[ad_1]
Current account deficit likely to narrow in 2023: RBI’s January bulletin
Lead indicators suggest that domestic current account deficit (CAD) is likely to reduce in 2023, while macro-economic stability has received a boost from inflation being brought back to the official tolerance band, according to the Reserve Bank of India’s (RBI’s) January 2023 Bulletin. “With the merchandise trade deficit reaching an all-time high of $83.5 billion in a quarter, and a rise in net outgo from the income account, the current account deficit increased to 4.4 per cent of GDP in Q2FY23,” the State of the Economy article in the Bulletin said. Read more…
Individual insolvency misuse by personal guarantors in govt cross hairs
The Ministry of Corporate Affairs (MCA) has taken a strict view of the misuse of individual insolvency by some personal guarantors, proposing that they not be allowed any moratorium period when they file for insolvency, in the latest draft amendments to the Insolvency and Bankruptcy Code (IBC). The MCA has said that the move has been suggested to remove perverse incentives of applying for individual insolvency. There were concerns regarding the misuse of initiation of the individual insolvency resolution process by personal guarantors to take advantage of the interim moratorium, it said. Read more…
Bank of England in talks to defer deadline for CCIL de-recognition
In recent talks with foreign banks operating in India, Bank of England (BoE) is said to be strongly considering deferring the de-recognition of the Clearing Corporation of India (CCIL), with the overseas regulator mulling at least a two-year extension of the deadline, sources said. “It seems very likely that the June 30 deadline that was given by BoE will now be postponed, based on the latest discussions with overseas regulators. That could also put some pressure on the ESMA (European Securities and Markets Authority) regarding the issue,” a source aware of the developments told Business Standard. Read more…
Vedanta to sell its foreign zinc assets to Hindustan Zinc for $2.98 bn
Metals and mining major Vedanta on Thursday said that its board had approved the sale of its international zinc assets in South Africa and Namibia to subsidiary Hindustan Zinc (HZL) for $2.98 billion. In a disclosure to the stock exchanges, Vedanta said the transaction would be an all-cash deal, which would be completed in a phased manner over 18 months. The deal is subject to regulatory approvals, including shareholders’ nod, Vedanta said. Read more…
Gems and jewellery exporters feel the heat of govt curbs on gold imports
A 75 per cent dip in gold imports in December, triggered by government’s efforts to curb non-essential imports, led to contraction in India’s overall imports for the first time in 25 months, while a resultant supply constraint of gold contributed to a 15 per cent decline in gems and jewellery exports. Gold imports dropped to $1.2 billion in December while gems and jewellery exports stood at $2.5 billion. Read more…
[ad_2]
Source link
