1. Tony Abbot to be Australian New Pm
i. TONY Abbott will be sworn in as the 28th prime minister of Australia after tonight clinching an historic victory and ending six years of Labor rule.
ii. Tony Abbott has declared Australia is ``once more open for business'' in claiming victory in Saturday's election.
iii. The win caps off an extraordinary turnaround by Mr Abbott and the opposition after being sensationally turfed out of office in 2007.
iv. Mr Abbott seized the leadership by one vote in December in 2009 after a partyroom split over whether to back Labor's doomed emissions trading scheme.
v. Incredibly, he killed off Kevin Rudd in June 2010 and then Julia Gillard in June 2013 before finally tonight seeing off Mr Rudd a second time.
2. RBI issues norms for currency swap window
i. In a notification issued from Mumbai on Friday, RBI has said that swap facility will be available to scheduled commercial banks for fresh foreign currency non-resident bank - FCNR(B) deposits mobilized for a minimum tenor of three years.
iii. RBI has said that the deposits raised may be in any permitted currency, but the swap would be available only in dollars.
iv. Although the swap window will be operated on a daily basis on all working days in Mumbai, a particular bank can avail of the swap facility only once in a week.
3. RBI to issue inflation-indexed savings certificates
i. The Reserve Bank of India will issue inflation-indexed savings certificates which will be linked to Consumer Price Index (CPI) by November 2013 as a means to protect households against inflation.
ii. Governnor Raghuram Rajan announced this Wednesday, saying the need of the hour is to protect households from inflation.
iii. For eaxample, there will also be a Giro-based bill payment system where households can pay utility bills, school fees etc. anywhere and at any time.
iv. Second, White-label ATMs will also be increased pan-India.
v. Three, pre-paid cards will be used for remittances and cash payments along with Aadhaar.
vi. And fourth, the RBI will explore mobile-based payments where encrypted SMS can be used for fund transfers and mobile payments across telecom service providers and handsets.
vii. Rajan said the RBI will shortly issue the necessary circular to completely free bank branching for domestic scheduled commercial banks in every part of the country.
4. RBI to set up panel on mobile-based payments: Rajan
i. The Reserve Bank of India (RBI) will soon set up a committee to examine feasibility of encrypted SMS-based fund transfers.
ii. There is substantial potential for mobile based payments. We will set up a technical committee to examine the feasibility of using encrypted SMS-based funds transfer using an application that can run on any type of handset,” Rajan said at his first news conference after taking over as the 23rd governor of the country's central bank.
iii. “We will also work to get banks and mobile companies to cooperate in rolling out mobile payments. Mobile payments can be a game changer both in the financial sector as well as to mobile companies,” Rajan added.
iv. "The rapid growth of mobile users in India, through wider coverage of mobile phone networks, has made this medium an important platform for extending banking services to every segment of banking clientele in general and the unbanked segment in particular,” the RBI had said.
5. RBI allowed the Non-Resident Investors to buy Shares under FDI Scheme
i. The Reserve Bank of India on 6 September 2013 allowed the Non-Resident Investors including NRIs to purchase shares of Indian entities Under FDI Scheme.
ii. The investment can be made as per the mentioned conditions. RBI has allowed the NRIs to make investment under the FDI scheme only on the listed entities, on recognized stock exchanges.
iii. The Reserve Bank of India has decided to include the non-residents, including the NRIs to acquire the shares of domestic companies listed under FDI scheme, on the stock exchanges through a registered broker, if the investor has already acquired and continues to hold control in accordance with SEBI, Substantial Takeover Code.
iv. RBI has also cleared that the inward remittance using the normal banking channels can be used for payment of the transfer of shares to non-residents consequent to purchase.
v. The debit to the NRE pr FCNR account of a person with authorized dealer or bank can also be considered for making the payment of the transferred shares.
vi. Escrow Accounts (non-interest bearing) maintained in India can also be used to debit the payment.
vii. The prices of the transfer of the shares for the non-resident shareholders would be made in accordance to the pricing guidelines mentioned under, FEMA.
Note: Till now, the FIIs (Foreign Institutional Investor), QFIs (Qualified Foreign Investors) and NRIs were eligible to invest and acquire the shares on the recognized stock exchanges of India in compliance with the FEMA (Foreign Exchange Management Act) regulations. But the NRIs were not allowed to acquire shares on exchange (bourses) under the FDI Scheme.
6. RBI Revised Gold Import Norms to Contain CAD
i. To contain the current account deficit, RBI announced some measures to curb the demand for gold in the month of September 2013 considering one of the major reason for widening the current account deficit.
ii. Supplies of the metal to special economic zones (SEZs) will not be counted as exports to qualify for further purchases from overseas.
iii. As per the existing norms, 20 percent of every lot of imported gold has to be made exclusively available for the purpose of exports.
iv. Gold made available by a nominated agency to units in the SEZ and export oriented units, Premier and Star trading houses shall not qualify as supply of gold to the exporters.
v. RBI announced that entities and units in SEZs and EoUs, Premier and Star trading houses are permitted to import gold exclusively for the purpose of exports.
vi. The government aims to bring it down to USD 70 billion in 2013-14 fiscal from 88 billion US Dollar in 2012-13. Gold imports in April-July 2013 rose 87 percent to 383 tonnes.
7. Muthoot to set up first ATM next month
i. The Foreign Investment Promotion Board has cleared gold-loan company Muthoot Finance’s proposal to set up white-label ATMs in the country.
ii. Muthoot, which had received the RBI nod for the plan in June, is expected to set up its first batch of ATMs next month in one of the southern States.
iii. The company, which has also sought RBI’s permission to set up a bank, has plans to establish 9000 ATMs across the country in the next three years. The first 1000 would be set up in the next one year.
iv. A company press note said 65 per cent of the ATMs would be located in semi-urban and rural areas in order to increase financial inclusion.
v. The white-label would be of different types: standalone, through-the-wall, drive-in, mini and moving ATMs. They would be placed at strategic locations such as shopping areas, bus-stands, cinema theatres and schools.
vi. White-label ATMs will not sport the label of any bank and each transaction will be charged a small fee. An ATM costs Rs 5-6 lakh and the operating cost is upwards of Rs 10,000 a month.
NOTE: i. Tata Communications Payment Solutions (TCPS), a wholly owned subsidiary of Tata Communications, is the first company to launched first white label ATM (WLA) at Chandrapada, a tier-V town near Mumbai.
ii. It has been branded 'Indicash' by the company.
iii. TCPS has got the license from Reserve Bank of India (RBI) to launch white label ATM operations last month under scheme ‘B’ of the central bank.
iv. In scheme ‘B’ the WLA licensee has to setup a minimum of 5,000 ATMs per year for three years. In this scheme for every two ATMs installed in tier-III to tier-VI centers the company will be able to install one ATM in tier-I and tier-II centers.
8. SEBI bars 34 entities from capital market for fraudulent dealings in the shares of 12 companies
i. SEBI has barred 34 entities from the capital market for fraudulent dealings in the shares of 12 companies. It has also restrained the main conspirator of the alleged manipulative trades, Sunil Mehta from accessing the securities market for a period of seven years.
ii. In a statement issued in Mumbai, SEBI said that 13 entities have been barred for five years as they had played an active role in the manipulation and were found to be directly connected with Mehta.
iii. The regulator had probed the irregularities in stock trading of the 12 firms from 1st March to 15th December, 2009 and found huge changes in prices of these shares.
iv. The remaining entities have been restricted from accessing the securities market for a period of three years.
9. Vettel captures Italian Grand Prix pole
i. World champion Sebastian Vettel captured pole position on Saturday in a Red Bull one-two for the Italian Grand Prix.
ii. Vettel posted a fastest lap of 1 minute 23.755 seconds at Monza for his fourth pole of the season on Sunday’s grid.
iii. Teammate Mark Webber was 0.213 seconds behind, with Sauber’s Nico Huelkenberg a surprise third ahead of the Ferraris of Felipe Massa and Fernando Alonso and Mercedes driver Nico Rosberg.
10. Rs. 100 cr. sanctioned for training gram panchayat members
Rajiv Gandhi Panchayat Sashaktikaran Abhiyan to go on stream…
i. The Karnataka State government will implement the Rajiv Gandhi Panchayat Sashaktikaran Abhiyan (RGPSA) for strengthening gram panchayats and gram sabhas by providing training to members.
ii. A sum of Rs. 100 crore has been allocated for its implementation in this financial year.
iii. With panchayats playing a key role in rural governance and socio-economic development, the RGPSA is aimed at providing training to gram panchayat members and officials of various departments at the gram panchayat level for the effective implementation of a 15-point programme of the government.
iv. Under the programme, members of gram panchayats and gram sabhas would be provided with technical and administrative support. Steps would be taken to e-enable the members and strengthen infrastructure, promote devolution and improve the functioning of the members.
v. Under the scheme, 20 per cent funds are linked to States’ performance on devolution and accountability. States prepare perspective and annual plans to access funds under the scheme.
11. After Vibrant Gujarat, it is Vivah now, Kisan next week!
i. After Gujarat Chief Minister Narendra Modi launched the biennial Vibrant Gujarat Global Investors’ Summit in 2003, the very word “vibrant” has gone viral across the State and event organisers continue to tag their programmes with this word to cash in on its appeal .
ii. On Friday, actor Karishma Kapoor inaugurated the three-day “Vibrant Vivah”, claimed to be India’s largest wedding festival, in Ahmedabad. State Tourism Secretary Vipul Mittra was the guest of honour on the occasion.
iii. In Gujarat, such a large exhibition on the theme of weddings has been organised for the first time. Gems and jewellery, boutiques, wedding dress designers, contemporary fashion, tours and travels, wedding destinations, mehendi, tattoo and nail artists, wedding cards and gifts, spas and beauticians, hair artists and saloons are all there.
iv. “More than selling and buying, Vibrant Vivah is an effort to bring together the culture, traditions, products and services related to Indian wedding under one roof, said Paras Patel, Director, Praveg Communications, the organisers.