Mumbai: The Reserve Bank of India on Monday extended a 0.5% reduction in cash reserve ratio (CRR), the amount of cash that banks need to keep in reserve, to cooperative banks in a measure aimed at boosting the sagging economy.
“On a review of the current global and domestic macroeconomic situation...it has been decided to reduce the CRR for scheduled state cooperative banks and urban cooperative banks by 50 basis points from 5.5% to 5%,” RBI said in a notification.
The rate cut will be effective from the fortnight beginning 17 January, it added.
—PTI
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CSR optional in Gujarat’s new industrial policy
Ahmedabad: The government of Gujarat has, in its newly announced industrial policy, refrained from making corporate social responsibility (CSR) mandatory.
The new policy announced on Monday by minister of state for industries Saurabh Patel has rechristened CSR as “Wealth with Social Health”.
Earlier, the Gujarat government had made it mandatory for state-run public sector enterprises (PSEs) to contribute 30% of its profit before tax for social causes as part of their CSR.
Principal chief industrial advisor R .J. Shah said, “Corporate social responsibility has been made optional in the new industrial policy.”
The policy under the title, “Wealth with Social Health” said, “Business entities should synergize with the state to improve social health in surrounding areas, so we intend to develop a flexible and optional arrangement between the state and business.”
—PTI
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Stimulus measures for exporters introduced
New Delhi:The government on Monday started putting the stimulus package into operation for exporters by hiking the duty refund rates and restoring them to the level before 5 November, when the reimbursement was cut.
As promised in the second stimulus package, unveiled on 2 January, the Directorate General of Foreign Trade (DGFT) has also notified extension of the popular Duty Entitlement Pass Book (DEPB) scheme for refund of taxes to exporters, till December.
The government had cut the tax refund rates for exporters in November after rupee appreciated fast to give higher realizations. However, with the worsening of the global markets, mainly the US and Europe, exports have started contracting, putting lakhs of jobs at risk.
Concerned over the plight of exporters and the employment stakes in the sector, the government in the second stimulus package announced restoration of the the DEPB benefits taken away in November. In the first package, the exporters were given interest subsidy of 2%.
—PTI
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EC orders case to be filed against MK Stalin
New Delhi: The Election Commission (EC) on Monday ordered registration of a criminal case against Tamil Nadu chief minister M. Karunanidhi’s son M.K. Stalin for allegedly distributing money to people in Thirumangalam, where a byelection is scheduled on 9 January.