World Economics

RBI wrote off Rs 68,600-cr loans of wilful defaulters, including Choksi, Kingfisher Airlines: RTI  Baba Ramdev and Balkrishna's group company Ruchi Soya's Rs 2,212 cr also written off Web Desk April 28, 2020 17:09 IST 54-Mehul-Choksi Mehul Choksi | Amey Mansabdar The Reserve Bank of India (RBI) has written off a staggering Rs 68,607 crore due from 50 top wilful defaulters, including absconding diamantaire Mehul Choksi's Gitanjali Gems and Vijay Mallya's Kingfisher Airlines, till September 2019. The RBI said the amount (Rs 68,607 crore) comprises outstanding and the amounts technically/prudentially written off till September 30, 2019. The details were revealed by the RBI in an RTI reply to activist Saket Gokhale. In its response, the apex bank released the names of the top 50 defaulting firms and the amount owed by each company. Choksi's Gitanjali Gems is the first among the 50 top defaulters with a massive sum of Rs 5,492 crore written off by the RBI. This ...

పరారైనవారి రుణాలు మాఫీ చేస్తారా? ఆ రూల్‌ నీరవ్‌, చోక్సీ, మాల్యాకు వర్తించదు ఆర్థిక మంత్రి నిర్మలపై చిద్దూ ధ్వజం న్యూఢిల్లీ, ఏప్రిల్‌ 29 (ఆంధ్రజ్యోతి): బ్యాంకురుణాలు ఎగవేసి విదేశాలకు పరారైన వారి రుణాలను సాంకేతిక కారణాలతో రద్దు చేయాలని ఎందుకు నిర్ణయించారని సీనియర్‌ కాంగ్రెస్‌ నేత పి. చిదంబరం ప్రభుత్వాన్ని ప్రశ్నించారు. యూపీఏ హయాంలో పైరవీలతో బ్యాంకు రుణాలు పొందిన వారే ఎగవేతదారుల్లో ఎక్కువగా ఉన్నారని కేంద్ర ఆర్థిక మంత్రి నిర్మలా సీతారామన్‌ చేసిన వ్యాఖ్యలను ఆయన తిప్పికొట్టారు. వాజ్‌పేయి, మన్మోహన్‌ సింగ్‌, మోదీ హయాంలో రుణాల ఎగవేతదారుల జాబితాను వేర్వేరుగా వెల్లడించాలని తాను పార్లమెంట్‌లో కోరితే ప్రభుత్వం జవాబివ్వలేదని చిదంబరం తెలిపారు. రుణాలను సాంకేతిక కారణాలపై మాఫీ చేసే నిబంధనను నీరవ్‌ మోదీ, మెహుల్‌ చోక్సీ, విజయ్‌ మాల్యాలకు ఎలా వర్తింపచేస్తారని ఆయన ప్రశ్నించారు. రెవెన్యూ లోటును భర్తీ చేసేందుకు ఎఫ్‌ఆర్‌బీఎం చట్టాన్ని సడలించి రుణ పరిమితిని పెంచాలంటూ రాష్ట్రాలు చేస్తున్న డిమాండ్‌ సరైనదేనని చిదంబరం అన్నారు.  జీతాలు చెల్లించండి కాగా చిన్న, మధ్య తరహా సంస్థల్లో జీతాలురాని 12 కోట్ల మంద...

Oil prices could go negative again for reasons beyond just storage PUBLISHED TUE, APR 28 20208:30 AM EDT Brian Sullivan @SULLYCNBC KEY POINTS Oil storage reaching capacity isn’t the only thing that could send prices into negative territory again. The Chicago Mercantile Exchange recently raised its margin requirements for forward oil contracts, which could trigger selling when key levels are reached. S&P Dow Jones Indices said that all of its commodity indices will roll out of the June oil contract and into July, joining the United States Oil Fund which is also rolling out of the June contract. Premium: oil pump derrick worker 150423 Martin Divisek | Bloomberg | Getty Images It’s not all about storage. Yes, the world is watching the available amount of oil storage to try to figure out when the ‘tank tops’ and there’s simply no more space to fill with unneeded crude. There are, however, two other happenings right now which are wonky but important and could send oil price...

Before change in FDI rules, Chinese invested millions in Indian tech firms Between January and April 2020, Chinese companies and US hedge funds raised their stakes in Byju's, Paytm and many other billion-dollar Indian technology companies Sai Manish  |  New Delhi  Last Updated at April 24, 2020 17:09 IST Tiny URLAdd to My PagePrint Email 1654 The Narendra Modi-led central government has announced some foreign direct investment (FDI) restrictions apparently targeted at China, but it may have shut the stable door long after the horses bolted, shows an examination of recent investments in top Indian technology companies. Business Standard examined investments made in companies like Byju’s, Paytm, Zomato, Ola, Swiggy and Oyo — some of the so-called unicorns, or start-ups with valuation of over $1 billion — and found that the Chinese put big money for significant stakes in them between January and April 2020. ...

With FDI move, India can now trade with China from a position of strength India's trade deficit with China was about $57 billion in 2019. New Delhi may not be able to put transactions with Beijing on hold forever. SESHADRI CHARI 24 April, 2020 12:42 pm IST Representational image | PTI (Representational image) Mask of Chinese President Xi Jinping| PTI Text Size: A- A+ The Narendra Modi government’s move to revise India’s policy regarding Foreign Direct Investment comes close on the heels of Congress leader Rahul Gandhi’s appeal to protect Indian companies from opportunistic takeovers during the current economic crisis brought upon by the coronavirus pandemic. By taking control of the ‘approval’ part, instead of allowing investments automatically from countries like China whose economic model seems to have collapsed, New Delhi has opened a window of opportunity to trade with Beijing on new terms and from a position of strength. It would augur well for India’s democracy if t...

The Great Wall against China: Understanding India's new foreign investment rulesChina had recently decided to up stake in HDFC Bank to 1 per centWeb Desk April 23, 2020 07:39 IST India-China-diplomacy-relationship-India-China-shut The finance ministry on Wednesday notified changes in FDI (Foreign Direct Investment) rules which mandate "prior approval" from the Centre for foreign investments from countries "that share border with India", a move that is widely considered a hedge against Chinese takeover of domestic firms that are struggling because of the COVID-19 economic downturn. China, Bangladesh, Pakistan, Bhutan, Nepal, Myanmar and Afghanistan are the countries that share a land border with India. China dubbed India's new rules as "discriminatory" and against the WTO's principles on free trade. Out of all the neighbouring countries, China undoubtedly leads in investments. According to the DPIIT data, India received FDI from China wort...

Trump thanks China for providing medical supplies  Xinhua, March 27, 2020 The United States is grateful for China's provision of medical supplies for its fight against the COVID-19 epidemic, U.S. President Donald Trump said in a phone conversation with his Chinese counterpart, Xi Jinping, on Friday Beijing time.