Connect with us

ECONOMY-DEVELOPMENT

Press Conference: Economic Survey 2017-18

Published

on

Continue Reading
Comments

ECONOMY-DEVELOPMENT

IMF Sees Greater Role for India in the Indo-Pacific

At the same time, the IMF believes there is scope to do more on trade reform in India.

Published

on

WASHINGTON D.C. (United States): The International Monetary Fund (IMF) has said India’s role in the development of the Indo-Pacific region will continue to expand because of its robust growth.

Deputy Director of Asia and Pacific Department in the IMF, Ken Kang said in a news conference in Washington that India’s growth is rising to 7.8% in 2019 from 7.4% in 2017-2018 and there is room to increase its export orientation and to reduce further barriers.

Answering a question on the role India can play in the development and growth of the Indo-Pacific region, Kang, said there is scope to do more on trade reform.

He said the statutory tariff rate in India is relatively high at about 15% and higher than those in the rest of the region.

The IMF in the latest World Economic Outlook (WEO) has projected India to grow at 7.4% in 2018 and 7.8% in 2019.

China is expected to grow respectively at 6.6% and 6.4% in the two years.

Continue Reading

ECONOMY-DEVELOPMENT

Delhi Police Busts Bitcoin-Virtual Currency Racket

The accused have cheated thousands of people through their online portal.

Published

on

NEW DELHI: The Special Cell of Delhi Police on Saturday busted a Bitcoin-virtual currency racket and arrested two people for allegedly duping people.

They allegedly launched a fraudulent scheme on the pretext of high returns on bitcoin investment.

As per the information, the accused have cheated thousands of people through their online portal.

Under their scheme, the returns to the tune of 12 percent in a month were offered. They also offered a monthly payout and referral income for the persons on the top line.

Continue Reading

ECONOMY-DEVELOPMENT

RBI Revises its KYC Guidelines

This will be subject to the final decision of the Supreme Court on making of Aadhaar mandatory.

Published

on

MUMBAI (Maharashtra): The Reserve Bank of India has revised its “Know Your Customer” or the KYC guidelines.

It said the KYC norms have been revised following the government’s decision to update the ‘Prevention of Money Laundering’ rules in June last year.

In a circular issued in Mumbai, the RBI made linking of national biometric ID Aadhaar to bank accounts mandatory.

However, it said this will be subject to the final decision of the Supreme Court on making of Aadhaar mandatory.

Till now, an Officially Valid Document for address proof together with Permanent Account Number issued by the Income Tax department and a recent passport size photograph were the key KYC documents.

But in the amended Customer Due Diligence procedure, the Aadhaar number, the PAN or Form No. 60 need to be obtained from an individual who is eligible for applying for the biometric ID.

Continue Reading

Also In The News