Retain CCTV footage from Nov 8-Dec 30: RBI to banks -The Total Investment & Insurance Solutions

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13 December 2016

The Reserve Bank of India on Tuesday asked banks to retain their CCTV recordings of branch operations and currency chests between November 8 and December 30, to deal with any unlawful activities. The Total Investment & Insurance Solutions

"The banks are advised to preserve CCTV recordings of operations at bank branches and currency chests for the period from November 8 to December 30, 2016, until further instructions," the RBI said in a statement. The Total Investment & Insurance Solutions

It said this was necessary "to facilitate coordinated and effective action by the enforcement agencies in dealing with matters relating to illegal accumulation of new currency notes". The Total Investment & Insurance Solutions

The apex bank had earlier issued a notification on October 27, prior to demonetisation, asking the banks to cover the banking hall/area and counters under CCTV surveillance and record to facilitate identification of people abetting circulation of counterfeit notes. The Total Investment & Insurance Solutions

The government has kept December 30, as the last date to deposit the demonetised Rs 500 and Rs 1,000 notes.The Total Investment & Insurance Solutions

Old notes worth Rs12.44 lakh cr deposited till Dec 10: RBI -The Total Investment & Insurance Solutions

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13 December 2016

The Reserve Bank of India (RBI) on Tuesday said that Rs 12.44 lakh crore of demonetised Rs 500 and Rs 1,000 notes have been deposited by the public since the demonetisation announced on November 8. The Total Investment & Insurance Solutions

Notes worth Rs 12.44 lakh crore have been deposited till December 10, while the central bank has been issuing "more and more notes" on a daily basis, said Deputy Governor S.S. Mundra. The Total Investment & Insurance Solutions

"We have been issuing more and more notes on a daily basis. RBI has printed 1.8 bn notes of Rs 2,000 and Rs 500. It has printed 20 billion of smaller denomination notes," he said. The Total Investment & Insurance Solutions

The RBI also said that it has instructed the banks to do central data checking and take action against officials found involved in unlawful activities. The Total Investment & Insurance Solutions

"Banks have taken action against errant officials. Banks must investigate when the data is suspicious," he said. The Total Investment & Insurance Solutions

Mundra said that a junior RBI official has also been suspended and due action will be taken in the matter.

"We have suspended a junior RBI official after dubious transaction issue. All the banks as well as RBI are having an institution of whistle blowers. It is a due process that will be undertaken. Due action has been initiated," he added. The Total Investment & Insurance Solutions

However, he also praised the banking industry for carrying out the "good work" since demonetisation. The Total Investment & Insurance Solutions

Rs 2,000 note stopgap arrangement: Gurumurthy-The Total Investment & Insurance Solutions

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13 December 2016

RSS ideologue S. Gurumurthy on Monday said the newly issued Rs 2,000 currency note is a "stopgap arrangement" to tide over the cash crunch after demonetisation, and it will ultimately be withdrawn by the government, albeit gradually. The Total Investment & Insurance Solutions

Gurumurthy, who is said to be in the loop all through the demonetisation process, said in an interview with India Today news channel that the Rs 2,000 note was introduced only to meet the demand-supply gap after Rs 500 and Rs 1,000 notes were sucked out of circulation.

He said the banks would be asked to hold back Rs 2,000 notes and replace them with lower denomination notes. The Total Investment & Insurance Solutions

"Obviously, the banks will be told not to return Rs 2,000 notes they receive. Slowly, the banks will accumulate Rs 2,000 notes and replace them with lower denomination notes," said Gurumurthy, a prominent member of the Rashtriya Swayamsevak Sangh-backed think tank Vivekananda International Foundation. The Total Investment & Insurance Solutions

He said the government would be phasing out Rs 2,000 notes and not demonetising them. 

"We have phased out many series of notes like this in the past," he said.

Gurumurthy said the government was committed towards lower denomination currency.

Gurumurthy's remarks came after the government's contradictory stand that it was demonetising Rs 1,000 notes since higher denomination currency encouraged black money, but instead introduced Rs 2,000 note. The Total Investment & Insurance Solutions

Defending the Narendra Modi government's decision to demonetise Rs 500 and Rs 1,000 currency notes, in a separate interview to CNN-News18 channel, Gurumurthy said the move has been successful in achieving its objective, which was to "record the unrecorded roaming cash". 

"The objective of demonetisation is to record the unrecorded roaming cash. That is the first objective and then you'll find out whether somebody has defrauded and made use of it," he said.

"What these unrecorded money is doing to the economy, that is being stopped. According to me, that is the most important issue," he said.The Total Investment & Insurance Solutions

India's November retail inflation eases-The Total Investment & Insurance Solutions

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13 December 2016

India's annual retail inflation eased last month to 3.63 per cent from 4.20 per cent in October and 5.41 per cent reported during the corresponding period last year, official data showed on Tuesday. The Total Investment & Insurance Solutions

According to Consumer Price Index (CPI) data released by the Central Statistics Office (CSO), the fall in retail inflation was mainly due to a drop in the annual food inflation -- to 2.11 per cent in November from 3.32 per cent in October. The Total Investment & Insurance Solutions

The CPI data revealed that the annual retail inflation for rural India was 4.13 per cent while that for the urban centres was 3.05 per cent. The annual food inflation was 2.87 per cent in rural areas and 0.75 per cent in the urban conclaves. The Total Investment & Insurance Solutions

Nifty, Sensex lacking strength: Tuesday closing report-The Total Investment & Insurance Solutions

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13 December 2016

Amidst high volatility, benchmark indices gained strength in late trade on Tuesday, with the Nifty ending above 8,200 level ahead of the upcoming policy meeting of US Federal Reserve that will begin tonight. The 30-share BSE Sensex jumped 182 points to 26,697 and the 50-share NSE Nifty rose 51 points to 8,221. The US Federal Reserve is widely expected to hike interest rates, which, if happens, will lead to outflow of foreign funds from emerging markets, including India. The Total Investment & Insurance Solutions

The trends of the major indices in the course of Wednesday’s trading are given in the table below: The Total Investment & Insurance Solutions

Major Indices (The Total Investment & Insurance Solutions)

Earlier in the day, the Asian Development Bank (ADB) slightly lowered its 2016 growth forecast for developing Asia, reflecting slower-than-expected expansion in India. The new estimate for India has been adjusted to 7.0% from 7.4% due to weak investment, agricultural slowdown and the government's recent demonetisation. The Total Investment & Insurance Solutions

Coming back to Indian markets, in the midcap and smallcap segments, the S&P BSE Miscalculation index closed 0.43% down at 12,341 while the S&P BSE smallcap index closed at 12,222, marginally down. The India VIX (Volatility) index was down 1.66% at 15.9225.

The Indian Rupee was trading at 67.49 per US dollar. Gold was trading at Rs27,532 per 10 grams and silver was trading at Rs41,491 per kg. Gold downfall continues and it closes at par with Monday's closing, the primary reason for the downfall being the nearing US Federal Reserve Monetary Policy announcement. The Total Investment & Insurance Solutions

In the sectoral landscape, auto stocks gained the most pushing S&P BSE Auto index to 20,306.41, up 0.98%, with Tata Motors, Bharat Forge and Mahindra & Mahindra contributing the most to the rally. Tata Motors rose as much as 5% intraday after unnamed entity bought about five crore shares of the company in a block deal. 

Energy stocks rose with oil retailer Bharat Petroleum Corp leading the gains. Bharat Petroleum gained as much as 2.30%, after Monday's 3.6% fall due to a jump in crude prices. Natco Pharma has launched generic Tamiflu capsules, used for the treatment of influenza, in the American market after the final nod from the US health regulator in August 2016.

The top gainers and top losers of the major indices are given below:

 

Top Gainer (The Total Investment & Insurance Solutions)

China stock market rebounded on solid retail sales and factory output data, a day after it dropped to one-month low. The blue-chip CSI300 index fell 0.1% to 3,405, while the Shanghai Composite Index rose 0.1% to 3,155 points. Hong Kong shares ended slightly higher but the gains were limited as investors were cautious ahead of a Federal Open Market Committee (FOMC) meeting. European stocks opened flat.

The closing values of the major Asian indices are given in the table below:The Total Investment & Insurance Solutions

Asian Indices (The Total Investment & Insurance Solutions)

If we release data, it will create 'chaos' in India: Legion -The Total Investment & Insurance Solutions

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12 December 2016

The hacker group "Legion" that broke into the Twitter accounts of the Congress Party, its Vice President Rahul Gandhi, controversial liquor baron Vijay Mallya and now TV journalists Barkha Dutt and Ravish Kumar has finally come out in the open. The Total Investment & Insurance Solutions

In an interview with The Washington Post on Monday -- through an encrypted instant-messaging software, "Legion" said the group has access to servers like that of Apollo Hospitals and it was unsure about releasing data from those servers because it might cause "chaos" in India.

"Legion wasn't even interested in 'political data' until a few weeks ago. ...the group was in possession of several terabytes of raw data concerning all sorts of 'interests' and that within that trove the hackers had identified gigabytes worth of information relating to Indian public figures," the report quoted the user marked LC from "Legion Crew" as saying.

"When I asked him how they came into possession of so much data, he was vague, and said they just ended up with access to over 40k+ servers in India, 'and we decided -- hey, why not write a tool to sift through them for interesting data'," said Max Bearak who writes about foreign affairs for the Washington Post. The Total Investment & Insurance Solutions

"He said the data was choosing the targets for them, not the other way around. Whatever they were finding, they aimed to release. From Dutt's Twitter account, they shared a link to a 'partial' data dump of approximately 1.2 gigabytes of her emails," Bearak said.

"Legion" has warned that their next target is former IPL Chairman Lalit Modi.

"As for upcoming targets, LC indicated that he and his fellow hackers had their sights set on bigger things," the report said. The Total Investment & Insurance Solutions

"Then again, he said, the hacking was taking away from precious time he'd rather spend doing drugs and making electronic music... He said he particularly disliked spending time in India's capital, New Delhi, and suggested that he might try to go to Russia -- to do some more drugs," it added.

As they hacked the Twitter accounts from India, the group sought public support claiming that they will be doing more such cracking in the coming weeks. The Total Investment & Insurance Solutions

"People and brothers who support the cause - Join us! Email us at legion_group@sigaint.org. We require info on f***tards like this one," a tweet said earlier. The Total Investment & Insurance Solutions

"Support Legion. We will bring you the info needed to bring these criminals to justice," it said.

"This is just a partial dump. More data will be coming over the course of a few days ;) We are Legion," another tweet from the shadowy group said.The Total Investment & Insurance Solutions

'False and malafide' rumours add to Axis Bank's woes -The Total Investment & Insurance Solutions

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12 December 2016

The reputation of Axis Bank, the third largest private sector lender in India, has been receiving a daily battering on account of the large number of seizures of new currency due to the complicity of its managers. However, things have gone beyond a loss of reputation with a local newspaper speculating that it faced regulatory action and a "possible revoking of its licence".  Axis Bank officials have slammed the report as 'false and malafide'.  However, social media seems to be amplifying the report. Fortunately, for the banks, the three-day holiday has given it an opportunity to initiate corrective action and inform the public before Tuesday. The Total Investment & Insurance Solutions 

Further, in a regulatory filing, Axis Bank says, "...we strongly deny the contents of the said article and we reiterate that the Bank has strong systems and controls as per the norms prescribed by the Reserve Bank of India (RBI). We firmly believe that the said news is intended to spread panic amongst the general public, demoralise the staff and damage the reputation of the Bank."

The statement by Axis Bank was in response to a report on Saturday in local Hindi daily Dopahar that suggested the lender could lose its licence over alleged money laundering activities involving the suspended employees. The Total Investment & Insurance Solutions

Meanwhile according to a report from the Economic Times, the Bank has "temporarily suspended the accounts of some bullion dealers as part of 'enhanced due diligence' to stamp out any attempt to legalise unaccounted wealth following the demonetisation announced on 8th November".

Stung by accusations that its employees have been involved in laundering black money, the lender had suspended about 19 employees over alleged breach at one of its branches. Last week, the Income Tax Department unearthed 44 fake accounts during a raid at the Axis Bank branch in central Delhi, where it is alleged that about Rs100 crore were deposited in these accounts after the demonetisation announcement on 8 November 2016. The Total Investment & Insurance Solutions  

On Monday, Axis Bank closed 2.6% down at Rs444 on BSE, while the 30-share Sensex ended the day marginally down at 26,515. The Total Investment & Insurance Solutions

Seperately, the RBI has clarified that it had not initiated any action against Axis Bank for cancellation of its license, as held by some media reports, in wake of some officials found to be involved in violative activities post-demonetisation. The Total Investment & Insurance Solutions

"The Reserve Bank of India (RBI) has not initiated any action to cancel the banking licence of Axis Bank in the wake of certain allegations about some serious irregularities in transactions relating to deposit/exchange of specified bank notes in a few branches of the bank," the central bank said in a statement.The Total Investment & Insurance Solutions

Army pitches in to help at Dewas currency printing press The Total Investment & Insurance Solutions

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12 December 2016

The Army has pitched in to help out the Bank Note Press, which is working round the clock to deal with the cash crunch across the country following demonetisation, officials said on Monday.

The Army's help will also be taken for distribution of the notes around the country, said Bank Note Press (BNP) sources. The Total Investment & Insurance Solutions

According to the sources, 200 men of the Grenadier Regiment arrived here from Gwalior on Sunday to help out at the press. The Total Investment & Insurance Solutions

The press, which has a daily capacity of two crore notes, is at this time solely engaged in printing the new Rs 500 notes, with all other denominations stopped. The Total Investment & Insurance Solutions

According to the sources, even retired personnel have been asked to help out at the press which is working around the clock, and the Army's help was sought due to shortage of personnel to man the press round the clock. The Total Investment & Insurance Solutions

The press at Dewas is among the four in the country where bank notes and currency notes are printed. The others are at Nashik (Maharashtra), Salboni (West Bengal) and Mysuru (Karnataka).

The presses at Dewas and at Nashik are owned by the central government through the Security Printing and Minting Corporation of India Ltd, and their yearly currency printing capacity is around 40 per cent of the total in the country.The Total Investment & Insurance Solutions

Tata Industries remove Cyrus Mistry as Director at EGM -The Total Investment & Insurance Solutions

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12 December 2016

Cyrus P Mistry was on Monday removed from the Board of Tata Industries Ltd as Director during an extraordinary general meeting (EGM) of shareholders. The Total Investment & Insurance Solutions

Tata Sons Ltd, the holding company of Tata Group had said that it was compelled to propose the removal of Mistry as the chairman and director of all Tata Companies by convening Extraordinary General Meetings of shareholders that have been scheduled for later this month. The Total Investment & Insurance Solutions

An increasingly bitter corporate war has erupted after Mistry's abrupt ouster as Tata Sons chairman on 24 October 2016, nearly four years in December 2012 after he took over from Ratan Tata, who has been re-appointed as an interim chairman.The Total Investment & Insurance Solutions

Below 8080, Nifty to head lower - Monday closing report-The Total Investment & Insurance Solutions

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12 December 2016

I had mentioned in the Friday’s weekly closing report that Sensex and Nifty rally may stall soon. Profit booking, risks of upcoming global economic events and negative domestic cues pulled the Indian equities markets lower on Monday. The key indices provisionally closed the day's trade with losses of around a per cent each, as selling pressure was witnessed in automobile, banking and oil and gas stocks. The wider Nifty of the National Stock Exchange (NSE) slipped by 90.95 points or 1.10 per cent to 8,170.80 points. The Sensex touched a high of 26,725.31 points and a low of 26,468.59 points during the intra-day trade. The Total Investment & Insurance Solutions

The trends of the major indices in the course of Wednesday’s trading are given in the table below: The Total Investment & Insurance Solutions

 

Major Indices (The Total Investment & Insurance Solutions)

The BSE market breadth was tilted in favour of the bears - with 1,529 declines and 1,103 advances. On Friday, the equity markets were marginally lifted by firm global cues, coupled with short covering and higher crude oil prices. The Total Investment & Insurance Solutions  

Crude oil prices jumped over 4% to their highest level since 2015 after OPEC and other producers over the weekend agreed to jointly reduce output in order to rein in oversupply. After sharp spike in crude oil prices, upstream companies like ONGC gained 1.4 percent but oil marketing companies - HPCL, BPCL and IOC lost 2-4 percent. Even aviation stocks like Jet Airways, SpiceJet & InterGlobe Aviation and paint companies like Asian Paints, Berger Paints & Kansai Nerolac were down 2-5 percent. The Total Investment & Insurance Solutions

Technology stocks were under pressure on fears of stricter norms for H1B visa after US President-elect Donald Trump statement. Infosys, Wipro, HCL Technologies and Tech Mahindra declined 0.4-1 percent while TCS rebounded 0.6 percent after early fall.

Banks, FMCG, auto, metals, and select healthcare and technology stocks were under pressure whereas oil exploration companies gained. Nifty Bank fell 1.6 percent as PNB, Axis Bank, Bank of Baroda, ICICI Bank, HDFC Bank and SBI were down 1-3 percent. State Bank of India started off day on a positive note after the bank sold stake 3.9 percent stake in its insurance subsidiary SBI Life for Rs1,794 crore, but failed to sustain those gains.

The top gainers and top losers of the major indices are given below:

Top Gainer (The Total Investment & Insurance Solutions)

Global markets were cautious ahead of the FOMC meet, which kicks off on Tuesday. The Federal Reserve is widely expected to hike the policy rates by 25 basis points this time. Elsewhere in Asia, China stocks tumbled the most in six months after the country's insurance regulator suspended Evergrande Life, the insurance arm of China Evergrande Group, from conducting stock market investment. Hong Kong stocks fell the most in a month, hurt by a tumble in mainland shares, after Trump's comments on the 'one China' policy raised risk of flaring tension between Beijing and Washington. 

The closing values of the major Asian indices are given in the table below:The Total Investment & Insurance Solutions

Asian Indices (The Total Investment & Insurance Solutions)