BRICS nations sign pacts to promote trade in local currency

“The agreements signed today by development banks of BRICS countries will boost trade by offering credit in our local currency,” Prime Minister Manmohan Singh said

In an initiative to promote trade in local currencies, the BRICS nations on signed two agreements to provide line of credit to business community and decided to examine the possibility of setting up a development bank on lines of multilateral lending agencies.

The agreements were signed by officials of five countries -- Brazil, Russia, India, China and South Africa -- at the fourth BRICS summit in New Delhi.

“The agreements signed today by development banks of BRICS countries will boost trade by offering credit in our local currency,” Prime Minister Manmohan Singh said in a media statement after the meeting.

The Master Agreement on Extending Credit Facility in Local Currency and the Multilateral Letter of Credit Confirmation Facility Agreement are being perceived as a step towards replacing the dollar as the main unit of trade between them.

Such intra-BRICS initiatives, according to officials, will not only contribute to enhanced trade and investments among the nations but would also facilitate economic growth in difficult economic times.

As regards the initiative to set up a BRICS Development Bank on the lines of multilateral lending agency, Singh said the proposal would be examined by the finance ministers.

“A suggestion has been made to set up a BRICS development bank, we have directed our FM to examine the proposal and report back by next summit,” Singh said.

The initiative to set up a BRICS Development Bank on the lines of the World Bank would allow the member countries to pool resources for infrastructure development and could also be used to lend during the difficult global environment.

Intra-BRICS trade is about $230 billion and has the potential of more than doubling to $500 billion by 2015.

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ICICI Prudential to pay Rs7.15 lakhs to policy holder

The District Consumer Disputes Redressal Forum held that the ICICI Prudential Life Insurance Co Ltd ignored the principle of "natural justice" as it was duty bound to inform the complainant (Ashok Kureel) about bouncing of his cheque

ICICI Prudential has been directed by a consumer forum here to pay Rs7.15 lakh to one of its insurance policy holders, for not informing him that his cheque for second year's premium had been dishonoured, and not giving him the opportunity to renew his life-time pension scheme.

The District Consumer Disputes Redressal Forum held that the ICICI Prudential Life Insurance Co Ltd ignored the principle of "natural justice" as it was duty bound to inform the complainant (Ashok Kureel) about bouncing of his cheque.

"The conduct of insurance company was not in accordance with natural justice. It should have informed the complainant about the dishonour of the cheque and he should have been called upon to make the payment for renewal of the original policy," the forum said.

South Delhi resident, Kureel had alleged in his plea that the ICICI Prudential did not only fail to inform him about the dishonour of cheque, but also converted his life-time pension scheme to 'paid-up' on the ground that he defaulted in payment of second year's premium. He said that after receiving the cheque for second premium in November 2008, the company had issued him a renewal receipt and a consolidated premium certificate in January 2009 for the period 2008-09.

In its defence, the company said it had duly informed Kureel to renew his policy despite which he failed to do so, and as premium was not paid by the due date, the life cover and rider benefit, if any, available to Kureel ceased as per the terms and conditions of the scheme.

The forum observed "the cheque was received by the company in November 2008 and till February 2009 it remained silent and did not inform the complainant". It directed the company to return Rs7,00,000, the first premium of the policy, along with Rs10,000 compensation for causing harassment and Rs5,000 as litigation charges.

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COMMENTS

MKGANGULY

5 years ago

This is no justice at all . The company should have been asked to pay the interest on Rs.7,00,000 for 18 months or so, which may be equivalent to Rs.1,00,000 @ 10 % or less. I had one similar plan with them- Forever life, which offer at the end of the term, freedom to buy annuity from any other Insurance company, but they simply refused to give. I complained to IRDA by mail, got no result. Finally I met Dy.Director, IRDA personally and got the lumpsum amount to buy annuity from LIC, after 5-6 months of harrassment, but got no compensation. IRDA says it has no power, than who has, will anybody tell me.

New Hyundai i20 ranges from Rs4.7 lakhs to Rs7.67 lakhs

The all new 'iGen i20' from Hyundai will replace the existing i20.

Hyundai Motor India (HMIL) has launched a new version of its premium compact car i20 priced up to Rs 7.67 lakh (ex-showroom Delhi).

The all new 'iGen i20' will replace the existing i20. The petrol variants of the new version is priced from Rs4.73 lakh to Rs6.65 lakh (ex-showroom Delhi), the company said in a statement.

The diesel variants will be priced from Rs5.96 lakh to Rs7.44 lakh and the automatic variant at Rs7.67 lakh (ex- showroom Delhi), it added.

While the petrol variant is powered by 1.2 litre engine, the diesel option has a 1.4 litre engine.

HMIL managing director and CEO BS Seo said the company has incorporated research findings in the new i-Gen i20 to meet requirements of hi-tech and innovative features seeking customers.

The company said it has added new features like the rear parking camera with display in the cabin mirror, electro chromic mirror which offers anti-glare vision during night time driving to the 'iGen i20'.

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COMMENTS

IndianDrives

5 years ago

The diesel variants of Hyundai i 20 is very low as compared to others. Some cool features also added in this pack.

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