World
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.

User

72.24 crore Aadhaar numbers generated under UIDAI project

The Aadhaar platform is fully functional for authentication and e-KYC services, with more than 30 crore authentication and over 31 lakh e-KYC transactions carried out since inception

 

As many as 72.24 crore Aadhaar numbers have been generated till December 14 this year, while the UIDAI (Unique Identification Authority of India) has spent Rs5,311.6 crore on the project till 30 November 2014.

 

"A total outlay of Rs13,663.22 crore has been approved by the government for implementation of Aadhaar project up to March 2017. Of this, a total amount of Rs5,311.6 crore has been spent as on November 30," Planning Minister Rao Inderjit Singh said in a written reply to the Rajya Sabha today.

 

The government spent Rs946.32 crore on the project till November 30 this fiscal as against revised expenditure estimates of Rs1,417 crore for 2014-15.

 

"With 72.24 crore Aadhaar generated across the country as on 14 December, nine States/Union Territories have achieved an Aadhaar saturation level exceeding 90% and another seven States/Union Territories between 75%-90%," the Minister said.

 

The Aadhaar platform is fully functional for authentication and e-KYC services, with more than 30 crore authentication and over 31 lakh e-KYC transactions carried out since inception, he said.

 

A total of 166 authentication agencies are operational for a variety of applications that leverage the authentication and e-KYC services.

 

On accepting Aadhaar as proof of nationality, the minister said, "From the very inception, Aadhaar was implemented as a Proof of Identity with no associated rights and entitlements, nationality or citizenship. It has been mandated with issuing of Aadhaar numbers for all the residents of the country."

 

UIDAI was established on28 January 2009 with the mandate to generate and assign UID numbers; define mechanisms and processes for interlinking UID with partner databases.

User

KEN Infratech directed to not to collect any money from investors

KEN Infratech was engaged in fund mobilising activity from public by floating/sponsoring/ launching Collective Investment Scheme (CIS) as defined in section 11AA of the SEBI Act, 1992

 

The SEBI Order on KEN Infratech directed the company and its directors not to collect any money from investors or launch or carry out any Collective Investment Schemes including the schemes which have been identified as a Collective Investment Scheme in the Order; to wind up the existing Collective Investment Schemes and refund the monies collected by the company under the schemes with returns within a period of three months from the date of the Order and thereafter, within a period of fifteen days, submit a winding up and repayment report to SEBI.

 

The company and its directors are directed not to alienate or dispose off or sell any of the assets of KEN Infratech except for the purpose of making refunds to its investors as directed above; to immediately submit the full inventory of the assets and properties owned by KEN Infratech; not to access the securities market and are prohibited from buying, selling or otherwise dealing in securities market for a period of four years, according to the SEBI Order.

 

Further, former director of the company, Gurwinder Singh is restrained from accessing the securities market and would further be prohibited from buying, selling or otherwise dealing in securities market for a period of two years, by the SEBI Order.

 

The company was engaged in fund mobilising activity from public by floating/sponsoring/ launching Collective Investment Scheme (CIS) as defined in section 11AA of the SEBI Act, 1992.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)