3 Nov, 2011, 09.12PM IST, PTI
NEW DELHI: A whopping Rs 6.40 lakh crore was deposited in banks in the city by people in 2010-11, which is an increase of 13 per cent compared to 2009-10.
According to latest Delhi Government data, people had deposited Rs 5.67 lakh crore in 2009-10 while the amount was Rs 5.17 lakh crore in 2008-09.
The banks have given loan of Rs 5.58 lakh crore in 2010-11 as against Rs 4.25 lakh crore during 2009-10.
According to the data, Delhiites have a total of 37,783 accounts in all the banks in the city till March 31, 2010 out of which 29,140 are savings accounts.
The per capita income in city at current prices has been estimated at Rs 1.16 lakh in the financial year 2009-10 which is an increase of Rs 13,446 over the per capita income in 2008-09.
The national per capital income for 2009-10 has been estimated at Rs 33,731. Delhi's per capita income is the third highest in the country with Goa having per capita income of Rs 1,32,719 topping the list, closely followed by Chandigarh at Rs 1,20,912.
Thursday, November 3, 2011
BSE derivatives volume touches Rs 750 cr
3 Nov, 2011, 09.10PM IST, PTI
MUMBAI:The country's premier bourse BSE's derivatives trading volume crossed Rs 750-crore mark today.
The volume of derivatives trading touched Rs 759.64 crore with trading in 30 underlying shares, the exchange said in a statement.
The Index futures registered Rs 625.43 crore turnover with 23,940 contracts. Among others Index Option (call) registered a turnover of Rs 68.44 crore, Index Option (Put) Rs 12.73 crore and equity future Rs 53.03 crore, BSE said, adding 128 broker-members participated in the trading.
The exchange launched market-making scheme, known as the liquidity enhancement incentive programmes or LEIPs in September with the expectation that it would improve liquidity and benefit the retail stock market investors.
The scheme aims to generate more investor interest in derivatives, based on its benchmark Sensex and the underlying 30 stocks. The BSE has earmarked a total of Rs 107 crore for the scheme that will be in force for seven months in two phases.
MUMBAI:The country's premier bourse BSE's derivatives trading volume crossed Rs 750-crore mark today.
The volume of derivatives trading touched Rs 759.64 crore with trading in 30 underlying shares, the exchange said in a statement.
The Index futures registered Rs 625.43 crore turnover with 23,940 contracts. Among others Index Option (call) registered a turnover of Rs 68.44 crore, Index Option (Put) Rs 12.73 crore and equity future Rs 53.03 crore, BSE said, adding 128 broker-members participated in the trading.
The exchange launched market-making scheme, known as the liquidity enhancement incentive programmes or LEIPs in September with the expectation that it would improve liquidity and benefit the retail stock market investors.
The scheme aims to generate more investor interest in derivatives, based on its benchmark Sensex and the underlying 30 stocks. The BSE has earmarked a total of Rs 107 crore for the scheme that will be in force for seven months in two phases.
Thursday, September 1, 2011
Will the US to return to gold standard after 2012?
Gold Standard set to return in the US? This may very well be true post 2012 US Presidential elections, says Mr Steve Forbes, publisher of the famous Forbes magazine. For the uninitiated, gold standard bases the value of dollar to gold. Although gold has been used as money for thousands of years, the Gold Standard had been abandoned in the US in 1970s under the Bretton Woods system.
At present the currencies are valued in relation to each other (foreign exchange rates). All over the world, countries use the US dollar as a reserve currency to trade with each other. What this practically implies is that this gives the US Federal Reserve the liberty to print as much money as it wants. It is no brainer that more money in the system results in higher inflation, one of the major problems being faced by countries all over the world. Returning of gold standard would mean that the US would lose this liberty. It will also strengthen the US dollar and curtail the borrowing ability of the government. This is because, there is a limited supply of gold and the government cannot go on printing money recklessly. But will it actually happen?
At present the currencies are valued in relation to each other (foreign exchange rates). All over the world, countries use the US dollar as a reserve currency to trade with each other. What this practically implies is that this gives the US Federal Reserve the liberty to print as much money as it wants. It is no brainer that more money in the system results in higher inflation, one of the major problems being faced by countries all over the world. Returning of gold standard would mean that the US would lose this liberty. It will also strengthen the US dollar and curtail the borrowing ability of the government. This is because, there is a limited supply of gold and the government cannot go on printing money recklessly. But will it actually happen?
Thursday, June 9, 2011
Government to launch new IIP index tomorrow (i:e 10-June-2011)
9 Jun, 2011,
Government to launch new IIP index tomorrow
NEW DELHI: The government is set to introduce the new Index of Industrial Production with an updated base of 2004-05 starting from the month of April.
The index would be launched by Ministry of statistics and programme implementation ( Mospi )) with all the data points from 2005 onwards. This step would complete the updating process of the three most widely followed macroeconomic indicators released by the government. The GDP series and WPI series were shifted on to the new base (2004-05) much before.
The new series also has a wider basket of goods with the manufactured items covered in the index going up from 281 to 410. The total number of items under the series has gone up to 695 from 538 earlier.
Researchers had long argued for a more timely launch of the new series as the older series was showing a very high degree of volatility. The new series is expected to capture the industrial production process more accurately, increasing its reliability.
The new series was supposed to have been launched last year but got delayed as due to concerns raised by various ministries regarding how the output growth was depicted. The series was then slightly modified to better reflect the status of the economy.
Government to launch new IIP index tomorrow
NEW DELHI: The government is set to introduce the new Index of Industrial Production with an updated base of 2004-05 starting from the month of April.
The index would be launched by Ministry of statistics and programme implementation ( Mospi )) with all the data points from 2005 onwards. This step would complete the updating process of the three most widely followed macroeconomic indicators released by the government. The GDP series and WPI series were shifted on to the new base (2004-05) much before.
The new series also has a wider basket of goods with the manufactured items covered in the index going up from 281 to 410. The total number of items under the series has gone up to 695 from 538 earlier.
Researchers had long argued for a more timely launch of the new series as the older series was showing a very high degree of volatility. The new series is expected to capture the industrial production process more accurately, increasing its reliability.
The new series was supposed to have been launched last year but got delayed as due to concerns raised by various ministries regarding how the output growth was depicted. The series was then slightly modified to better reflect the status of the economy.
Thursday, June 2, 2011
A new ‘telecom scam’, starring Dayanidhi
A new ‘telecom scam’, starring Dayanidhi
If you've missed the Tehelka story that got former telecom minister Dayanidhi Maran into trouble, here it is.
What it says, in brief: As minister, he stalled Aircel's efforts to get telecom licences for years. And then after arm-twisting the owners to sell the company to the Malaysian firm Maxis, which his friend owns, he fast-tracked the spectrum approvals. As kickbacks, he got Maxis to invest in two companies run by his family. He benefited to the tune of Rs 700 crore, the magazine alleges. That's a lot, and he must be punished, especially when Kanimozhi, his parliamentarian-cousin accused of pocketing about Rs 200 crore, is already in jail. Dayanidhi is the next on CBI's calling list, Tehelka predicts.
Soon after news broke that Maran, now textiles minister in the Manmohan Singh cabinet, was going to get into a legal battle with Tehelka, stocks of Sun TV Networks fell by 30 per cent and low-cost air carrier SpiceJet by 12 per cent. They recovered a little later in the day. The companies are owned by the Maran family, and run by Dayanidhi's brother Kalanidhi.
Politics is already raging, with Tamil Nadu chief minister J Jayalalithaa demanding Maran's resignation, and the DMK saying a court case isn't grounds enough for him to resign. After keeping mum all of yesterday, the dapper Maran spoke out this morning, saying he owned no shares in the Sun TV Network, in which Maxis had invested. In its rebuttal, Tehelka has dubbed his defence just clever talk because the money went into a company his brother owned.
Prime Minister Manmohan Singh, worried over Baba Ramdev's decision to go on a fast, met his cabinet this morning, and Maran sat in. We don't know how much longer the dapper politician can hold out, now that a big scandal has broken out, but once the quid pro quo is established, he may have no option but to go. Dayanidhi, for those not tuned in to Tamil Nadu politics, is DMK patriarch M Karunanidhi's nephew.
A quick recap: Raja, the DMK leader who succeeded Dayanidhi as telecom minister, also sold spectrum cheap, allegedly causing the nation a loss of about Rs 1.74 lakh crore. He is now in Tihar jail.
By Ramakrishna S R , Yahoo News
If you've missed the Tehelka story that got former telecom minister Dayanidhi Maran into trouble, here it is.
What it says, in brief: As minister, he stalled Aircel's efforts to get telecom licences for years. And then after arm-twisting the owners to sell the company to the Malaysian firm Maxis, which his friend owns, he fast-tracked the spectrum approvals. As kickbacks, he got Maxis to invest in two companies run by his family. He benefited to the tune of Rs 700 crore, the magazine alleges. That's a lot, and he must be punished, especially when Kanimozhi, his parliamentarian-cousin accused of pocketing about Rs 200 crore, is already in jail. Dayanidhi is the next on CBI's calling list, Tehelka predicts.
Soon after news broke that Maran, now textiles minister in the Manmohan Singh cabinet, was going to get into a legal battle with Tehelka, stocks of Sun TV Networks fell by 30 per cent and low-cost air carrier SpiceJet by 12 per cent. They recovered a little later in the day. The companies are owned by the Maran family, and run by Dayanidhi's brother Kalanidhi.
Politics is already raging, with Tamil Nadu chief minister J Jayalalithaa demanding Maran's resignation, and the DMK saying a court case isn't grounds enough for him to resign. After keeping mum all of yesterday, the dapper Maran spoke out this morning, saying he owned no shares in the Sun TV Network, in which Maxis had invested. In its rebuttal, Tehelka has dubbed his defence just clever talk because the money went into a company his brother owned.
Prime Minister Manmohan Singh, worried over Baba Ramdev's decision to go on a fast, met his cabinet this morning, and Maran sat in. We don't know how much longer the dapper politician can hold out, now that a big scandal has broken out, but once the quid pro quo is established, he may have no option but to go. Dayanidhi, for those not tuned in to Tamil Nadu politics, is DMK patriarch M Karunanidhi's nephew.
A quick recap: Raja, the DMK leader who succeeded Dayanidhi as telecom minister, also sold spectrum cheap, allegedly causing the nation a loss of about Rs 1.74 lakh crore. He is now in Tihar jail.
By Ramakrishna S R , Yahoo News
Friday, April 22, 2011
Is PFRDA getting into in a turf war with IRDA?
The Pension Fund Regulatory and Development Authority (PFRDA) now want to regulate of all existing pension schemes from insurance companies after the PFRDA Bill, introduced in Lok Sabha is passed.
PFRDA claims that monitoring all retirement and pension savings products is their mandate. Moreover, the Direct Taxes Code (DTC) too, gives PFRDA the power to approve savings intermediaries eligible for tax sops and prescribe an investment pattern for pension funds.
Life insurers at present own pension schemes in their product portfolio, as they are permitted under Insurance Act, 1938. Moreover, they (pension schemes) contribute a major portion of the insurers' revenue, which also infuses reluctance for the Insurance Regulatory and Development Authority (IRDA) to part with its regulatory powers on pension schemes to PFRDA.
We believe that both PFRDA and IRDA should act in a very responsibly and mature way. Instead of indulging in a regulatory turf war against each other, regulators should mutually settle the matter and come up with solutions which are in the policyholders' interest.
Proving one's mettle over the other and winning more regulatory powers is unhealthy for the industry as a whole. One should overview things at which one is best. So, instead of getting into a tussle, the respective regulators should behave in a mature way which is also in the larger interest of the industry and policyholders.
PFRDA claims that monitoring all retirement and pension savings products is their mandate. Moreover, the Direct Taxes Code (DTC) too, gives PFRDA the power to approve savings intermediaries eligible for tax sops and prescribe an investment pattern for pension funds.
Life insurers at present own pension schemes in their product portfolio, as they are permitted under Insurance Act, 1938. Moreover, they (pension schemes) contribute a major portion of the insurers' revenue, which also infuses reluctance for the Insurance Regulatory and Development Authority (IRDA) to part with its regulatory powers on pension schemes to PFRDA.
We believe that both PFRDA and IRDA should act in a very responsibly and mature way. Instead of indulging in a regulatory turf war against each other, regulators should mutually settle the matter and come up with solutions which are in the policyholders' interest.
Proving one's mettle over the other and winning more regulatory powers is unhealthy for the industry as a whole. One should overview things at which one is best. So, instead of getting into a tussle, the respective regulators should behave in a mature way which is also in the larger interest of the industry and policyholders.
Friday, March 4, 2011
Fake money from Pakistan flooding India
5 Mar, 2011, 12.00AM IST,PTI
Fake money from Pakistan flooding India
WASHINGTON: Counterfeit currency is flooding into India from Pakistan and terrorist and criminal networks are using this money to finance their activities in the country, an official US report has said.
Warning that burgeoning black money, remittance systems and porous border were triggering money laundering at an alarming pace, the International Narcotics Control Strategy of the State Department in its 2011 report said because of prevalence of an informal economy, India had become a significant target for money launderers and terrorist groups.
via:E.T
Fake money from Pakistan flooding India
WASHINGTON: Counterfeit currency is flooding into India from Pakistan and terrorist and criminal networks are using this money to finance their activities in the country, an official US report has said.
Warning that burgeoning black money, remittance systems and porous border were triggering money laundering at an alarming pace, the International Narcotics Control Strategy of the State Department in its 2011 report said because of prevalence of an informal economy, India had become a significant target for money launderers and terrorist groups.
via:E.T
Thursday, January 20, 2011
PETROL ADULTERATION
Recently in Jaggampeta, in East Godavari District, Andhra Pradesh,India, A petrol Bunk owner mixed water to adulterate Petrol. (News from EENADU,District Edition)
It is called height of Innocence or Height of Adulteration?
why our Government is talking about Globalization? de regulating the Petrol prices etc.. etcc.. blahaa , Blahhaaaaa!!
This government does not have the proper mechanism , and proper intention to handle the Petrol Adulteration. The existing mechanism failed in monitoring & controlling the Adulteration.
the government is taking about the global linked pricing system, but quality is village level.
Both should match. or else this government will have to pay a lot in future.
please share your views. G.VENKAT RAO
email: venkatrao.zeevi@gmail.com
It is called height of Innocence or Height of Adulteration?
why our Government is talking about Globalization? de regulating the Petrol prices etc.. etcc.. blahaa , Blahhaaaaa!!
This government does not have the proper mechanism , and proper intention to handle the Petrol Adulteration. The existing mechanism failed in monitoring & controlling the Adulteration.
the government is taking about the global linked pricing system, but quality is village level.
Both should match. or else this government will have to pay a lot in future.
please share your views. G.VENKAT RAO
email: venkatrao.zeevi@gmail.com
Tuesday, January 18, 2011
» China becomes a lender to the world
What is the optimum level of forex reserves that a country should have? We believe that the reserves should be able to provide sufficient cushion for paying import bills and also to service external debt comfortably. Many experts believe that China crossed these landmarks long time back. But still, the accumulation of reserves has not slowed down one bit. In fact, if anything, it has only increased. And these reserves, rather than being a source of pride are beginning to look like embarrassment. For should the value of dollar erode substantially, China's reserves too would take a massive hit. Little wonder, the dragon nation has stepped up its efforts to utilise its huge reserves and it has zeroed in on lending to other countries as one such option.
FT reports that China has actually ended up lending more money to other developing countries than the World Bank over the past two years. It is estimated that while the dragon nation loaned out US$ 110 bn in 2009 and 2010, World Bank could manage to lend about US$ 10 bn less during roughly the same period. We believe that while the move is indeed a smart one, all bets would be off should the dollar start losing value rapidly.
FT reports that China has actually ended up lending more money to other developing countries than the World Bank over the past two years. It is estimated that while the dragon nation loaned out US$ 110 bn in 2009 and 2010, World Bank could manage to lend about US$ 10 bn less during roughly the same period. We believe that while the move is indeed a smart one, all bets would be off should the dollar start losing value rapidly.
» TCS grabs the crown from Infosys
Infosys, so far, has always set the trend when it came to the performance of the IT sector during any quarter. But it has not been the case this time around. Infosys' performance for 3QFY11 was quite tepid as sales and profits grew by a mere 2.3% QoQ and 2.5% QoQ respectively. Just when one thought that the rest of the IT sector is set to report lukewarm numbers as well, TCS came out with robust set of results. TCS witnessed a healthy 13% QoQ and 14% QoQ growth in sales and profits respectively. This was led by double digit growth in volumes and a growth in demand from all geographies. What is more, based on the discussions with its clients, TCS is upbeat about the demand environment going forward too. On the other hand, the Infosys management has remained more cautious with respect to billing rates and the demand recovery in the US and Europe. Of course, Infosys traditionally has always chosen to maintain a cautious stance as far as the outlook is concerned. And so, its growth should probably pick up in the coming quarters. But for the time being, the 'IT crown' certainly belongs to TCS.
Will US Fed need a bailout?
Through the global crisis, banks have been going bust left, right and centre. Some have been allowed to fail while some of the luckier ones were bailed out. But the underlying reason for all of them was the same - liabilities were higher than assets.
Imagine if this were to happen to the world's most powerful central bank. Yes. We are talking about the US Fed. The bank's liabilities have been going up thanks to the rounds of quantitative easing that it undertook. But at the same time, asset creation has lagged behind. The central bank has been using most of its money in buying the treasury bonds. If and when inflation starts to kick in, the value of these bonds would start to take a hit. As a result, experts have started to question - will the US Fed need a bailout in times to come?
As per its Chief, Mr. Bernanke, this is impossible. In case such a situation should arise, then the bank would just not put its profits back into the treasury as it normally does. The theoretical way out is to sell bonds and suck up the excess liquidity. But this would impact the country's growth rates. Another way to avoid this from happening is to just open up the money printing press and shower notes from the helicopter. We are all aware that Mr. Bernanke is only too happy to resort to the latter method.
Imagine if this were to happen to the world's most powerful central bank. Yes. We are talking about the US Fed. The bank's liabilities have been going up thanks to the rounds of quantitative easing that it undertook. But at the same time, asset creation has lagged behind. The central bank has been using most of its money in buying the treasury bonds. If and when inflation starts to kick in, the value of these bonds would start to take a hit. As a result, experts have started to question - will the US Fed need a bailout in times to come?
As per its Chief, Mr. Bernanke, this is impossible. In case such a situation should arise, then the bank would just not put its profits back into the treasury as it normally does. The theoretical way out is to sell bonds and suck up the excess liquidity. But this would impact the country's growth rates. Another way to avoid this from happening is to just open up the money printing press and shower notes from the helicopter. We are all aware that Mr. Bernanke is only too happy to resort to the latter method.
Tuesday, January 4, 2011
How rich is the Shirdi temple? Very
Press Trust of India, Updated: January 04, 2011 17:05 IST (Via NDTV)
The famous pilgrim centre of Shri Saibaba temple in Shirdi, one of the richest temples in Maharashtra, has ornaments and jewellery worth over Rs. 32 crore and investments running into Rs. 427 crore, according to official documents.
The administration of Shri Saibaba Sansthan Trust (Shirdi), governed by the Managing Committee which was constituted by the Maharashtra Government way back on August 23, 2004 has Kisan Vikas Patras worth more than Rs. 51.71 crore besides Government of India eight-percent Saving Bonds amounting to Rs. 48.15 crore and Rs. 8 crore in non-redeemable bonds of Maharashtra Jeevan Pradhikaran, and Rs. 3.19 crore in various nationalised banks.
It has Rs. 47.82 crore as Trust Corpus Fund.
The temple trust has ornaments and jewellery including Gold worth Rs. 24,41,10,640 crore, Silver--Rs. 3.26 crore; Silver coins-- Rs. 61.2 lakh; Gold Coins--Rs. 1.28 crore and Gold pendants worth Rs. 1.12 crore, the Trust Auditor Sharad S Gaikwad said in its annuul audit for 2009-10 as the annual report was tabled in the State Legislature during its winter session in December 2010 here.
The total worth of the ornaments and jewellery stands at over Rs. 32.23 crore.
The temple has earned a surplus income of Rs. 94.67 crore in year 2009-10 as against Rs. 87.22 crore in year 2008-09.
The total income during the year 2009-10 was Rs. 164.88 crore by way of rent, interest on savings bank accounts, investments and donations against over Rs. 151.51 crore in previous year. The immovable property and buildings are worth Rs. 7.92 crore including the Statue of Saibaba worth Rs. eight lakh, the annual report stated.
The famous pilgrim centre of Shri Saibaba temple in Shirdi, one of the richest temples in Maharashtra, has ornaments and jewellery worth over Rs. 32 crore and investments running into Rs. 427 crore, according to official documents.
The administration of Shri Saibaba Sansthan Trust (Shirdi), governed by the Managing Committee which was constituted by the Maharashtra Government way back on August 23, 2004 has Kisan Vikas Patras worth more than Rs. 51.71 crore besides Government of India eight-percent Saving Bonds amounting to Rs. 48.15 crore and Rs. 8 crore in non-redeemable bonds of Maharashtra Jeevan Pradhikaran, and Rs. 3.19 crore in various nationalised banks.
It has Rs. 47.82 crore as Trust Corpus Fund.
The temple trust has ornaments and jewellery including Gold worth Rs. 24,41,10,640 crore, Silver--Rs. 3.26 crore; Silver coins-- Rs. 61.2 lakh; Gold Coins--Rs. 1.28 crore and Gold pendants worth Rs. 1.12 crore, the Trust Auditor Sharad S Gaikwad said in its annuul audit for 2009-10 as the annual report was tabled in the State Legislature during its winter session in December 2010 here.
The total worth of the ornaments and jewellery stands at over Rs. 32.23 crore.
The temple has earned a surplus income of Rs. 94.67 crore in year 2009-10 as against Rs. 87.22 crore in year 2008-09.
The total income during the year 2009-10 was Rs. 164.88 crore by way of rent, interest on savings bank accounts, investments and donations against over Rs. 151.51 crore in previous year. The immovable property and buildings are worth Rs. 7.92 crore including the Statue of Saibaba worth Rs. eight lakh, the annual report stated.
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