As correctly predicted by Moneylife, the central bank had kept repo, reverse repo, CRR and SLR rates unchanged and said that from now onward its actions would respond to the risks to growth
The Reserve Bank of India (RBI) in its mid-quarterly monetary policy review on Friday, kept the repo and reverse repo rates unchanged at 8.5% and 7.5%, respectively. It also did not revise the cash reserve ratio (CRR), which stands at 6% and the statutory liquidity ratio (SLR) at 24%.
Analysts had opined that in view of the slowdown in the economy on account of rising interest rates and the global situation the central bank may take a pause this time. (Read...RBI may take a pause by keeping policy rates unchanged)
While accepting that there is deceleration in growth due to past monetary policy tightening and domestic policy uncertainties, the RBI, said, “From this point on, monetary policy actions are likely to reverse the cycle, responding to the risks to growth.”
Politicians want to control the internet because they are worried about internet scams taking over their games. Unfortunately, these scams mostly don't come with guarantees
You have recently received e-mails from a lady pretending to be the unfortunate Rajaratnam’s wife, offering a share of the fortune gone adrift; you have probably donated the BMWs and other luxury cars you’ve won thanks to online lotteries. The sad fate of generals from Uganda, gold mine owners from Ghana, displaced princes from Tunisia, have tugged on your heartstrings, and of Liberian Master Sergeants or Iraqi refugees with fortunes spare, there has been no dearth. If you have not, then please emerge from the tree or cave you live in, beware of the Indian builder scam, and join the mainstream.
Welcome to the brave new world of internet scams. Every day another one, better than the last—and despite all the adverse publicity—managing to find fresh victims, just like in the fast food industry. There are websites devoted to telling you what to do if you fall prey to them, and then there are websites also telling you how to set them up, as well as enough statistics and data to make you wonder—if they could collect the information, couldn’t they, the law enforcement agencies, stop them too? Apt question—if all crime were suddenly magically wiped clean from the face of this earth and the screen of your computer, then what would they, the cops, do? Just doing bandobast and VVIP duty doesn't get them any real tangible benefits, though telling people to idhar jao, udhar jao must be fun—especially on sunny winter days.
Face it, internet crime, like all other crimes in the world, has arrived, and may very soon find an honourable place on the list of top-100 best corporate governance or turnover or other interesting aspects kind of business magazine lists, just like the AMRI hospital in Kolkata did. After that, if they haven’t done so already, then PR companies, publicists and lobbyists will complete the task, assuring all of us that internet crime is as safe and good for mankind as smoking single farm tobacco, eating refined flour cooked in double refined oil and using triple sets of mobile phones hooked to our ears all the time.
An interesting bit of information on internet crime is that the single largest source country for these scams appears to be the US, followed closely by UK, China and the rest. India is sometimes in the top-10, sometimes not, which appears to be, as always, a case of discrimination against India by the colonial powers trying to make their devilish presence back into India. Down with the imperialist running dogs, while at the same time, beware the red and yellow menace too. Maybe if we let unrestricted foreign direct investment (FDI) for retail into India, then, we might make the top-10. Imagine how wonderful that would be for the economy.
And now, one of the latest internet scams to come across our screens, has probably heard of the Honourable Kapil Sibal’s outburst against the vileness of all that happens on the Internet, which we are at times inclined to agree with—look at, for example, what passes of for news on some of the live television channels now also being replicated on the internet. If there is any rule of law in this country, then the first thing is that live television should be banned on the internet, we spend considerable energy and effort in switching the television off and now they have the same stuff on the internet? A time has come where if we really want to know what the news is, we have to go and see some newsworthy movies, like "Dirty Picture" for example. That is, certainly, extremely informative.
Thing is, unfortunately, these scams don't come with guarantees. Mostly. So when we received this new internet scam, we immediately thought about, what else, the guarantees our political parties make before elections. Here’s what this scam said: “NOTE: We are not personal but a big company. We have our company policy: If you need test before purchase, we need to see each other on webcam first, then we will consider your request and provide about 50,000 fresh samples. If you want to buy directly without test, webcam is not necessary.”
What the scam is in itself is not important. Nor do we really wish to popularise it. What is important is that we seem to have finally understood why our politicians want to control the internet. In reality, it seems they are worried about internet scams taking over their games, and if you read the message carefully again, you will understand—for all work, big or small, there has to be a face –to-face meeting.
You give the money in advance, no need of meeting, work will be done.
You want a guarantee, we need to see your face, analyse your payment capabilities—and you can pay afterwards, after a small sample.
Did internet scams like this learn from our politicians, or was it the other way around?
“Agility is going to be a very important for the sector. Every passing year is more challenging than the coming year and most (companies) think to turn these challenges into opportunities,” TCS executive director and CFO S Mahalingam said
Mumbai: The depreciation in rupee’s value is likely to benefit software exporters, but the global macro economic situation will pose a challenge for the industry next year, reports PTI quoting a top official of IT giant TCS.
“This year has gone very well and better than what we expected. Next year it will be some kind of stressful environment and every government will try to avoid the Lehman kind of situation,” Tata Consultancy Services executive director and CFO S Mahalingam told reporters on the sidelines of a CII event here.
The rupee movement has been very volatile and in the long-term, this depreciation is likely to benefit the IT industry (largely dependent on the US market) as a whole, he said.
“The rupee movement has been going like a ‘yoyo’.
It’s a roller coaster ride. For longer term it might be good for my kind of industry.”
This quarter (Oct-Dec) TCS hedged the rupee at 46.5 per dollar and next quarter it will be 47.5, but after that it is open, he said.
The global macro economic situation has been the major concern for the industry and it will continue to remain a challenge next year, he said.
“Agility is going to be a very important for the sector. Every passing year is more challenging than the coming year and most (companies) think to turn these challenges into opportunities,” he added.