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Parliamentary panel summons Urjit Patel on note ban issue

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Urjit-patel

April 20, New Delhi: The parliamentary Standing Committee has yet again summoned RBI Governor Urjit Patel on May 25 over demonetisation issue.

In the last meeting that was held in January this year former Prime Minister Dr Manmohan Singh who has also been RBI governor in the past, intervened while panel was grilling RBI chief. Singh said that the RBI as an institution needs to be respected and refrained “odd” questions to the Governor.

According to the sources Patel is called again so that demonetisation as discussion could be concluded.

“BJP members in the panel including Nishikant Dubey were not in favour of calling Patel to appear before the committee, but after members from opposition led by Manmohan Singh insisted, it was decided to call the RBI governor,” a member said.

Last time, the Committee headed by former Union minister and senior Congress leader M Veerappa Moily had summoned other finance ministry officials besides top RBI officials to discuss the demonetisation of Rs 500 and Rs 1,000 currency notes and its impact thereof.

As the members of committee could not complete their questions, it was decided that the RBI Governor and officials would be again summoned on a later date, after the Budget session.

As per PTI, the sources privy to development said that the members in the panel are likely to ask Patel about how much money has come back into the system.

The members will also inquire as to when banks operations will be normal.

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Wefornews Bureau

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Chanda Kochhar goes on leave, ICICI names Sandeep Bakhshi as COO

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New Delhi, June 19:ICICI Bank appointed Sandeep Bakhshi, who heads the bank’s life insurance arm, as chief operating officer.

The board of directors of ICICI Bank allowed its CEO Chanda Kochhar to go on leave until a probe into her role in an alleged conflict of interest in sanctioning loans to the Videocon Group was completed.

Bakhshi, who was the deputy MD of ICICI Bank before he was made the group’s insurance head, would run the bank during the absence of Kochhar.

All executive directors on the board of ICICI Bank and the executive management will report to him, the bank said.

Monday’s statement said Kocchar will remain in her role as MD and CEO of ICICI Bank and Bakhshi will report to her.

Earlier in the day, shares of ICICI Bank rose as much as 4 per cent, amid reports of reshuffle of top management. The stock gained 3.61 per cent to settle at Rs 292.50 on BSE. In intra-day trade, it surged 4.10 per cent to Rs 293.90.

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Domestic equity indices decline, auto stocks fall

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Sensex Nifty Equity

Mumbai, June 19: The key Indian equity indices traded in the red during the morning session on Tuesday as heavy selling took place in automobile, IT and banking stocks.

At 9.40 a.m., the 30-scrip Sensitive Index (Sensex), traded lower by 110.61 points or 0.31 per cent.

Similarly, the wider 50-scrip Nifty of the National Stock Exchange (NSE) traded in the red. It was down 42.85 points or 0.40 per cent lower at 10,757 points.

The Sensex of the BSE, which opened at 35,552.47 points, traded at 35,437.65 points (at 9.40 a.m.), lower 110.61 points or 0.31 per cent from the previous day’s close at 35,548.26 points.

The Sensex touched a high of 35,552.47 points and a low of 35,397.96 points during the intraday trade so far.

IANS

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Trump threatens to levy additional tariff on Chinese goods

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Washington, June 19: US President Donald Trump has threatened China by asking his trade advisers  to levy a 10 per cent tariff on $200 billion  of Chinese goods in a tit-for-tat trade row with Beijing.

Last week Trump announced the US would impose 25 per cent tariffs on $50bn worth of Chinese goods.

Beijing responded by saying it would hit 659 US goods worth $50bn with a similar tax.

The US president released a statement on Monday night saying “these tariffs will go into effect if China refuses to change its practices, and also if it insists on going forward with the new tariffs that it has recently announced”, reports BBC.

“If China increases its tariffs yet again, we will meet that action by pursuing additional tariffs on another $200 billion of goods. The trade relationship between the United States and China must be much more equitable,” he said.

Earlier on Monday, stock markets across the globe fell amid fears of further deterioration of US-China trade relations.

The Chinese product lines that have been hit range from aircraft tyres to turbines and commercial dishwashers.

In response, China announced tariffs on $34bn of US goods including agricultural products, cars and marine products which will also take effect from 6 July.

Tariffs on other US goods will be announced at a later date, the Xinhua news agency reported.

US tariffs that affect more than 800 Chinese products worth $34bn in annual trade are due to come into effect on 6 July.

The White House said it would consult on tariffs on the other $16bn of products, and would apply these later.

The US wants China to stop practices that allegedly encourage transfer of intellectual property – design and product ideas – to Chinese companies, such as requirements that foreign firms share ownership with local partners to access the Chinese market.

However, many economists and businesses in the US say the tariffs are likely to hurt some of the sectors the administration is trying to protect, which depend on China for parts or assembly.

The US announced plans for tariffs this spring, after an investigation into China’s intellectual property practices.

It published a draft list of about 1,300 Chinese products slated for tariffs in April. The list released on Friday was slightly shorter, incorporating feedback and criticism received in the ensuing weeks.

The plans have elicited a mixed political reaction, drawing praise from Democrats and opposition from Republicans, who typically favour free trade policies.(IANS)

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