Vol. XIII Issue no.55
Chennai, Sep 5 , 2010
Number of online frauds high: RBI official
Madurai, September 2: The Reserve Bank of India (RBI) has cautioned the public to be aware of online frauds, especially involving lotteries, and fraudsters who were faking websites of banks and RBI documents and circulars. "While the RBI picks up only secondary information, the number of
MapmyIndia launches India's first house address maps
New Delhi, August 25: MapmyIndia, India’s leader in maps, GPS navigation and location-based services, has announced the launch of India’s first house address maps. An important part of the company’s latest maps release - MapmyIndia Maps Version 5.0 - the house address m
SC admits excise plea against Coca-Cola
New Delhi, August 17: The Supreme Court bench headed by Justice MK Sharma on Monday admitted the petition filed by the Excise Department seeking to levy duty on treated and purified municipal or borewell water for supply to retail vendors for producing aerated drinks.
HCCL counsel Tarun
Foreign direct investment in China up 20.7 pc
Beijing, August 17: Foreign direct investment in China rose 20.7 percent on year in the first seven months of 2010, the government said Tuesday, underlining growing confidence in the world's third largest economy.
Foreign companies pumped 58.4 billion dollars into China in the Ja
India to become world's fastest growing economy by 2013-15: Morgan Stanley
New Delhi, August 17: Driven by a sterling demographic dividend, continuing structural reform and globalisation, India is poised to accelerate its growth rate to 9-9.5% over 2013-15, even as China will cool down to a more sedate 9% by 2012 and to 8% by 2015, a new report by Morgan Stanle
Railways to accept bank credit card as proof of identity
New Delhi, August 16: In an yet another passenger friendly move, the Ministry of Railways has decided to accept credit cards issued by banks with laminated photograph as proof of identity for traveling on e-tickets. The new provision has come into effect from 6th August, 2010.
The bank credit
Hotels, hospitals and IT firms can raise higher ECBs
Mumbai, August 14: Continuing the liberalisation norms to enable India Inc raise resources from overseas markets, the Reserve Bank of India (RBI) has decided to allow, with immediate effect, the corporates in the hotel, hospital and software sectors to avail external commercial borrowing
Energy efficiency rating for laptops, STBs on anvil
New Delhi, August 15: The Bureau of Energy Efficiency (BEE) is understood to be planning to bring in more electronic items, including laptops and set top boxes (STBs), under a voluntary star labelling scheme by this financial year. Under the scheme, manufacturers voluntarily disclo
From today, flyers denied seat can claim damages
Mumbai, August 15: From Sunday, passengers who are denied boarding despite valid tickets and those not informed three hours in advance about cancellation of their flight can claim a financial compensation from airlines.
In case of delays due to airline's fault, only food would be provid
RBI Issues Master Circular on Credit Card Operations
New Delhi, August 10: In order to ensure that Banks/ Non-Banking Financial Companies (NBFCs) run their credit card operations in a fair and regulated manner, Reserve Bank of India (RBI) had issued Master Circular on Credit Card operations on 1st July, 2010. Accordingly, banks
US jobs will not go to China, India, Germany: Obama
Washington, August 10: US President Barack Obama has said that America had returned to robust competitiveness and the danger of jobs and industries fleeing to countries like China, India or Germany was over. The US President said that the US "was competitive over the long run
Mumbai the filthiest of all metros: Study
Mumbai, August 8: For the first time, the government has ranked 423 class 1 Indian cities on the basis of their sanitation standards, and it may come as no surprise that Mumbai ranks not just lowest amongst the four metros but with its 46th position falls behind even cities like Kanpur and Gun
Action ordered against unsolicited calls
New Delhi, August 6: An unsolicited telemarketing call to Finance Minister Pranab Mukherjee is what took Telecom Minister A Raja to swing into action for prohibiting such intruding calls immediately.
Within hours of reports that Mukherjee was at the receiving end of such calls, Raja act
FDI plunges by 45% to $1.41b in June
New Delhi, August 4: Foreign direct investment in the country declined by about 45 per cent to USD 1.41 billion in June this year, an official said. The FDI inflows in June 2009 were USD 2.58 billion.
Foreign investment in May 2010 was at USD 2.2 billion.
The sectors which attrac
Indians dress smartest for work, Europeans most casual: Poll
Sydney, August 4: Wearing shorts to work in Hungary might not merit a second glance but in India you are likely to be deemed a slacker who won't make senior management, according to a global Reuters/Ipsos poll on business attire.
A survey of about 12,500 people in 24 countries found that Euro
Rich outnumber poor: NCAER survey
New Delhi, August 1: The growing economy has spun a wheel of fortune for Indians, with high income households outnumbering those in the low category for the first time at the end of 2009-10, according to estimates made by thinktank National Council of Applied Economic Research (NCAER).
'Directors not responsible for dishonoured cheque'
New Delhi, August 2: The Supreme Court ruled last week that prosecution for issuing a cheque which was dishonoured for want of credit in the bank can be initiated only against the person who issued the cheque and not against the company or directors who were not aware of it. It quashed the Mad
FIIs inflow crosses $10-bn mark
New Delhi, August 1: Further reposing their faith in the India growth story, overseas fund houses pumped a whopping Rs 16,600 crore (USD 3.5 billion) into the domestic stock market in June, taking their total investment so far this year to over Rs 47,690 crore (USD 10.4 billion).
FIIs p
'Cancer-causing toxic dyes found in Chinese garments'
Beijing, July 31: The discovery of cancer-causing textile dyes in clothing manufactured by some of the popular Chinese brands has set off alarm bells in the country. Cancer-causing toxic dyes were detected in some brand name garments tested by the authorities, spreading concern tha
World population to reach 9.4 billion by 2050
Washington, July 29: World's population is expected to reach 8 billion mark by 2025 and would further increase up to 9.4 billion in 40 years from now but India will creep up to 1.7 billion by 2050, US experts have said. The current population of the world is 6.8 billion, while Indi
Now, e-ticketing to be off IRCTC menu
New Delhi, July 26: After taking over catering services in trains from its subsidiary Indian Railways Catering and Tourism Corporation (IRCTC), Indian Railways is planning to directly undertake e-ticketing operations also. This follows continuous complaints of touts siphoning off tickets
Server plays spoilsport with Talk of the Trade
Chennai, July 24: There has been a let down by the Google server resulting in wiping off a week’s input of the e-paper Talk of the Trade. It was understood from the Administrator of the paper’s website that the display of the news in the paper from July 16 got erased in
World trade to grow 10 percent in 2010: WTO
Shanghai, July 23: The World Trade Organisation expects global commerce to grow 10 percent this year, WTO head Pascal Lamy said here Friday, as the trade body released its annual report. "Our forecast for world trade this year is plus 10 percent in volume after the minus 12 (percen
55% of India's population poor: Report
New Delhi, July 15: India's abysmal track record at ensuring basic levels of nutrition is the greatest contributor to its poverty as measured by the new international Multi-dimensional Poverty Index (MPI). About 645 million people or 55% of India's population is poor as measured by this
Careless markings on cheques may prove costly
Mumbai, July 14: While RBI had released a circular to banks to dishonour cheques with alterations even if the same is authenticated, the implementation of the same has been deferred till December 1, 2010, and shall be applicable only in New Delhi as it is a CTS (Cheque Truncation System)
US trade deficit widens to $42.3 bn in May
Washington, July 13: The US trade deficit widened in May to the highest level in 18 months as a rebounding economy pushed up demand for imports of foreign-made cars, computers and clothing.
The Commerce Department says the trade deficit increased 4.8 per cent to $42.3 billion, the large
India to enforce law on food quality soon
Agartala, July 14: India will soon enforce a tough law to maintain standards and quality of food and water as 80 per cent of all deaths in the country are believed to be linked to unhealthy food and water. 'Food Safety and Standards Act, 2006, which consolidates various acts and or
10.3% tax on cashless mediclaim
Mumbai, July 13: After the sudden move by government-owned insurance companies to restrict cashless mediclaim facility, patients now have to contend another insurance squeeze -- a service tax of 10.3% on every claim made using the cashless facility from July 1.
"It shrinks the tot
Anand Sharma to launch EPIF 2011 on July 14
New Delhi, July 12: Mr Anand Sharma, Union Minister of Commerce & Industry, is scheduled to launch the Eco-Products International Fair (EPIF) 2011, here on 14th July. EPIF-2011, seventh in the series is scheduled to be organized in India during 3rd to 6th March, 2011 at Pragati Maida
Industry grows by 11.50% in May
New Delhi, July 12: Industrial output rose by 11.5% in May, growing in double digits for the eighth straight month, on good showing by manufacturing, particularly capital and consumer goods. In comparison, industry grew by 2.1% in May last year.
The manufacturing segment, which co
China trade surplus widens
Beijing, July 11: China’s trade surplus widened to the highest this year and exports climbed more than estimated to a record in June, adding pressure on the government to allow faster currency gains after the US said the yuan is “undervalued.” The gap increased 140% to
“India’s population to surpass China’s by 2050”
New Delhi, July 11: India's burgeoning population has seen a five-fold increase over the last 100 years and will surpass that of China by 2050. Projections made by the Government show that while India's population grew by 1.4 per cent over the last five years, China saw only a 0.6
India ranks 2nd in global manufacturing competence: Report
Washington, July 10: India has been ranked second, ahead of the US and South Korea, in terms of manufacturing competence globally, a report by Deloitte has said. China, followed by India and South Korea has been ranked first, second and third, respectively in the 2010 Global Manufa
It takes 46 days to set up shop
New Delhi, July 8: It takes as many as 46 days for a foreign company to set up business in India, which is faster than in countries like China and Brazil but far longer than the 7-14 days it takes in the U.S. and Britain, says a World Bank report.
Even among the BRIC (Brazil, Russia, In
2-wheelers should be sold only with helmets: SC
New Delhi, July 7: Two-wheeler manufacturers will now have to sell their vehicles bundled with a helmet as the Supreme Court on Wednesday upheld the Delhi High Court's earlier order.
Last year, the Delhi High Court had mandated compulsory purchase of helmet along with new two-wheelers. Howeve
US company bribed several Indian firms to bag lucrative contracts
Washington, July 7: Officials of Indian PSUs like BHEL and NTPC appear to be the beneficiaries of bribes that were doled out by a California-based valve company to bag lucrative contracts, mostly for tools used in the construction of power plants. Prominent among these Indian companies a
Cheque alteration not allowed in future
Mumbai, July 4: The Reserve Bank of India (RBI) had issued a notice restricting banks to stop cheques with a correction in the amount or the payee's name after July 1. According to the RBI's notification, to be effective from July 1, no cheque with a correction or alteration should be entertai
Light narcotics offences bailable: HC
Mumbai, July 4: In a landmark judgment, the Bombay HC has held that offences under the stringent anti-narcotics law — which are punishable with a jail term of less than three years — are “bailable”. This means a person booked for possessing a small qua
Mfg growth cools across world, fuels concern
New Delhi, July 2: Manufacturing growth from fast-growing Asia to debt-burdened Europe slowed in June, suggesting the global export-led recovery may be losing strength.
In the US, the Institute of Supply Management’s manufacturing index fell from to 56.2 in June from 59.7 in May.
All govt services may go online in 28 states
New Delhi, June 30: Citizens across 28 Indian states will be able to avail all government services including payment of utility bills and applying for a driving licence, through common internet portals being developed as part of Rs 2,000-crore State Portal Project, senior governmen
16m mobile subscribers added in May: TRAI
New Delhi, June 29: The number of mobile subscribers in the country crossed 617 million in May, with an addition of 16.3 million new connections, according to official data released Monday. According to data released by the Telecom Regulatory Authority of India (Trai), the wireless
Dismissal only punishment in corruption case: SC
New Delhi, June 28: The Supreme Court has stated that in a case of corruption or misappropriation by an employee, the only punishment is dismissal. The punishment should always be proportionate to the gravity of the misconduct. It does not matter whether the amount involved was big or small. A
World economy needs more stimulus spending: PM
Toronto, June 26: Prime Minister Manmohan Singh on Saturday said the fragile world economy needs more stimulus spending and not cutbacks to ensure a sustained recovery. He said that the Group of 20 major and emerging economies should not rein in budget deficits too fast but c
Vessel carrying explosives detained
Kolkata, June 25: A merchant vessel, ‘Aegean Glory' carrying explosives as part of its consignment, was on Friday detained at Diamond Harbour by the Kolkata port authorities for violation of the standard disclosure procedures on the part of the booking agent and was handed over to
World's rich got richer amid '09 recession: report
New York, June 22: The rich grew richer last year, even as the world endured the worst recession in decades. A stock market rebound helped the world's ranks of millionaires climb 17 percent to 10 million, while their collective wealth surged 19 percent to $39 trillion, nearly rec
New policy to halve 2.1 crore govt cases
New Delhi, June 23: Now, the Centre has formulated a National Litigation Policy (NLP), which will help both it and the states and decongest the dockets of the courts. The policy will be announced on Wednesday by law minister Veerappa Moily.
: The Centre and states together
Health warning labels on mobiles!
Washington, June 18: A US city has probably become the first in the world to make health warning labels mandatory on mobiles from next year. San Francisco has passed a legislation that could see cell phone shops in the city displaying health warning labels prominently showing the radio
Corruption robs developing nations of $40 billion annually: World Bank
New Delhi, June 13: Corrupt practices are robbing the developing nations as much as USD 40 billion annually, even a fraction of which can fund treatment of over 6 lakh AIDS people, according to the World Bank.
"We estimate that USD 20-40 billion every year is stolen from the developing
