IMF revises growth forecast, India to grow at 7.7% in 2017-18
The Dollar Business Bureau The International Monetary Fund (IMF) said on Tuesday that the economic growth of India is likely to rebound to 7.2% in the current fiscal of 2017-18 and 7.7% in the next fiscal of 2018-19 after the disruptions caused due to demonetisation, whereas it recommends the elimination of long-standing structural bottlenecks to increase market efficiency. The disruptions (majorly to consumption in private sector) caused due to shortage of cash post demonetisation, accompanying the initiative on currency exchange are likely to slowly dissipate this year as shortage of cash would ease, the IMF said in its report on regional economic outlook. Such type of disruptions would also be dissipated on account of a good monsoon season and sustained progress in resolving ...
Demonetisation: PM reaches out to people directly for views
PTI As opposition escalated its attack over demonetisation, Prime Minister Narendra Modi today reached out to people directly for feedback by asking the public to convey their views to him via his App by answering a set of questions. He asked the public to participate in a survey on Narendra Modi App where 10 questions, with various options, have been posed with regard to scrapping of old Rs 500 and Rs 1000 currency notes."I want your first-hand view on the decision taken regarding currency notes. Take part in the survey on the NM App," he tweeted. The same was tweeted in Hindi too.The questions included "Do you have any suggestions/ideas or insights you would like to share with PM Narendra Modi." Some of ...
RBI sets up task force to ease currency exchange in Nepal
The Dollar Business Bureau The Reserve Bank of India (RBI) has set up a task force to ease currency exchange facility in Nepal for non-Indians, possessing Rs.500 and Rs.1,000 notes in denominations, after a Nepalese parliamentary panel urged the Indian government to take adequate measures to settle the issue. The new task force will come up with necessary modalities to address the problems of currency black-outs, also being faced by the people of Nepal and Bhutan - where the Indian notes were in wide circulation, said Bhisma Raj Dhungana, chief of Foreign Exchange Management Department of the Nepal Rastra Bank (NRB). "RBI Governor Urjit Patel has informed his Nepali counterpart [Chiranjibi Nepal] about the formation of the taskforce," Dhungana was quoted as saying ...
AAI allows banks to operate Currency Exchange Counters at airports free of cost
The Dollar Business Bureau The decision of the Government of India to demonetise the currency ( 1000 and 500 notes) across the nation has led to currency hardship for airport users and air travellers. Hence, extending its support to the campaign and facilitating airport users and air travelers, AAI has decided to allow any Scheduled Commercial Bank to open and operate (on temporary basis) Currency Exchange Counter (small) for currency exchange without levying charges for space and electricity, etc. at its airports across the country December 31, 2016 subject to availability of space. Regional Executive Directors/Airport Directors of AAI airports have been directed accordingly. In case of query, any Regional Executive Director / Airport Director of the particular airport of AAI may be ...
The limit to exchange Rs 500 and Rs 1000 notes is Rs4000/person
The Dollar Business Bureau With the mad rush to exchange old Rs.1000 and Rs.500 notes, because of the demonetisation move by the government, chaos and confusion reigned supreme. Many people who came to get their old notes exchanged were under the impression, that the limit for exchange is Rs.4000 per person per day. The limit as per the FAQs released by the Reserve Bank of India though is Rs.4000 per person . This limit will be in practice till further review by the Reserve Bank of India. In the RBI website under the FAQ section specifically given for demonetisation, in reference to a question, the reply says, “You will get upto 4000 per person in cash exchange irrespective of the size of ...
Indias IT services exports to touch $98 billion in 2015-16: NASSCOM
The Dollar Business Bureau India’s services exports seem to be headed towards the revival path with improvement in global economic climate and increasing investment on technology, say experts. According to the government data, services exports from India witnessed a fall of around 4% during the last financial year. However, between 2002 and 2012, the country’s overseas trade in services grew from $20.76 billion to $142.32 billion. In April this year, services exports from the country were worth $13.01 billion, down from $13.63 billion registered in April last year. But, the sector is hopeful to regain the upward trend in the coming months. “While there has been a dip in India's services exports, we are confident that driven by an improvement in ...
