National
Highlights of the RBI Monetary Policy statement
Mumbai: The following are the major highlights of the fourth bi-monthly Monetary Policy Statement 2015-16, made by Reserve Bank of India Governor Raghuram Rajan on Tuesday:
Reduction of the policy repo rate (short-term lending rate to banks) under the liquidity adjustment facility (LAF) by 50 basis points from 7.25 percent to 6.75 percent with immediate effect.
No change in the cash reserve ratio (CRR) of scheduled banks from four percent of net demand and time liability (NDTL).
Permit Indian corporates to issue rupee denominated bonds with a minimum maturity of five years at overseas locations, subject to the ceiling of $51 billion on foreign investment permitted in corporate debt.
No restriction on end-usage of rupee denominated bonds issued overseas, except for a small negative list.
Inflation is likely to go up from September for a few months as favourable base effects reverse.
The outlook for food inflation could improve if the increase in sown area translates into higher production.
Revised framework for external commercial borrowing (ECB) to replace existing rules in sync with the current economic and business environment will be issued soon.
New guidelines for participation of gilt account holders in the repo market to be issued by November-end.
Permit scheduled commercial banks to take short positions in the When Issued (WI) trading in new and reissued government securities.
Permit regulated entities other than banks and primary dealers to take long positions in the WI market.
To develop repo market electronic dealing platform(s) in corporate bonds, to be designed in consultation with Securities and Exchange Board of India (SEBI).
Stand-alone primary dealers to be permitted in currency futures contracts
Permit exchange traded currency futures and options in three cross-currency pairs, viz euro-US dollar, British pound-US dollar, and US dollar-Japanese yen.
Increase the limit for resident entities for hedging their foreign exchange exposure in the over-the-counter market from $250,000 to one million dollars without the production of any underlying documents, subject to submission of a simple declaration.
Reserve Bank of India to come out with a concept paper on increasing card acceptance infrastructure and move towards less-cash society.
Tentative economic recovery underway in India.
Foreign exchange reserves rose by $10.4 billion during the first half of 2015-16.
Limits for foreign portfolio investment (FPI) in debt securities will henceforth be announced/fixed in rupee terms.
Limit for FPI investment in the central government securities will be increased in phases.
Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.
The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.
Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.
Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.
For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.
During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.
Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.
Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .
Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.
In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.
During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.
In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.
He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.
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