August,2016 - Business and Economy News

• RBI estimates India’s growth rate to be 7.6% for FY 2016-17 in its annual report for the FY 2015-16.
• After Assam, Bihar ratified the Constitution 122^nd Amendment Bill for the introduction of GST in the country.
• Cabinet approved foreign Investment through automatic route in NBFC-s entity which are regulated by any financial sector regulators. Those not regulated will have to get the approval of FIPB approval.
• Centre notified Inflation target of 4% until 2021 with an tolerance band of +/- 2% i.e. 6% or 2%. If CPI is out of this range for 3 consecutive years, it will constitute a monetary policy failure.
• Hindustan Copper Limited launched India’s first Nickel producing facility at Ghatshila, Jharkhand
• Centre imposes a penalty of USD 380 Million(Rs. 2500 Crore) Reliance industries limited for failing to achieve the target production at KG D6 fields.
• India’s economic growth rate in first quarter of 2015-16 is 7.1%.
• Jharkhand became first state to implement Public Fund Management System (PFMS), which aims tracking fund disbursement on real time basis from government to various levels.
•  Sports channel Ten Sports  sold by Zee Entertainment Enterprise (ZEEL) to Sony Pictures Networks for $385-million (about Rs 2,579 crore)
• Parliament passed Enforcement of Security Interest and Recovery of Debts Laws Amendment Bill 2016. It amends Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002, Recovery of Debts due to Banks and Financial Institutions Act (RDDBFI), 1993, Depositories Act, 1996, Indian Stamp Act, 1899. It allows District Magistrate (DM) to take possession of the collateral of the defaulter within 30 days of default.
• Reliance Cement Company Private Limited accquired by Birla Corporation Limitedfor 4800 crore rupees
• RBI launched http://sachet.rbi.org.in/ which facilitates  people to know about entities allowed to collect deposits.
• Securities and Exchange Board of India (SEBI) told Supreme Court that Ponzi schemes are not under its ambit  and the respective State Governments are law enforcement agencies to curb Ponzi Schemes in response to SC’s question that what government and SEBI  were doing to curb the menace of ponzi schemes. 
• Goldman Sachs has predicted Indian economy to grow at 7.9% in 2016-17.
• Syndicate Bank, launched fund transfer based on ‘Aadhaar Number through NUUP(National Unified USSD Platform)’, using an ordinary mobile phone without internet connection.

Some Phone numbers that could come handy during Rainy season

• Power failure - 1912

• Tree fall/ Water stagnation - 1913

• Sewage overflow - 45674567

• Fire-101

• Forest department - 22200335

• Blue cross - 917602526

Reproduced from "Downtown" edition of "The Hindu" dated 26.08.2016