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Current a/c deficit more than doubles to $7.2bn in Q2 FY18
India's second quarter current account deficit (CAD) more than doubled to $7.2 billion or 1.2% of GDP fiscal on annual basis, mainly due to higher oil imports. However, CAD in the second quarter narrowed sharply from $15 billion (2.5% of GDP) in the preceding quarter, the Reserve Bank of India said. Though, it was substantially higher than $3.4 billion (0.6% of GDP) in second quarter of FY17.
In general terms, CAD refers to the difference between inflow and outflow of foreign exchange that has a bearing on exchange rate. "The widening of the CAD on a YoY basis was primarily on account of a higher trade deficit ($32.8 billion) brought about by a larger increase in merchandise imports relative to exports," the RBI said. On a cumulative basis, the CAD increased to 1.8% of GDP in the first half of FY18 from 0.4% in comparable period of last fiscal on the back of widening of the trade deficit.
Bankers decide to refer 22-23 large NPA accounts to NCLT
Unable to find any resolution on 28 stressed accounts from the second list, lenders will be initiating insolvency proceedings against 22-23 of these borrowers which include Uttam Galva Steel, IVRCL, Ruchi Soya Industries and Essar Projects, a banker told PTI. The Reserve Bank deadline to resolve these 28 accounts ended on Wednesday.
The regulator in August had asked bankers to refer these cases to the National Company Law Tribunal (NCLT) if they failed to find a resolution by December 31. These accounts together have an exposure of Rs 1.4 lakh crore.
Govt extends deadline on Aadhaar, PAN in financial dealings to Mar 31
The government extended by three months till March 31 the deadline for mandatory quoting of national biometric identifier Aadhaar and Permanent Account Number (PAN) for bank accounts and certain financial transactions, reports PTI. The deadline for existing bank account holders to furnish the 12-digit biometric identifier was initially December 31, 2017.
The government had last week extended the deadline for linking of PAN with Aadhaar till March 31, 2018. Now, the deadline for bank accounts has been extended but there is no word on extending the February 6, 2018 deadline for linking mobile SIM cards with Aadhaar.
UK PM Theresa May defeated in Parliament over Brexit blueprint
Prime Minister Theresa May's government was defeated on Wednesday, when lawmakers forced through changes to its Brexit blueprint that ministers said could endanger Britain's departure from the European Union, reports Reuters. In a blow to May, already weakened after losing her Conservative Party's majority in a June election, the 650-seat parliament voted 309 to 305 in favour of an amendment to hand lawmakers more say over a final exit deal with the EU.
Up until the last minute of an often bitter debate in parliament, May's team tried to convince lawmakers in her party to give up their demands and side with a government fearful that the move will weaken its hand in tough Brexit negotiations. Members of Parliament (MPs) are debating the EU withdrawal bill, which will repeal the 1972 legislation binding Britain to the EU and copy existing EU law into domestic law to ensure legal continuity after 'Exit Day' on March 29, 2019.
In focus on Wednesday was an amendment put forward by Conservative lawmaker and former attorney general, Dominic Grieve, who wants parliament to have a meaningful vote on any deal before it is finalised and for it to be written into law.
SC constitution bench to hear pleas against Aadhaar today
A five-judge constitution bench of the Supreme Court would today hear pleas seeking an interim stay on the Centre's decision directing mandatory linking of Aadhaar with various government schemes and welfare measures, reports PTI. A bench comprising Chief Justice Dipak Misra and Justices AM Khanwilkar and DY Chandrachud said that the larger bench would sit at 2 pm to take up the interlocutory applications seeking interim relief against the Centre's decision on linking of Aadhaar with various schemes.
The Centre had on December 7 told the apex court that the deadline for mandatory linking of Aadhaar to avail various services and welfare schemes would shortly be extended till March 31 next year. On November 27, the apex court had said it may consider setting up a constitution bench to hear pleas challenging the Centre's move to make Aadhaar card mandatory for availing various services and benefits of welfare schemes.
It had on October 30 said a constitution bench would commence hearing on the clutch of petitions against the Aadhaar scheme from the last week of November. Recently, a nine-judge constitution bench of the apex court had held that Right to Privacy was a Fundamental Right under the Constitution. Several petitioners challenging the validity of Aadhaar had claimed it violated privacy rights.
PM Modi to commission Navy submarine Kalvari today
Prime Minister Narendra Modi reached Mumbai on Wednesday night to attend the commissioning ceremony of Scorpene-class submarine Kalvari today. "The prime minister landed at Mumbai at around 11 pm and proceeded to the Raj Bhavan where he will stay overnight," an official told PTI. He was received at the airport by Defence Minister Nirmala Sitharaman, Maharashtra Chief Minister Devendra Fadnavis and Governor CH Vidyasagar Rao.
Kalvari, the first of the six Scorpene-class submarines handed over by shipbuilder Mazagon Dock, will be commissioned into the Navy by Modi today. The submarines, designed by French naval defence and energy company DCNS, are being built by Mazagon Dock (MDL) in Mumbai as part of Project-75 of the Indian Navy.
Current a/c deficit more than doubles to $7.2bn in Q2 FY18
India's second quarter current account deficit (CAD) more than doubled to $7.2 billion or 1.2% of GDP fiscal on annual basis, mainly due to higher oil imports. However, CAD in the second quarter narrowed sharply from $15 billion (2.5% of GDP) in the preceding quarter, the Reserve Bank of India said. Though, it was substantially higher than $3.4 billion (0.6% of GDP) in second quarter of FY17.
In general terms, CAD refers to the difference between inflow and outflow of foreign exchange that has a bearing on exchange rate. "The widening of the CAD on a YoY basis was primarily on account of a higher trade deficit ($32.8 billion) brought about by a larger increase in merchandise imports relative to exports," the RBI said. On a cumulative basis, the CAD increased to 1.8% of GDP in the first half of FY18 from 0.4% in comparable period of last fiscal on the back of widening of the trade deficit.
Bankers decide to refer 22-23 large NPA accounts to NCLT
Unable to find any resolution on 28 stressed accounts from the second list, lenders will be initiating insolvency proceedings against 22-23 of these borrowers which include Uttam Galva Steel, IVRCL, Ruchi Soya Industries and Essar Projects, a banker told PTI. The Reserve Bank deadline to resolve these 28 accounts ended on Wednesday.
The regulator in August had asked bankers to refer these cases to the National Company Law Tribunal (NCLT) if they failed to find a resolution by December 31. These accounts together have an exposure of Rs 1.4 lakh crore.
Govt extends deadline on Aadhaar, PAN in financial dealings to Mar 31
The government extended by three months till March 31 the deadline for mandatory quoting of national biometric identifier Aadhaar and Permanent Account Number (PAN) for bank accounts and certain financial transactions, reports PTI. The deadline for existing bank account holders to furnish the 12-digit biometric identifier was initially December 31, 2017.
The government had last week extended the deadline for linking of PAN with Aadhaar till March 31, 2018. Now, the deadline for bank accounts has been extended but there is no word on extending the February 6, 2018 deadline for linking mobile SIM cards with Aadhaar.
UK PM Theresa May defeated in Parliament over Brexit blueprint
Prime Minister Theresa May's government was defeated on Wednesday, when lawmakers forced through changes to its Brexit blueprint that ministers said could endanger Britain's departure from the European Union, reports Reuters. In a blow to May, already weakened after losing her Conservative Party's majority in a June election, the 650-seat parliament voted 309 to 305 in favour of an amendment to hand lawmakers more say over a final exit deal with the EU.
Up until the last minute of an often bitter debate in parliament, May's team tried to convince lawmakers in her party to give up their demands and side with a government fearful that the move will weaken its hand in tough Brexit negotiations. Members of Parliament (MPs) are debating the EU withdrawal bill, which will repeal the 1972 legislation binding Britain to the EU and copy existing EU law into domestic law to ensure legal continuity after 'Exit Day' on March 29, 2019.
In focus on Wednesday was an amendment put forward by Conservative lawmaker and former attorney general, Dominic Grieve, who wants parliament to have a meaningful vote on any deal before it is finalised and for it to be written into law.
Fed raises interest rates, keeps 2018 policy outlook unchanged
The Federal Reserve raised interest rates on Wednesday but left its rate outlook for the coming years unchanged even as policymakers projected a short-term jump in US economic growth from the Trump administration’s proposed tax cuts, reports Reuters. In an early verdict on the tax overhaul, Fed policymakers judged it would boost the economy next year but leave no lasting impact, with the long-run potential growth rate stalled at 1.8%. The White House has frequently said its tax plan would produce annual GDP growth of 3% to 4%.
The expected fiscal stimulus, coming on the heels of a flurry of relatively bullish data, cleared the way for the US central bank to raise rates by a quarter of a percentage point to a range of 1.25% to 1.5%. It was the third rate hike this year. But the Fed’s forecast of three additional rate increases in 2018 and 2019 was unchanged from its projections in September, a sign the tax legislation moving through Congress would have a modest, and possibly fleeting, effect.
The rate increase represented a victory for a central bank that has struggled at times to deliver on its promised pace of monetary tightening. It also allowed Fed Chair Janet Yellen, at her final press conference before her term ends in February, to signal an all-clear for the US economy a decade after the onset of the 2007-09 recession.
SC constitution bench to hear pleas against Aadhaar today
A five-judge constitution bench of the Supreme Court would today hear pleas seeking an interim stay on the Centre's decision directing mandatory linking of Aadhaar with various government schemes and welfare measures, reports PTI. A bench comprising Chief Justice Dipak Misra and Justices AM Khanwilkar and DY Chandrachud said that the larger bench would sit at 2 pm to take up the interlocutory applications seeking interim relief against the Centre's decision on linking of Aadhaar with various schemes.
The Centre had on December 7 told the apex court that the deadline for mandatory linking of Aadhaar to avail various services and welfare schemes would shortly be extended till March 31 next year. On November 27, the apex court had said it may consider setting up a constitution bench to hear pleas challenging the Centre's move to make Aadhaar card mandatory for availing various services and benefits of welfare schemes.
It had on October 30 said a constitution bench would commence hearing on the clutch of petitions against the Aadhaar scheme from the last week of November. Recently, a nine-judge constitution bench of the apex court had held that Right to Privacy was a Fundamental Right under the Constitution. Several petitioners challenging the validity of Aadhaar had claimed it violated privacy rights.
Rohit Sharma smashes third ODI double ton in India's big win
Opener Rohit Sharma smashed his third one-day international double century to set up India’s comprehensive 141-run win against Sri Lanka in the second match of the series at Mohali on Wednesday. Leading the hosts in the absence of rested skipper Virat Kohli, Rohit laid waste to the Sri Lankan bowling with an unbeaten 208 off 153 deliveries to help India post 392 for four in their 50 overs.
Mohali: Indian captain Rohit Sharma celebrates his double-century during the second ODI cricket match against Sri Lanka in Mohali, on Wednesday. Sharma becomes the first batsman in the world to hit three ODI double hundreds. PTI