The World of Finance: Week of July 07th to July 14th, 2013

The World of Finance

  • Mandatory E-Filing of Income Tax returns must for income 5 lakh
  • Finance Ministry sends proposal for disinvestment in NHPC to raise Rs. 2000 Crore
  • Bank Internasional Indonesia launches its banking operations in India
  • AXIS Bank has been granted banking license in Britain
  • New India Insurance impact due to Uttarakhand tragedy at ~150 Crore
  • Temple boards of Tirupathi, Shirdi, Golden Temple and others take insurance covers against losses due to flood, fire, earthquake and even loss due to theft of idols, ornaments, hundi and crowns and even the golden covering on domes

India: Foreign Trade 

  • India ready for investment treaty talks with US:  Finance Minister
  • FDI rises 25% to six month high of $2.32B in April
  • Forex reserves reach 3 year low at $280.2B
  • India assured continued credit lines to Ethiopia
  • Abu Dhabi’s ADIA invests $200 million in Indian real estate

India: Other News

  • India’s trade deficit narrowed to $12.24B from $20.14B in May, mainly due to fall in Gold and Silver imports
  • Plastic money gains acceptance in rural India
  • India forex reserves drop $10.5B over three weeks
  • Nearly $100M forex debt of India Inc is unhedged : CRISIL
  • IRDA may allow banks to be insurance brokers
  • RBI asks banks to strictly adhere to KYC and AML norms for walk in customers for selling any products greater than 50,000 rupees

Worldwide

  • Finance set to surpass tech as most-profitable U.S. Industry
  • China’s economic growth dropped to 7.5 per cent in the second quarter of this year
  • Eurobank, one of Greece’s biggest lenders, on Saturday acquired the country’s postal bank

Wordwide Fraud Watch

  • Fraudsters snatch £150m a year from unwary investors
  • $15,000 disappears from Dubai expat account after Email hacked