Banking Awareness 5th November 2016 | Financial Affairs 05/11/2016

Gold import dips 55% in H1

A customer tries gold bangles inside a jewellery showroom at Noida in the northern Indian state of Uttar Pradesh in this April 21, 2011 file photo. India's passion for gold is putting such a strain on state finances that the government may slap higher import taxes on the precious metal, but demand buoyed by heady inflation and meagre savings will blunt the impact of any rise in duties as reported January 16, 2013. REUTERS/Parivartan Sharma/Files (INDIA - Tags: BUSINESS COMMODITIES)

The imports mainly take care of demand from the jewellery industry

  • According to the data by Commerce Ministry, Gold imports dipped by about 55 per cent to $7.88 billion during the first half of 2016-17
  • The sliding prices of the precious metal in global and domestic markets are seen to be at work.

$17.42 billion

Gold imports in H1 of 2016-17

Turkey wants India to start free trade pact talks soon


Turkey’s Development minister urges for FTA

  • Turkey wants India to start talks on a proposed Free Trade Agreement (FTA) soon and said the ongoing political turmoil will not impact foreign investment flows.
  • Though there is an India-Turkey Joint Study Group report on “the feasibility and possibility of concluding a Comprehensive Economic Partnership Agreement” (CEPA or, in other words, a FTA), no dates have been fixed for starting FTA negotiations.

Free Trade Agreement

Suzuki to invest $970 m in Gujarat


Two mfg units to begin operations by 2017 and 2019

  • Japan’s Suzuki Motor Corp will invest about 100 billion yen ($970.97 million) in a second vehicle production line at its new plant in Gujarat, even before operations have begun.
  • Reports said that the second line with same volume strenth could debut in early 2019.

Yen – ¥

National Currency of Japan

Vijaya Bank eyes 7-8% growth this fiscal


Adopting a sector-specific approach to tackle bad loans

  • According to Vijaya Bank’s Executive Director BS Rama Rao the Bank is expecting 7-8 per cent growth in business this year.
  • The growth will primarily be driven by the retail sector.
  • Vijaya Bank recorded 28% growth in retail credit which is highest in the Industry.

BS Rama Rao

Vijaya Bank’s Executive Director

Reliance Industries to challenge $1.55 billion gas dispute demand


Dispute on pumping out gas from adjoining ONGC field

  • The government has asked Reliance Industries and its partners BP Plc and Niko Resources to pay about Rs 10,000 crore, or $1.55 billion
  • The Govt has raised the demand for pumping out gas that flowed to the KG-D6 block from an adjoining field owned by ONGC, and has given them a month to respond to one of the biggest-ever penalties imposed on a company in India.

    Largest Petroleum Companies in India

  1. Indian Oil Corporation
  2. Reliance Industries
  3. Bharat Petroleum

Dinesh K Sarraf


No FCRA registration renewal to 25 NGOs for anti-national acts


Non renewed NGOs can;’t receive International Funds

  • The Centre has denied renewal of FCRA registration to 25 NGOs after they were allegedly found to be involved in anti-national activities, and also derecognised more than 11,000 organisations for failing to apply for renewal.
  • A senior Home Ministry official confirmed the move, saying the continuation of the 25 NGOs’ operations in the country are “contrary” to the provisions of the Foreign Contribution Regulations Act (FCRA) and allegedly anti-national.


Foreign Contribution Regulation

After Galaxy Note 7, Samsung recalls 2.8mn washing machines in US


Samsung earlier recalled 2.5 million Note 7 devices

  • Korean electronics major Samsung is recalling about 2.8 million washing machines in the US market after reports of injuries, in an another major setback to the company reeling under the recall and production halt of its flagship smart-phone Note 7.
  • However, the company said it does not expect its consumers in India to be impacted by the recall of about 2.8 million top-load washing machines in the US.


No of Models to be recalled

GST Council undecided over authority for tax assessment

The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley briefing the media after the conclusion of the 3rd meeting of the GST Council, in New Delhi on October 19, 2016. The Minister of State for Finance, Shri Santosh Kumar Gangwar, the Revenue Secretary, Dr. Hasmukh Adhia and other dignitaries are also seen.

Next to meet by this month end

  • Finance Minister Arun Jaitley said on Friday that the fourth round of meetings of the GST Council was inconclusive regarding the key issue of how to divide the authority to assess tax between the Centre and the States, although differences were narrowed down.
  • He has further said that The next GST Council meeting has been postponed November 24-25 and the Ministers will meet for an informal session on November 20 to discuss the tax assessment issue further.

GST Rates


Independent directors of IHCL back Mistry


Lauded his efforts in board meeting

  • Independent directors of the Tata group firm, the Indian Hotels Company Limited (IHCL) reposed ‘full confidence’ in chairman Cyrus Mistry
  • They have also ‘praised’ the steps taken by him in providing strategic direction and leadership to the company at a board meeting to approve its second quarter results on Friday.

    Taj Hotels Resorts and Palaces

    Brand name of The Indian Hotels Company Limited

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