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Finance Minister Nirmala Sitharaman to Meet CEOs of Public Sector Banks on October 14

Loknath Das

New Delhi: Finance Minister Nirmala Sitharaman will hold a review meeting with CEOs of public sector banks (PSBs) next week to discuss various issues, including progress on credit offtake. The meeting, scheduled to be held on October 14, is expected to review fund flow to stressed NBFC and MSME (micro, small and medium enterprises) sectors, sources said. Banks are expected to present report card on partial credit guarantee scheme and fund raising from market to enhance their capital base. The Centre in August issued guidelines on operationalising Rs 1 lakh crore…

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Prince Harry Announces Massive Travel Sustainability Project with Key Partners of Industry

Loknath Das

New York: The eco-minded Prince Harry is embarking on a massive travel sustainability initiative in partnership with key travel providers. They aim to improve the practices of the global industry amid an ever-increasing number of travelers. The Duke of Sussex picked Amsterdam, a city hit hard by over-tourism, to announce Travalyst at a news conference Tuesday with his partners, Booking.com; TripAdvisor; Visa; China’s largest travel company, Ctrip; and the Ctrip-owned fare aggregator Skyscanner. The long-term initiative is focused on tackling the travel industry’s impact on climate change, improving wildlife conservation,…

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Opinion | Danger signals from an esoteric corner of finance

Loknath Das

King dollar is rising. Other currencies are falling like ninepins. But to gauge the impact of this surge on Asia, you have to move beyond spot exchange rates and into an esoteric corner where tens of trillions of dollars of off-balance-sheet debt lives in the accounting footnotes of banks, investors and even central banks. That corner is currency swaps. These are deals in which parties exchange funds from one currency into another and reverse the trade, say, five years later. Every three or six months, each earns a benchmark money-market…

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Attention candidates! Ministry of Finance is hiring, apply by today

Loknath Das

The Ministry of Finance is hiring 7 consoultant and 7 young professional Ministry of Finance recruitment: The Ministry of Finance released the official notification for the recruitment process of Young Professional and Consultant Posts on its official website. Candidates who wants to apply for the posts can apply online by today. The official website for the Ministry of Finance is finmin.nic.in. Ministry of Finance recruitment: Important dates to keep in mind Last date to apply: August 10, 2019 Ministry of Finance recruitment: Vacancy details Young Professional: 7 Posts Consultant: 7 Posts…

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Kentucky police use new technology to nab suspects in hours instead of weeks as rapid DNA market takes off

Loknath Das

The Kentucky State Police started using a new DNA test in February that law enforcement officials say could completely revolutionize criminal investigations, analyzing the data in under two hours instead of days or weeks. Colorado-based ANDE Rapid DNA is offering its quick DNA testing to Kentucky state police for free as part of an ongoing pilot program. Kentucky is the first state to use ANDE’s technology for sexual assault cases and it’s getting a lot of notice from other states. ANDE Rapid DNA declined to provide its sales data, but…

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Out of Finance Ministry, Subhash Chandra Garg: No one in govt questioned overseas bonds

Loknath Das

S C Garg (right) takes charge as Power Secretary from A K Bhalla on Friday. (PIB/PTI Photo) Taking charge as Power Secretary, former Finance Secretary Subhash Chandra Garg Friday said “no one in the government” had opposed the idea of sovereign bond issuance during his tenure in the Finance Ministry. On Thursday, the day after he was moved out of the Finance Ministry, Garg said he had applied for voluntary retirement from the IAS with effect from October 31 — he was due to retire in October 2020. Gujarat-cadre officer Atanu…

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Finance ministry mulling 3-5% tax in Budget on cash withdrawal of 10 lakh a year

Loknath Das

NEW DELHI: Withdrawing a cumulative ₹10 lakh a year can attract 3-5 per cent tax if a proposal going around in the Finance Ministry takes shape in the Budget to track high value cash deals and make digital payments mandatory. In its push towards a digital economy, the central government is thinking of introducing a tax of 3-5 per cent on cash withdrawal of ₹10 lakh in a year, a move to discourage cash usage in the economy and resultant black money. Paying ₹30,000-50,000 for ₹10 lakh annual withdrawal will be seen as a loss, the…

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Finance ministry mulling 3-5% tax in Budget on cash withdrawal of 10 lakh a year

Loknath Das

NEW DELHI: Withdrawing a cumulative ₹10 lakh a year can attract 3-5 per cent tax if a proposal going around in the Finance Ministry takes shape in the Budget to track high value cash deals and make digital payments mandatory. In its push towards a digital economy, the central government is thinking of introducing a tax of 3-5 per cent on cash withdrawal of ₹10 lakh in a year, a move to discourage cash usage in the economy and resultant black money. Paying ₹30,000-50,000 for ₹10 lakh annual withdrawal will be seen as a loss, the…

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Draft norms for ‘on-tap’ licensing of small finance banks by August end

Loknath Das

On-tap licensing is a time-efficient feature that will allow parties to obtain the licence on-demand basis and eligible parties won’t have to wait. The Reserve Bank of India (RBI) will issue draft guidelines for ‘on-tap’ licensing of Small Finance Banks (SFB) by the end of August 2019 with a view to enhance supply of credit to small borrowers and encourage competition. On-tap licensing is a time-efficient feature that will allow parties to obtain the licence on-demand basis and eligible parties won’t have to wait. In September 2015, the RBI had…

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Most of the ocean floor is a mystery, but this technology could help map it

Loknath Das

The numbers are startling: According to even the most generous estimates, more than 80 percent of the world’s oceans are totally unmapped. The average ocean depth is nearly two and a half miles, and oceans cover 70 percent of the planet. Do the maths and, in terms of total volume, 99 percent of Earth’s biosphere is essentially unknown. We think we’ve explored our planet, but those statistics are sobering. Topographically, we know more about the moon than we do about Earth. The math is about to get a little brighter,…

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