Regulators must be step ahead on digitisation: FM

Regulators must be step ahead on digitisation: FM

NEW DELHI: Union Finance Minister Nirmala Sitharaman on June 7 stressed the role of digitisation in fair and transparent business practices. However, regulators have to be ahead of the curve in understanding digital methods to preclude the misuse of technology, she said. “The Competition Commission of India (CCI), National Financial Reporting Authority (NFRA), and others have to be ahead of the curve to see where the regulations are falling into place, where they need a soft touch, and where they will have to be a deterrent and strong,” Sitharaman said.

 

RBI raises repo rate by 50 bps to 4.9 per cent

MUMBAI: The Reserve Bank of India raised the repo rate by 50 basis points, an increase for the second time in five weeks at the conclusion of the monetary policy committee’s three-day meeting on June 8. All the six members of the MPC, headed by the RBI Governor, unanimously voted for the hike, taking the repo rate to 4.9 per cent. The move was not a surprise as multiple polls had expected a 40 bps increase in rate.

Finance Ministry nod to 8.1 pc EPF interest rate

NEW DELHI: The Employees’ Provident Fund Organisation (EPFO) will soon start crediting 8.1 per cent rate of interest for 2021-22 to its members as the Finance Ministry has ratified the rate proposed by the retirement fund body in March. The Central Board of Trustees of the EPFO had decided to lower the rate to an over-four-decade low of 8.1 pc, the lowest EPF interest state since 1977-78.

World Bank cuts India’s growth outlook to 7.5 pc

WASHINGTON: The World Bank on June 7 cut India’s economic growth forecast for the current fiscal to 7.5 per cent as rising inflation, supply chain disruptions and geopolitical tensions taper recovery. This is the second time that the World Bank has revised its GDP growth forecast for India in the current fiscal 2022-23. In April, it had trimmed the forecast from 8.7 per cent to 8 per cent.

Alarming: Top US General on Chinese infra build-up

NEW DELHI: Chinese activity near Ladakh is “eyeopening” and some of the infrastructure being created is alarming, a top US General has said. General Charles A Flynn, Commanding General, US Army Pacific described it as “destabilising and corrosive behaviour” by China as he talked about the Chinese infrastructure build-up across the Himalayan frontier. The General, who oversees the Asia-Pacific region, was interacting with a select group of journalists.

No plan to replace Gandhi face on notes, clarifies RBI

MUMBAI: The Reserve Bank of India on June 6 said there are no plans to replace the picture of Mahatma Gandhi on currency notes. There is no such proposal under consideration, the central bank clarified. The statement comes a day after reports, citing sources, said the Finance Ministry and the RBI were considering to add the images of country’s late former president APJ Abdul Kalam and Bengal’s cultural icon Rabindranath Tagore on a new series of bank notes.

Punjab restores security cover of 424 VVIPs

NEW DELHI: The security cover of 424 VVIPs in Punjab was restored, days after singer Sidhu Moose Wala – whose security cover was curtailed – was shot dead. The Punjab Government was heavily slammed over curtailing security for VVIPs. The Opposition also attacked the Government for making names of the protectees public.

Mamata snubs minster at state Cabinet meet

KOLKATA: West Bengal Chief Minister Mamata Banerjee on June 6 snubbed state minister Javed Ahmed Khan during a Cabinet meeting and asked him not to open his mouth against fellow party leaders and workers in public. Intra-party clashes were recently reported in Mr Khan’s Kasba constituency in South Kolkata, in which several houses were ransacked.

Scindia launches first-ever national aero sports policy

NEW DELHI: Union Aviation Minister Jyotiraditya Scindia on June 7 launched the country’s first-ever national aero sports policy, which established a four-tier governance structure to promote 11 disciplines including ballooning, para-gliding and aerobatics. “Multiple locations for air sports will be established across the country,” the minister said. The list of 11 sports may be extended, he added.

Time to explore remote voting, says poll panel

NEW DELHI: The Election Commission on June 7 said a committee will be set up to examine the issues of migrant voters, including exploring possibilities of remote voting after consultations with all stakeholders. Besides, all Union and state government departments, Central and state PSUs and corporate entities with 500 plus employees will be asked to appoint a nodal officer to ascertain ‘leave availing but non-voting employees’.

Odisha Cabinet revamped, 13 MLAs get inducted

BHUBANESWAR: Odisha Chief Minister Naveen Patnaik on June 5 unveiled the revamped Council of Ministers of his Government, dropping some controversial names and giving more representation to the western region of the state where the BJP had performed well in the 2019 General Elections. Patnaik inducted 13 MLAs into the Cabinet and appointed eight others as Ministers of State with Independent Charge.

DAC clears purchases worth 76,390 crore

NEW DELHI: The Defence Acquisition Council (DAC), the Defence Ministry’s apex procurement body chaired by Defence Minister Rajnath Singh, on June 6 greenlighted armed forces capital acquisition proposals for the military amounting to Rs 76,390 crore. It is to be noted that the ministry has only accorded ‘Acceptance of Necessity’ for the purchases, which is the first stage of a long acquisition process.

Tesla executive quits as India plan is put on hold

BENGALURU: Tesla’s key executive, who was leading the lobbying effort for the US electric carmaker in India, has resigned, Reuters reported quoting sources. Manuj Khurana, the executive with policy and business development of Tesla in India, was hired in March 2021 and played a key role in forming a domestic marketentry plan for the US auto giant in the country. Tesla has put on hold its plans to sell electric cars in India.

IAF to acquire 114 jets, 96 to be built in India

NEW DELHI: Amid a big push for the Aatmanirbhar Bharat scheme by Prime Minister Narendra Modi-led Government, the Indian Air Force is planning to acquire 114 fighter jets of which 96 would be built in India, and the rest 18 would be imported from the foreign vendor chosen for the project. The Indian Air Force intends to buy 114 Multirole Fighter Aircraft (MRFA) under the ‘Buy Global, Make in India’ scheme, which allows Indian companies to work with global vendors.

BRICS countries agree to deepen fin cooperation

BEIJING: The BRICS nations, comprising Brazil, Russia, India, China and South Africa, have reached a consensus on deepening financial cooperation and strengthening coordination on macroeconomic policy, the official media here reported on June 7. A virtual meeting of finance ministers and central bank governors of the five-member bloc was held on June 6, which was co-chaired by China’s Central Bank Governor Yi Gang and Finance Minister Liu Kun.

BRICS countries agree to deepen fin cooperation

BEIJING: The BRICS nations, comprising Brazil, Russia, India, China and South Africa, have reached a consensus on deepening financial cooperation and strengthening coordination on macroeconomic policy, the official media here reported on June 7. A virtual meeting of finance ministers and central bank governors of the five-member bloc was held on June 6, which was co-chaired by China’s Central Bank Governor Yi Gang and Finance Minister Liu Kun.

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