Employment News 20 August 2013

Employment News 20 August 2013 , Part 2 WWW.BAMURA.COM

Interest Rates Of Banks

Dena Bank  raised interest rates on NRI deposits of over three years by 1 per cent, days after the Reserve Bank deregulated interest rates on such deposits.

The increased interest rates would be applicable on fixed deposits Foreign Currency Non-Resident Bank [FCNR (B)] by NRI in the US dollar, pounds, euro, Japanese yen, Canadian dollar and Australian dollar.

The fixed deposits between 3-4 years in US dollar would attract 4.78 per cent as compared to 3.78 per cent. Similarly, 4-5 years term deposit would earn 5.17 per cent against 4.17 per cent, it said.

For 5 years, term deposit the new interest rate would be 5.56 per cent as against 4.56 per cent valid up to November 30, 2013.

Union Bank of India said it will review lending rates within 10 days amid rising cost of fund and stress on margin.

ICICI Bank, the country's largest private sector bank, has kept its minimum lending rate steady at 9.75%.

Last week, the bank increased its domestic term deposit rates in select maturities by 50-75 basis points.

HDFC had raised its deposit rates on maturities ranging from seven days to six months by 100 bps. Axis Bank, its peer, had also increased short-term deposit rates by 50-225 basis points.


Axis Bank raises base rate by 25 bps to 10.25%

First BRICS Business Council meets in South Africa

Business leaders from Brazil, Russia, India, China and South Africa (BRICS) are meeting here Monday to identify specific measures to eliminate barriers to growing trade and investment.

Prominent business leaders from 19 other African countries are also taking part in the first BRICS Business Council meeting at the Sandton Convention Centre.

The Council was established by the BRICS heads of state and government during their summit in Durban in March 2013, to develop and grow business, trade, manufacturing and investment ties amongst the group countries and between them and Africa.

Council chairperson Patrice Motsepe said the two-day meeting would identify specific measures and initiatives to increase trade, business, manufacturing and investment ties among member-countries.

The meeting will identify specific measures and initiatives to increase trade, business, manufacturing and investment ties amongst the BRICS countries and between the BRICS countries and Africa.

Zuma has described the establishment of the BRICS Business Council as a key measure to further increase intra-Brics trade and investment.

The Council would serve as a platform to strengthen and promote economic, trade, business and investment ties amongst the business communities of the five BRICS countries.

RBI's capital green cardof rich Indians

Countries such as the US, UAE, Australia, Bahamas, Spain, Mauritius and parts of Canada offer permanent residency and fast-track green card to those who invest in businesses or property there.

The US EB 5 visa offers a fast-track green card if one invests $500,000 in a business.

The central bank reducing the limit for remittances made by individuals to $75,000 from $200,000 per financial year and banning the purchase of property outside India

Harshwanti Bisht selected for Sir Edmund Hillary Mountain Legacy Medal 2013

Professor of economics, conservationist and mountaineer Harshwanti Bisht was selected on 12 August 2013 to receive the Sir Edmund Hillary Mountain Legacy Medal.

The award is presented for remarkable service in the conservation of culture and nature in mountainous regions.

The medal both recognizes Sir Edmund Hillary's own service on behalf of mountain people and their environment and also encourages the continuing emulation of his example. 

In 2003 the Sir Edmund Hillary Mountain Legacy Medal was initiated by unanimous resolution of the Namche Conference: Parks, People and Mountain Tourism.

Harshwanti Bisht, Rekha Sharma and Chandra Prabha Aitwal were the first three women to summit the main peak of Nanda Devi (7816m) in 1981. 

Bisht was also a part of the Indian expedition to Mt. Everest, in 1984.

Aadhaar biometric information may be used for passports

Biometric information is already captured for the unique ID cards. 

It means people who use their UID card for KYC (Know Your Customer) can skip the queue for biometrics at the passport centre," said a senior official from UIDAI. 

The Aadhaar card is already valid address and identity proof for passports.

The e-KYC allows individuals to authorize service providers to receive an electronic copy of their proof of identity and address that was given for the UID card. Only demographic information (name, address, date of birth, gender and mobile number) collected during Aadhaar enrolment will be shared at the request of and/or with the consent of the Aadhaar user. 

The person can authorize UIDAI to release the KYC data either in person (through biometric authentication) or online through a one-time password (that can be sent to a phone number or email).

Book Named My Journey: Transforming Dreams into Actions by Dr. APJ Kalam(by missile man , Former President ) Launched

As Transforming Dreams into Actions by former President of India, Dr. Avul Pakir Jainulabdeen Abdul Kalam (APJ Abdul Kalam, for short) was launched in the month of August 2013 by the Rupa Publication.

The book focuses on series of anecdotes and profiles of determination, courage as well as desire to excel of APJ Abdul Kalam.

In his book, Dr. Kalam talked about lessons which he learnt from interaction with the people. 

The book describes about accounts of Dr. Kalam in the small town nearby the Bay of Bengal. It also focuses on the struggles of the former president in becoming the scientist and then the President of India. 

In his book, Dr. Kalam wrote about his dejection as well as failures and that how he overcame these failures.

Facebook founder Mark Zuckerberg's account was hacked by a security researcher Khalil Shreateh after the social network ignored his warnings that a glitch in the site allowed anyone to post on a stranger's wall.

Shreateh hacked the Facebook timeline of the CEO by breaking the rules and posting on Zuckerbergs's wall.

Ban on duty-free import of TVs

Government's decision to ban duty-free import of high-end flat screen plasma TVs will come as a relief for consumer electronics and appliances.

This notification will come as a relief for the industry, since the significant import of Panel TVs as baggage, will now give way to an increase in local demand," Consumer Electronics and Appliances Manufacturers Association (CEAMA) President Anirudh V Dhoot said in a statement.

As per CEAMA's estimates, the state exchequer was losing around Rs 750 crore due to import of TVs as hand baggage.

Private sector power promoters IPPAN to host Power Summit 2013 in Nepal

In Nepal, the private sector power promoters, Independent Power Producers Association (IPPAN) is to host the Power Summit 2013 on the 26th and 27th of this month.

Addressing a press conference in Kathmandu, President of IPPAN, Subarna Das Shrestha said, the two day Summit will critically review the performance of the domestic sector since 2006 and what needs to be done to speed up development of the hydropower sector in the country. 

He added that only 180 MW have been added in the past seven years while there are seventy projects in different stages of construction.

While the Vice President of IPPAN, Khadga Bahadur Bista said, the conference would focus on why the hydro sector has not been able to take off and the hurdles and the obstructions that need to be removed.

While Nepal is said to have potential to produce 83,000 megawatts of power, less than 800 MW have been tapped, leading to long power outages and affecting running of industries and leading to high production costs.

The stake-holders from Brazil, China, Norway, USA, Czech Republic, France, India and Norway, among other countries are expected to take part in the Summit.