Money & Banking
RBI says companies can use ECB for general corporate purposes

In July, India Inc raised over $3.71 billion from overseas markets through ECBs and FCCBs. The RBI move is aimed at encouraging capital inflows and arrest decline in rupee value

In order to encourage capital flows,

The Reserve Bank of India (RBI) on Wednesday eased external commercial borrowing (ECB) norms by allowing companies to use funds raised from foreign partners for general corporate purposes.

 

In a notification, the central bank said, “On a review, it has been decided to permit eligible borrowers to avail of ECB under the approval route from their foreign equity holder company with minimum average maturity of seven years for general corporate purposes”.

 

Till now borrowings in the form of ECB were not permitted to be utilised for general corporate purpose. However, the RBI has put certain conditions for availing the benefits of relaxed norms.

 

It said, “Minimum paid-up equity of 25% should be held directly by the lender (overseas partner). Also, repayment of the principal will commence only after completion of minimum average maturity of seven years and no prepayment will be allowed before maturity."

 

The measure is aimed at encouraging capital inflows and arrest decline in rupee value.

 

India Inc raised over $3.71 billion from overseas markets in July through ECBs and foreign currency convertible bonds (FCCBs). In June, it had raised $ 1.95 billion through this route.

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Google KitKat is the successor to Jelly Bean

The list of Google's Android software over the years includes Cupcake, Donut, Ice Cream Sandwich, and Jelly Bean

Internet search giant, Google said its next version of Android software would be called 'KitKat' in keeping with its penchant for giving tasty names to its software for powering mobile devices.

 

In a blog post, California-based Google, said, “Since these devices make our lives so sweet, each Android version is named after a dessert. As everyone finds it difficult to stay away from chocolate we decided to name the next version of Android after one of our favourite chocolate treats.”

 

The list of Android software names over the years includes Cupcake, Donut, Ice Cream Sandwich, and Jelly Bean.

 

KitKat is a chocolate-covered wafer created by British-based Rowntree’s, now produced worldwide by Nestle.

 

In a promotion deal, Google is enticing people with chances to win Android-powered Nexus 7 tablets or credit at its online Play shop by buying KitKat candy bars featuring Android robot icons on wrappers.

 

Android software powers more than a billion smartphones or tablets worldwide, according to Google.

 

Smartphones powered by Google’s Android software increased their global market share as iPhones lost ground in the absence of new models being unleashed by Apple, the International Data Corporation reported last month.

 

Accordign to IDS, during the June quarter, Android’s share of the smartphone market grew to 79.3% while that of iPhone slipped to 13.2% from 16.6% in the same three-month period last year.

 

Apple is 'well positioned' to recapture market share with the release of a new iPhone and the next-generation iOS mobile operating system, according to IDC mobile phone research team manager Ramon Llamas.

 

Apple yesterday sent out invitations to a 10th September event at its California headquarters where new iPhones models were expected to be unveiled.

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Coalgate: Govt and BJP resolve standoff over missing files

As per the agreement, after debate on the coal issue, BJP would allow continuation of discussion on Pension Bill in the Lok Sabha and consideration of Land Acquisition Bill in the Rajya Sabha

The stand-off between the United Progressive Alliance (UPA) government and main Opposition Bharatiya Janata Party (BJP) was on Wednesday resolved after an agreement that a discussion on missing files in the coalgate scam would be taken up immediately in both Houses of Parliament.

 

The end to the impasse came after two rounds of discussions that finance minister P Chidambaram and parliamentary affairs minister Kamal Nath had with top BJP leaders LK Advani, Sushma Swaraj and Arun Jaitley.

 

At the meeting, the ministers asked BJP to allow proceedings in the two Houses so that important legislative business including Pension Bill and Land Acquisition Bill could be taken up, sources said.

 

However, BJP leaders insisted that the issue of coal files needed to be taken up on priority, particularly in the wake of reports that a senior CBI officer had sought questioning of Prime Minister Manmohan Singh in connection with allocations made when he held the Coal portfolio between 2006 and 2009.

 

BJP said that after debate on coal issue, it would allow continuation of discussion on Pension Bill in the Lok Sabha and consideration of Land Acquisition Bill in the Rajya Sabha.

 

Finally, the agreement was reached, under which a debate was taken up on coal issue.

 

BJP leadership is upset over the manner in which the prime minister had left both the Lok Sabha and the Rajya Sabha immediately after reading out a statement on the missing files pertaining to the coal block allocations yesterday.

 

BJP leaders wanted to seek clarifications on his statement but were not allowed.

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