Money & Banking
India's central bank leaves interest rates unchanged
India's central bank kept its key lending rates unchanged during its monetary policy review on Tuesday, sticking to its stand that further cuts will depend on commercial banks passing on the previous reductions to borrowers, among other factors.
 
Reserve Bank of India Governor Raghuram Rajan chose to maintain both the repo rate, or the short-term lending rate, and the cash reserve ratio, or the liquid money banks have to compulsorily hold, at 7.25 percent and and 4.0 percent, respectively.
 
Accordingly, the reverse repurchase rate, or the central bank's borrowing rate, has also been left unchanged at 6.25 percent. 
 
Speaking about the current situation pertaining to growth and inflation, among other issues, Rajan said: "Taking into account all this, and given that policy action was front-loaded in June, it is prudent to keep the policy rate unchanged at the current juncture while maintaining the accommodative stance of monetary policy."

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Assam fixes new speed limits on national highways
People can now drive at 100 km per hour on four-laned divided carriageways on the national highways (NHs) in Assam, according to new speed limits fixed on Monday.
 
The public works department (building and national highways) has prescribed speed limits for all types of vehicles in the various stretches of national highways in the state, according to an official statement.
 
For national highway stretches on the plains with seven-metre carriageway without paved shoulders, the speed limit is 70 km per hour while for those with paved shoulders, it is 80 km per hour, the statement said.
 
"In four-lane divided carriageways, it is 100 km per hour, in curves and in developed areas in the above mentioned categories of NHs, it is 40 km per hour," it said.
 
"For those NHs in town areas, the speed limit is 40 km per hour, while NHs in congested town areas like Mirza, Chaygaon, Boko, Gauripur, Mangaldoi, Kharupetia, Banderdewa and Moran it is 20 km per hour, while in hill areas it is 40 km per hour."

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BJP's land bill reversal, now for consent, social impact
In a major climbdown from its stated position, BJP appears to have agreed to restore key provisions of UPA's land law including those related to consent and social impact assessment (SIA), informed sources said.
 
The sources said that members of ruling National Democratic Alliance moved amendments at the Monday's meeting of the joint committee on land bill, seeking to bring back the consent clause and SIA.
 
The committee, headed by BJP's S.S. Ahluwalia, has sought time till August 7 to submit its report on the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement (Second Amendment Bill), 2015.
 
With the Bharatiya Janata Party having seemingly changed its position on the key bill, there is a possibility of the committee giving a consensus report and the government likely to recast the legislation.
 
The Congress and several other opposition parties had firmly objected to changes made in the land bill passed by the United Progressive Alliance government in 2013.
 
There was opposition to the bill from some Sangh outfits as also farmer organisations.
 
The Congress mounted a high-pitched attack on the Narendra Modi government on its new bill, alleging that it had made changes to the 2013 Act to benefit a few industralists.
 
The National Democratic Alliance government brought ordinances but the bill has not been passed by parliament. The bill was earlier passed by the Lok Sabha but could not be taken up in Rajya Sabha where the government lacks majority.
 
BJP leaders had repeatedly said that the UPA's land bill was against rural areas and they had made changes to the bill after suggestions from the states.
 
Prime Minister Narendra Modi had also convened a meeting with states on the bill last month which was boycotted by the Congress.
 
The 2013 Act required that the consent of 80 percent of land owners is obtained for private projects and that the consent of 70 percent of land owners be obtained for public private partnership (PPP) projects.
 
The bill of the NDA government exempted five categories - defence, rural infrastructure, affordable housing, industrial corridors and infrastructure projects including PPP projects where the central government owns the land - from these provisions of the act. 
 
While the 2013 act was applicable for the acquisition of land for private companies, the new bill proposed changed this to acquisition for "private entities" or an entity ther than a government entity, and could include a proprietorship, partnership, company, corporation, non-profit organization, or other entity under any other law.

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COMMENTS

Meenal Mamdani

2 years ago

This is what happens when hubris reigns in the ruling party. Modi govt should have anticipated this push back from the opposition and kept this controversial bill for another year while shepherding more important bills like the GST bill through the parliament. For a party that won a landslide, BJP seems to be tone deaf to the realities on the ground.

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