1. RBI extends cheque upgradation deadline till March next year
Bank customers do not need to discard their non-CTS 2010 standard cheque books in a hurry to get their multi-city CTS-2010 standard cheque leafs. They will get another three months time for such upgradation.
NOTE:- Reserve Bank of India has just extended the deadline for doing the switchover for another three months to March 31 next year, following representation from various quarters.
RBI had earlier issued instructions to standardise the system with 'multi city' and 'payable at par' cheques for all customers.
2. Meghalaya Lokayukta Bill passed
Meghalaya Legislative Assembly toaday passed the Meghalaya Lokayukta Bill-2012 on the concluding day of its 4-day winter session amidst walk out by Opposition members of the Nationalist Congress Party.
NOTE:- Introducing the Bill, Meghalaya Chief Minister, Dr. Mukul Sangma termed the Bill as, historic, as it would provide for establishment of a body of Lokayukta for the State of Meghalaya to inquire into allegation of corruption against certain public functionaries.
3. RBI says direct cash transfer can help control inflation
RBI Deputy Governor, KC Chakrabarty said in Mumbai that the Central Government’s ambitious direct cash transfer scheme will play a crucial role in reducing the fiscal deficit and controlling inflation in the country. Describing the scheme as a “power tool” the senior most of the four RBI deputy governors explained that the scheme if implemented well the scheme will have a positive impact on the inflation front and efficiency in expenditure will help reduce the fiscal deficit.
NOTE:- The programme which is planned to be introduced in 43 districts beginning from early next year, will help in curtailing massive leakages and wastages in the subsidy distribution system. Initially 16 states will be covered by 1st April 2013 and the national roll out is planned till 1st April 2014. He also said that the programme will help in driving the financial inclusion agenda of the apex bank RBI.
4. Govt committed to protecting interests of Jute farmers & industry: Textiles Min
Textiles Minister Anand Sharma has said the Government is committed to protect the interests of jute farmers and the industry. Government raised the Minimum Support Price (MSP) of jute to Rs. 2,200 per quintal, a 32 percent hike compared to the previous year.
NOTE:- Jute Corporation of India has already procured 2 lakhs 61 thousand bales of jute so far and is now ready to open more purchasing centres wherever necessary.
5. Inflation declines to 7.24 percent
Inflation declined to 7.24 per cent in November from 9.46 per cent in the same month a year ago although prices of food items like potato, wheat, cereals, rice, pulses, edible oil and sugar went up during the period.
NOTE:- Inflation, as measured by the Wholesale Price Index, had stood at 7.45 per cent in the previous month. Food inflation, as a category, rose to 8.5 per cent during the month, from 8.32 per cent a year ago. Vegetables prices declined by 1.19 per cent in November this year as compared to a surge of 10.68 per cent in the same month a year ago.
6. India and Pakistan seal accord to ease visa restrictions
The liberalised visa agreement between India and Pakistan has been operationalized by home minister Sushil Kumar Shinde and Pakistan interior minister Rehman Malik with the latter calling it a historic step forward for the peace process.
NOTE:- The places of visit allowable have been increased by both countries from 3 to 5 and a provision made for issue of visa up to 2 years for persons above 65, nationals married to nationals of the other country and children below 12.
Exemption from police reporting will also be offered to those arriving on a business visa and who have an income of above 5 million Pakistani rupee. Both concessions will kick in immediately.
NOTE:- The country has a comfortable stock of 682 lakh tonnes of wheat and rice at present.
Mr Rangarajan said, growth in the first half of 2012-13 has fallen to 5.4 per cent, from 7.3 per cent in the same period last fiscal. He expressed hope that the economy will do better in the second half and the manufacturing sector could grow.
10. Cabinet Committee on Security gave its nod to a Rs. 2,150 crore proposal on coastal security
Cabinet Committee on Security gave its nod to a 2,150 crore rupee proposal on coastal security that aims at preventing any 26/11-type attack.
NOTE:- Under the proposal, 5 offshore patrol vessels would be bought for the Coast Guard for Rs. 1,500 crore. As part of the proposal, Rs. 640 crore would be spent on setting up the second phase of coastal security network under which 38 radars would be established to create a near gap free electronic surveillance along the entire coastal area.
Bank customers do not need to discard their non-CTS 2010 standard cheque books in a hurry to get their multi-city CTS-2010 standard cheque leafs. They will get another three months time for such upgradation.
NOTE:- Reserve Bank of India has just extended the deadline for doing the switchover for another three months to March 31 next year, following representation from various quarters.
RBI had earlier issued instructions to standardise the system with 'multi city' and 'payable at par' cheques for all customers.
2. Meghalaya Lokayukta Bill passed
Meghalaya Legislative Assembly toaday passed the Meghalaya Lokayukta Bill-2012 on the concluding day of its 4-day winter session amidst walk out by Opposition members of the Nationalist Congress Party.
NOTE:- Introducing the Bill, Meghalaya Chief Minister, Dr. Mukul Sangma termed the Bill as, historic, as it would provide for establishment of a body of Lokayukta for the State of Meghalaya to inquire into allegation of corruption against certain public functionaries.
3. RBI says direct cash transfer can help control inflation
RBI Deputy Governor, KC Chakrabarty said in Mumbai that the Central Government’s ambitious direct cash transfer scheme will play a crucial role in reducing the fiscal deficit and controlling inflation in the country. Describing the scheme as a “power tool” the senior most of the four RBI deputy governors explained that the scheme if implemented well the scheme will have a positive impact on the inflation front and efficiency in expenditure will help reduce the fiscal deficit.
NOTE:- The programme which is planned to be introduced in 43 districts beginning from early next year, will help in curtailing massive leakages and wastages in the subsidy distribution system. Initially 16 states will be covered by 1st April 2013 and the national roll out is planned till 1st April 2014. He also said that the programme will help in driving the financial inclusion agenda of the apex bank RBI.
4. Govt committed to protecting interests of Jute farmers & industry: Textiles Min
Textiles Minister Anand Sharma has said the Government is committed to protect the interests of jute farmers and the industry. Government raised the Minimum Support Price (MSP) of jute to Rs. 2,200 per quintal, a 32 percent hike compared to the previous year.
NOTE:- Jute Corporation of India has already procured 2 lakhs 61 thousand bales of jute so far and is now ready to open more purchasing centres wherever necessary.
5. Inflation declines to 7.24 percent
Inflation declined to 7.24 per cent in November from 9.46 per cent in the same month a year ago although prices of food items like potato, wheat, cereals, rice, pulses, edible oil and sugar went up during the period.
NOTE:- Inflation, as measured by the Wholesale Price Index, had stood at 7.45 per cent in the previous month. Food inflation, as a category, rose to 8.5 per cent during the month, from 8.32 per cent a year ago. Vegetables prices declined by 1.19 per cent in November this year as compared to a surge of 10.68 per cent in the same month a year ago.
6. India and Pakistan seal accord to ease visa restrictions
The liberalised visa agreement between India and Pakistan has been operationalized by home minister Sushil Kumar Shinde and Pakistan interior minister Rehman Malik with the latter calling it a historic step forward for the peace process.
NOTE:- The places of visit allowable have been increased by both countries from 3 to 5 and a provision made for issue of visa up to 2 years for persons above 65, nationals married to nationals of the other country and children below 12.
Exemption from police reporting will also be offered to those arriving on a business visa and who have an income of above 5 million Pakistani rupee. Both concessions will kick in immediately.
7. India Telecom 2012 conference held in New Delhi
Telecom Secretary R Chandrashekhar has said that India is at the threshold of 3rd revolution in telecommunication. He said, the anticipated broadband revolution will revolutionize the socio-economy sector including health and information. Mr. Chandrashekhar was delivering the keynote address of the special session on ‘Critical Internet Resources and Way Forward’ on the second day of the India Telecom 2012 conference in New Delhi.8. Lok Sabha passed Supplementary Demand Grants for 2012-13
Lok Sabha yesterday passed the Supplementary Demands for Grants for 2012-13 and the relevant Appropriation Bills. This authorises the Centre to withdraw Rs. 30,804 crore from the Consolidated Fund of India.NOTE:- The country has a comfortable stock of 682 lakh tonnes of wheat and rice at present.
9. Economy likely to grow at 5.5-6% this fiscal: Rangarajan
Prime Minister's Economic Advisory Council (PMEAC) Chairman C Rangarajan said, the economy is expected to grow at 5.5 to 6 per cent in the current fiscal and the next year will see a better rate of expansion.Mr Rangarajan said, growth in the first half of 2012-13 has fallen to 5.4 per cent, from 7.3 per cent in the same period last fiscal. He expressed hope that the economy will do better in the second half and the manufacturing sector could grow.
10. Cabinet Committee on Security gave its nod to a Rs. 2,150 crore proposal on coastal security
Cabinet Committee on Security gave its nod to a 2,150 crore rupee proposal on coastal security that aims at preventing any 26/11-type attack.
NOTE:- Under the proposal, 5 offshore patrol vessels would be bought for the Coast Guard for Rs. 1,500 crore. As part of the proposal, Rs. 640 crore would be spent on setting up the second phase of coastal security network under which 38 radars would be established to create a near gap free electronic surveillance along the entire coastal area.
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