The rupee loans to exporters engaged in four labour-intensive sectors—handicrafts, carpets, handlooms and SMEs— will be exempt from the base rate system, but the lending rate to these sectors cannot fall below 7%
The Reserve Bank of India (RBI) on Tuesday exempted the rupee loans to exporters engaged in four labour-intensive sectors—handicrafts, carpets, handlooms and SMEs—from the base rate system, a new minimum lending rate that will be effective from next month, reports PTI.
The RBI, however, clarified that the lending rate to these sectors cannot fall below 7%.
"If the interest rate charged to exporters (of the above sectors) goes below the base rate, such lending will not be construed to be violative of the base rate guidelines," it said in a notification.
Currently, the government provides interest subsidy of 2 percentage points on these loans subject to the condition that banks will charge interest rate not exceeding the benchmark prime lending rate (BPLR) minus 4.5%. From 1st July, base rate will replace BPLR.
The country's largest lender State Bank of India (SBI) on Tuesday announced its base rate at 7.5%, the lowest amongst all banks. This means that SBI can provide loans to exporters in these sectors below 7.5% but cannot provide them below 7%.
As per industry sources, while exports in segments like gems and jewellery and engineering goods have started showing signs of recovery, these four sectors continue to reel under the global demand slowdown.
The new draft legislation of the UIDAI proposes to protect individual privacy and also has strict punishments in case of impersonation and privacy breaches with fines of up to Rs1 crore
The Unique Identification Authority of India (UIDAI), which is all set for a pilot rollout of its ambitious unique ID (UID) project, Aadhaar, has come up with a draft legislation to ensure data security and confidentiality of information.
The authority has placed the draft of the 'National Identification Authority of India Bill 2010' on its website www.uidai.gov.in for public comments and suggestions. The new legislation proposes to protect individual privacy and has strict punishment in case of impersonation and privacy breaches with fines of up to Rs1 crore. The draft legislation which proposes to make UIDAI a statutory body also has provisions for strict penalty for offences like disclosing identity information, impersonation, giving wrong biometrics and unauthorised access to data.
The government has constituted a group of its officers under the chairmanship of the secretary, Department of Personnel and Training, to develop a framework that could address the country’s interests and concerns on privacy, data protection and security. However, according to a government release, if one wants to send a suggestion or comment on these issues by email, then it will have to be sent to a personal email ID of the officer.(read more http://www.moneylife.in/article/8/6598.html).
According to media reports, the government has decided to move on the privacy law in the context of Aadhaar and the National Intelligence Grid (Natgrid), which will assist investigators in obtaining information tracked by law enforcement and intelligence agencies. The agencies will have access to details of phone calls, credit card transactions, visa and immigration records, property records and driving licences of all citizens, the report said.
The UIDAI has selected Tata Consultancy Services Ltd (TCS) to redesign its website. The Authority is also seeking specific inputs and shared experiences from the public to make its website Right to Information (RTI) compliant. In the initial stages, besides English, there will also be a Hindi version of the website with other language versions coming out later.
The UIDAI has also created a separate space for Civil Society Outreach (CSO) interactions and has posted detailed notes from all the past CSO meetings. The Authority intends to update these notes with action-taken reports over the next few weeks.