The World Opinion

Category: Economy

  • Bank Holiday On Eid-Ul-Fitr 2024: Financial Institutions Open Tomorrow? Check Here | Personal Finance News

    New Delhi: According to the Reserve Bank of India (RBI) holiday list, banks in certain states will remain closed on Thursday in observance of Ramzan-Id (Eid-Ul-Fitr). This follows a series of consecutive holidays from April 9 to April 14 for various festivals including Gudi Padwa, Ugadi, Telugu New Year, Bohag Bihu, and Eid.

    Holiday Schedule

    April 13, falling on the second Saturday of the month, typically sees banks closed, and April 14 is a Sunday. In some states, April 15th is a bank holiday for Bohag Bihu, and April 16th is a bank holiday for Ram Navami. (Also Read: Stock Market Holiday On Eid-Ul-Fitr 2024: Check Whether NSE, BSE, Open Or Not)

    Customers are advised to verify holiday schedules with their nearby bank branches to avoid any confusion or inconvenience. (Also Read: ‘This Salary Equal To IT Companies’: Users On Viral Job Posting At Momo Shop)

    Eid Al-Fitr

    Eid al-Fitr begins when the crescent moon is seen, starting the month of Shawwal in the Islamic calendar. Since lunar months are usually 29 to 30 days long, Muslims wait until the evening before Eid to confirm its date.

    Celebrations Across States

    While Eid celebrations are scheduled for April 11 in Delhi, Hyderabad, and Lucknow, in Kerala, Ladakh, and Jammu and Kashmir, Eid was celebrated on April 10 as the crescent was sighted a day earlier in these states.

    Bank Holidays In States

    On April 11, banks are closed in most states except Chandigarh, Sikkim, Kerala, and Himachal Pradesh. Further closures are scheduled on April 13 for Bohag Bihu, Cheiraoba, Baisakhi, and Biju Festival in Tripura, Assam, Manipur, Jammu, and Srinagar.

    On April 15, banks in Assam and Himachal Pradesh will remain closed for Bohag Bihu and Himachal Day, respectively. Additionally, on April 16, banks in multiple states will observe closure for Shree Ram Navami.

    RBI’s Classification Of Bank Holidays

    The RBI has sorted bank holidays into three types: Negotiable Instruments Act Holidays, Real-Time Gross Settlement (RTGS) Holidays, and Bank Account Closing Holidays.

  • Jawa Yezdi Unveils 2024 Perak, 42 Bobber With Fresh Updates; Check What's New

    Both the Jawa Perak and 42 Bobber are powered by the same 334cc, liquid-cooled, single-cylinder motor mated to a six-speed gearbox with a slip and assist clutch

  • Holani Group Receives SEBI Approval For Rs 400 Crores SME-Focused Fund | Companies News

    Holani Venture Capital Fund, a fund promoted by Jaipur-based The Holani Group, has received approval from the Securities and Exchange Board of India (SEBI) for registration of its Alternate Investment Fund, enabling it to operate as an Equity Fund house. This paves the way for the Holani Group’s foray into the realm of fund management and investment. The venture capital fund (VCF) — Holani Venture Capital Fund Category I AIF (Alternate Investment Fund) – is an Indian growth capital private equity fund that is managed and sponsored by Holani Capital Advisors LLP. 

    The fund has now been duly registered under SEBI as Category I AIF – Venture Capital Fund. With SEBI’s green light, the Holani Venture Capital Fund is now empowered to raise and invest Rs 300 crore rupees in the Indian equity markets. The fund also has a greenshoe option to retain an additional Rs 100 crore.

    The Alternative Investment Fund is a special investment category that, unlike the conventional investment instruments, is a privately pooled fund. Holani Consultants Private Limited offers services related to the stock markets and financial consultancy. Reacting to the SEBI approval, Ashok Holani, Director of Holani Consultants, said, “The Holani Ventures Capital Fund is aimed at empowering SMEs and fueling their growth.” 

    The Holani Venture Capital Fund would seek to identify the intrinsic value of investable companies across sectors, including digital technology, hardware, real estate, hospitality, manufacturing, mobility, financial technology, business enablement consumer technology and other emerging technologies. The Fund will have a sector-agnostic strategy.

  • Royal Bank Of Canada Fires CFO For ‘Undisclosed Personal Relationship’ With Colleague

    This relationship raised concerns of potential preferential treatment including favoritism in promotions and salary raises.

  • Govt Bonds Worth Rs 30,000 Crore To Come Up For Auction On April 12; Check Bidding Tminings | Economy News

    New Delhi: The Finance Ministry on Monday announced the sale of government bonds worth Rs 30,000 crore in three different categories that will be put up for auction by the RBI’s Mumbai Office on April 12 (Friday).

    The bonds include 7.32 per cent Government Security 2030 for a notified amount of Rs 11,000 crore through price-based auction using price method, (ii) New Government Security 2039 worth Rs 10,000 crore through yield-based auction using multiple price method, and (iii) 7.30 per cent Government Security 2053 for an amount of Rs 9,000 crore through price based auction using multiple price method.

    The government will have the option to retain additional subscriptions up to Rs 2,000 crore against each of these securities.

    Up to 5 per cent of the notified amount of the sale of the securities will be allotted to eligible individuals and institutions in accordance with the scheme for non-competitive bidding facility in the auction of Government securities.

    Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on April 12, 2024. The non-competitive bids should be submitted between 10:30 a.m. and 11:00 a.m. and the competitive bids should be submitted between 10:30 a.m. and 11:30 a.m.

    The result of the auctions will be announced on April 12 and payment by successful bidders will be on April 15.

    The securities will be eligible for “When Issued” trading in accordance with the guidelines on ‘When Issued transactions in Central Government Securities’ issued by RBI, the Finance Ministry added.

  • Govt Bonds Worth Rs 30,000 Crore To Come Up For Auction On April 12

    The government will have the option to retain additional subscriptions up to Rs 2,000 crore against each of these securities.

  • Road Safety Alert! Record Increase in Drink and Drive Cases in Delhi, Traffic Police Intensifies Campaign | Auto News

    Delhi has witnessed a sharp rise in cases of drunk driving in just three months, leading to concerns about road safety. The Delhi Traffic Police has responded by intensifying its campaign against this dangerous behavior, aiming to educate and enforce road safety rules more effectively.

    Rising Cases and Areas Affected

    The first quarter of 2024 has seen a record increase in ‘drink and drive’ cases, with an alarming average of 72 cases registered daily. The total number of cases reported between January 1 and March 31, 2024, stands at a staggering 6,591, marking a significant rise compared to previous years. Notably, areas like Rajouri Garden, Samaypur Badli, and Mehrauli have recorded the highest number of drink and drive cases, highlighting the widespread nature of this issue.

    Police Response and Concerns

    Special Commissioner of Police HGS Dhaliwal, responsible for Traffic Zone 2, expressed deep concern over these figures. He emphasized the dangers posed by drunk driving not only to the driver but also to passengers, pedestrians, and other road users. Impaired decision-making and reduced reaction times due to alcohol consumption significantly increase the risk of accidents, underscoring the need for strict enforcement and awareness campaigns.

    Intensified Campaign and Measures

    In response to the surge in cases, the Delhi Traffic Police has stepped up its efforts to combat drink and drive incidents. More checkpoints have been set up, and breath analyzer tests have been increased to detect and deter offenders. Additionally, the police have urged the public to report any instances of drink and drive immediately, emphasizing collective responsibility for road safety.

  • New Zealand Implements Immediate Work Visa Restrictions With New Rules; Check Out Key Changes | Personal Finance News

    New Delhi: New Zealand is taking proactive steps to ensure that its immigration policies are in line with its economic requirements and to address issues of migrant exploitation. Immigration Minister Erica Stanford has introduced swift changes to the Accredited Employer Worker Visa (AEWV) scheme. 

    The changes involve implementing an English language criterion for low-skilled positions and establishing a minimum skill level and work experience standard for the majority of employer-sponsored work visas. Furthermore, the maximum duration for continuous stay in most low-skilled positions will be shortened from five years to three years. (Also Read: Vodafone Idea Granted Board Approval To Raise Rs 2,075 Crore From Aditya Birla Group)

    Important changes include:

    – Migrants seeking low-skilled positions at levels 4 and 5 are now required to meet English language standards. (Also Read: IPOs This Week: 3 Public Offerings To Hit Market — Check Details)

    – Implementation of minimum criteria for skills and work experience.

    – Mandating employers to consult with Work and Income before gaining approvals for level 4 and 5 positions.

    – Decreasing the maximum duration of continuous stay for such roles from 5 to 3 years.

    – Abolishing the franchisee accreditation category, with businesses now needing to adhere to standard, high-volume, or triangular employment accreditation procedures for hiring overseas workers.

    “The Government is focused on attracting and retaining the highly skilled migrants such as secondary teachers, where there is a skill shortage,” Immigration Minister Erica Stanford said in a statement.

    She further added “At the same time we need to ensure that New Zealanders are put to the front of the line for jobs where there are no skills shortages,”.

    According to the statement, nearly 173,000 individuals migrated to New Zealand last year, nearing a record high. New Zealand has experienced a significant surge in migrant numbers since the pandemic’s end with a population of approximately 5.1 million.

    This growth has sparked worries about inflation. Similarly, Australia, New Zealand’s neighbor, has also witnessed a substantial increase in migrants and announced plans to reduce its migrant intake by half over the next two years. 

  • Over $172 Million In Funding Raised By 30 Indian Startups Last Week | Companies News

    New Delhi: The Indian startups continued to raise funds at a normal pace, and last week, as many as 30 startups secured over $172.71 million in the country. This included eight growth-stage deals and 16 early-stage deals, reports Entrackr.

    “As many as six early-stage startups did not disclose the amount raised,” the report mentioned. About 17 early and growth-stage startups collectively raised around $125.73 million in the week of March 25-30. Among the growth-stage deals, eight startups raised $130.1 million in funding last week. (Also Read: New Zealand Implements Immediate Work Visa Restrictions With New Rules; Check Out Key Changes)

    Ola Electric, led by Bhavish Agarwal, secured the highest amount of debt funding of $50 million. Hyperlocal marketing-to-commerce software platform SingleInterface, NBFC Infinity Fincorp, housing finance company Nivara Home Finance, payment gateway and point of sales provider Innoviti, and digital banking infrastructure firm M2P Fintech secured $30 million, $26 million, $10 million, $4.8 million, and $4.2 million in funding, respectively. (Also Read: Four Of Top 10 Valued Firms Add Rs 1.71 Lakh Cr To Mcap; HDFC Bank, LIC Lead Gainers)

    Moreover, 16 early-stage startups collectively secured $42.61 million in funding. D2C health and wellness brand Traya topped the list followed by full-stack retailer of used two-wheelers BeepKart, AI platform SiftHub, deep-tech startup Planys, and full-stack metal supply-chain platform Metalbook. City-wise, Bengaluru-based startups led with 11 funding deals followed by Mumbai, Delhi-NCR, Chennai, and Hyderabad.

  • Big Setback For States Providing Free Electricity? Power Minister Warns Of Debt Trap | Economy News

    New Delhi: Power Minister RK Singh has warned of a debt trap for states like Punjab using borrowed money to provide free electricity, saying such populist schemes are fine only if a state has finances. Electricity, like any other commodity, involves the cost of generating it, and if a state is to provide it for free to a section of consumers, it also needs to have finances to pay the generating utility.

    If the generating utility isn’t paid, electricity will not be produced in the first place. In an interview with PTI, Singh said he has been telling states that electricity is not free. (Also Read: Zomato Bag, Swiggy Shirt, Zypp Helmet: Can You Guess From Which Company The Delivery Man Is?)

    “If any state wants to give free power to any category of people, they can go ahead and do so, but you have to pay for it”. (Also Read: 7th Pay Commission: Central Govt Revises Employees’ Allowances — Read In Detail)

    However, states with already high debt are resorting to such populist measures, forcing them to borrow more to pay generating utilities, resulting in a debt trap.

    “You should not be bringing your state to a situation where it falls into a debt trap. Many of the states are close to debt traps because of freebies,” the minister said.

    Asked to name states that do so, the bureaucrat-turned-politician said, “For example Punjab”. Since coming to power in Punjab in 2022, the Aam Aadmi Party (AAP) government has taken several populist measures, including free power up to 300 units per household.

    Punjab borrowed as much as Rs 47,000 crore in the first two years of the AAP government, adding to the already high debt of the state. This has strained finances where a good part of the tax revenues earned went into paying interest and principal of the previous borrowing.

    “Many of these states are close to debt trap,” Singh said. He explained further that states are borrowing to give freebies so that they can stay in power, and the burden is being shifted onto the succeeding generations.

    For future generations, there will be no money for roads, building hospitals, and schools because whatever revenues will come will go into repayment of loans, he added.