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Demonetisation may keep slowing India’s economy says SBI report

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SBI
SBI representative photo

Printing of new notes after demonetisation has costed 13 thousand crore to RBI. A report issued buy the lender of india SBI has suggested this. The report stated that if RBI has printed the 90% of the currency before demonetisation it would have costed an additional cost of 500 crore. As compared to pre demonetisation period the currency flow in market is 84 percent.

Currency Cost in crores
10 840
20 1370
50 710
100 2740
500 3980
1000 200
2000 830
Transport charges 800
Cost on coins 1500
Total cost 13000 Crore

Points from SBI report

  • According to the SBI report RBI got 15.44 lakh crore after demonetisation.
  • RBI is printing notes of 200 rupees,if RBI prints notes of 500 denomination along with 200 denomination notes than it will increase its cost.
  • SBI report says that RBI spent 6 rupees on the manufacturing of 10 rupee coin.
  • On every 500 denomination note RBI spent 2.87 rupees to 3.09 rupees. However on every 2000 denomination note RBI spent 3.54 rupees to 3.77 rupees.
  • “The demonetisation has and may continue to result in a slowing down of the Indian economy, which may adversely affect the Bank’s business,” it said.

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Oil prices rally after OPEC meeting

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OPEC

Vienna, June 23 (IANS) Oil prices surged as investors were closely watching the Organization of the Petroleum Exporting Countries (OPEC) meeting.

The West Texas Intermediate for August delivery on Friday rose $3.04 to settle at $68.58 dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery was up $2.50 to close at $75.55 a barrel on the London ICE Futures Exchange, Xinhua news agency reported.

The OPEC on Friday announced an agreement to raise oil output which, in accord with non-OPEC producers, had been reduced last year in order to boost prices that had been in free fall mainly due to a supply glut.

Following a ministerial meeting here of the 14-nation cartel, the statement released, however, did not provide any details of the production increases to be allocated among members.

Current OPEC Chairman, the UAE Energy Minister Suhail Mohamed Al Mazrouei, told reporters after the meeting that the increase agreed upon is “a little bit less than 1 million barrels” over OPEC’s current output.

OPEC and non-OPEC producers, including Russia, had put in place 1.2 million barrels per day (bpd) cut from January 2017, which helped boost crude prices go over $80 a barrel last month.

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Nepal, China to enhance cooperation under Belt & Road Initiative

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Belt and Road initiative

Beijing, June 22 (IANS) Nepal and China have agreed to execute projects under the Belt and Road Initiative (BRI) to enhance connectivity that encompasses ports, roads, railways, aviation and communications within the overarching framework of Trans-Himalayan Multi-Dimensional Connectivity Network.

In a joint statement issued during the visit of Nepali Prime Minister K.P. Sharma Oli, the two sides agreed to take practical measures to promote cooperation in all fields mentioned in the MOUs that included conducting a feasibility study of Kerung-Kathmandu railway, reconstruction of two friendship fridges, protocol on the utilization of Tibetan highways for cargo transport and investment and cooperation on production capacity.

On the railway pact that aims to extend the Chinese railway network to Kathmandu, the joint statement said: “Nepal and China underscored it as the most significant initiative in the history of bilateral cooperation and believed that it would herald a new era of cross-border connectivity.

Other pacts reached during Oli’s visit from June 19-24 were setting up of a mechanism for facilitation on the implementation of China-Nepal Cooperation Programmes and Projects in the Himalayan nation, MOUs on strengthening cooperation between their Foreign Ministries, cooperation in fields of energy and human resource development.

Beijing and Kathmandu also agreed to work together in areas of economy, trade, investment, industrial capacity, post-disaster reconstruction and other mutually beneficial areas, according to the statement.

Another takeaway of the visit was an early finalization of the joint feasibility study on the China-Nepal Free Trade Agreement (FTA), establishing cross-border economic cooperation zones and an agreement on completing the post disaster recovery of two frontier inspection stations on Nepal-China border.

Beijing agreed to support the Chinese-funded banks for opening their branches in Nepal. It said that it was ready to negotiate the financing modalities of the projects on road, railway connectivity, hydropower and transmission lines, among others, proposed by Nepal.

The two sides will also boost cooperation between the law enforcement agencies on information exchanges, capacity building and training. They will negotiate the Treaty on Mutual Legal Assistance in Criminal Matters and Treaty on Extradition to fight against illegal border crossing and transnational crimes.

There will be more exchanges and cooperation between China and Nepal in areas of education, culture, tourism, media, think tanks, youth and people-to-people relations.

China said it will provide more government scholarships every year to Nepal, whereas Kathmandu said it will facilitate the teaching programme of volunteer Chinese language teachers.

“The two sides agreed to strengthen cooperation in the UN and other multilateral forums and to safeguard common interests of developing, least developed and landlocked developing countries in particular,” the joint statement added.

The two countries will also view and support each other’s participation in the regional cooperation process and enhance coordination and cooperation within the SCO, SAARC and other regional cooperation mechanisms within the agreed frameworks and guidelines.

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Banking, healthcare stocks help equity indices end in green

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Sensex Nifty Equity

Mumbai, June 22: Last hour buying in banking, healthcare and auto stocks lifted the key equity indices after a largely choppy trade on Friday.

Broadly positive European markets also supported the Indian indices, analysts said.

At 3.30 p.m., the wider Nifty50 of the National Stock Exchange (NSE) provisionally closed at 10,821.85 points, up 80.75 points or 0.75 per cent from the previous close of 10,741.10 points.

Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE, which had opened at 35,428.42 points, closed (3.30 p.m.) at 35,689.60 points (3.30 p.m.) — up 257.21 points or 0.73 per cent — from its previous session’s close of 35,432.39 points.

The Sensex touched an intra-day high of 35,741.26 and a low of 35,344.49 points. The BSE market breadth, however, was bearish with 1,411 declines and 1,167 advances.

The top gainers on the Sensex were Sun Pharma, Mahindra and Mahindra (M&M), HDFC, Axis Bank and State Bank of India whereas Reliance Industries, Wipro, Coal India, Tata Consultancy Services and ONGC were the major losers.

On the NSE, Sun Pharma, Bajaj Pharma and M&M were the highest gainers while Reliance Industries, Hindustan Petroleum and UPL lost the most.

IANS

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