Tag Archives: India

India ATMs stop sucking in cash after exploit by scammers [2012]

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“RBI in the past one year has come across banks reporting several instances of frauds pertaining to mis-use of cash retraction facility at the ATMs.  The typical modus operandi has been to hold on to a few pieces of notes in ATM machines that have cash retraction system, while allowing one or two pieces of notes to be retracted and then claiming non-receipt of cash.  Since retracted transactions are credited back to the customer’s account, the balance in the fraudster’s account remains unaffected even after collecting bulk of the delivered cash.  The ATMs do not have the capability to count the pieces of retracted notes, thus leaving a loophole for committing such frauds.”

http://businesstoday.intoday.in/story/bank-atms-stop-sucking-in-cash-after-rbi-direction/1/188335.html

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India says not considering immediate gold import duty cut

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“India is not considering an immediate cut in gold import duties, Trade Minister Nirmala Sitharaman said on Wednesday, extending a policy that has helped narrow the country’s trade deficit but is believed to have led to an increase in smuggling.  India’s trade and current account deficits have narrowed sharply since New Delhi raised the duty on gold imports to 10 percent from 2 percent through a series of steps last year, helping revive confidence in the country’s economy.  But the duties have also fuelled a belief that smuggling has surged, causing some suspicions about distorted data and raising expectations the government will ease some of its restrictions.”

http://in.reuters.com/article/2014/09/10/india-gold-imports-idINKBN0H50MC20140910

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India Sets Norms to Open $20 Billion REIT Market

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“India approved the setting up and listing of real estate investment trusts as the nation seeks to unlock a $20 billion market.  The trusts, or REITs, will have to own assets worth at least 5 billion rupees ($82 million). Investors must put in a minimum 200,000 rupees. Final notifications would be issued soon to make the new rules for REITs effective.  The introduction of REITs will provide a new source of funding for cash-strapped developers that are struggling to reduce debt amid one of the highest interest rates in Asia and economic growth near the lowest in a decade. The products will give investors the ability to participate in the country’s property market without investing directly.”

http://www.bloomberg.com/news/2014-08-10/india-sets-norms-to-open-20-billion-reit-market.html

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India central bank chief warns of another market crash

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“‘True, it (another financial sector crisis) may not happen if we can find a way to unwind everything steadily,’ Rajan, who is famed for predicting the 2008 markets crash years in advance, said in the interview posted late Wednesday on the journal’s website.  ‘But it is a big hope and prayer,’ said the Reserve Bank of India (RBI) governor, adding there is a risk of sudden price reversals and sharp spikes in financial volatility.  ‘We are back to the 1930s, in a world of ‘competitive easing’,’, Rajan said, referring to ultra-low interest rate policies pursued by the US Federal Reserve, the Bank of Japan and the Bank of England in a bid to stimulate their economies and spur growth.”

http://finance.yahoo.com/news/india-central-bank-chief-warns-another-market-crash-190447924–finance.html

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Bangladesh Becomes Bitcoin Foundation’s First Asian Affiliate

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“The Bitcoin Foundation has announced its first affiliate group in Asia, with Bitcoin Foundation Bangladesh becoming the latest local advocacy group to join its international network.  Bangladesh is the eighth most populated country in the world, with over 150 million people. Although still considered a ‘developing country’, it has an open and market-based economy driven mainly by agriculture and large-scale manufacturing industries.  As is the case with neighboring India and the Philippines, Bangladesh counts on remittances from foreign-based workers and even local employees sending money from large cities to small towns as a significant contributor to its GDP.”

http://www.coindesk.com/bangladesh-becomes-bitcoin-foundations-first-asian-affiliate/

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Jim Rogers: I am still in wait-and-watch mode on India

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“The one thing that would make me probably invest in India is if the currency is made convertible and makes it legal and easy for foreigners to invest there. Right now, it is very difficult to invest in India because the currency is not convertible and because it is illegal for foreigners easily to invest there. This is absurd. If India claims where it wants to be – that it is a great economic power, which it could be some day – issues related to currency convertibility, high inflation, debt, ease of investing have to be addressed. You also need to cut bureaucracy. India has the worst bureaucracy in the world and I haven’t seen anything quite like it. If these things change, India could be a very exciting place for me.”

http://www.business-standard.com/article/markets/q-a-jim-rogers-chairman-of-rogers-holdings-and-author-of-street-smarts-114073000476_1.html

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BRICS establish $100bn bank and currency pool to cut out West

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“The group of emerging economies signed the long-anticipated document to create the $100 bn BRICS Development Bank and a reserve currency pool worth over another $100 bn. Both will counter the influence of Western-based lending institutions and the dollar.  The new bank will provide money for infrastructure and development projects in BRICS countries, and unlike the IMF or World Bank, each nation has equal say, regardless of GDP size.  Each BRICS member is expected to put an equal share into establishing the startup capital of $50 billion with a goal to reach $100 billion. The BRICS bank will be headquartered in Shanghai.”

http://rt.com/business/173008-brics-bank-currency-pool/

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Living in: The world’s most affordable cities

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“Moving overseas can seem like a costly proposition, at least with all the upfront expenses – but relocating to some cities can actually save you money in the long haul. According to the March 2014 Worldwide Cost of Living Index, affordable cities can be found on almost every continent. The report compares prices of 160 goods and services, from cars to bread to wine, across 131 cities. For reasons of geographical diversity – as well as to include cities whose international communities, career opportunities and levels of safety would particularly appeal to expats – we focused on what it would be like to live in five of the 10 cheapest cities on the Economist’s index.”

http://www.bbc.com/travel/feature/20140523-living-in-the-worlds-most-affordable-cities/1

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India easing gold import restrictions: Curb your enthusiasm

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“Last week gold was boosted by news that the Reserve Bank of India is relaxing the much-maligned 80-20 import-export measure.  Hopes that the measure could be fully phased out by October, ahead of the Diwali festival in October and the crucial gold-buying wedding season, has already seen the rupee price of gold drop to nine-month lows.  Last month Rajesh Khosla, managing director of the country’s biggest refiner which is expanding capacity to 200 tonnes of gold per year, predicted the relaxation of the 80-20 rule, but added that ‘while the form of restrictions may change, the government will continue to restrain buying.'”

http://www.mining.com/india-easing-gold-import-restrictions-curb-your-enthusiasm-10980/

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Flooded By Gold Smuggling, India’s New Cabinet To Lift Gold Controls

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“This attempt to crush popular demand for gold merely resulted in soaring and increasingly more ingenious attempts to smuggle gold into the country, which however do not register in the official data, and as such, the government no longer has an accurate perspective of what true capital flows look like.  However, the current regime of gold demand suppression may be ending soon, and all the demand for gold may soon bubble right back to the surface. Reuters reports that the Reserve Bank of India and finance ministry officials will recommend that the new government relax strict gold import rules to head off a surge in illegal buying, officials with direct knowledge of the plan said.”

http://www.zerohedge.com/news/2014-05-21/flooded-gold-smuggling-indias-new-cabinet-prepares-lift-gold-capital-controls

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