards the merger and privatization of banks.”

Failed Negotiations cause Bank Strike on 22 August 2017

The strike happened after the negotiations failed on Friday between the UFBU and the Indian Banks Association, the Chief Labor Commissioner, and the Financial Services Department (FSD) on Friday.

State Bank of India (SBI) said in the regulatory register in BSE, “All India State Bank Officers Federation and All India State Bank of India Staff Federation will be involved in the strike as part of UFBU. There is also a possibility.”

AIBEA said in a statement issued on Tuesday that key demands in 17-Point Demands relate to refusing to provide adequate capital to the public sector banks, thereby creating a situation of privatization.

AIBEA said, “Privatization of banks means that 80 lakh crore rupees will be privatized by the general public in our banks.”

The organization said, “This is risky for the country and the people. With the privatization of banks, the priority areas like agriculture, rural development and education will not be able to get loans.”

According to the statement, “Today’s major problems of banks are increasing the level of bad loans, which is about 15 lakh crore at this time, which is about 20 percent of the total loan, a substantial portion of the bad credit is being made by large industrial houses and corporate houses.”

GST website crashed, Trader puzzled, GST filing date extended to 28 August

gst website crashed

Traders across the country had to face difficulties on Saturday when the GST website crashed.The GST website that files the goods and services tax (GST) stopped working for some time on the last day of filing a GST return.

gst website crashed

According to Ashok Chairman (Special Task Force on GST), Jain told “Since 12 noon, the GST website was intermittent and there was a lot of confusion among traders. He said that due to this disturbance, he could not file returns. If such a continuance continues then the government should increase the date of filing of GST returns for the next few days. ”

The GST filing date of GSTR-3B is from July to August 20, wherein the data of movement of goods and lending/payment is to be filed.

“The service is not available from August 2 to 2.45 pm on August 19th, please come back later,” said GST website’s notice.

The last date for filing returns for the month of August is September 20.

RBI to release new 50 Rupees Note, Parliament Photo to be replaced by Chariot

50 rupees note

Reserve Bank of India is going to release new 50 rupees note. The Photo of Parliament will be replaced by Rath on the back side of the new note of 50 rupees. This note will showcase the country’s cultural heritage. In addition, the RBI has also made it clear that the notes of the old series will remain in the currency. Besides the RBI 50 rupees, a new note of 20 rupees can also be launched before Dussehra next month.

50 rupees note

According to the photographs issued by the Reserve Bank of India, the new note of Rs 50 will be in Turquoise Color. The printing and design of this note are just like the ongoing 500 and two thousand notes. This currency note will be of Mahatma Gandhi Series-2005 with the signature of governor Urjit Patel.

new 50 rupees note

New 50 Rupees Note Features

  1. Like the old notes, this note will also be a picture of Mahatma Gandhi, but this time the photo of Mahatma Gandhi will be seen in the center.
  2. 50 written on the Left side in Devanagari.
  3. ‘RBI’, ‘India’ and ’50’ written in microletter.
  4. ‘India’ and ‘RBI’ will be written on dematerialized security thread.
  5. On the back, left side will be the year of the publication of the note
  6. On the back, Swacch Bharat Logo and slogan
  7. On the back, Hampi shape with chariot

Also Read: Reality check: Black money can be traced by Radioactive ink in 2000 rupee note

GST will reduce electronic manufacturing cost in India

electronic manufacturing in india

Domestic manufacturers of electronic devices will benefit from the goods and services tax (GST) system because manufacturing costs will be greatly reduced. According to a study done jointly by ASSOCHAM and NEC Technology, “Local manufacturers will be able to reduce their profit in taxpayers to bring it down to the customer.”

electronic manufacturing in india

According to the study, the implementation of GST will eliminate many taxes and wide impact of taxes.

Along with that, the companies will also get rid of the warehouses and transportation expenses, which are around 5-8%.

The study said, “Low tax, simple tax structure and technology based tax compliance system will provide an ideal environment in the direction of improving electronics manufacturing in India.”

According to the joint study, “GST will give a big boost to the Indian electronics industry, which will increase the demand for equipment made by local manufacturers.”

ASSOCHAM-NEC study said, “With the implementation of GST, electronic manufacturers will be spending the warehouses and transportation expenses.”

According to the report, “After demonetisation, The government is promoting digital payment by bringing e-payment platforms like Bhim and Bharat QR, which will increase demand for mobile phones.”

Studies have said that India will become a major center of manufacturing.

Kerala government called meeting of 14 diplomats of African countries in cashew case

Kerala government called meeting 14 African diplomats

Kerala Government called a meeting of 14 diplomats from African countries as part of efforts to revive the stranded cashew sector in the state. It has employed more than two lakh people, mostly women.

Kerala government called meeting 14 African diplomats

Minister for Fisheries, Harbour Engineering, Cashew Industry, J Mercikutty Amma said here today; the meeting will be held on 28th and 29th June. It will be considered importing raw cashew nuts from African countries at reasonable rates without intermediaries. Foreign Ministry representative will also take part in the meeting. Apart from the other things in the meeting, the increase in export from existing Rs 6,000 crore to 9,000 crores will also be stressed.

The Minister said that the cashew industry would remain only when quality raw cashew nuts are available without any interruption, and the government is making efforts in this direction.