World
How to not lose your mind when you lose your passport
Ever wondered how losing your passport while abroad can turn the dream vacation into a nightmare?
 
Here are some tips from travel freaks Shivani Singh and Anandita Kakkar on how to deal with a passport that goes missing.
 
Seek help from the local police: Make your way to the nearest police station and report the incident as quickly as possible. This is the first thing your travel insurance provider will ask for - and remember to keep hold of the original copy.
 
Always keep colour copies of all important documents: Scan them, store them on your phone or email them to yourself. Showing local authorities copies of your documents can make explaining your situation a lot easier.
 
Carry the Indian embassy or high commission’s contact details: After you’ve reported your loss local authorities the next logical step is to call the Indian High Commission. Choose very wisely between the Emergency Exit option and hanging on for a few days for a new passport.
 
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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Nifty, Sensex may drift higher – Tuesday closing report
We had mentioned in Monday’s closing report that Nifty, Sensex were waiting for a trigger. The major indices of the Indian stock markets rallied and closed with gains of upto 0.87% over Monday’s close. The trends of the major indices in the course of Tuesday’s trading are given in the table below:
 
 
The accommodating monetary policy stance of the Reserve Bank of India despite a status quo on lending rates lifted the investors' mood and boosted key equity market indices on Tuesday. The RBI on Tuesday left its key policy rates and reserve ratios unchanged, concerned over the slight rise in inflation and some domestic and global upside risks that have sprung up since April. Almost all the sectors were trading in green. Good buying was observed in fast moving consumer goods (FMCG), metal, basic materials and realty sectors.
 
To deal with any market disruption from outflows of up to $20 billion by redemption of foreign currency non-resident (FCNR) deposits, the Reserve Bank of India (RBI) will provide dollar and rupee liquidity if needed, RBI Governor Raghuram Rajan said on Tuesday. "To the extent that people have borrowed to invest in FCNR deposits that leveraged portion may not be renewed. Therefore, there could be outflows of the order of $20 billion or so," Rajan said, while announcing the Reserve Bank of India's second monetary policy review of the fiscal, leaving key interest rates unchanged. "This is something we will monitor. We will supply dollars in case of extreme volatility, but no one should take this for granted. But for sure, we have plenty of dollars that we can supply if necessary," Rajan said.
 
With the Reserve Bank of India (RBI) not altering policy rates, it will be only the transmission of monetary policy that would influence India's economic development and credit profile, credit rating agency Moody's Investors Service said. In a statement Moody's said the transmission will depend on a range of factors like the effectiveness of the monetary policy framework in maintaining inflation at moderate levels could be tested this year. "The RBI highlighted today the uncertain trajectory of inflation. In particular, despite favourable weather forecasts, India is not immune to the risk of a renewed rise in food prices. A third consecutive year of unfavourable weather could have a significant impact on inflation as food producers and retailers are less willing or able to absorb the price shock, at a time when the disinflationary impact of lower global energy prices wear off," Marie Diron, Senior Vice President, Sovereign Risk Group, said. 
 
US stocks ended higher as investors digested US Federal Reserve Chair Janet Yellen's comments on the country's economy. The Dow Jones Industrial Average rose 113.27 points, or 0.64 percent, to 17,920.33 on Monday. The S&P 500 added 10.28 points, or 0.49 percent, to 2,109.41. The Nasdaq Composite Index was up 26.20 points, or 0.53 percent, to 4,968.71. Fed Chair Janet Yellen said at the World Affairs Council of Philadelphia on Monday that the overall labour market is quite positive, although the recent slowdown in jobs bears "close watching." The US total nonfarm payroll employment increased by 38,000 in May, well below the market consensus of 158,000 and notching the fewest monthly job gain in almost six years. Yellen said additional rate increases would still be appropriate but did not give a specific time period for the next hike.
 
Petroleum Minister Dharmendra Pradhan on Monday launched the first road show for the Discovered Small Fields Bid Round auctions in 2016, saying the auctions under the new Hydrocarbon Exploration and Licensing Policy (HELP) would usher a more transparent regime of resource allocations and greater ease of doing business. "The spirit behind the journey from NELP (New Exploration Licensing Policy) to HELP is to create administrative and fiscal systems which are a lot simpler and transparent," he said, launching the auction of small fields across 9 sedimentary basins in India. "Given India's nearly 78% dependence on energy imports, all quantities of hydrocarbon ...big or small... are crucial for the country. And therefore, we feel that this new bid round is a timely step in the right direction," he added. In March, the government approved a new oil and gas exploration policy based on a revenue-sharing model, as opposed to cost-and-output-based norms earlier.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 

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Unfazed by surrender of payments banks licences: RBI chief
RBI Governor Raghuram Rajan on Tuesday said he was not "overly perturbed" by the surrender of payments bank licence by some companies, and suggested putting in place a mechanism to ensure that firms exercised due diligence before applying for licence in view of the cost involved in the scrutiny of applications.
 
"We are not overly perturbed that some people have decided, after analysis, that they will not go forward. In fact, it suggests the licensing was adequately liberal and that we have a variety of players coming in," he told reporters here after announcing the second monetary policy of the current fiscal that left key interest rates unchanged.
 
"We gave out licences to anybody we thought had appropriate qualifications to run a payments bank. We presume they also analysed the business prospects. After doing further analysis and seeing other players coming in, some of them decided to back off," Rajan said.
 
The Reserve Bank of India accorded in-principle approval to 11 applicants last year to set up payments banks, including the Department of Posts, Aditya Birla Nuvo, Airtel M Commerce Services, Fino PayTech, National Securities Depository, Reliance Industries, Tech Mahindra and Vodafone m-pesa.
 
Of these, Tech Mahindra, Cholamandalam Investment and Finance Company and a consortium of Dilip Shanghvi, IDFC Bank and Telenor Financial Services decided to surrender their licences.
 
"...payment bank works particularly well for those who have base of operations and many contact points and, therefore, can build upon that. A classic example is somebody affiliated with a mobile company with many kiosk through which you can do cash-in cash-out," Rajan said.
 
The RBI governor said: "People should acknowledge the fact that it imposes some cost on the assessors to go through the applications. We ask for a lot of information from various government agencies.
 
"We have to find some way that people devote adequate time to understanding whether they should apply or not. The days when licences were rationed and, therefore, you had to get one ... is passe," he added.
 
"Don't just go in for licence because it's a valuable property to have but instead do due diligence on your own. When you apply, it should be with the intent of fully carrying out," Rajan observed.
 
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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