Now NRIs can send remittances more often: RBI

June 10, 2012

RBI

Mumbai, June 10: The Reserve Bank, on Saturday, permitted NRIs to send remittances more frequently, a step to boost foreign currency inflows and check rupee fall.

Resident Indians are now allowed to receive as many as 30 remittances from NRI friends and relatives during a year as against 12 earlier, according to a latest RBI circular.Analysts said that the RBI decision would help raise foreign exchange reserves.

In the circular addressed to authorised Indian agents under the Money Transfer Service Scheme (MTSS), RBI directed them to bring this to the notice to sub-agents as well and ensure the adherence to the guidelines.

The RBI had taken several initiatives in the last few weeks to arrest the fall of the rupee against the dollar.

The Indian currency has been declining continuously since March and touched a historic low of 56.38 to a dollar last month.

The rupee, on Saturday, closed down by a whopping 48 paise at 55.42 against dollar amid spurt in demand for the US currency after Fitch’s downgrade of Spain worsened the eurozone crisis.

MTSS is a quick and easy way of transferring personal remittances from abroad to beneficiaries in India. Only personal remittances such as remittances towards family maintenance and remittances favouring foreign tourists visiting India are permissible.

The system envisages a tie-up between reputed money transfer companies abroad and agents in India who would disburse the funds to the beneficiaries at ongoing exchange rates.

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Agencies
June 16,2020

As the Indian workforce navigates a shrinking job market in lockdown times, two in five professionals believe that the number of jobs and scheduled interviews will decrease in the next two weeks, a new LinkedIn survey said on Tuesday.

The news comes as bittersweet for Indian professionals as more than one in three stated they will now spend more time working on their resumes and preparing for interviews.

Professionals from healthcare, manufacturing and corporate service industries anticipate a decrease in personal spending and personal investments in the next six months, according to the findings of the fortnightly LinkedIn Workforce Confidence Index based on responses from 2,903 professionals in the country.

This findings showed that while India's overall confidence remains steady, the country's confidence in jobs is beginning to trend downward.

However, employees at large enterprises (firms with over 10,000 workers) are more confident about the future of their employers when compared to their peers from mid-market and SMB companies.

The findings showed that 41 % of enterprise professionals think their companies will do better in the next six months, while 63 % think their companies will be better off one year from now.

However, "the enterprise professionals are least confident about the future of their jobs, finances and careers, when compared to their SMB and mid-market peers".

The findings showed that 52 % of healthcare, 48% of corporate services, and 41 % of manufacturing professionals anticipate a decrease in investments in the next 6 months.

Over the past three months, many organizations have shifted to a remote working model to circumvent the pandemic and ensure business continuity.

Three in five marketing professionals feel confident about being effective when working remotely, joined by more than half of project management and engineering professionals, who are also confident about the effectiveness of remote working.

In contrast to this optimism, only 39 % of HR, 36% of finance, and 31 % of education professionals think they would be effective when working remotely, said the survey.

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News Network
January 9,2020

New Delhi, Jan 9: JNU students who tried to march towards the Rashtrapati Bhavan on Thursday protesting the violence on the university campus were stopped by police and later detained.

The police also resorted to baton charge to control the mob who tried to block the traffic at Janpath. Using loudspeakers, the police also appealed to the crowd to maintain peace.

Before the students tried to proceed towards the Rashtrapati Bhavan, a delegation of JNU Students' Union and JNU Teachers' Association also met Human Resource Development (HRD) Ministry officials and demanded the removal of Vice-Chancellor M Jagadesh Kumar from his post.

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News Network
May 20,2020

New Delhi, May 20: With 5,611 new cases reported in the last 24 hours, India's COVID-19 tally reached 1,06,750 on Wednesday, according to the Union Ministry of Health and Family Welfare.

As many as 140 deaths have been reported in the last 24 hours, taking the total number of deaths to 3,303.

Out of the total cases, 61,149 are actives cases and 42,298 patients have been cured/discharged/migrated.

Maharashtra continues to remain the worst-affected state with 37,136 cases, followed by Tamil Nadu (12,448 cases), Gujarat (12,140 cases), and Delhi (10,554 cases).

The nationwide lockdown imposed as a precautionary measure to contain the spread of coronavirus has been extended till May 31.

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