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70% of remonetisation to be over by end of February: SBI report
Normalcy will return most likely by February end, SBI said. As per the latest RBI data on currency in circulation, newly supplied currency till January 13 was around Rs 7 lakh crore, SBI said. This means that roughly 70 million pieces of notes of different denominations are being printed per day at the printing press. Given the current printing press capacity, it is thus highly unlikely that the RBI has only printed Rs 500 rupee notes in entirety,' SBI report said.
Trump trade strategy starts with quitting Asia pact
The new US administration of President Donald Trump said on Friday its trade strategy to protect American jobs would start with withdrawal from the 12-nation Trans-Pacific Partnership (TPP) trade pact. The statement said Trump was committed to renegotiating another trade deal, the North American Free Trade Agreement (NAFTA), which was signed in 1994 by the United States, Canada and Mexico. The statement said tough and fair agreements on trade could used to grow the US economy and return millions of jobs to America.
No fake currency was seized from Nov 8 to Dec 30, Finance Ministry tells PAC
One of the primary motives cited for demonetisation was to tackle problems of counterfeit notes and terrorist financing. In its submission to the Public Accounts Committee, the Finance Ministry has said no counterfeit notes were seized by agencies from Nov 8 to Dec 30. The ministry also declared buoyancy in tax collections since the demonetisation drive was announced on November 8. No counterfeit currency have been seized by agencies under CBEC since 8th November 2016 till 30th December 2016.
Dollar falls as investors unpack inauguration speech
The dollar edged down on Friday as investors were underwhelmed by the limited scope of executive actions and the lack of concrete policy reforms in the inauguration speech of newly sworn-in US President Donald Trump. Investors had been looking to Trump's first address as president to highlight his plans for fiscal spending, tax cuts and regulatory reforms. The dollar fell against the euro EUR=, Japanese yen JPY= and British pound GBP=, touching session lows against each at around 3 p.m.
Dollar falls, U.S. stocks end higher after Trump inauguration
US stocks started the day higher but gave up some gains after Trump started speaking. Some investors worried about the tone of the former reality TV star's speech and others saw more negativity than optimism in his words. US Treasury yields fell from 2-1/2-week highs after the speech on concerns fiscal stimulus efforts may be delayed. The dollar, which has lost some momentum in recent weeks, was off 0.3 percent against six major currencies.
NSDL to seek final RBI go-ahead for payments bank
The leading depository NSDL on Friday said it will be applying very soon for the final licences to launch a payments bank and hopes to roll out the new entity over the next three months. We have complied with all the requirements for the final licence and will be making the final application for the payments bank very soon, Managing Director and Chief Executive GV Nageswara Rao told reporters here.
Bank stocks, US policy worries pull Sensex down 274 points
Led by bank stocks, stock markets on Friday fell one per cent to post their first weekly fall in four as Axis Bank slumped after it posted disappointing results, dragging down other lenders. Investors turned nervous ahead of the swearing-in of Donald Trump as US President and worries over the change in policies, especially visa regulations. After a poor start, the Sensex stayed in the negative space throughout and closed down 274.10 points at 27,034.50 - a level last seen on January 10.
Pradhan Mantri Garib Kalyan Yojana, 2016: Co-operative banks cannot take deposits under PMGKY
The government has barred co-operative banks from accepting deposits under the Pradhan Mantri Garib Kalyan Yojana, 2016. Under the scheme, taxpayers have to deposit 25 per cent of the declared amount as interest-free deposits for four years. This is apart from the 50 per cent tax that have to paid by declarants under the scheme. The finance ministry did not give details on why it amended the rules to prevent cooperative banks from accepting deposits under the scheme.
CPSE ETF second tranche garners 2 times subscription
The second tranche of the Central Public Sector Enterprises' Exchange-Traded Fund (CPSE-ETF) saw two times more demand than the units on offer, enabling Rs 6,000 crore for the government as disinvestment proceeds. The further fund offer (FFO) by Reliance Mutual Fund (MF), manager of the ETF, saw strong demand from all category of investors. There were bids for Rs 12,000 crore and a little more than 200,000 applications till closure at 6 pm on Friday.
System getting ready for digital economy, RBI Governor tells PAC
India is in the process of getting infrastructure ready for a digital transaction push, with lack of spectrum availability being its key constraint, sources quoted an RBI team telling the Public Accounts Committee (PAC) on Friday. RBI officials told the panel that the system was getting ready for digital economy as PAC members questioned the digitisation process and push for cash-less economy.
REITs: An instrument to help tap retail, institutional investments
REITs would own real estate, and most of them are expected to have their shares listed on the stock market. This instrument has the potential to attract institutional and retail investors alike because of its inherent nature to provide regular dividends at relatively low-risk levels. A smooth ride after the first REIT listing will help retail investors become comfortable with this new investment avenue. Retail investors are nonetheless excited at the new and easier real estate investment opportunity that REITs would open up for them.
Air transport: Infra headwinds may delay the flight to higher growth
The situation at key metros such as Mumbai and Chennai is particularly acute as these airports are fast approaching saturation. Based on projected growth rates, most of the 40 largest airports in the country will exceed their design capacities within the next decade. While state-owned carrier Air India has pending deliveries of 8 Boeing 787 aircraft, private carrier GoAir is awaiting 140 A320 neo aircraft from Airbus.

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