Fixed Income
Multilateral FIs allowed to invest in 'masala bonds'
The Reserve Bank of India (RBI) on Thursday permitted multilateral and regional financial institutions to invest in rupee-denominated bonds.
 
"In order to provide more choices of investors to Indian entities issuing rupee-denominated bonds abroad, it has been decided to also permit multilateral and regional financial institutions where India is a member country, to invest in these rupee denominated bonds," the RBI said in a notification.
 
The rupee-denominated bonds, which are often called "masala bonds", were proposed in the first bi-monthly monetary policy of the RBI for 2015-16. At that time, the central bank had fixed a minimum tenure of of five years, with redemption in rupees. 
 
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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Nifty50 to exclude BHEL, Idea Cellular from March
Stock exchange major, National Stock Exchange (NSE), on Thursday said that Bharat Heavy Electricals Ltd (BHEL) and Idea Cellular will be excluded from its benchmark Nifty50 index.
 
According to the NSE, the two companies' scrip will be replaced by those of Indiabulls Housing Finance and Indian Oil Corporation from March 31, 2017.
 
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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Seeking legal aid at SC becomes easier for middle class, poor
The Supreme Court has made it easier for the people of middle and lower income groups to approach it to avail legal aid, an official said on Thursday.
 
The Middle Income Group Scheme, introduced by the Supreme Court, is self-supporting and people whose gross income does not exceed Rs 60,000 per month or Rs 7,50,000 per annum can now avail its services, an official release here said.
 
A sum of Rs 500 shall be payable to the Supreme Court Middle Income Group Legal Aid Society and a stipulated fee as per the schedule attached to the scheme.
 
The release said that a case will be registered under the MIG Legal Aid Scheme and forwarded to Advocate-on-Record/Arguing Counsel/Senior Counsel on the panel for their opinion.
 
If Advocate-on-Record is satisfied that it is a fit case, then the society will consider that applicant is entitled to legal aid. The view expressed by Advocate-on Record will be final in determining eligibility of the applicant for obtaining the benefit under the scheme.
 
The person desirous of availing the benefit of scheme shall have to fill up the prescribed form. 
 
The scheme provides for creating a contingent fund to meet miscellaneous expenditure in connection with the case and the applicant would also be required to deposit Rs 750 to the fund.
 
The scheme will enable people in the middle income group, who cannot afford expensive litigation in the Supreme Court, to avail services of the society at a nominal amount, the release said.
 
If the advocate takes a view that the case is not fit one for an appeal to the Supreme Court, then the entire amount after deducting Rs 750 towards minimum service charges of the committee shall be refunded to the applicant through cheque.
 
The release said that if an advocate, who is appointed under the scheme, is found negligent in pursuing the case entrusted to him, he would be required to return the brief together with the fee which he may have received from the applicant under the scheme.
 
The society will not be responsible for the negligent conduct and the entire responsibility will be that of the advocate vis-a-vis the client. The name of the Advocate will, however, be struck off from the panel prepared under the scheme.
 
The Law Ministry release said that the Chief Justice of India is the Patron-in-Chief of the society with Attorney General its ex-officio Vice President, Solicitor General its Honorary Secretary and other senior advocates of the apex court as its members.
 
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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GLN Prasad

3 months ago

Another attractive scheme to finance OUR people.

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