Page 11 - BANKING FINANCE JUNE 2016

ROUNDUP
IMF asks members to re-
frain from devaluations
The IMF has asked member countries
to refrain from
all forms of pro- food and vegetable prices. Wholesale price index-based
tectionism and
competitive de-
valuations as it
emphasised on global cooperation in
combating corruption, reinvigorat-
ing global trade integration and ad-
dressing international tax issues.
In a communiqué issued during the
annual Spring meeting of the IMF
and the WB, the IMF asked members
"to refrain from all forms of protec-
tionism and competitive devalua-
tions and to allow exchange rates to
respond to changing fundamentals".
DoT to issue e-KYC norms
for activation of phone
within minutes
The Department of Telecom plans to
issue e-KYC norms
within a month
that would help in
activating mobile
phone connec-
tions in a few
minutes. "The DoT will come up with
one reform oriented measure every
month. We expect to put in place e-
KYC guidelines in weeks rather than
month," Telecom Secretary JS
Deepak told.
SEBI plans for an online
registration brokerage firm
SEBI plans to soon
introduce a is considering a proposal to liquidate some loss-making
paperless online
mechanism for reg-
istration as brokerage firms, mutual
funds, portfolio managers and other
market intermediaries.
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WPI inflation may rise in coming months due to pres-
sure on food
Continuing the deflationary trend for the 17th month,
WPI inflation was at (-) 0.85 per cent in March but may
inch up in the coming months on growing pressure on
inflation in March was marginally higher at (-) 0.91 per
cent in February. In March last year, it was (-) 2.33 per cent. Food inflation stood
at 3.73 per cent in March against 3.35 per cent in February, official data showed.
India to stop thermal coal imports: Goyal
In view of rising production of the dry fuel, India plans to completely stop ther-
mal coal imports in 2-3 years that would result in annual sav-
ings of Rs 40,000 crore, Minister of State for Power, Coal,
New and Renewable Energy Piyush Goyal said.
Coking coal, however, would need to be imported, the coal
and power minister said, adding that his Ministry was ready
to tie up with Indian shipping companies for this purpose.
"This is the time for Indians to buy ships, to invest in infra-
structure. This is the time for Indian shipping companies to own ships. I am happy
to do long-term contracts with Indian shipping companies to transport our coal,"
he said.
Aadhaar enrolments crosses 100 crore mark
The Centre has said the total Aadhaar enrolments have
crossed the 100 crore mark. This will give a boost to various
public welfare schemes ad ensure that benefits are delivered
directly to masses, telecom minister Ravi Shankar Prasad said.
JK Tyres completes Kesoram unit buy
JK Tyres has completed acquisition of the Haridwar-based tyre manufacturing
facility of Kesoram Industries. The Kolkata-based Kesoram
is a BK Birla Group outfit and had owned the Haridwar
capacity through a subsidiary, Cavendish Industries.
In September last year, Kesoram announced its intention
to sell the unit for Rs. 2,195 crore. Sources said that after
due diligence the sale was finally fixed at around Rs. 2,150 crore. SBI Caps was
merchant banker. Kesoram also told the BSE that the deal was finally "con-
cluded".
Govt may dissolve some sick PSUs
As it looks to contain public expenditure, the government
PSUs, while protecting the interest of their employees who
may be offered "lucrative" payouts. According to the latest government report,
there were 77 loss-making PSUs at March-end last year.
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