'Will see if interests are fully accommodated in RCEP'

Agencies
November 2, 2019

New Delhi, Nov 2: As he left for his visit to Bangkok, Prime Minister Narendra Modi on Saturday said India will consider whether its concerns and interests in trade in goods, services, and investments are being fully accommodated when he attends the meeting of the Regional Comprehensive Economic Partnership there.

Modi is travelling to Bangkok to participate in the 16th ASEAN-India Summit on November 3. He will also attend the 14th East Asia Summit and the 3rd Summit meeting of nations negotiating a Regional Comprehensive Economic Partnership (RCEP) agreement on November 4.

In a statement before his departure, the prime minister said during the visit, he will also hold bilateral meetings with a number of other world leaders present at Bangkok for related summit meetings.

"The ASEAN-related summits are an integral part of our diplomatic calendar and an important element in our Act East Policy. Our partnership with ASEAN is built around the key pillars of connectivity, capacity-building, commerce and culture," he said.

In January 2018, India had celebrated the 25th anniversary of its Dialogue Partnership with ASEAN in a special commemorative Summit in New Delhi where leaders of all 10 ASEAN states were chief guests at the Republic Day parade, he pointed out.

The prime minister said he will be reviewing with ASEAN partners, India cooperative activities, and examining plans for strengthening ASEAN and ASEAN-led mechanisms, enhancing connectivity (sea, land, air, digital and people-to-people), deepening economic partnerships, and expanding maritime cooperation.

The East Asia Summit (EAS) is today the leading element in the regional cooperative architecture, as a singular, leaders-led structure that is centred around ASEAN, and includes as members major countries in the region or with important interests in it, he said.

"We will be reviewing significant regional and global issues on the Agenda of the EAS, and examining the state of our current programmes and projects. I will also focus on our Indo-Pacific strategy, on which I am happy to note strong convergences with ASEAN partners and others at the EAS," Modi said.

At the RCEP Summit, India will take stock of the progress in RCEP negotiations, he said.

"We will consider all issues including whether India's concerns and interests in trade in goods, services, and investments are being fully accommodated, during this summit," the prime minister asserted.

Other elements of his visit include participating in a special leaders luncheon event on November 4, organised by the prime minister of Thailand, as chair of ASEAN on sustainability.

"I will also attend a reception organised by the Indian community in Thailand on November 2 (Saturday evening). People of Indian Origin and non-resident Indians have made significant contributions to Thailand and to the important relationship India shares with the Kingdom of Thailand," Modi said.

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News Network
June 8,2020

Jun 8: Petrol and diesel prices were hiked by 60 paisa per litre on Monday, for the second day in a row, as state-owned oil firms reverted to daily price revisions after a 83-day hiatus.

Petrol price in Delhi was hiked to Rs 72.46 per litre from Rs 71.86 on Sunday, while diesel rates were increased to Rs 70.59 a litre from Rs 69.99, according to a price notification of state oil marketing companies.

This is the second daily increase in rates in a row. Oil companies had on Sunday raised prices by 60 paisa per litre on both petrol and diesel after ending a 83-day hiatus in daily rate revision.

Daily price revision has restarted, an oil company official said.

While oil PSUs have regularly revised ATF and LPG prices, they had since March 16 kept petrol and diesel prices on hold, ostensibly on account of extreme volatility in the international oil markets.

Auto fuel prices were frozen soon after the government raised excise duty on petrol and diesel by Rs 3 per litre each to mop up gains arising from falling international rates.

The government on May 6 again raised excise duties by Rs 10 per litre on petrol and Rs 13 per litre on diesel.

Oil companies, instead of passing on the excise hike to consumers, decided to adjust them against the reduction required because of the drop in international oil prices. They used the same tool and did not pass on the Re 1 per litre hike required for switching over to ultra-clean BS-VI grade fuel from April 1.

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Agencies
March 15,2020

New Delhi, Mar 15: The new rules for debit and credit cards to increase security and reduce frauds kick in from Monday. In January, the Reserve Bank of India (RBI) had issued new rules to improve user convenience and increase the security of card transactions. These rules will help in curbing the misuse of debit and credit cards.

RBI has directed banks to allow only domestic card transactions at ATMs and PoS terminals in India at the time of issuance/reissuance of card. For international transactions, online transactions, card-not-present transactions and contactless transactions, customers will have to separately set up services on their card.

These rules will be applicable for new cards from March 16. Those with old cards can decide whether to disable any of these features.

As per the existing rules, these services used to come automatically with the card, but now it will start at the request of the customer.

Debit or credit card customers who have not yet done any online transaction, contactless transaction or international transaction with the card, then these services on the card will automatically stop from March 16.

The Reserve Bank has asked all banks to provide mobile banking, net banking option to enable limit and enable and disable service 24 hours a day, seven days a week.

If the customer makes any change in the status of the card, the bank will alert the customer through SMS/email and send the information.

Issuers shall provide to all cardholders facility to switch on/off and set/modify transaction limits (within the overall card limit, if any, set by the issuer) for all types of transactions -- domestic and international, at PoS/ATMs/online transactions/contactless transactions, etc.,

The provisions, however, are not mandatory for prepaid gift cards and those used at mass transit systems.

The latest instructions come in the wake of rising instances of cyber frauds and the huge increase in the use of cards.

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News Network
May 22,2020

New Delhi, May 22: Reserve Bank Governor Shaktikanta Das on Friday extended the moratorium on payment of loans by another three months till August to provide much-needed relief to borrowers whose income has been hit due to the coronavirus crisis.

In March, the central bank had allowed a three-month moratorium on payment of all term loans due between March 1, 2020, and May 31, 2020.

Accordingly, the repayment schedule and all subsequent due dates, as also the tenor for such loans, were shifted across the board by three months.

As a result of this moratorium, individuals’ EMI repayments of loans taken were not deducted from their bank accounts, providing much-needed liquidity.

The EMI payments will restart only once the moratorium time period expires on August 31.

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