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Economy Current Affairs
Business & Economy Current Affairs July 2nd Week 2019
Author : Admin
Category : Economy Current Affairs
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Business & Economy Current Affairs July 2nd Week 2019

RBI formed panel to review timings of different financial markets:

Reserve Bank of India (RBI) has formed an internal committee to review timings of different financial markets. It change the timing of the functioning of the foreign exchange market from 9 am to 9 pm. Currently, the currency market works from 9 am to 5 pm. The move is after RBI`s consideration to gauge demand and potential benefits. RBI also said that if there is lack of demand from participants, the current market timings for government security markets may be retained.

Objective:

The move is after RBI`s consideration to gauge demand and potential benefits. This extension of market timings is expected to provide various benefits like better pricing of post market hours information/data, improved onshore price discovery and a possible shift of offshore volumes to onshore. It is also understood that the extension might entail higher costs to stakeholders.

RBI to rationalise Forex regulations:

RBI also plans to review and rationalise foreign exchange (Forex) regulations. It aims to provide flexibility regarding products, participation and positions, both for residents and non-residents, extension of market hours would complement these policy measures.

The panel suggested call money market timings could be extended till 6 pm instead of the 5 pm now, to facilitate liquidity management by banks.

Delhi-LucknowTejas Express to be Indian Railways 1st `private` train:

  • The Delhi-LucknowTejas Express is set to be the first train to be operated by private players. 
  • The train that is being considered for Indian Railways experimental initiative is the Lucknow- Delhi-LucknowTejas Express. 
  • The move is part of Indian Railways plan to test private sector participation in the running of trains. Railway Minister PiyushGoyal-led Indian Railways has drawn up a 100-day roadmap for the national transporter, and the proposal to get private passenger train operators to provide world-class passenger services is part of that. 
  • The aim is to offer IRCTC two trains for operation on haulage concept, with onboard and ticketing services to be provided by the catering and e-ticketing arm. IRCTC will pay annual lease charges to Indian RailwayThe on-board services would be handed over to private players after an open bidding process. The routes, within 500-kilometres distance, will be identified on the basis of low congestion and tourist spots they can connect.

Centre to increase coal production to one billion tone by 2022-23:

Union Minister of Coal Prahlad Joshi informed that due to insufficient domestic availability of coking coal, the gap between demand and supply of coal cannot be bridged completely. But there are plans to increase the total production of coal in India to one billion tones by 2022-23.

i. All India raw coal increased its production from over 462 Metric tonnes in 2013-14 to around 730 metric tonnes in 2018-19.

 

ii. For the transportation of coal, 14 dedicated corridors are being developed.

 

 

 

 

 


 

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