ICICI Bank introduces dual platinum credit card

Rubyx offers dual benefits wherein a cardholder will receive two cards—credit card and the ICICI Bank Rubyx MasterCard Platinum Chip Credit Card

ICICI Bank has launched a platinum credit card called Rubyx in partnership with American Express, a company engaged in the credit card and travel services and MasterCard, the payment gateway provider. Rubyx offers dual benefits wherein a cardholder will receive two cards—credit card and the ICICI Bank Rubyx MasterCard Platinum Chip Credit Card.

“The cards, which are linked to a single card account with a single statement and a single fee, provide access to a host of exciting privileges from American Express and MasterCard,” the bank said in a statement.

The product is targeted at the growing affluent segment, the high net worth people. Card members can choose between three reward plans and earn bonus points across merchant categories where they normally spend more, and they have the additional flexibility to change their reward plan based on their changing needs.

Some of the benefits of ICICI Bank Rubyx include: Flexible rewards plans with bonus rewards on spend categories of choice, 50% more rewards on all spends on the Rubyx; five complimentary Jet Airways tickets on joining; a minimum 15% savings at 450+ restaurants across India and complimentary access to American Express affiliated Altitude lounges and MasterCard affiliated airport lounges.

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MCX at fifth spot among world’s top commexes

MCX has replaced China-based Dalian Commodity Futures Exchange at the fifth position

India’s leading commodity bourse, the Multi Commodity Exchange Ltd (MCX), has become the world’s fifth-largest commodity futures exchange in terms of the number of contracts.

In a statement issued on Tuesday, MCX said it had become the world’s fifth-largest in terms of number of futures contracts traded during January to June 2011, based on the Futures Industry Association (FIA) volume survey and market data.

MCX has replaced China-based Dalian Commodity Futures Exchange at the fifth position, after occupying the sixth slot among global commodity futures exchanges for two years since 2009.

At that time, it had replaced the UK-based London Metal Exchange at the sixth position. MCX’s managing director Lamon Rutten said: “We owe this success to our members, shareholders and the commodity market ecosystem participants. We are committed to make MCX the best commodity exchange in the world.”
The data for the January-June period showed that the global commodity derivatives market had grown by 10.2%, based on the number of contracts.

Precious metals and energy contributed 49.8% and 16%, respectively.
The Asia-Pacific region contributed 39.6% of the total volume in terms of the number of contracts traded on the exchange. Mumbai-based MCX is a demutualised nation-wide electronic futures exchange and the various commodities traded on its platform include bullion, energy, metals and agricultural commodities.

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New Lokpal Bill to be introduced in Lok Sabha on Thursday

Finance minister Pranab Mukherjee conveyed to the BJP that the Lokpal Bill passed by the Cabinet on Tuesday night can be circulated to MPs only on Wednesday evening. He also said that the existing Lokpal Bill—introduced in the Monsoon Session of Parliament—will be withdrawn in Lok Sabha on Thursday and the new Bill introduced

New Delhi: A new Lokpal (Ombudsman) Bill will be introduced in the Lok Sabha on Thursday and the existing one withdrawn, reports PTI.

This was conveyed by the government to main opposition Bharatiya Janata Party (BJP) on Wednesday along with the intention to have a three-day additional sitting of Parliament from 27th December to take up this crucial Bill. BJP gave its nod to this proposal.

Finance minister Pranab Mukherjee held a meeting on Wednesday with leader of opposition in Lok Sabha Sushma Swaraj, her counterpart in Rajya Sabha (upper house of the Parliament) Arun Jaitley and BJP leader LK Advani to discuss the issue.

Mr Mukherjee conveyed to the BJP that the Lokpal Bill passed by the Cabinet on Tuesday night can be circulated to MPs only on Wednesday evening, according to sources. He also said that the existing Lokpal Bill—introduced in the Monsoon Session of Parliament—will be withdrawn in Lok Sabha on Thursday and the new Bill introduced.

Mr Mukherjee said that in this scenario, there was little option but to extend the Winter Session by three more days and discuss the Lokpal Bill from 27th to 29th December.

The BJP agreed to the proposal after initial reluctance. Party sources said its opposition is to the content of the Bill rather than extension of this session.

The Business Advisory Committee (BAC) will meet this evening to decide on the extension.

The government is keen to ensure passage of Lokpal along with two crucial legislations—Judicial Accountability Bill and Whistleblower Protection Bill—during the current session.

But since only two days are left, it wants additional sitting after the Christmas break.

The BAC had on Tuesday decided to hold an additional three day sitting from 27th December but later several MPs opposed it, prompting the government to say it will have a rethink.

Several MPs, including some from the UPA coalition, are still opposed to the three-day extension of the session.

Lokpal Bill was cleared on Tuesday night by the Union Cabinet. The new Bill will be a Constitution amendment Bill which will also bring the prime minister under the ambit of Lokpal with certain riders.

The Bill, however, keeps India’s investigation agency Central Bureau of Investigation (CBI) out of purview of Lokpal except on cases which are referred to it by the latter. The Lokpal will have its own wings for preliminary inquiries and prosecution.

The Lokpal will be a nine-member body including the chairperson.

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