As political outcry over demonetisation contibues, the government on Wednesday announced more steps to help farmers to meet their cash needs during the ongoing rabi season and directed banks to waive debit card transaction charges to encourage digital payment.
To ensure quick and unhindered flow of credit and cash to farmers during the current rabi season to deal with ban of Rs 500/1,000 notes, the government has allowed Nabard to disburse Rs 21,000 crore through cooperative banks to farmers.
To ensure quick and unhindered flow of credit and cash to farmers during
the current rabi season to deal with ban of Rs 500/1,000 notes, the
government has allowed Bard to disburse Rs 21,000 crore through
cooperative banks to farmers.
Here's a look at six macro triggers that are likely to impact the
market today
Misuse of Jan Dhan accounts for black money: One of Prime Minister
Narendra Modi's
key financial reforms is likely being misused to get around another key
policy, and the government may take penal action. The Jan Dhan bank
accounts, which were opened for the poor, have seen huge deposits to the
tune of Rs 21,000 crore in the fortnight since demonetisation.
Trinamool Congress-ruled West Bengal leads in this sudden spurt in
deposits, followed by Congress-ruled Karnataka.
Coal secy shifted in bureaucratic reshuffle : Coal secretary
Anil Swarup was appointed school
education
secretary as part of a top-level bureaucratic reshuffle on Wednesday.
As many as 19 new secretaries have been appointed in various central
government departments.
Susheel Kumar has been appointed as coal secretary. He was secretary, department of border management, ministry of home affairs.
Sanjeevanee Kutty,
special secretary and financial advisor in home ministry, has been
appointed as secretary, department of border management, in place of
Kumar. National Highways Authority of India (NHAI) chairman
Raghav Chandra
has been named secretary, national commission for scheduled tribes.
Yudhvir Singh Malik, special secretary in Niti Aayog, will be new NHAI
chairman.
GST Council meet postponed: The crucial meeting of the
GST Council on November 25 to finalise the legislation for the new tax
regime has been put off to December 2-3 after some states sought changes
to the draft circulated by the Centre. The meeting was to discuss the
draft laws and also the contentious issue of administration of the
regime. The committee of officials from the Centre and states will,
however, meet on November 25 to finalise the three draft legislations
for Central Goods and
Services Tax (CGST), Integrated Goods and Services Tax (IGST) and compensation law.
Telecom cos seek to accept defunct notes : Hit hard by
a drop in prepaid recharges, telecom operators — both GSM and CDMA
players — have approached telecom secretary JS Deepak to relax the
demonetisation rule for their retailers and distributors. In a joint
letter, dated November 23, the Cellular Operators Association of India
(COAI) and Association of Unified Telecom Service Providers of India
(Auspi) have suggested that telecom retailers and distributors be
allowed to accept defunct series of Rs 500 and Rs 1,000 currency notes
just like petrol pumps and utilities under the current demonetisation
exercise, especially since telecom is an essential service.
USFDA issues warning letter to WockhardtBSE -0.29 %'s UK facility:
The US FDA issued a warning letter to Wockhardt’s stepdown (indirect)
subsidiary CP Pharmaceuticals in UK, marking a prolonged phase of
adverse news related to the drug maker’s global manufacturing
facilities. In a note to BSE, Wockhardt said no business is being
conducted from CP Pharmaceuticals in the US market Over the past few
years, Wockhardt has been pummelled by the US FDA for deviations at its
manufacturing sites.
SBI cuts rates on bulk deposits: State Bank of India
has lowered rates on bulk deposits between 125 and 190 basis points or
bps (one bps is 0.01%) across various maturities, paving the way for
lower interest rates in the system. In many baskets, the revised
interest rates from India's largest bank by market share of deposits and
loans are lower than returns on savings bank accounts, which are
currently set at a minimum 4%. Bulk deposits refer to those between Rs 1
crore and Rs 10 crore.
..and in financial markets yesterday Rupee plunges:
Importers may now rush to cover their overseas liabilities as the
rupee turned volatile inching closer to its all-time low against the
dollar amid increased overseas investment outflows from the country. The
rupee on Wednesday lost nearly half a pecent or 31 paisa to greenback
closing at 68.56 a dollar, lowest since February 26 this year.
Bonds gain:
Government bonds (G-Secs) gained on good buying support from banks and
corporates. The 7.61% G-Secs maturing in 2030 surged to Rs 110.40 from
Rs 109.8250 previously, while its yield edged down to 6.44% from
6.50%.The 7.59% G-Secs maturing in 2026 firmed up to Rs 108.2850 from Rs
108.0375, while its yield moved down to 6.38% from 6.41%. The 6.97%
G-Secs maturing in 2026 rose to 104.99 from Rs 104.77, while its yield
softened to 6.28% from 6.31%. The 7.59% G-Secs maturing in 2029, the
7.88% G-Secs maturing in 2030 and the 7.68% G-Secs maturing in 2023 were
also quoted higher at Rs 109.44, Rs 112.02 and Rs 107.7075,
respectively.
Call rates up: The
overnight call money rates ended higher at 6.25% from Tuesday's closing
level 6.10%. It resumed higher at 6.20% and moved in a range of 6.25%
and 5.80%.
Liquidity: The
Reserve Bank of India,
under the Liquidity Adjustment Facility, purchased securities worth Rs
2200 crore in a 4-bids at the overnight repo auction at a fixed rate of
6.25% as on Wednesday, while its sold securities worth Rs 7213 crore
from 38-bids at the overnight reverse repo auction at a fixed rate of
5.75% as on November 22.
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