สรุปข่าวเศรษฐกิจอินเดียประจำวันที่ 10 มกราคม 2557

In financing boost, SMEs may get loans against all movables

In what would help millions of small businesses and entrepreneurs access bank financing, the government may facilitate loans against movable assets, including inventory, stocks, accounts receivable and intellectual property rights as collateral. A report of the legal working group, constituted by the government-owned central mortgage registry called the Central Registry of Securitisation Asset Reconstruction and Security Interest (Cersai) and IFC (a member of the World Bank Group), was submitted to the finance ministry on Thursday, recommending the expansion of Cersai’s centralised electronic collateral database. The working group was chaired by MR Umarji, chief legal advisor of Indian Banks Association. The central database of Cersai helps in preventing multiple borrowings using the same property as collateral. This is done with the Cersai recording details of mortgages including the collateral used and then sharing it with banks, financial institutions and housing finance companies that are registered with the regulators. This helps in mitigating risks and helps in efficient pricing of assets, in turn ensuring transparency and security to the loans, said Cersai CEO and MD RV Verma.

(Source: Financial Express)

Corruption, black money catch govt eye before polls

In what can be construed the Aam Aadmi Party (AAP) effect, the Centre has expedited measures against graft and black money. After cracking down on Cyprus for not sharing information, the government is getting tough with other non-cooperating jurisdictions and setting up offices abroad to tighten the noose around evaders. Prime Minister Manmohan Singh has cleared the long-pending proposal to set up income-tax overseas units (ITOUs) in eight more countries, finance ministry officials said. Interestingly, the decisions came after the results of Assembly polls last month, characterised by Congress' defeat in four major states and the impressive debut of AAP in Delhi. Corruption is also a key item in the five-point agenda of Congress Vice-President Rahul Gandhi. In the Budget Session of Parliament next month, the last session before the general elections, the government is planning to ensure the passage of some anti-corruption legislations, which have been flagged by Gandhi and are part of the Congress agenda. These include Whistleblowers Protection Bill, Judicial Accountability Bill, Prevention of Corruption (Amendment) Bill, Citizens Charter Bill, Timely Delivery of Services Bill and Public Procurement Bill. India is also becoming part of a global crusade against tax evasion. It is working closely with G20 on formulation of Common Reporting Standards. This will allow all the member countries to automatically share information pertaining to tax.

(Source: Business Standard)

RBI allows utility bills, tax payments under inward remittance

Reserve Bank today allowed payments to utility service providers, tax payments, and EMI payments in India with a view to expand the scope of cross-border inward remittances. Cross-border inward remittance is a Rupee Drawing Arrangement (RDA) where remittances are received in India through exchange houses situated in gulf countries, Hong Kong, Singapore and Malaysia (for Malaysia only under Speed Remittance Procedure). RBI said that payments to utility service providers in India, for services such as water supply, electricity supply, telephone (except for mobile top-ups), internet, television, tax payments and EMI payments in to Banks and Non-Banking Financial Companies (NBFCs) for repayment of loans, would be allowed under RDA. Among others, payment to cooperative housing societies, government Housing Schemes or estate developers for acquisition of residential flats in India in individual names by the NRIs, payments of tuition/boarding, examination fee to schools, colleges and other educational institutions under RDA. RDA also includes Payments to medical institutions and hospitals for medical treatment of NRIs/their dependents and nationals of Gulf countries in India, payments to hotels by nationals of Gulf countries/NRIs for their stay are allowed under the arrangement.

(Source: Economic Times)

Gold gains on buying by stockists and retailers

Gold prices on Thursday recovered by Rs 80 to Rs 30,080 per 10 gm in the Capital after fresh buying by stockists and retailers for the ensuing marriage season. Silver prices, however, fell further by Rs 300 to Rs 44,000 per kg on lack of buying support from industrial units and coinmakers. Sovereign held steady at Rs 25,000 per piece of 8 gm. Silver coins were steady as well. Virender Uppal takes over as AEPC chairman Virender Uppal on Thurs-day took over as chairman of the Apparel Export Promotion Council (AEPC) from A Sakthivel. Uppal, who is also the chairman of leading garment exporter Richa Global Export Pvt, will head the organisation for at least two years. This is Uppal's second stint as chairman of AEPC as he headed the organisation during 2002-03 as well. Copper at 2-week low on speculation Fed to cut stimulus, Copper reached a two-week low in New York amid speculation the Federal Reserve will further slow economic stimulus in the US, the second-biggest consumer of the metal. Officials at the Fed saw diminishing economic benefits from the central bank’s asset purchases, according to minutes of last month’s meeting released on Wednesday. Copper for delivery in March lost 0.8% to $3.3165 a pound by 7.56 am on the Comex in New York after touching $3.304, the lowest since December 23. Copper for delivery in three months fell 1.1% to $7,262 a metric tonne on the London Metal Exchange. Copper also slumped after a gauge of Chinese producer prices fell for a 22nd straight month.

(Source: Financial Express)

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