Around the Globe

Around the Globe

NRIs need to show old notes to Customs at airport

NRIs and Indian nationals abroad can deposit up to Rs 25,000 of the demonetised currency during the 3-6 month grace period, but only if they show the junked notes to Customs officials at the airport and get declaration form stamped.

The declaration will have to be submitted at specified branches of the Reserve Bank while depositing the junked currency, a finance ministry notification stated.

While the 50-day window for such deposits at banks or post offices ended on December 30, the government has offered a grace period for those who were abroad.

Goa polls will mark beginning of BJP's downfall, claims Cong

Goa Congress chief Luizinho Faleiro today claimed that the forthcoming Goa Assembly polls will mark the beginning of the electoral downfall of BJP in the country and resurgence of his party.

"Congress party is fully attuned to the aspirations and wishes of the people of the state and will respect the same, which is certain to ensure that it (Congress) will secure minimum 25 seats with BJP battling to secure even five (seats)," Faleiro said at a press conference here.

SC removes Thakur as BCCI prez, Shirke as secretary

Cracking the whip on a defiant BCCI, the Supreme Court today removed its president Anurag Thakur and secretary Ajay Shirke, saying they should "forthwith cease and desist from" the board's work.

The apex court also decided to initiate contempt proceedongs against Thakur by seeking his response as to why he should not be held liable for obstructing the implementation of the court's directions aimed at reforming BCCI.

A crucial year for food security

Rising food inflation and imports and falli­ng exports are costing India huge money. According to the department of commerce, agri-commodities imports have gone up by Rs 1,98,734 crore between 2014-15 and 2015-16 whe­re as in the same period the country has lost export ma­rket of agri-commodities worth Rs 2,58,324 crore.
Due to ineffective agriculture and food security policies, the country is losing about Rs 4,57,058 crore a year. The impact of food inflation on other sectors of the economy as well as on public health and nutrition are not factored in.

Chaffing fact from fiction

There is an uncontested fact about agriculture — an efficient supply management is needed from both consumer and producer perspectives to balance the prices one pay, while other receives.
Thirty months after the Modi government came to power, the consumers are happy that prices are under control — although, pulses emerged as a stumbling block in the government’s claim. The agriculture ministry came out with 30-point achievement list to buttress the point that everything is rosy now.

Akhilesh stages coup, declares self as SP chief

Uttar Pradesh chief minister Akhilesh Yadav has emerged as a formidable force after coming out of the shadow of his father by staging a coup that will set the tone for the upcoming elections. A leaked internal mail from Akhilesh’s US-based advisor Steve Jarding, however, suggests that war in SP is orchestrated to project the Yadav scion as a development icon.

Delhi-Goa round-trip may cost Rs 25,000 soon

In the midst of a steady rise in air traffic demand, the Indian Navy wants the number of civilian flights allowed at the Goa airport to be halved. The Navy has cited the requirement of airspace and facility for military exercise for drastically reducing the number of flights. The Goa International Airport, the only airport in the state, is a naval facility where state-owned AAI operates a civil enclave offering a few flying slots to airlines.

DeMo benefit: SBI, others cut lending rates steeply

The New Year has ushered in a lower rate regime. A day after prime minister Narendra Modi asked banks to prioritise lending to the poor and the middle class, several state-owned banks on Sunday cut their lending rates. More banks are set to follow suit.
The country’s largest lender, State Bank of India (SBI) announced a steep 90 basis points (0.90 per cent) cut in the marginal cost of funds based lending rate (MCLR) across all maturities. Punjab National Bank (PNB) cut its MCLR rates by 70 basis points soon after.