World
GMR seeks $803 million from Maldives for terminating Male airport contract
GMR has claimed $803 million or around Rs4,987 crore from Maldivian government for ‘wrongfully’ terminating its contract for Ibrahim Nasir International Airport
 
GMR Male International Airport Pvt Ltd (GMIAL), a subsidiary of GMR Infrastructure Ltd (GMR), has claimed $803 million (around Rs4,987 crore) from the Maldivian Government for ‘wrongfully’ terminating the international airport contract.
 
In a regulatory filing, GMR said, in addition to that, a plea for award of further damages for loss of reputation caused to the company as a consequence of wrongful repudiation of the concession agreement has also been made to the Arbitral Tribunal in Singapore.
 
“Following the aforesaid award, GMIAL has submitted its claim for damages amounting to $803 million (Rs4,987 crore)...The quantification of the damages is subject to expert evidence,” it said.
 
GMR had entered into a concession agreement with the Government of Maldives and Maldives Airport Company Ltd (MACL) for modernisation and operation of Ibrahim Nasir International Airport (INIA) in 2010.
 
However, differences cropped up between both the parties and the then Maldivian Government terminated the concession agreement and took over control of the airport operations of INIA.
 
The concession agreement was wrongfully repudiated by the Government of the Island nation and MACL and on 29 November 2012 arbitration proceedings were initiated by the Government and MACL themselves seeking a declaration that the concession agreement was void ab initio, GMR said.
 
The Arbitral Tribunal, by its award dated 18 June 2014, ruled that the said concession agreement was valid and binding and that Maldivian Government and MACL were jointly and “severally” liable in damages to GMIAL for the losses caused by their wrongful repudiation of the concession agreement, it further said.

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Banks asked to inform customers in advance about fall in minimum balance
RBI also asked banks to ensure that the balance in savings account does not turn into negative balance mainly due to levy of charges for non-maintenance of minimum balance
 
The Reserve Bank of India (RBI) on Thursday asked banks to inform their customers about fall in minimum balance at least a month in advance. The central bank said penal charges should be levied from customers only to the extent of shortfall in such balances.
 
“In the event of a default in maintenance of minimum balance/average minimum balance as agreed to between the bank and customer, the bank should notify the customer clearly by SMS/ email/ letter that in the event of the minimum balance not being restored in the account within a month from the date of notice, penal charges will be applicable,” the RBI said.
 
The RBI directed banks to ensure that penalty should be a fixed percentage levied on the amount of difference between the actual balance maintained and the minimum balance as agreed upon at the time of opening of account.
 
The RBI asked banks to ensure that the balance in the savings account does not turn into negative balance solely because of levy of charges for non-maintenance of minimum balance.

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COMMENTS

Sreekanth Yelicherla

2 years ago

No mention about when it is going to be effective! It is effective from April 2015.

Rakesh Goyal

2 years ago

This will minimise one of the loot avenues, perpetrated by the banks on the customers. Bank do not compete but they act as monopoly under IBA. A good step by RBI, after a long time.

How Facebook's New Policy Digs Into Your Data
More than 1.2 billion users makes for a lot of personal data
 
More than 1.2 billion users makes for a lot of personal data. But what does Facebook do with this advertising treasure trove of information? Proposed updates to the social network’s data policy sheds some light on just how a user’s personal information may be surrendered. Here’s a primer on the new policy set to take effect soon.
 
1. Like us off Facebook? In addition to the stuff you share on Facebook, the social network collects information about you off Facebook, such as when you visit some third-party sites and use the services of companies that are owned and operated by Facebook, such as Instagram and WhatsApp, whose privacy policies may differ.
 
2. A bird’s-eye view If you use GPS or Wi-Fi on your smartphone, Facebook may tap into those geographical locators to present you with relevant ads or offers in your area. Facebook also fetches location information from its own website via photos you share with friends and photos your friends share with you.
 
3. Cha-ching Ever make a purchase or donation on Facebook? Facebook stores that payment information — including credit or debit card numbers, account authentication information, and billing, shipping and contact details — and may use it to sell you something in the future.
 
4. Out of your hands A Facebook message from a friend may buoy your spirits but it’s also another avenue that Facebook uses to collect information about you. Same thing goes when another person posts a photo of you or uploads, syncs, or imports your contact information.
 
5. Game over Third-party apps, such as those games you play with Facebook friends, can access your public profile but the information collected is subject to the apps’ own terms and policies — not Facebook’s. Information in a public profile includes a user’s name, gender, and list of friends, among other things.
 
The extent to which Facebook leverages your personal information for targeted advertising depends in part on the permissions you grant the company. However, one phrase in the new data policy makes this much clear: “…we use all of the information we have about you to show you relevant ads.”
 
Click here for more Terms of Surrender posts. And let us know if you think you’ve spotted a potential candidate for next time. 
 

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