Citizens' Issues
MMRDA promoted officer who was asked to be relieved by govt
According to an RTI reply, the MMRDA not only refused to follow Maharashtra government’s order to relieve an official but promoted him 
The Mumbai Metropolitan Region Development Authority (MMRDA) has promoted R Ramanna despite orders from the Maharashtra government to relieve him from services, reveals a reply received under the Right to Information (RTI).
RTI activist Anil Galgali, who had filed the RTI application, demanded the state government to initiate actions against Ramanna and all those who were involved in the irregular posting and promotions. Galgali, in a letter to Maharashtra chief minister Devendra Fadnavis, said, "UPS Madan, the then project director at MMRDA, on 29 April 2002 wrote a letter to the government to drop its decision to relieve Ramanna, who was not only allowed to stay with the Authority, but was also promoted. Therefore, the government must initiate action against all those who did not follow its orders."
According to the RTI reply, on 11 October 2004, the state government asked MMRDA to relieve Ramanna and three other officers from services as they were appointed on posts reserved for scheduled castes. A Committee headed by Kocharekar, former under-secretary, found that the selection committee and the divisional promotion committee neglected rules and the government's decision, while appointing Ramanna and other three officers. All four officers belong to scheduled caste category, but from other states, and as per the directions from Social Welfare department, migrants could not be considered to be in the same category.


Nifty, Sensex to record more gains – Thursday closing report

The market will rally further as long as it stays above 8,082


We had mentioned in Wednesday’s closing report that CNX Nifty may rally on a close above 8,080 today. Nifty opened higher than this level and managed to stay above it, throughout the day. Today’s optimism broke the sequential fall after the Federal Reserve pledged to be patient on interest-rate increases, last night.

S&P BSE Sensex opened at 27,054 while Nifty opened at 8,139. After a range bound session upto 1.00 pm, during which the indices hit their respective lows at 26,901 and 8,085 the indices started moving higher. The benchmark hit a high at 27,181 and 8,174. Sensex closed at 27,127 (up 416 points or 1.56%) while Nifty closed at 8,159 (up 130 points or 1.61%). NSE recorded a volume of 80.72 crore shares. India VIX fell 13.75% to close at 14.5975.

India's Union Cabinet on Wednesday reportedly approved a constitutional amendment bill to provide the legal framework for rolling out a nationwide goods and services tax.

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi, has given its approval to ratify the methodology adopted to recalculate the incentive rate for bi-monthly periods of April-May, 2014, June-July, 2014 and August – September, 2014 towards marketing and promotion services for raw sugar production.

The government today came out with draft rules for e-auction of 92 cancelled coal mines in the first phase, fixing a floor price of Rs150 per tonne for sectors like steel, sponge iron, cement and captive power.

The government said it has decided to set up of Power System Operation Corporation (POSOCO), as an independent government company for reforms in power sector. Torrent Power (11.93%) was among the top two gainers in ‘A’ group on the BSE. The stock hit its 52-week high today.

Hindalco (4.31%) was among the top two gainers in Sensex 30 pack. The stock was in news as BSE had asked for clarification from the company with respect to news appearing in media titled “Special Court rejects closure & orders CBI to further investigate the coal scam involving Hindalco.”  The company replied that while the CBI has given its closure report, the court asked for further investigation on few specific aspects. As the matter is between the CBI and the Court, and also sub judice, it is inappropriate for it to comment.


Mahindra & Mahindra (0.46%) was the top loser among Sensex-30 stocks.

On Wednesday, US indices closed in the green. The Federal Reserve after two-day policy meet yesterday said, it will be patient when it comes to the timing of rate increases, replacing a pledge in its statement to keep borrowing costs near zero for a “considerable time,” and raising its assessment of the job market.

US consumer-price index dropped 0.3% in November from the previous month, the most since December 2008, after being little changed the prior month, a Labor Department report showed yesterday.

Except for Shanghai Composite (0.11%) and Seoul Composite (0.14%) all the other Asian indices closed in the green.     SET Composite of Thailand (2.47%) was the top gainer.

European indices were trading in the green. US Futures too were trading sharply higher.


In Greece, Prime Minister Antonis Samaras failed to get enough support for his nominee in a parliamentary vote for a new head of state. If Samaras also fails to get enough support for his candidate in the second and third round of votes, snap elections will take place in early 2015.


Swiss Central Bank to introduce negative interest rate on bank deposits

The introduction of negative interest rates makes it less attractive to hold Swiss franc investments, and thereby supports the minimum exchange rate, the Swiss Central Bank said.


Switzerland is introducing a negative interest rate on the deposits it holds for lenders, its central bank said on Thursday, moving to hold down the value of the Swiss franc amid the turmoil in global currency markets. The Swiss National Bank said in a statement from Zurich that it would begin charging banks 0.25% on bank deposits exceeding a certain threshold.


“Over the past few days, a number of factors have prompted increased demand for safe investments,” the central bank said. “The introduction of negative interest rates makes it less attractive to hold Swiss franc investments, and thereby supports the minimum exchange rate.”


In putting in place the negative rate on 22 January 2015, in essence a tax on excess deposits, the Swiss monetary authority joins the European Central Bank, which in June 2014 introduced its own negative 0.1% deposit rate, and changed that to minus 0.2% in September 2014.


The bank acted as the crisis in Russia and plummeting oil prices have caused a sharp correction of global currencies and financial assets.


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