Nation
Maharashtra civic elections on Feb 16, 21
Nearly 10 crore voters will exercise their franchise in a two-phased election to 10 municipal corporations, 25 Zilla Parishads and 283 Panchayat Samitis across the state, Maharashtra's State Election Commissioner (SEC) Jageshwar S. Saharia announced here on Wednesday.
 
Polling in 15 Zilla Parishads and 165 Panchayat Samitis will be held on February 16 and elections to the remaining Zilla Parishads, 118 Panchayat Samitis and 10 top Municipal Corporations on February 21, the SEC said at a press conference.
 
The counting for all the elections will take place simultaneously on February 23 and the results are likely to be declared the same day, Saharia added.
 
The much anticipated, high-stakes elections will cover 25 of the state's 36 districts with the participation of nearly 85 per cent of the electorate spread across 246 out of 288 assembly segments.
 
The code of conduct for all the elections comes into immediate effect, Saharia declared.
 
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.
 

 

User

Urjit Patel calls for unified financial regulator for Gujarat's GIFT City
Reserve Bank of India (RBI) Governor Urjit patel called for a unified regulator for the successful execution at India's first International Financial Services Centre (IFSC) coming up at Gujarat International Finance Tec-City (GIFT).
 
"A unified financial regulatory framework providing for a single regulator for GIFT City could contribute to better regulation and supervision of the financial entities," Patel said here at the ongoing Vibrant Gujarat Global Summit 2017.
 
"While individual regulators can supervise the entities initially when the size of the business is small, a unified regulator would be necessary to pay undivided attention to the IFSC. Work on the design of such a framework should begin soon so as to be able to implement this in time," he added.
 
He also said that the existing laws governing financial contracts in India should be reviewed and gaps addressed.
 
"Based on the review, a world class legal framework for financial contracts in GIFT could be enabled, either by appropriately amending the existing laws governing financial contracts or enacting a fresh law," Patel said.
 
"Either way, this should be expedited, may be by constituting a high level working group to address this gap in mission mode," he added.
 
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.
 

 

User

Fitch downgrades India's growth on 'uncertain' note ban benefits
Fitch Ratings has downgraded India's growth to 6.9 per cent for 2016-17 from the earlier 7.4 per cent due to "uncertainty" over the benefits of demonetisation.
 
"The demonetisation of large denomination bank notes has caused short-term disruption in India's economy and led us to downgrade our growth forecasts for 2017," Fitch Ratings said in its latest bi-monthly newsletter released on Tuesday. 
 
"The move has some potential benefits, but the positive effects are unlikely to be strong or last long enough to make a significant difference to government finances or medium-term growth prospects.
 
"The impact on the economy will increase the longer the disruption continues, but Fitch has already revised down its GDP growth forecast for the financial year ending March 31 to 6.9 per cent from 7.4 per cent," it said.
 
The move has the potential to raise government revenue and encourage bank lending, but Fitch Ratings believes the positive effects were unlikely to be strong and sufficiently enduring to support credit profiles, it said.
 
"The withdrawal of bank notes has left consumers without the cash needed to complete purchases and farmers without the funds to buy seeds and fertilizer for the sowing season. Supply chains have been disrupted and time spent queueing in banks has meant lost hours of productive work," the newsletter said.
 
Though the intentions behind demonetisation were positive and in keeping with broader reform efforts, the short-term pain may outweigh the uncertain long-term gains, Fitch said.
 
Government finances may also benefit from a proportion of high-denomination notes not being traded. This potentially significant amount would be subtracted from the Reserve Bank of India's (RBI) liabilities and the authorities would have the option to transfer this windfall to the government.
 
Fitch, however, said there were considerable uncertainties over the potential positive effects.
 
"Most importantly, demonetisation is a one-off event. People that operate in the informal sector will still be able to use the new high denomination bills and other options (like gold) to store their wealth. There are no new incentives for people to avoid cash transactions," it said.
 
"The informal sector could soon go back to business as usual," it added.
 
There are similar uncertainties over the impact on the banking sector. While some banks have already reported large increases in deposits since demonetisation began, a surge in low-cost funding might encourage credit growth and support the economy.
 
"The positive impact on funding conditions will depend on deposits remaining in banks beyond the next few months. There is nothing to prevent them being withdrawn again," the newsletter said.
 
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.

 

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)