The World Opinion

Category: Economy

  • Sovereign Gold Bond 2016 Series II Maturing Today, March 28: Final Redemption Price And Other Key Details | Bullion News

    New Delhi: The Sovereign Gold Bond 2016 Series II, is due for redemption on 28 March 2024, as per Reserve Bank of India (RBI) circular.

    “In terms of GOI Notification F.No.4(19) – W&M/2014 dated March 04, 2016 (SGB 2016 Series II – Issue date March 29, 2016) on Sovereign Gold Bond Scheme, the Gold Bond shall be repayable on the expiration of eight years from the date of the issue of the Gold Bonds. Accordingly, the final redemption date of the above tranche shall be March 28, 2024 (March 29, 2024 being a holiday),” RBI had said in a release.

    The redemption price of SGB shall be based on the simple average of closing price of gold of 999 purity of the week (Monday-Friday), preceding the date of redemption, as published by the India Bullion and Jewellers Association Ltd (IBJA), said the RBI. 

    “Accordingly, the redemption price for the final redemption due on March 28, 2024 (March 29, 2024 being a holiday) shall be ₹6601/- (Rupees Six thousand Six hundred and One only) per unit of SGB based on the simple average of closing price of gold for the week March 18-22, 2024,” the central bank added.

    The first tranche of Sovereign Gold Bond (SGB), initiated in 2015 was available for redemption on on November 30, 2023.

    What is Sovereign Gold Bond Scheme?

    Sovereign Gold Bond Scheme are government securities denominated in grams of gold. They are substitutes for holding physical gold. Investors have to pay the issue price in cash and the bonds will be redeemed in cash on maturity. The Bond is issued by Reserve Bank on behalf of Government of India.

    How Is Sovereign Gold Bond Scheme being sold?

    The bonds will be sold through scheduled commercial banks (except Small Finance Banks and Payment Banks), Stock Holding Corporation of India Limited (SHCIL), designated post offices, and recognised stock exchanges viz., National Stock Exchange of India Limited and Bombay Stock Exchange Limited.

    Who can buy Sovereign Gold Bond Scheme?

    The Bonds will be restricted for sale to resident individuals, HUFs, Trusts, Universities and Charitable Institutions.

  • RBI Imposes Rs 6 Lakh Penalty On The Mandi Cooperative Bank: Here’s Why | Companies News

    New Delhi: The Reserve Bank of India on Wednesday imposed a Rs 6 lakh fine on Himachal Pradesh’s The Mandi Cooperative Bank for breaching prudential inter-bank exposure limits in FY22.The Mandi-headquartered bank was found to be breaching certain limits, warranting the imposition of the monetary penalty, as per an official statement.

    The penalty is for non-compliance with provisions of RBI directions on ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’, and as per provisions of the Banking Regulation Act, 1949, the central bank said. (Also Read: Discounts On Apple iPhone 15, 14, 13 Available On Flipkart: Check Current Prices)

    The central bank also imposed a penalty of Rs 1 lakh on West Bengal’s The Howrah District Central Co-operative Bank for failing to undertake a periodic update of KYC (know your customer) of customer accounts, and failing to put in place a system of risk categorisation of accounts. (Also Read: WhatsApp Android To Introduce Feature For High-Quality Media Sharing)

    The RBI has also imposed a fine of Rs 75,000 on The Rajapalayam Co-operative Urban Bank, Rajapalayam, Tamil Nadu, for extending loans to relatives of directors, and sanctioning loans to nominal members in excess of the prescribed ceiling in FY22.

    It has also imposed a penalty of Rs 1 lakh on Mumbai’s Excellent Co-operative Bank for not transferring the eligible amount to the Depositor Education and Awareness Fund within the due date in FY23, as per an official statement.

    The Standard Urban Co-operative Bank in Maharashtra’s Aurangabad was levied a fine of Rs 50,000 for not transferring the eligible amount to the Depositor Education and Awareness Fund within the due date in FY23, a statement said.

  • Hero MotoCorp Launches Pleasure Plus Xtec Sports Scooter At Rs 79,738: Details | Auto News

    Hero MotoCorp has recently expanded its scooter lineup with the introduction of the Pleasure Plus Xtec Sports variant. Priced at Rs 79,738 (ex-showroom), this new offering from Hero aims to cater to riders looking for a blend of style, performance, and connectivity features. Let’s delve into the details of the Pleasure Plus Xtec Sports and what sets it apart from the other variants.

    Pleasure Plus Xtec Sports Design 

    The Hero Pleasure Plus Xtec Sports features a vibrant Abrax Orange Blue color scheme, adorned with striking orange highlights. The scooter features the number ’18’ on its side panels, front, and front mudguard, adding a sporty touch to its appearance. The rims also sport orange highlights, complementing the overall aesthetic. Additionally, the mirrors and grab handles are finished in body color, contributing to the cohesive design language of the Xtec Sports variant.

    Features and Technology

    Despite its sporty exterior, the Pleasure Plus Xtec Sports retains the core features and technology found in the Xtec standard version. It comes equipped with 10-inch wheels, telescopic forks for enhanced stability, and drum brakes at both ends for reliable stopping power. The scooter boasts a digital instrument cluster with Bluetooth connectivity, allowing riders to stay connected on the go.

    Performance

    Powering the Hero Pleasure Plus Xtec Sports is a robust 110.9cc, air-cooled, 4-stroke single-cylinder OHC engine. This engine delivers a respectable output of 8bhp and 8.7Nm of peak torque, ensuring smooth acceleration and efficient performance on city roads and highways alike.

    Specifications

    The Pleasure Plus Xtec Sports maintains a compact yet functional design, with dimensions of 1769mm in length, 704mm in width, and 1161mm in height. It offers a wheelbase of 1238mm and a ground clearance of 155mm, making it well-suited for navigating urban traffic and uneven road surfaces. The scooter comes with a fuel tank capacity of 4.8 litres and features 90/100 x 10-53 J tubeless tyres at the front and rear, providing good grip and stability during rides.

    Price Details

    Hero MotoCorp has a range of new variants for its Pleasure+ Xtec scooter series, offering diverse options for riders. Check out the price details of different variants below: 


    With the launch of the Pleasure Plus Xtec Sports, Hero MotoCorp continues to offer a diverse range of options to meet the varying needs and preferences of scooter enthusiasts.

  • AAP Protests: Section 144 At Patel Nagar Metro, Vehicle Movement Restricted; Check Traffic Advisory | Auto News

    The Delhi Metro Rail Corporation (DMRC) has announced the closure of several metro stations in response to the Aam Aadmi Party’s (AAP) protest plans against the arrest of Delhi Chief Minister Arvind Kejriwal. Along with this, Delhi Police has imposed Section 144 outside the Patel Chowk Metro station. Delhi Traffic Police has also issued an advisory restricting the movement of vehicles in Delhi’s central part and several roads have been closed. Know all the details before you head out of your home today: 

    Metro Station Closures

    Lok Kalyan Marg Metro Station: The station will remain closed until further notice due to security concerns related to the AAP protest.

    Patel Chowk Metro Station (Gate no 3): Gate no 3 of Patel Chowk Metro Station will also be closed until further notice.

    Central Secretariat Metro Station (Gate no 5):  Gate no 5 of Central Secretariat Metro Station will remain closed for the time being.

    Security Update

    Due to security reasons, entry/exit at Lok Kalyan Marg Metro station, Gate no 3 of Patel Chowk Metro Station and Gate no 5 of Central Secretariat Metro station will remain closed till further notice.
    — Delhi Metro Rail Corporation (@OfficialDMRC) March 26, 2024

    The closures are a precautionary measure taken by the authorities to ensure the safety and security of passengers and metro facilities amidst the planned protest activity. The Aam Aadmi Party has called for a ‘gherao’ at Prime Minister Narendra Modi’s residence, protesting the arrest of Arvind Kejriwal. However, the Delhi Police has stated that no permission has been granted for the protest, and adequate security measures have been put in place to maintain law and order.

    VIDEO | Visuals from Delhi’s Patel Chowk as AAP workers and supporters protest against CM Arvind Kejriwal’s arrest by ED.

    (Full video available on PTI Videos – https://t.co/n147TvqRQz) pic.twitter.com/448NGLdcHN
    — Press Trust of India (@PTI_News) March 26, 2024


    Section 144 Imposed 

    The Delhi police issued announcements outside the Patel Chowk Metro station regarding the AAP protestors. They stated that section 144 had been imposed, protesting without permission was prohibited, and the area needed to be cleared within 5 minutes.



    #WATCH | Delhi: Delhi police make announcements outside the Patel Chowk Metro station for the AAP protestors. The police said that section 144 had been imposed, there is no permission for protests and that the area should be cleared within 5 minutes.

    Security had been heightened… pic.twitter.com/aN7lOqaxn5
    — ANI (@ANI) March 26, 2024

    Delhi Traffic Police Advisory

    Ahead of the AAP’s planned protest, the Delhi Traffic Police has released an advisory for the New Delhi district. The advisory includes:

    1. No Parking Zones: Vehicles are not allowed to be parked or halt on Tughlaq Road, Safdarjung Road, and Kemal Ataturk Marg, with strict enforcement and towing away of violators.

    2. Diversion Points: If required, diversions will be implemented at various points including Aurobindo Chowk, Tughlaq Road, Samrat Hotel roundabout, Gymkhana Post Office roundabout, and others.

    3. Public Cooperation: Commuters are urged to cooperate by avoiding the specified routes if possible and making use of public transport to ease congestion.

    Traffic Advisory

    In view of special Law & Order arrangement in New Delhi area on 26.03.2024, traffic will be affected.

    Kindly follow the advisory#DPTrafficAdvisory pic.twitter.com/5BUosjCzmy
    — Delhi Traffic Police (@dtptraffic) March 25, 2024

     

  • DGCA Slaps Rs 80 Lakh Fine On Air India Over Flight Violations

    Earlier, the airline was fined Rs 30 lakhs after an elderly passenger passed away during the immigration process due to the lack of wheelchair assistance.

  • Bajaj To Launch CNG Bike In June: What Do We Know So Far? | Auto News

    Bajaj Auto has been in the spotlight with rumours circulating about its upcoming CNG-powered bike. Recent announcements from the managing director and CEO Rajiv Bajaj confirm that the CNG-Bike launch is scheduled for June. Notably, this will be the first ever CNG motorcycle to be launched by the company. This upcoming bike is likely to be called the ‘Bruzer’.

    CNG Tank Placement

    Based on sightings of test mules, the bike might get the unconventional placement of the CNG cylinder. It might be integrated horizontally beneath the elongated, flat seat, seamlessly blending it into the bike’s structure. This innovative design not only optimizes space but also contributes to a sleek and streamlined look. Moreover, to tackle range and convenience issues, there are rumours that the bike will include a compact petrol tank for emergency use. 

    Expected Specifications and Features

    With its wheel size, disc brake, and rider ergonomics indicating a focus on the commuter segment, Bajaj is likely targeting buyers in the 100-160cc range. The inclusion of features like LED lights, a possible digital instrument cluster, telescopic fork, monoshock suspension, and 17-inch alloy wheels.

    Braking and Safety Features

    In terms of safety, the Bajaj CNG bike is expected to boast a disc brake at the front and a drum brake at the rear, ensuring adequate stopping power and control. 

    The anticipated price of the new model is speculated to be approximately Rs 80,000 (ex-showroom), based on industry insights and speculation. It’s important to keep in mind that pre-production models are subject to potential changes before the final product is launched in the market. As Bajaj gears up for the launch of its CNG-powered Bike, anticipation grows among motorcycle enthusiasts and commuters alike.  Please note that the information are based on speculations and rumors. Apart from the launch month, Bajaj has not confirmed anything yet.

  • Public Sector Banks May Exceed Rs 15,000 Crore In Dividend Payout For FY24 | Economy News

    New Delhi: Public sector banks (PSBs) are expected to pay a dividend exceeding Rs 15,000 crore for the financial year ending March 2024, fueled by enhanced profitability, as per sources. During the initial three quarters of the present fiscal year, the combined profit of all 12 PSBs amounted to Rs 98,000 crore which is merely Rs 7,000 crore less than their total profit for the entire fiscal year of FY23.

    During FY23, PSBs achieved their highest-ever combined net profit of Rs 1.05 lakh crore, surpassing the Rs 66,539.98 crore earned in the fiscal year 2021-22. Consequently, the government received a dividend of Rs 13,804 crore, marking a 58 per cent increase from the Rs 8,718 crore paid out in the previous fiscal year. (Also Read: RBI Initiates Special Audits For IIFL Finance, JM Financial Over Regulatory Breaches)

    The profit in the current financial year is expected to exceed that of the previous year. Hence, the dividend payout to the government will also be higher, as per the sources. Going by the past record, the dividend payout for FY24 should be in excess of Rs 15,000 crore, they added. (Also Read: Over 447 Million Dollars In Funding Raised By 22 Indian Startups Last Week)

    Earlier in January, the Reserve Bank, in its draft guidelines, proposed to allow banks having net non-performing assets (NPAs) ratio of less than 6 per cent to declare dividends. As per the prevailing norms last updated in 2005, banks need to have an NNPA ratio of up to 7 per cent to become eligible for declaration of dividends.

    The central bank has proposed that the new guidelines should come into effect from FY25 onwards. The draft lays down directions that need to be followed by banks’ boards while considering proposals of dividend payouts, which include consideration on divergence in classification and provisioning for NPAs as well.

    A commercial bank should have a minimum total capital adequacy of 11.5 per cent to be eligible for declaring dividends, the circular said. (With Inputs From PTI)

  • IPO Calendar: 11 Public Offerings To Hit Market This Week; Details Here | Markets News

    New Delhi: Investors are gearing up for a flurry of Initial Public Offerings (IPOs) as 11 companies prepare to enter the market in the last week of March. Among these, one company, SRM Contractors, will debut on the mainboard, while the remaining ten will launch in the SME (Small and Medium Enterprises) segment.

    SRM Contractors IPO

    SRM Contractors IPO: Subscription Dates

    The SRM Contractors IPO will be available for people to subscribe to from March 26, 2024, until March 28, 2024. (Also Read: Tac Security’s IPO To Open For Subscription On March 27: Check Price Band, Minimum Investment Amount, And More)

    SRM Contractors IPO: Expected Allotment Date

    They will decide who gets how many shares on April 1, 2024. Please note this is the expected date. The final allotment date is not finalized yet. (Also Read: 1 vs 3 vs 5 Year FD Rates: Check How Much Return You Will Get From Major Banks)

    SRM Contractors IPO: Expected Listing Date

    The IPO is expected to start trading on both the BSE and NSE stock exchanges on April 3, 2024.

    SRM Contractors IPO: Price Band

    The bidding for SRM Contractors’ IPO opens at Rs 200 to 210 per equity share.

    Trust Fintech IPO

    Trust Fintech IPO: Price Band

    Trust Fintech IPO will hit Dalal Street at a price band of Rs 95 to 101 per equity share.

    Vruddhi Engineering Works IPO

    With a price band of Rs 66 to 70 per equity share, the public offering is open for subscription on March 26, 2024.

    Blue Pebble IPO

    Investors can participate with a minimum bid of 800 shares. The IPO is opening on March 26, 2024. 

    Aspire & Innovative IPO

    Aspire & Innovative IPO is open for subscription on March 26, 2024. It will close on March 28, 2024. 

    GConnect Logitech IPO

    GConnect Logitech’s offering is open on March 26, 2024. 

    Radiowalla IPO

    Radiowalla’s initial public offering will hit the market on March 27, 2024.

    TAC Infosec IPO

    TAC Infosec plans to raise Rs 29.99 crore by offering 2.8 million shares. Investors can apply to this IPO from March 27, 2024.  

    Yash Optics & Lens IPO

    Opening on March 27 and closing on April 03, this IPO aims to collect Rs 53.15 crore.

    Jay Kailash Namkeen IPO

    With an IPO opening on March 28, Jay Kailash Namkeen aims to raise Rs 11.93 crore. 

    Aluwind Architectural IPO

    Closing out the financial year, Aluwind Architectural will open its subscription on March 28. 

  • FPIs See Steady Growth In Debt Investment: V.K. Vijayakumar

    The fundamental reason for this sustained FPI flows into debt is the inclusion of Indian bonds in the JP Morgan EM Bond Fund and the Bloomberg Bond Index