Spending
Visa, MyUS.Com tie up to facilitate buying from US stores

The partnership enables Visa cardholders to access online deals from US stores and to pay with their card

New Delhi: Visa Inc and MyUS.com have joined hands to facilitate purchases from US stores by overseas consumers, reports PTI.

 

MyUS provides access to US stores for international customers through its personal shipping service.

 

The partnership enables Visa cardholders to access deals and to pay with their card, a company release said.

 

"Online shopping has opened up the global marketplace, the ability to buy from top US brands and have the goods delivered in over 200 countries is a very attractive proposition to consumers," Visa's Head of eCommerce Solutions for Asia Pacific, Central Europe, Middle East and Africa, Paul Jung said.

 

Commenting on the development, MyUS.com Chief Financial Officer Michael Chalhub said: "As the holiday season approaches, we're pleased to be able to offer our customers the ability to pay with their Visa card as they enjoy savings on their favorite US brands".

 

Visa cardholders can now enjoy privileges including the waiving of membership fees for two years, a saving of 25% in the first month, 20% on future shipments and $100 free insurance, a press release said.

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LIC allowed to buy up to 30% equity in a company

The new norms will enable the cash-rich LIC, which invests around Rs50,000-Rs60,000 crore in equity annually, to pick up higher equity in state-owned companies during the disinvestment process

New Delhi: Hard pressed to meet the Rs30,000 crore disinvestment target, the Finance Ministry has permitted state-owned Life Insurance Corp of India (LIC) to invest up to 30% in a company as against the earlier ceiling of 10%, reports PTI.

 

"LIC can invest up to 30% of a company's paid-up capital. Earlier it could invest up to 10%," Financial Services Secretary DK Mittal told reporters.

 

The notification relaxing investment norms for LIC has been issued, he added.

 

The new norms will enable the cash-rich LIC, which invests around Rs50,000-Rs60,000 crore in equity annually, to pick up higher equity in state-owned companies during the disinvestment process.

 

The Insurance Regulatory and Development Authority (IRDA), however, was against LIC picking up more than 10% equity in a company. It wanted LIC to stick to the norms applicable for private insurers.

 

The government's decision is apparently aimed at pushing through the disinvestment process which had so far remained a non-starter.

 

The government in the budget for 2012-13 had proposed to raise Rs30,000 crore from stake sale in public sector units (PSUs).

 

Finance Minister P Chidambaram in a recent interview to PTI had expressed the confidence that government would endeavour to be as near the target as possible.

 

The government proposes to sell equity in several state-owned companies like Nalco, Hindustan Copper, SAIL, BHEL, MMTC and Oil India Ltd (OIL). It is also planning to sell residual equity in companies privatised earlier.

 

In view of the subdued tax collection and subdued revenue realisation, the Finance Ministry had raised the fiscal deficit target for the current fiscal to 5.3% of the Gross Domestic Product (GDP) from 5.1% estimated earlier.

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COMMENTS

Nilesh KAMERKAR

4 years ago

Can we call this is RGESS - II; using people's money (Insurance premium amount paid to LIC)for meeting divestment targets.





NSE not to issue mini derivative contracts from 1st February

NSE said it would not issue any fresh mini futures or options contracts from 1st February and existing unexpired contracts till January 2013 would be traded till expiry and new strikes can also be introduced in the existing contract months

Mumbai: National Stock Exchange (NSE) has said it will not issue mini derivative contracts on its key benchmark index, S&P CNX Nifty, from February as per the directives issued by Securities and Exchange Board of India (SEBI), reports PTI.

 

In a circular, NSE said it would not issue any fresh mini futures or options contracts from February 1, 2013.

 

However, the existing unexpired contracts till January 2013 would be traded till expiry and new strikes can also be introduced in the existing contract months.

 

Market regulator SEBI had yesterday asked stock exchanges -- BSE and NSE -- to discontinue such contracts on their respective indices Sensex and Nifty with a minimum size of Rs1 lakh.

 

The move was aimed to discourage small investors from getting attracted to these instruments.

 

Derivatives are contracts between two or more entities and their value depends on underlying assets such as stocks.

 

"Mini derivative (Futures & Options) contracts on S&P CNX Nifty Index (MINIFTY) for new expiry months shall not be available for trading on expiry of existing contract months ...no contracts shall be available for trading in MINIFTY with effect from 1 February 2013," the exchange said.

 

"However, the existing unexpired contracts of expiry months November 2012, December 2012 and January 2013 would continue to be available for trading till their respective expiry and new strikes would also be introduced in the existing contract months," it added.

 

The regulator had introduced mini derivatives in December 2007.

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