Banking hours to be extended on 30th and 31st March: RBI

Branches of all banks conducting government business will suitably extend the banking hours on 30th and 31st March 2012 to facilitate receipt of government revenue from members of public even at late hours

With a view to facilitating accounting of all government transactions of the current financial year (2011-12) by 31 March 2012 and meeting the probable rush of tax-payers towards the end of the year, it has been decided that all regional offices of Reserve Bank of India (RBI) and branches of agency banks conducting government business will suitably extend the banking hours to conduct government business by keeping their counters open for the purpose on 30th and 31st March 2012 to facilitate receipt of government revenue from members of public even at late hours.

As regards conduct of special clearing on 31 March 2012 (with return clearing on the same day), the decision is to be taken by the department of payment and settlement systems, central office, Mumbai.

User

Govt eyes Rs1,500 crore revenue from FM radio auction

The Phase I and Phase II auctions led to total revenue accrual of about Rs1,733 crore up to 31 May 2011 by way of one time entry fee, migration fee and annual fee among others.

The government said it expects to garner Rs1,500 crore in revenue from the auction of FM Radio Phase III license, for providing services in 227 cities, in addition to 86 cities covered currently.

“Total revenue expectation from three phases of [Phase III] FM radio auction is Rs1,500 crore. They [Finance Ministry] have given estimates for first phase, which is Rs500 crore,” information and broadcasting secretary Uday Kumar Verma told reporters on the sidelines of the CASBAA India Forum 2012.

"The auction will be conducted in phases. We will complete first phase by the end of this year," Verma said.

The Phase I and Phase II auctions led to total revenue accrual of about Rs1,733 crore up to 31 May 2011 by way of one time entry fee, migration fee and annual fee among others.

The Phase-III license would extend FM radio services to about 227 new cities, in addition to the present 86 cities, and would result in coverage of all cities with a population of one lakh and above through private FM channels.

In its budget proposals for FY13, the government said last week that it had estimated to raise non-tax revenue of Rs1,600 crore from auction of FM phase III license, but this auction have not materialised so far in this financial year, ending 31 March 2012.

User

India's internet growth faster than G-20 nations

In India Internet economy is driven especially by exports of IT services: net exports make up 59% of the Indian Internet economy, while consumption is only 20%.

India's Internet economy is expected to reach Rs10.8 trillion by 2016, as the country's growth rate in this segment is far ahead of many of the developing nations, says a report by Boston Consulting Group. According to a report in the Boston Consulting Group's Connected World series, the Indian Internet economy contributed Rs3.2 trillion to the overall economy in 2010, representing 4.1% of GDP, and is projected to rise to Rs10.8 trillion by 2016. Meanwhile, in the next four years, the total size of the G-20 Internet economy will be $4.2 trillion, up from $2.3 trillion in 2010.

India's Internet economy growth rate of 23% places it as the second fastest across the G-20 and ahead of many other developing nations in the G-20, which are growing at an average of 17.8%. Projected growth rates elsewhere are: 24.3% in Argentina, 18.3% (Russia) and 15.6% (Mexico).

Interestingly, Internet has become so essential in everyday life that as many as 36% of Indian online consumers said they would forgo showering for a year in order to keep Internet access, around 64% said they would forgo chocolate; 63% coffee; and 70% would give up alcohol.

The report further said had it (Internet) been a sector, it would have been the eighth largest sector in India, larger than mining and utilities. While, consumption is the principal driver of Internet GDP in most countries, the situation is somewhat different in case of India.

In India Internet economy is driven especially by exports of IT services: net exports make up 59% of the Indian Internet economy, while consumption is only 20%.

“China and India stand out for their enormous Internet related exports -- China in goods, India in services -- which propel their Internet-economy rankings toward the top of the chart,” BCG Partner Arvind Subramanian said.

While commenting on the findings, Rajan Anandan, VP, sales and operations & managing director, Google India, said, “India is seeing one of the fastest rates of Internet adoption across the globe. We see emerging opportunities for innovation in areas like mobile, e-commerce and cloud.”

The BCG report noted “High web” companies in India -- ones that use the Internet for marketing, sales and interactions with customers and suppliers -- grew their revenues 19% over the past three years, compared to only 13% for those who made low or no use of the Internet.

“Around the world SMEs which embrace the Internet are growing faster and adding more jobs than those that don't. By encouraging businesses to adopt the Internet, countries can improve their competitiveness and growth prospects,” said David Dean, BCG senior partner and co-author of the report.

The report covered 9,710 Internet users in 13 countries and used the loss aversion approach to measure the value of the Internet to consumers.

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)