Citizens' Issues
Allow government labs to test food products, FSSAI to SC
The Supreme Court on Friday sought response from Nestle and Maharashtra government on a FSSAI plea seeking a stay of the Bombay High Court order prohibiting food testing by the government labs not accreditated under new food safety law.
 
An apex court bench of Justice Dipak Misra and Justice Prafulla C. Pant also issued notice on a FSSAI plea for putting the sale of Maggi on hold as it was a proprietary product and it's sale was contrary to the Section 22 of the FSSAI Act.
 
However, Attorney General Mukul Rohatgi told the court that FSSAI for now was not pressing for this prayer. 
 
The court directed the hearing of the matter on January 16 as Nestle, represented by the senior counsel Harish Salve, said that it would file its response by January 5.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

Banks given new powers to deal with bad loans: Raghuram Rajan
The Reserve Bank of India has passed on powers to state-run banks to deal with the major issue of their non-performing assets (NPAs), or bad loans, and is now in the process of monitoring their implementation, RBI Governor Raghuram Rajan said on Friday.
 
"Much of the last three quarters have been spent devising powers for banks to deal with the issue of their stressed assets," Rajan told reporters here following a meeting here of the central bank's board of governors.
 
"A whole lot of mechanisms have been devised, including allowing banks to take over entire (defaulting) companies. Now we are seeing how these are being implemented.
 
Explaining that the mechanism devised was "not to postpone the day of reckoning", but to deal with the problem of stressed assets, Rajan said the dialogue with banks, on a framework to restore the health of the banking system, was an ongoing process.
 
"By March 2017, the entire process will be completed," he said.
 
Without commenting on specific cases of default, the RBI governor said the banks had faced many "impediments" in realising action on recoveries, adding that "large promoters particularly" have created a system of impediments to bank action.
 
"So we have given them (banks) new powers to accelerate the process of recovering from the system," Rajan added.
 
Speaking earlier at the Presidency University here, he warned corporates against ill-effects of over-borrowing, saying debt is like "dynamite" which can harm with its potentially damaging nature.
 
"Debt is very much like a dynamite. It is an instrument which is very useful in right places and explosive in others," he said.
 
Rajan also said the RBI is keeping a database that is being shared among banks to check over-borrowing by large corporate houses.
 
The government plans to set up a high-powered committee to deal with the issue of non performing assets (NPAs) or bad loans of state-run banks, Department of Financial Services Secretary Anjuly Chib Duggal told reporters in Delhi late last month.
 
The gross NPAs of public sector banks increased to 6.03 percent at the end of June 2015, compared with 5.20 percent in March 2015.
 
Finance Minister Arun Jaitley has allocated Rs.7,940 crore in the Budget in this fiscal for the recapitalisation of public sector banks.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

COMMENTS

Ramesh B Mhadlekar

1 year ago

Mr. Raghuram Rajan first set your own house in order .During your tenure there is a class IV recruitment which can be termed as recruitment scam since the same has been based on private and secretive agreement, contrary to SC decisions and Constitution of India. First learn to respect the Supreme Court of India and Constitution of India. In RBI those employees who do not break the law are dismissed and those employee who are prosecuted and convicted for criminal acts of Outraging modesty of women constable in the Mumbai fort premises are continuing in RBI employment without being imposed any disciplinary penalty since they are powerful and In RBI only weak employees are terminated or dismissed by the weak management.
Don’t talk what is happening to poor and weak in the country first talk what is going on in RBI under your regime.

Meenal Mamdani

1 year ago

We have been very lucky that Raghuram Rajan has given up other lucrative and easier posts to take up this herculean task.
He has brought about many overdue improvements in the banking system and has remained strictly neutral politically.
I hope that he continues in this job for a long time as there is so much more to do thanks to our cynical and greedy elite.

REPLY

Ramesh B Mhadlekar

In Reply to Meenal Mamdani 1 year ago

He is good at giving lectures or sermons only theoretically but responsible for the misdeeds in RBI.

Passenger car sales up 10 percent in November: SIAM
Low interest and fuel costs coupled with pent-up demand accelerated domestic passenger car sales by 10.39 percent last month, industry data showed on Friday.
 
According to the data furnished by the Society of Indian Automobile Manufacturers (SIAM), passenger car sales during November stood at 173,111 units against 156,811 units in the like month of the previous year. 
 
"Passenger vehicles are growing due to positive factors such as low interest rate, lower fuel prices, including the pent-up demand," said Abdul Majeed, partner and auto expert with PriceWaterhouse.
 
"OEM’s (original equipment manufacturer) are playing their part with exciting launches at very attractive prices and deep discounts on some name plates." 
 
The data revealed that the total passenger vehicle sales, which include cars, utility vehicles and vans, went up by 11.40 percent to 236,664 units during the month under review from 212,437 units sold in November, 2014.
 
Sales of utility vehicles rose by 19.65 percent to 48,880 units. However, the off-take of vans declined by 0.69 percent to 14,673 units. 
 
The industry data for last month showed a 8.56 percent growth in the overall commercial vehicles segment sales, which is a key indicator of economic activity. 
 
The commercial vehicles segment off-take for November stood at 51,766 units, up from 47,686 units sold during the corresponding month of 2014.
 
Sales of three-wheelers rose by 8.33 percent in the month under review at 45,235 units from 41,755 units sold in November of 2014.
 
Sales of the overall two-wheelers segment which includes off-take for scooters, motorcycles and mopeds inched up by 1.47 percent to 1,320,561 units from 1,301,434 units sold in the like month of 2014.
 
On product specific basis, scooter segments' sales in November grew by 2.45 percent at 396,024 units. Motorcycle segment reported a rise of 1.58 percent at 866,705 units.
 
However, moped segments' sales declined by 6.16 percent at 57,832 units during the period under review.
 
In addition, overall exports across categories, too, declined during the month under review. It was lower by 17.61 percent at 275,639 units sold abroad from 334,552 units shipped out during November, 2014.
 
Total automobile sales in November were higher by 3.18 percent at 1,654,226 units from 1,603,312 units sold in the corresponding month of 2014.
 
"In order to have a sustained growth in the Indian automotive industry, it is absolutely necessary to have a robust growth in the overall economy which in turn depends lot more on the next level of reforms including introduction of GST (Goods and Services Tax bill)," Majeed added.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)