Bad times for the economy could soon be over, if macroeconomic numbers released earlier in the week are any indication. With developed economies doing well, exports looked up, showing a growth of 13 per cent in August 2013 over the same month last year. At the same time, the trend of shrinking gold imports continued, resulting in a narrower trade deficit. Industrial production numbers released towards the end of the week also shored up confidence. The IIP for July grew by 2.6 per cent over July 2012, backed by a double-digit growth in capital goods output.
RBI crackdown on unregulated NBFCs
After defaults from companies such as Rose Valley and the Saradha group, the RBI plans to get tough on companies accepting deposits from the public. Remedial measures could include speedy initiation of legal action. The RBI also runs public awareness campaigns. Although 12,230 non-banking financial companies (NBFC) are registered with the RBI, the regulator is actively monitoring only 236 deposit-taking NBFCs and the systemically important ones. Besides, an RBI survey has found that there are 96 companies accepting deposits without registering with the RBI. Guidelines for raising money through NCDs (non-convertible debentures) and for gold loan companies are also on the cards.
More fixed income options
With the equity markets swinging wildly, NCD issues have made a comeback in the last two months. Secured NCDs from India Infoline will be open for subscription from September 17 to October 4. With an investment horizon of three and five years, NCDs have an option of monthly and annual interest payments. The coupon rate in both options is 12 per cent. The minimum application amount is Rs 5,000. The issue has been rated AA by CARE.
Real-time EPF updates
Tired of waiting till the end of the year to view the actual balance in your Employee Provident Fund account? Real-time online updates, just like online banking, are not very far. You will soon be able to see your contribution and your employer’s contribution added to your corpus, soon after it is deducted from your salary. The accrued interest will also be updated as and when the rate for each year is announced. Having been tested in over 1,000 organisations across the country, the service is expected to be rolled out to EPF accounts all over India in less than a month. Besides, online transfer of accounts will also be made possible shortly, says the EPFO.
No respite yet for NSEL investors
If you have burnt your fingers at the National Spot Exchange, your ordeal just got longer. The exchange defaulted in its settlements yet again this week and for the fourth time. The exchange could muster only Rs 7.77 crore from the auctioning of commodities pledged with it. Payout was made with these proceeds last Tuesday, September 10. While the news that five defaulters have promised to pay about Rs 1,330 crore from their collaterals is a bit of a relief, the Ministry of Corporate Affairs is expected to take a final decision regarding the course of action in the next few days.
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