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Mumbai, The rupee appreciated 7 paise to settle at 83.30 (provisional) against the US dollar on Friday, following positive cues from equity markets and strong domestic macroeconomic data. Forex analysts said easing crude oil prices in the international markets also favoured the local currency. Global crude price retreated from the level of USD 84 to USD 80 per barrel as oil-producing countries' grouping OPEC+ agreed not to reduce output in 2024, they added. At the interbank foreign exchange, the rupee opened stronger at 83.29 against the dollar and traded between the peak of 83.25 and the lowest level of 83.36 against the American currency intra-day. It finally settled at 83.30 (provisional) against the greenback, registering a gain of 7 paise over the previous close. The rupee settled 5 paise lower at 83.37 against the dollar on Thursday. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.19 per cent lower at 103.30 on Friday. Global oil benchmark Brent crude futures declined 0.23 per cent to USD 80.67 per barrel. On the domestic equity market front, Sensex surged 492.75 points, or 0.74 per cent, to settle at 67,481.19 points. The Nifty advanced 134.75 points, or 0.67 per cent, to 20,267.90 points. A monthly survey on Friday said India's manufacturing sector continued with its robust performance in November. The seasonally adjusted S&amp;P Global India Manufacturing Purchasing Managers' Index (PMI) rose to 56 last month from the eight-month low of 55.5 recorded in October. Foreign institutional investors were net buyers in the capital market on Thursday as they purchased shares worth Rs 8,147.85 crore, according to exchange data. According to the government data released on Thursday, India's gross domestic product (GDP) growth of 7.6 per cent during July-September beat most estimates, including 6.5 per cent projected by the <keyword id="6354335" type="General" weightage="80" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (<keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword>), retaining the country's tag of the world's fastest-growing major economy. Also, another data released simultaneously showed that the output of eight key infrastructure sectors jumped 12.1 per cent in October 2023 against 0.7 per cent expansion in the year-ago period. The government's fiscal deficit at the end of October touched 45 per cent of the full-year budget estimate, as per the data released by the <keyword id="513373" type="General" weightage="80" keywordseo="controller-general-of-accounts" source="Orion">Controller General of Accounts</keyword> (CGA).

Rupee tracks buoyant equity markets, rises 7 paise to 83.3/USD

New Delhi, <keyword id="50847" type="General" weightage="80" keywordseo="reserve-bank" source="Orion">Reserve Bank</keyword> Governor <keyword id="6359111" type="General" weightage="50" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> on Tuesday said the central bank is firmly focused on bringing down inflation to 4 per cent and remains prepared to undertake policy responses to deal with supply shocks, which have become more frequent with profound implications. The current episode of high global inflation and preceding overlapping shocks of the pandemic and Russia-Ukraine war have raised significant issues and challenges for the conduct of monetary policy, the governor said in a speech on 'Art of Monetary Policy Making: The Indian Context' at <keyword id="3658227" type="General" weightage="50" keywordseo="delhi-school-of-economics" source="Orion">Delhi School of Economics</keyword> (DSE) <keyword id="18666750" type="General" weightage="50" keywordseo="diamond-jubilee-distinguished-lecture" source="Orion">Diamond Jubilee Distinguished Lecture</keyword>. He said the monetary policy framework in India has evolved in line with the developments in theory and country practices, the changing nature of the economy and developments in financial markets. Within the broad objectives, the relative emphasis on inflation, growth and financial stability has, however, varied across monetary policy regimes since independence. Das listed out steps the central bank took to deal with the situation created in the wake of the COVID pandemic and the Russia-Ukraine war. Following the outbreak of the war, the central bank raised the policy rates by 250 basis points since May 2022. "After a near-zero policy rate for a prolonged period, central banks in these (advanced) economies started raising interest rates aggressively in 2022, which contributed to stress in certain banks in these economies. In contrast, our battle against inflation is not constrained by financial stability concerns. In fact, even during the COVID phase, we continuously took measures to strengthen financial stability," the governor said. The Reserve Bank, he said, has adopted a prudent approach and taken several initiatives to revamp the regulation and supervision of banks, NBFCs and other financial entities by developing an integrated and harmonised architecture. "Our banking system remains resilient and healthy with improved capital ratios, asset quality and profitability," he said. Das said the <keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword>'s experience in recent years shows that supply shocks have become more frequent with profound implications for inflation management and anchoring of inflation expectations. A key risk of sustained high inflation is that it can de-anchor inflation expectations. "It is, therefore, important to remain vigilant and take necessary steps in a calibrated and timely manner to keep expectations firmly anchored. "The Reserve Bank has been quick and calibrated while navigating through such turbulences. We look through fleeting shocks but remain prepared to undertake policy responses if such shocks show signs of persistence and getting generalised," he said. In such a scenario, monetary policy has to focus on containing the second-round effects, the governor added. "We will remain watchful of this also. The role of continued and timely supply-side interventions, as being undertaken by the government, assumes criticality in limiting the severity and duration of such food price shocks. "In these circumstances, it is necessary to be watchful of any risk to price stability and act timely and appropriately. We remain firmly focused on aligning inflation to the target of 4.0 per cent," he added. Headline inflation based on the Consumer Price Index (CPI) had eased to 4.8 per cent in June 2023 from the peak of 7.8 per cent in April 2022. It, however, surged to 7.4 per cent in July, mainly on account of a spurt in vegetable prices, which have already started moderating. Das noted that low and stable inflation helps households and businesses in planning for long-term savings and investments, which ultimately drive innovation, productivity and sustainable growth. On the contrary, high and volatile inflation corrodes the economy by denting productivity and the long-term growth potential, he said, adding inflation also imposes a disproportionate burden on the poor. The Reserve Bank has been mandated to maintain price stability, keeping in mind the objective of growth. Price stability has been numerically defined as maintaining a headline CPI inflation target of 4.0 per cent with a tolerance band of +/- 2 per cent. The tolerance band provides flexibility to accommodate growth and financial stability concerns, supply shocks and measurement and forecast errors, Das said. The target is set by the government in consultation with the Reserve Bank for 5 years.

RBI firmly focused to bring down inflation to 4%: Shaktikanta Das

<ul><li>Many important <keyword id="35448" type="General" weightage="20" keywordseo="personal-finance" source="Orion">personal finance</keyword> deadlines fall in June, so it is important to tick them off your list. </li><li>Missing these deadlines can lead to accounts becoming inactive, tax filing issues, or fines. </li><li>Nomination deadlines for your mutual funds, trading and demat accounts are 30 September. </li></ul>June 2023 is the deadline for many important personal finance tasks that need to be completed. For many of these, the deadlines have been extended after past deadlines expired. It is important to tick them off your list as soon as possible to avoid account deactivation, fines or other consequences. Here are the upcoming deadlines you need to be aware of. <keyword id="61610" type="General" weightage="80" keywordseo="pan" source="Orion">PAN</keyword> <keyword id="144117" type="General" weightage="80" keywordseo="aadhaar" source="Orion">Aadhaar</keyword> link The Finance Ministry has extended the deadline to link your Permanent Account Number (PAN) with Aadhaar until June 30, 2023, from the earlier deadline of March 31. However, starting July 1, an individual’s PAN will become inoperative if it is not linked to Aadhaar. If you have missed the previous deadlines, you still have the option to link your PAN with Aadhaar, but now you will have to pay a fine of ₹1,000. This can be done on the NSDL portal. It's important to note that the Income Tax department will not process tax returns until PAN and Aadhaar are linked. Update Aadhaar for free The Unique Identification Authority of <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> (UIDAI) announced free updates for Aadhaar documents in March so that individuals could update any information on their Aadhaar card, e.g address, etc. However, this free service is only available till June 14. After this period, such updates need to be done through physical Aadhar centers, which charge a fee of ₹50 for document updates. To update Aadhaar documents, you can use the <a href="https://myaadhaar.uidai.gov.in/">myAadhaar</a> portal. Apply for higher pension under EPF The deadline for applying for a higher EPF pension is June 26. Subscribers to the Employee Provident Fund (EPF) can now contribute more towards their pension beyond the salary limit of ₹15,000 per month. Both the employee and the employer can jointly request the EPFO to deduct 8.33% of the higher monthly basic salary. This allows for a larger accumulation towards the pension fund over the course of their working years. Bank locker agreement The <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (RBI) has set a new deadline for banks to update their locker agreements. It is required for banks to prepare the locker agreement on stamp paper, with the banks being responsible for providing the stamp paper at no cost to the customers. The revised agreement is designed to protect the interests of locker holders, by promoting transparency and providing clear information on the terms and conditions governing the use of the locker facility. By December 31, 2023, banks are mandated to complete the phased renewal of these agreements. The RBI expects banks to achieve 50% enrollment by June 30, and 75% enrollment by September 30. If you have received a message from your bank, you need to complete the formalities as soon as possible. Payment of advance tax In India, salaried individuals, self-employed professionals and businesses whose estimated tax liability for the financial year exceeds ₹10,000 are required to pay advance tax in installments during the year. If you are a salaried employee, the employer will deduct the required taxes and you do not need to pay advance tax if you do not have any other source of income. Advance tax has to be paid in four installments, the first installment of 15%, needs to be paid by June 15. Mutual fund, trading and demat account nomination deadline This is not in June. As per regulatory guidelines, investors are required to mention nominees for their fund folios or notify the fund house of their decision to opt out of nominations by September 30. This ensures that appropriate arrangements are in place for the transfer of assets in case of the investor's demise, and thus it is important. The earlier deadline was 31 March. The deadline for mentioning nominees for trading and demat accounts is also September 30. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/stock-markets-snap-four-day-gaining-streak-on-weak-global-cues/articleshow/100647217.cms">Stock markets snap four-day gaining streak on weak global cues</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/fitch-ratings-revises-outlook-on-oyos-long-term-issuer-ratings-to-positive-from-stable/articleshow/100649463.cms">Fitch Ratings revises outlook on OYO's long-term issuer ratings to 'positive' from 'stable'</a>

Five personal finance deadlines you can’t afford to miss in June

<ul class="summary-list"><li>The <keyword id="11898248" type="UNKNOWN" weightage="60" keywordseo="sp-500" source="Orion">S&amp;P 500</keyword> can advance after and during rate-hike cycles by the Fed, LPL Financial says. </li><li>It noted the S&amp;P 500's gain during a run of 17 rate hikes from 2014 through 2016. </li></ul>History shows the <a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">S&amp;P 500</a> can climb following multiple interest rate hikes by the <keyword id="11895523" type="UNKNOWN" weightage="60" keywordseo="federal-reserve" source="Orion">Federal Reserve</keyword>, LPL Financial said Wednesday as investors prepared for the US central bank to start raising rates for the first time since 2018. The Fed on Wednesday was <a href="https://markets.businessinsider.com/news/bonds/russia-ukraine-war-federal-reserve-inflation-interest-rates-powell-2022-3">set to start ramping up interest rates</a> from the ultralow range of 0%-0.25% where it was cut in 2020 as policymakers responded to the COVID-19 pandemic. The S&amp;P 500 has suffered this year in part as investors anticipate the Fed will issue a string of rate increases to combat inflation that's jumped to a <a href="https://www.businessinsider.com/inflation-cpi-price-growth-gas-prices-february-2022-3?utm_medium=ingest&amp;utm_source=markets">40-year high of 7.9% as of February</a>. The S&amp;P 500 was down about 9% through Tuesday's session, with all but the energy sector in the red, as Russia's invasion of Ukraine has contributed to rocking US <keyword id="11893878" type="UNKNOWN" weightage="60" keywordseo="stocks" source="Orion">stocks</keyword> and other global equities lower. The central bank led by Jerome Powell was widely expected to lift off with 25 basis points, or 0.25%, with <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> pointing to the possibility of three to four more moves in 2022. While borrowing costs will become more expensive, the S&amp;P 500 equity benchmark can manage to advance under such conditions, LPL Financial said as a reminder in a note. The "Fed rarely kicks off a new cycle of hikes with a 50 basis point hike. It is later in the cycle that tends see 50 basis point hikes or larger," said Ryan Detrick, LPL's chief market strategist, adding that stocks "tend to do just fine" during periods of multiple rate increases. "The mid-2000s cycle is what has our attention, as there were 17 total rate hikes in 2004, 2005, and 2006, yet the S&amp;P 500 managed to gain in every year," he said.In that two-year cycle, the fed funds rate went up from 1% to 5.25%. The S&amp;P's annualized return was 5.6% during the period. "Investors need to remember that <keyword id="13383456" type="UNKNOWN" weightage="60" keywordseo="fed-rate-hikes" source="Orion">Fed rate hikes</keyword> usually happen near the middle of the economic cycle, with potentially years left of gains in stocks and the economy," said Detrick. "In fact, a year after the first hike in a cycle has been fairly strong, higher a year later the past six times."One of LPL's charts showed the S&amp;P 500 was up 9.1% a year after the Fed in December 2015 increased rates by 0.25% under then-Chair Janet Yellen, To achieve that, the index had to overcome a loss of 1.1% in the three months after liftoff. The chart's largest advance of 39.6% took place a year after the March 1997 rate hike of 0.25%. But the equity benchmark dropped by 11.7% in the 12 months after a quarter-percentage point increase in April 1987. The Black Monday stock crash unexpectedly took place in October 1987. When the Fed raised rates by a hefty 0.5% in August 1983, the S&amp;P 500 returned 2.1% a year later. "The bottom line is rate hikes usually aren't bearish events and we don't expect this cycle to be any different," said Detrick. <div type="image" title="A chart shows S&amp;P 500 yearly performances in Fed rate-hike cycles." height="1178" width="2518" msid="90277694" hostid="261"></div>

The stock market is likely to push higher even as the Fed embarks on its first interest rate hikes since 2018, LPL says

<ul class="summary-list"><li>Federal Reserve policymakers will no longer be able to purchase individual securities as part of rule changes outlined Thursday. </li><li>The changes follow stock-trading controversies by two Fed regional presidents who have stepped down. </li></ul>The Federal Reserve will ban policymakers from buying individual securities, the US central bank said Thursday in the wake of controversial trades by two regional presidents who have already stepped down. New rules from the central bank's board will prohibit the purchase of individual securities and restrict active trading by policymakers as well as senior staff, <a href="https://www.federalreserve.gov/newsevents/pressreleases/other20211021b.htm">according to a statement</a>. Holding investments in individual bonds, agency securities - either directly or indirectly - or entering into derivatives will also be banned. Senior Fed officials will be limited to buying diversified investment vehicles, like mutual funds. The board is also increasing the timeliness of reporting and public disclosure by policymakers and senior staff. "These tough new rules raise the bar high in order to assure the public we serve that all of our senior officials maintain a single-minded focus on the public mission of the Federal Reserve," said Fed Chair Jerome Powell in the statement. The changes will be incorporated in the coming months. The tighter policy comes after Boston Fed President <keyword id="12068876" type="UNKNOWN" weightage="60" keywordseo="eric-rosengren" source="Orion">Eric Rosengren</keyword> and Dallas Fed President <keyword id="12054996" type="UNKNOWN" weightage="60" keywordseo="robert-kaplan" source="Orion">Robert Kaplan</keyword> recently came under fire for stock purchases they made during the pandemic, which spurred the Fed to unleash massive stimulus measures. Both men in recent weeks <a href="https://markets.businessinsider.com/news/stocks/fed-eric-rosengren-stock-trading-kaplan-health-jerome-powell-federal-reserve-2021-09">have stepped down from their positions</a>. Critics raised questions about conflicts of interest in stock trading by Fed officials because of their roles in shaping monetary policy for the world's largest economy. The Fed also said Thursday that policymakers and senior staff generally will be required to provide advance notice of 45 days for purchases and sales of securities. And they must receive prior approval for such moves and hold investments for at least one year. The Fed said the requirements are aimed at guarding against "even the appearance of any conflict of interest" in the timing of investment decisions.Also, no purchases or sales will be allowed during periods of heightened financial market stress. Reserve Bank presidents must publicly disclose financial transactions within 30 days, putting them in line with current rules for board members and senior staff. Kaplan<a href="https://markets.businessinsider.com/news/stocks/robert-kaplan-stock-trades-apple-tesla-federal-reserve-president-2021-9?utm_source=markets&amp;utm_medium=ingestgest"> made million-dollar trades</a> in stocks, including<a href="https://markets.businessinsider.com/stocks/tsla-stock?utm_source=markets&amp;utm_medium=ingestgest"> Tesla</a> and<a href="https://markets.businessinsider.com/stocks/amzn-stock?utm_source=markets&amp;utm_medium=ingestgest"> Amazon</a>, according to<a href="https://s.wsj.net/public/resources/documents/dallasfedform.pdf"> a disclosure form</a> provided by his bank that was first reported by<a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fdallas-feds-robert-kaplan-was-active-buyer-and-seller-of-stocks-last-year-11631044094?utm_source=markets&amp;utm_medium=ingestgest"> The Wall Street Journal.</a> Rosengren reportedly traded real estate investment trusts actively. Kaplan and Rosengren in September <a href="https://markets.businessinsider.com/news/stocks/fed-presidents-kaplan-rosengren-share-trades-conflicts-interest-apple-tesla-2021-09">apologized and dumped their purchases</a>. Kaplan left on October 8 and addressed the controversy in a<a href="https://www.dallasfed.org/news/releases/2021/nr210927kaplan"> statement from the Dallas Fed</a>. <a href="https://www.bostonfed.org/news-and-events/news/2021/09/rosengren-retirement.aspx">Rosengren resigned last month</a>, citing health issues. Rosengren, whose term would've been up in June 2022, revealed he has a kidney condition and needs dialysis.

The Federal Reserve will ban policymakers from buying individual stocks following trading controversy

<ul><li>Third-quarter GDP is on track for 30% growth, and such strong improvement can lift <keyword id="22195" type="COMPANY" weightage="60" keywordseo="Inflation">inflation</keyword> closer to its new target, <keyword id="171889" type="PERSON" weightage="60" keywordseo="James-Bullard">James Bullard</keyword>, president of the <keyword id="1529072" type="PERSON" weightage="60" keywordseo="Federal-Reserve-Bank-of-St-Louis">Federal Reserve Bank of St. Louis</keyword>, said Friday.</li><li>The <keyword id="6355253" type="UNKNOWN" weightage="60" keywordseo="federal-reserve">Federal Reserve</keyword>'s updated policy framework allows for periods of stronger-than-usual inflation to combat weak price growth through the pandemic.</li><li>The third quarter is "the biggest growth quarter of all time in the US," and it could bring "more inflation than we have during pre-pandemic era," Bullard said.</li><li>The <keyword id="2543825" type="PERSON" weightage="60" keywordseo="Fed-President">Fed president</keyword> also expects unemployment to trend lower than anticipated. While his <keyword id="45672" type="ORGANIZATION" weightage="60" keywordseo="Fed">Fed</keyword> colleagues project the rate to sit at 7.6% by the end of the year, Bullard sees unemployment falling to 6.5% over the same period.</li><li><a href="https://www.businessinsider.com/?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestutm_source=msn.com&amp;utm_medium=referral&amp;utm_content=msn-slideshow&amp;utm_campaign=bodyurl?utm_source=markets&amp;utm_medium=ingestts&amp;utm_medium=ingest">Visit the Business Insider homepage for more stories</a>.</li></ul>Third-quarter economic growth will be a shot in the arm that ultimately helps the US reach a healthy level of inflation, James Bullard, president of the <keyword id="137604" type="CITY" weightage="60" keywordseo="Federal-Reserve-Bank">Federal Reserve Bank</keyword> of St. Louis, said Friday.Economists largely expect gross domestic product growth to hit record highs in the third quarter as reopenings and partial containment of the coronavirus bring activity back online. Bullard anticipates GDP to be "off the charts," and that the rebound will drive inflation closer to the central bank's new target."This is the biggest growth quarter of all time in the US. It looks like 30% at an annual rate," Bullard said during a <a href="https://www.youtube.com/watch?v=c9-rWqi7AIE">virtual conference</a> with the Boeing Center for Supply Chain Innovation.He continued: "I actually think you may see more inflation than we have during the pre-pandemic era when things were very quiet and inflation was very subdued."Read more: <a href="https://www.businessinsider.com/stock-market-investing-strategy-advice-election-vaccine-contrarian-ideas-ms-2020-9">2 senior PMs at Morgan Stanley's $665 billion investment-management business share their contrarian outlooks on the election, the stock market, and a vaccine — and break down how they are readying portfolios in advance</a>The Fed updated its policy framework in late August to gain greater control of price growth over time. Where the central bank previously targeted a 2% inflation rate, it now plans to guide an average inflation rate of 2% over time. The overhaul allows for temporary overshoots of the target level after periods of weak price growth.Chair Jerome Powell said in a Wednesday press conference that the Fed will aim for higher-than-usual inflation after the pandemic pushed the rate as low as o.1% in May. Some economists have raised doubts that such overshoots are possible, as the Fed failed to reach its 2% target in recent years. Bullard rebuked such concerns, adding that relaxed central bank policy, a larger federal deficit, and deferred demand can lift inflation faster than anticipated."I think this will be quite successful," he added.The Fed president also expects unemployment to trend above expectations and fall to 6.5% by the end of the year. The projection is markedly more optimistic than Fed policymakers' median forecast of 7.6% published on Wednesday. The rate sank to 8.4% in August, but still has a ways to go before returning to the pre-pandemic low of 3.5%.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/innovator-stacker-etfs-sp500-nasdaq-russell-exposure-tsoc-dsoc-dboc-2020-9-1029602504">New ETF aims to deliver gains from S&amp;P 500, Nasdaq 100, and Russell 2000 simultaneously — with only one index's losses</a><a href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-target-raised-china-market-demand-wedbush-analyst-2020-9-1029602566">Tesla will leap 12% from current levels as pent-up demand drives Chinese market domination, Wedbush says</a><a href="https://www.businessinsider.com/stock-picks-to-buy-best-ideas-across-market-sectors-jefferies-2020-9">Jefferies handpicks the 17 best stocks spanning multiple sectors to buy now — and details why each company's future looks 'particularly attractive,' even in a downturn</a>

'Biggest growth quarter of all time' will help inflation meet overhauled target, Fed's Bullard says

<ul class="summary-list"><li>The <keyword id="106488" type="CITY" weightage="60" keywordseo="Bank-of-England">Bank of England</keyword> said it now expects <keyword id="22195" type="COMPANY" weightage="60" keywordseo="Inflation">inflation</keyword> to surge above 3% as the economy recovers.</li><li>Yet it kept its bond-buying target unchanged at $1.25 trillion and <keyword id="6371181" type="UNKNOWN" weightage="60" keywordseo="interest-rates">interest rates</keyword> at record lows.</li><li>UK inflation jumped to 2.1% year on year in May, above the central bank's 2% target.</li></ul>The Bank of England <a href="https://www.bankofengland.co.uk/monetary-policy-summary-and-minutes/2021/june-2021">said</a> on Thursday that it now expects UK inflation to surge above 3% as the economy reopens from lockdown. But it nonetheless maintained its bond-buying target at $1.25 trillion, saying sharp price rises should be temporary.Departing chief economist <keyword id="2611548" type="PERSON" weightage="60" keywordseo="Andy-Haldane">Andy Haldane</keyword> was the only one of nine <keyword id="6357126" type="DEFINITION" weightage="60" keywordseo="Monetary-Policy">monetary policy</keyword> committee (MPC) members to vote against the plans. Raising concerns that strong inflation may stick around, he voted to cut the bond-buying package by 50 billion pounds ($70 billion).The Bank also decided to keep its main interest rate at the record-low level of 0.1%, in a unanimous vote, on top of the 8-1 decision to keep the bond-buying package steady at 895 billion pounds ($1.25 trillion).The<a href="https://markets.businessinsider.com/currencies/gbp-usd"> pound</a> fell after the announcement, and was around 0.44% lower against the dollar at $1.389.UK inflation <a href="https://markets.businessinsider.com/news/stocks/uk-inflation-cpi-britain-economy-rise-lockdown-reopening-bank-england-2021-6-1030526854">jumped 2.1% in May</a> year-on-year, the biggest rise since July 2019 and above the Bank of England 2% target. It was a bigger rise than the central bank had expected.The Bank said on Thursday that it now expects inflation to jump above 3% for a temporary period, "owing primarily to developments in energy and other commodity prices." In May, it had only expected inflation to rise temporarily above 2%.Yet the Bank's MPC said it expects inflation to fall back again as commodities price rises fade. However, it said there are "risks around this central path, and it is possible that near-term upward pressure on prices could prove somewhat larger than expected."Central banks in advanced economies are dealing with the strongest inflation in years, as growth rebounds sharply after the COVID-19 slump. Too much inflation is seen as disruptive for economies, and major central banks try to keep it at around 2%.In the US - where year-on-year inflation <a href="https://www.businessinsider.com/cpi-inflation-may-supply-bottlenecks-shortages-price-growth-reopening-demand-2021-6">hit 5% in May</a> - the <keyword id="6355253" type="UNKNOWN" weightage="60" keywordseo="federal-reserve">Federal Reserve</keyword> has signaled a slight shift in its expectations for monetary policy. Officials now predict the central bank will <a href="https://www.businessinsider.com/federal-reserve-interest-rate-projections-fomc-june-inflation-monetary-policy-2021-6">raise rates in 2023</a>, according to "dot plot" estimates released last week.But Paul Dales, chief UK economist at consultancy Capital Economics, said: "Other than the [Bank of England's] MPC noting the growing upside risks to inflation at today's policy meeting, there were no real signs that it is thinking about tightening policy sooner, à la the Fed."We think policy will be tightened much later than the mid-2022 date the <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> have assumed."

The Bank of England says it expects inflation to surge above 3%, but keeps its $1.25 trillion bond-buying target for now

<ul><li>The Central government on Tuesday brought <keyword id="135860" type="COMPANY" weightage="20" keywordseo="Lakshmi-Vilas-Bank">Lakshmi Vilas Bank</keyword> under <keyword id="117489" type="PERSON" weightage="20" keywordseo="moratorium">moratorium</keyword> for 30 days, restricting deposit/withdrawal not exceeding ₹25,000.</li><li>The moratorium came into effect from 6 p.m. on Tuesday and will be in place up to December 16, 2020. </li></ul>Following an application submitted by the <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>), the Central government on Tuesday brought Lakshmi Vilas Bank under moratorium for 30 days, restricting deposit/withdrawal not exceeding Rs 25,000. The Centre issued the moratorium notification under Section 45 (2) of the Banking Regulation Act, 1949. The moratorium came into effect from 6 p.m. on Tuesday and will be in place up to December 16, 2020. The notification also stays the commencement or continuance of all actions and proceedings against Lakshmi Vilas Bank. During the period of moratorium, subject to the condition that such stay shall not in any manner prejudice the exercise by the Central government of its powers under Clause (b) of Sub-section (4) of Section 35 of the said Act or the exercise by the Reserve Bank of India of its powers under Section 38 of the said Act. As per the notification, Lakshmi Vilas shall not without the permission in writing of RBI: * Make payment to a depositor an aggregate sum exceeding Rs 25,000 lying to his credit in any kind of deposit including multiple deposit. * Wherever such depositor is having dues payable to the bank in any manner, either as a borrower or surety, the amount payable to such depositor shall be made after adjusting the relevant borrowal accounts. * Payment to bank creditor cannot exceed Rs 25,000, subject to following exceptions: (i) making of payment of amounts towards any drafts or pay orders issued by the Lakshmi Vilas Bank and remaining unpaid on the date on which the order of moratorium comes into force; (ii) paying the proceeds of the bills received for collection on or before the 17th day of November, 2020; (iii) making payment towards existing liabilities for call money or inter-bank borrowing (iv) trades effected prior to the date of moratorium for which settlement is yet to take place. * Grant any loans or advances or make investments in any credit instruments. According to the notification, the RBI may by a general or special order permit Lakshmi Vilas Bank to allow pay to its depositors an amount in excess of Rs 25,000 to meet unforeseen expenses towards (a) medical treatment of the depositor or any person actually dependent on him (b) towards the cost of higher education of the depositor or any person actually dependent on him for education in India or outside India; (c) to pay obligatory expenses in connection with marriage or other ceremonies of the depositor or his children or of any other person actually dependent upon him (d) in connection with any other unavoidable emergency if there is sufficient credit in his account. However, the sum such paid shall not exceed Rs 5 lakh or the actual balance lying to the credit of the account of such depositor, whichever is less. The Central government also directed Lakshmi Vilas Bank to pay for repaying loans or advances granted against government securities or other securities to it by the RBI or the State Bank of India or by any other bank and remaining unpaid on the date on which this order comes into force. Lakshmi Vilas Bank is permitted to operate its accounts with the RBI or with any other bank for the purpose of making the payments aforesaid. The bank may release or deliver goods or securities which have been pledged, hypothecated or mortgaged or otherwise charged to it against any loan, cash credit or overdraft: (i) In any case in which full payment towards all the amounts due from the borrower or borrowers, as the case may be, has been received by it, unconditionally. (ii) In any other case, to such an extent as may be necessary or possible, without reducing the proportions of the margins on the said goods or securities below the stipulated proportions or the proportions which were maintained before this Order came into force, whichever may be higher. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/urban-ladder-was-the-fourth-startup-from-vani-kola-kalaari-capital-portfolio-to-be-sold-to-reliance/articleshow/79264455.cms">Urban Ladder was the fourth startup from Kalaari Capital’s portfolio to be sold to Reliance – the investment firm’s MD is of the belief ‘selling does not mean sellout’</a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/urban-ladder-was-the-fourth-startup-from-vani-kola-kalaari-capital-portfolio-to-be-sold-to-reliance/articleshow/79264455.cms"></a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/the-race-for-covid-19-vaccine-heres-how-moderna-pfizer-and-sputnik-v-vaccines-stack-up-against-each-other/articleshow/79263801.cms">The race for COVID-19 vaccine: Here’s how Moderna, Pfizer and Sputnik V vaccines stack up against each other</a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/the-race-for-covid-19-vaccine-heres-how-moderna-pfizer-and-sputnik-v-vaccines-stack-up-against-each-other/articleshow/79263801.cms"></a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/billionaire-tesla-ceo-elon-musk-set-to-become-the-worlds-third-richest-person/articleshow/79261388.cms">Elon Musk gets richer by $15 billion on Tesla’s S&amp;P inclusion — set to become the world’s third-richest person, leapfrogging Mark Zuckerberg</a>

Lakshmi Vilas Bank under moratorium— RBI caps maximum deposit or withdrawal at ₹25,000

By Shah Imran Ahmed Mumbai, Mar 24 () Budget carrier IndiGo has assured its employees that it will not make any deduction in their salaries or leaves due to the suspension of domestic flights till March 31. The government's decision to suspend domestic flight would come into effect from midnight Tuesday, as part of larger efforts to curb spreading of coronavirus infections. In an e-mail to his employees, IndiGo Chief executive Officer Ronojoy Dutta said the company has "reasonable" level of advanced bookings for April and it was "anxious' to fly again albeit with a reduced capacity. "For those who don't have to be working during this temporary suspension of operations, we will make no deduction of salaries or leaves," Dutta said in the e-mail. has accessed the e-mail. Stating that the last few days have been very challenging for the airline, he said "clearly for the next few weeks our revenues will be well below our costs and we will have to make our efforts to penny-pinch and preserve cash". He also said that as employees "let us also be acutely cognizant of the fact that during this temporary suspension of operations, we will be spending our cash reserves to continue to pay salaries and benefits". Once this crisis is over, the airline will have to redouble its efforts to rebuild these cash reserves, Dutta added. IAS RAM DRRDRR

No salary deduction during domestic flights suspension period: IndiGo tells staff

<ul><li>The <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword>’s (RBI) <keyword id="9861168" type="UNKNOWN" weightage="20" keywordseo="six-month-moratorium">six-month moratorium</keyword> came to an end on August 31, and payments are set to come due, starting today.</li><li>The Supreme Court is yet to announce its verdict on whether the interest accrued during that time will be waived, leaving many borrowers wondering what they should do. </li><li>Those who aren’t in a position to make payments, waiver or not, have the option to go for a one-time restructuring of loans.</li></ul>The Reserve Bank of India’s (RBI) pause on repayment of interest on loans for the past six months came to an end yesterday, August 31. Even though the government is yet to take a stand on whether or not the interest accrued during the moratorium period will be waived off, the payments for borrowers are going to start coming due from today. <div type="Article" hostid="261" msid="77758597" title="Loan moratorium still ends on Aug 31 while Supreme Court gives the government another week to clarify if accrued interest should be waived" mstype="2" mssubtype="0"></div> As a borrower, you fit into one of three categories: <ol><li>Someone who didn’t avail the moratorium</li><li>Someone who availed the moratorium and is still facing financial difficulties</li><li>Someone who availed the moratorium but only for the sake of keeping liquidity on hand</li></ol>Someone who didn’t avail the moratorium If you’re a borrower that did not avail the moratorium facility offered by the RBI over the last six months, nothing changes. Your monthly payments continue as is, and there is no change in your overall loan payments scheme. Someone who availed the moratorium but can afford to pay Not everyone who availed the moratorium was facing a financial crisis. Someone did it to ensure that there was some extra cash on hand in case things took a turn for the worse. Even with the matter of interest waiver pending with the Supreme Court, banks are likely to recommend a one-time payment rather than letting interest accrue further. According to the RBI, an interest waiver could lead to a loss of ₹2 lakh crore for banks in India. “If you have taken a moratorium, the bank will suggest depositing as much amount as you can,” a bank manager at one of India’s leading public sector banks told Business Insider. According to them, even if the Supreme Court decides to waive interest, the amount will go towards advance loan paid. Someone who availed the moratorium and is still facing financial difficulties Not every business has been impacted equally during the coronavirus lockdown — some have taken a bigger hit than others. Take the tourism industry as an example. India’s gross domestic product (<a href="https://www.businessinsider.in/policy/economy/news/indian-economy-contracts-23-9-in-the-april-june-quarter/articleshow/77854401.cms">GDP</a>) data released yesterday shows how the trade, hotels, transport &amp; communications showed the biggest dip in real gross value addition (GVA). So, if you’re one of the many who is still not in a position to make payments, you have the option to approach your bank to restructure your loan. This could mean smaller payments over a longer period, an extension of the moratorium, or relaxation of interest rates. “We look at restructuring of loans as a last resort. It’s only for customers you really need it, and there are no other options left to explore,” said the source. <div type="Article" hostid="261" msid="77391894" title="If you have a bank loan that you are unable to pay, restructuring is on its way" mstype="2" mssubtype="0"></div> All types of loans, whether its a personal loan or a corporate loan, can apply for restructuring provided they meet the RBI's eligibility requirements — like you should not have defaulted on your loan payments as of 1 March 2020 or within 30 days of that day. The outstanding amount of debt at that point of time will be considered for restructuring. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/loan-moratorium-still-ends-on-aug-31-while-supreme-court-gives-the-government-another-week-to-clarify-if-accrued-interest-should-be-waived/articleshow/77758597.cms">Loan moratorium still ends on Aug 31 while Supreme Court gives the government another week to clarify if accrued interest should be waived</a> <a href="https://www.businessinsider.in/tech/enterprise/news/rise-in-work-from-anywhere-will-lead-to-more-outsourcing-thats-an-opportunity-for-tcs-infosys-and-hcl-tech/articleshow/77864248.cms">Rise in 'work from anywhere' will lead to more outsourcing — that's an opportunity for TCS, Infosys and HCL Tech</a> <a href="https://www.businessinsider.in/stock-market/markets/news/dollar-index-is-at-a-two-year-low-and-heres-how-much-it-may-hurt-tcs-infosys-hcl-tech-and-others-if-it-stays-weak/articleshow/77843868.cms">Dollar Index is at a two-year low⁠ and here’s how much it may hurt TCS, Infosys, HCL Tech and others if it stays weak</a>

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