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11 June
11 June
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inTeRnaTionaL
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economy, Banking & Finance
This proposed company will be modelled on the Computer Maintenance Corporation of India (CMC), which took over the
maintenance of IBM installations at over 800 locations around the country, and subsequently, maintenance of computers
supplied by other foreign players. CMC had changed from a hardware maintenance company to a complete end-to-end IT
solutions provider before it was privatised with the Tatas buying a majority stake in the 1990s.
At present, he networks of India’s largest firms—Bharti Airtel, Reliance Communications (RCOM), Vodafone, Tata Tele and
Idea—are being managed by international equipment suppliers such as Ericsson, Nokia Siemens, Huawei or Alcatel-Lucent.
RCOM has outsourced its GSM network management to China’s Huawei while Loop Telecom has tied up with another Chinese
firm, ZTE, for its GSM rollout across India.
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Govt raises support price
for pulses to perk up
production
To promote pulses production,
centre has raised their minimum
support price by between 14 and
30 per cent even as it effectively
pegged the support price for
paddy at the same level as last
year. THE government on
Thursday raised the minimum
support price of paddy by Rs 50
per quintal to Rs 1000 per quintal
in what may push up its food
subsidy bill, pegged at Rs 5
5,578.18 crore in the current
fiscal.
The Cabinet Committee on
Economic Affairs, presided by the
Prime Minister, Dr Manmohan
Singh, went beyond the
recommendations of the
Committee for Agricultural Costs
and Prices (CACP) in raising the
MSP for pulses, particularly for
arhar (tur).The CACP had
recommended an MSP of Rs
2,800 a quintal for arhar against
Rs 2,300 last year. But, the
Government decided to fix it
higher at Rs 3,000, an increase of
roughly 30 per cent. The MSP for
moong has been raised by nearly
15 per cent to Rs 3,170 and that of
urad of the same order to Rs
2,900.
The Agriculture Ministry has
estimated the production of
pulses at 14.77 million tonnes
against 14.57 million tonnes. In addition, at least four million tonnes have been imported. Hike in support price would lead to
higher acreage under pulses and thus improve availability in the coming season. The government procured 33 million tonne rice
last year.India’s total rice production is around 98 million tonne. Pulses were a major contributor to the inflation with prices
rising 31 per cent, contributing significantly to the overall annual food inflation that touched16.74 per cent for the week ended
May 28. With regard to pulses, India holds a unique record of being the largest producer, importer and consumer in the world.
In addition, an incentive of Rs 5 a kg for tur, urad and moong will be given if they are sold to the procurement agencies during
the harvest/arrival period of two months.
The Union Cabinet also approved the extension of cotton seed’s validity as an essential commodity beyond the initial period of
six months by another six months from June 22, 2010, onwards.
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Banks need okay to deal with politically exposed people
THE Reserve Bank of India (RBI) has said banks should obtain senior management approval to continue business relationship
with an existing customer who has subsequently become a politically exposed person and that banks should conduct customer
due diligence (CDD) on politically exposed people (PEP). The central bank has also said banks should apply enhanced CDD to
customers who are close relatives of PEPs, and accounts of which a PEP is the ultimate beneficial owner.
Banks have to conduct proper know your customer (KYC) to avoid being used for money laundering and financing of terrorism.
In the past, banks had been asked to follow risk management procedures on continuous basis for PEP accounts.
RBI has defined politically exposed persons as those individuals who are, or have been, entrusted with prominent public
functions in a foreign country such as heads of states or of governments, senior politicians, senior government or judicial or
military officers, senior executives of state-owned corporations or important political party officials. RBI had advised banks
to gather information on any person of this category desiring to do business with the bank and check all the information
available on theperson in the public domain.
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SPoRTS
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