Weekly news 7

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Weekly news 7

  1. 1. Weekly news<br />By <br />Ankush Gupta<br />MBA 2A<br />
  2. 2. Clarity on banking rules urgent <br />World will be starved of capital and economy recovery imperiled if regulators dither in spelling out new rules for the financial sector <br />To get back the global economy on the recovery road not to let prolonged uncertainty or misguided anti fervor block the resources <br />
  3. 3. Set uniform gas price for power fertilizer companies <br />Planning commission has favoured a uniform gas price for power and fertilizer sectors contrary to an independent recommendation to have different rates <br />Recommendations are in context of a gas pooling mechanism being considered by the petroleum ministry <br />
  4. 4. Drive to give more state funds to RRBs <br />Indian government dedicated rural banks soon get a chunk of business from states <br />Finance ministry asked the central bank to treat the rural bank on par with commercial banks <br />Regional Directors of the central bank are expected to take up the issue in the upcoming meetings of State Level Bankers Committee (SLBC) <br />
  5. 5. All exempt trusts in position to offer 9.5% returns <br />EPFO has declared a 9.5% return for 2010-11 on the corpus managed by it after it found Rs 1,731 crore surplus <br />EPFO has been paying a 8.5% return since 2005-06 and was expected to declare the same EPF rate in the current year as well but leaving the expectation behind they declared the great return for current year <br />
  6. 6. Bank of Japan back in stimulus mode <br />Bank of Japan pledged to pump more funds into the struggling economy and keeping interest rates virtually at zero <br />Central Bank of Japan had eschewed government calls for more decisive action but in face of growing evidence Bank of Japan cut its overnight rate target <br />
  7. 7. Entire interest income on PF to be tax exempt <br />Finance Ministry assured the EPFO that the entire 9.5% interest on the accumulated corpus of account holders for the current fiscal will not be taxed <br />Labourminister will go through the minutes of the meeting of central board of trustees of the EPFO which decided on the higher interest rate <br />
  8. 8.
  9. 9. Thanks <br />

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