Govt gives green signal to Banking Laws Amendment Bill

Presently, the voting rights of a shareholder are limited to 1% in state-owned banks and 10% in private banks irrespective of the equity holding. The amendments, once approved by Parliament, will enhance the voting power of shareholders in line with the portion of equity held by them

New Delhi: The government today gave green signal to the Banking Laws Amendment Bill that seeks to align the voting rights in banks in proportion with the equity holding, reports PTI.

Presently, the voting rights of a shareholder are limited to 1% in state-owned banks and 10% in private banks irrespective of the equity holding.

The Amendment Bill, which was cleared by the Union Cabinet, will now be tabled in Parliament for approval, sources said.

The amendments, once approved by Parliament, will enhance the voting power of shareholders in line with the portion of equity held by them.

Finance minister Pranab Mukherjee in his budget speech has listed banking laws amendment legislation as one of the seven bills that government proposed to take up to pursue financial sector reforms.

"The financial sector reforms initiated during the early 1990s have borne good results for the Indian economy. The UPA government is committed to take this process further," Mr Mukherjee had said in his budget speech.

Besides the Banking Laws Amendment Bill, other important financial sector bills that Mr Mukherjee proposed to pursue include Insurance Laws (Amendment) Bill, 2008, Life Insurance Corporation (Amendment) Bill, 2009 and revised Pension Fund Regulatory and Development Authority Bill, 2005.

User

Apple chief executive Steve Jobs unveils iPad 2

iPad 2, available in black and white, costs $499 to $829

A frail Steve Jobs made a brief appearance today after a prolonged medical leave to unveil the iPad 2, a thinner and lighter version of Apple's popular tablet, which goes on sale from 11th March in the US.

The 56-year-old Apple chief executive, who has been on medical leave since January, made his surprise appearance at a company event in San Francisco.

Wearing his signature black turtleneck and blue jeans, Mr Jobs began the over 70-minute event by saying, "We've been working on this product for a while and I just didn't want to miss today. Thank you for having me."

The new iPad, available in black and white, costs $499 to $829.

User

India resumes payments to Iran for crude oil imports

After the RBI in December stopped use of a long-standing clearing mechanism for payments, India had last month decided to pay for the Iranian oil using euros through German-based EIH Bank

New Delhi: More than three months after the Reserve Bank of India (RBI) scrapped a long-standing payment mechanism used to pay for Iranian crude imports, India has resumed payments to the nation's second largest oil supplier using an alternative system, reports PTI.

"Pending dues of National Iranian Oil Company (NIOC) are now being cleared and as of 1 March 2011, payment of 1.5 billion euros has been made to the Central Bank of Iran," oil minister S Jaipal Reddy today told the Lok Sabha in a written reply.

After the RBI in December stopped use of a long-standing clearing mechanism for payments, India had last month decided to pay for the Iranian oil using euros through German-based Europisch-Iranische Handelsbank AG (EIH Bank).

"Consequent to the withdrawal of the Asian Clearing Union mechanism by the RBI with effect from 23 December 2010, all payments to Iran for import of crude oil have to be settled in any permitted currency outside the ACU mechanism," he said.

India imports 12 million barrels of crude oil every month from Iran, which is the nation's second-largest supplier after Saudi Arabia.

After the scrapping of the ACU, Iran, which makes up for over 12% of India's oil needs, had continued to supply oil on credit despite the outstanding amount crossing a staggering $3 billion.

Mr Reddy said 21.2 million tonnes of crude oil was imported from Iran in 2009-10 fiscal. Mangalore Refinery & Petroleum imported 6.9 million tonnes, Essar Oil 5.3 million tonnes, Reliance Industries 3.3 million tonnes, Hindustan Petroleum Corporation 3.2 million tonnes and Indian Oil Corporation 2.5 million tonnes.

This fiscal, Reliance has completely stopped using Iranian oil and in first six months 8.9 million tonnes of oil was imported from Iran, Mr Reddy said.

Sources said as per the requirement of the German central bank, Deutsche Bundesbank (DBB)-which had permitted payment in euros through EIH-each drop of oil bought from US-sanctioned Iran is being certified.

First, the oil companies are certifying the crude oil they bought from Iran and payments that are due. This is being counter-certified by the petroleum ministry. Furthermore, State Bank of India-the banker which is to route the payments-is also affixing its seal on the transactions.

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)