สรุปข่าวเศรษฐกิจอินเดียประจำวันที่ 5 กุมภาพันธ์ 2557

RBI liberalises rules for exporters and importers

The Reserve Bank of India (RBI) has liberalised rules for exporters and importers who are not able to meet the condition of “firm irrevocable order backed by a tripartite agreement”.  Also with a view to liberalising the procedure, the limit of $100,000 eligible for third party payment for import of goods has been withdrawn. According to RBI, this requirement of firm irrevocable order may not be insisted upon in case where documentary evidence for circumstances leading to third party payments / name of the third party in the irrevocable order/ invoice has been produced.  However, RBI laid down few riders for the same which says that the bank should be satisfied with the bona-fides of the transaction and export documents. Besides that the bank should consider the Financial Action Task Force (FATF) statements while handling such transaction.

(Source: Business Standard)

FinMin may cut commodities transaction tax

The Union finance ministry is considering relaxing the commodities transaction tax (CTT) imposed on non-agricultural commodities in July 2013. The tax, 0.01 per cent, was imposed on commodity futures trading on national electronic futures exchanges. While agri commodities were exempted, these commodities were defined such that the tax covered 95 per cent of the trading in the futures market. As the tax had resulted in a fall in volumes, all exchanges had opposed the tax.  Sources said the ministry was considering including eight or nine commodities, including sugar and rubber, in the list of exempted ones. Currently, the exempted commodities include all farm products; it includes cottonseed oil cake and soymeal.

(Source: Business Standard)

Gold, silver surge on seasonal demand, global cues

Extending gains for the third day, gold prices rose by Rs300 to Rs30,700 per ten gram in Delhi on Tuesday on sustained buying by stockists for the ongoing marriage season amid a firming global trend. Silver prices also spurted by Rs590 to Rs44,200 per kg. In Delhi bullion market, the gold of 99.9 and 99.5% purity shot up by Rs300 each to Rs 30,700 and Rs30,500 per ten gram, respectively. Sovereign held unchanged at Rs25,200 per piece of eight gram. Silver ready spurted by Rs590 to Rs44,200 per kg and weekly-based delivery by Rs465 to Rs43,800 per kg. Silver coins also gained Rs1,000 to Rs86,000 for buying and Rs87,000 for selling of 100 pieces.

(Source: Live Mint)

Indian Bank revises interest rates

Public sector Indian Bank has revised interest rates for the month of February on its Foreign Currency Non-Resident (Banking) deposits with immediate effect. For FCNR(B) deposits, in USD terms, the revised interest rate has been fixed at 2.57 percent as against 2.58 percent for deposits of one year and above but less than two years, Chennai-headquartered Indian Bank said in a statement.  For deposits of two years and above but less than three years, interest rate has been revised to 2.47 percent, as against the existing 2.50 percent, it said. For deposits of three years and above, but less than four years, the interest rate has been fixed at 3.83 percent from the existing 3.87 percent. The interest rate has been revised to 4.24 percent for deposits of four years and above but less than 5 years from the existing 4.33 percent, it said. For deposits of up to five years, the interest rate has been revised to 4.62 percent from existing 4.80 percent, the statement added.

(Source: Money Control)

Income inequality rising in countries like India: IMF

The net worth of India’s billionaire community has soared 12-fold in 15 years — enough to eliminate absolute poverty twice over in the country, where income inequality is also on the rise, according to the IMF. Seven out of ten people in the world today live in countries where inequality has increased over the past three decades, International Monetary Fund (IMF) managing director Christine Lagarde said. The richest 85 people in the world own the same amount of wealth as the bottom half of the world's population, Lagarde said. Observing that over the next three decades, the world's population will get much larger and much older, she said that in 30 years time, there will be about two billion more people on the planet, including three quarters of a billion people over the age of 65. By 2020, for the first time ever, there will be more old people over 65 than children under five, Lagarde said.  ‘‘The geographical distribution will also change’’ young populations in regions like Africa and South Asia will increase sharply, while Europe, China, and Japan will age and shrink. ‘‘In the coming decades, we expect India to surpass China, and Nigeria to surpass the United States, in terms of population. And both China and India will start ageing in the near future. ‘‘This can create problems on both ends of the demographic spectrum’’ for youthful countries and for greying countries. Right now, the young countries are seeing a ‘youth bulge’, with almost three billion people - half the global population - under 25.

(Source: Financial Express)

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