Vinati Organics starts production of isobutylene at Lote plant

Vinati Organics Ltd said it started production of isobutylene (IB) at its new plant at Lote in Maharashtra. The plant has an installed capacity of 12,000 metric tonnes.

Vinati Organics is a specialty chemical company producing organic intermediates, monomers and polymers.

On Wednesday, Vinati Organics shares ended 1.4% down at Rs68 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.04% up at 17,755 points.

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India's wealthy population crossed one-lakh mark in 2009

Among Asia-Pacific markets, Hong Kong and India led the pack, rebounding from mammoth declines in their HNI base and wealth in 2008 due to strong growth of their stock markets

India's population of high net worth individuals grew by as much as 51 per cent to over 1.26 lakh in 2009, riding on the surge in market valuations and improved economic growth, reports PTI.

According to the 2010 Merrill Lynch-Capgemini World Wealth Report, in India, the number of high networth individuals (HNIs) with minimum investable assets of $1 million (around Rs5 crore) rose to 1,26,700 by the end of 2009 compared to just 84,000 in 2008.

"India also has a relatively high market-cap-to-GDP ratio (two times GDP) and its stock-market capitalisation more than doubled in 2009, after dropping 64.1% in 2008," the report added.

"The recovery was also underpinned, however, by the strong outlook for India's underlying economy," it said.

HNIs are defined as those having investable assets of $1 million or more, excluding primary residence, collectibles, consumables and consumer durables.

Among Asia-Pacific markets, Hong Kong and India led the pack, rebounding from mammoth declines in their HNI base and wealth in 2008 due to strong growth of their stock markets.

The wealth of Asia-Pacific HNIs rose to $9.7 trillion by the end of 2009, a 30.9% increase over the previous year.

Interestingly, for the first time-ever, the wealth of Asia-Pacific HNIs surpassed that of Europe's HNIs ($9.5 trillion) in 2009.

"In Asia-Pacific, China and India will continue to lead the way, with economic expansion and growth likely to keep outpacing more developed economies. The region's HNI growth is likely to be the fastest in the world as a result," the report added.

China continues to have the world's fourth largest HNI base of 477,000 wealthy people at the end of 2009.

Overall, the world's population of HNIs grew 17.1% to one crore in 2009, returning to levels last seen in 2007, despite contraction in the world gross domestic product.

Global HNI wealth similarly recovered, rising 18.9% to $39 trillion, with HNI wealth in Asia-Pacific and Latin America actually surpassing 2007 levels.

The global HNI population, nevertheless, remains highly concentrated in the US, Japan and Germany, which accounted for 53.5% of the world's HNI population at the end of 2009, down slightly from 54% in 2008.

Australia became the tenth largest home to HNIs after overtaking Brazil due to a considerable increase in wealth.

The wealth of ultra-HNIs, having investable assets of $30 million or more, also increased in 2009 and accounted for 35.5% of global HNI wealth.

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RBI says new norms applicable to cheque truncation system only

The RBI has clarified that its directive on prohibiting alterations or corrections on cheques is applicable only to cheques cleared under the image-based cheque truncation system

The Reserve Bank of India (RBI) has clarified that its new norms related with alterations or corrections on cheques will be applicable only for cheques cleared under the image-based cheque truncation system (CTS). This will be applicable from 1 December 2010, the RBI said.

In a circular, the central bank said its prescription on prohibiting alterations or corrections on cheques is not applicable to cheques cleared under other clearing arrangements such as magnetic ink character recognition (MICR) clearing, non-MICR clearing, over-the-counter collection (for cash payment) or direct collection of cheques outside the clearing house arrangement.

According to a senior RBI official, it is true that 90% of cheque frauds involve beneficiary changes. A presenting bank has to be 100% sure that it is presenting a bonafide cheque and if it is not satisfied it may not present the same, he added.

The clarification from the central bank will give respite to a majority of bank customers who use the MICR clearing system and save them from the embarrassment of a cheque being returned.
 

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COMMENTS

Shantilal Hajeri

6 years ago

It is better to have a uniform policy regarding the overwriting of cheques.
At the time of issueing the cheque the drawer may not know whether the cheque is going to be presented through micr clearing or cheque truncation. More over the provisions of Negoitatiable instrument act can not be discriminatory. The provisions regarding material alteration are covered under negotiable instrument act. The proposed policy of the RBI may need amendment to NI Act.

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