Fixed Income : 10-year National Savings Certificate Discontinued

National Savings Certificate (NSC) issue IX, which had a term of 10 years, has been discontinued. The move was approved and notified by the ministry of finance on 1 December 2015. The postal department stopped issuing these certificates 20 December 2015 onwards. Observers believe that the instrument was discontinued because it locked the government into a long-term commitment in a falling interest rate regime. 

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Tokyo stocks tumble
Tokyo : Tokyo stocks tumbled on Wednesday as the ongoing downtrend in oil prices coupled with concerns for the outlook of the global economy contributed to a dire market mood.
 
The 225-issue Nikkei Stock Average lost 367.04 points, or 2.15 percent, from Tuesday to 16,681.33, while the broader Topix index of all First Section issues on the Tokyo Stock Exchange dropped 28. 30 points, or 2.04 percent, at 1,362.11, reports Xinhua.
 
On the main section all industry sections retreated into negative territory, with major decliners by the break comprising mining, marine transportation, and oil and coal-linked shares.
 
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.

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Maharashtra to make do with old chopper, save money

The decision was taken at a cabinet meeting presided over by Chief Minister Devendra Fadnavis, according to officials

 

The Maharashtra government decided on Tuesday against buying new helicopters for Rs.1 billion and instead to get its existing chopper repaired at a cost of about Rs.24 crore.
 
The decision was taken at a cabinet meeting presided over by Chief Minister Devendra Fadnavis, according to officials.
 
Investing in a new chopper would have entailed an expenditure of around Rs.100 crore which would now be saved, the officials said after the cabinet meeting.
 
The state government's existing eight-seater Dauphin AS-365N3 helicopter was acquired from the French manufacturer EuroCopters in 2001 for Rs.23 crore and used to ferry 'very important persons' like the governor, chief minister, deputy chief minister and state guests.
 
For the past five years, the state government was toying with the idea of replacing the Dauphin with two new twin-engine choppers and even invited tenders for the purpose.
 
As the Dauphin is out of service, the state government currently uses a Sikoesky S76C chopper, acquired in December 2011, for ferrying its 'very important persons' and state guests.
 
After the Dauphin is repaired, it will be air-worthy for at least 10-15 years, besides savings on maintenance and other costs, officials said.
 
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.
 

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