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Now, exchange pre-2005 currency notes till Jan
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India, UAE discuss ways to expedite trade issues
Russia-Ukraine war talk drags Sensex down 173 points
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Apple rolls out ‘CarPlay’
Govt gets Rs 18,267 cr upfront payment for spectrum
Biz
talk
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Now, exchange pre-2005 currency notes till Jan
1
New Delhi, March 3 The RBI has also advised banks to facilitate the exchange of these notes for full value and without causing any inconvenience to the public. It has appealed the masses to cooperate in withdrawing these notes from circulation by exchanging them at a bank branch convenient to them. Earlier, the RBI had set the date of exchange to be July 1, 2014. In press releases issued in January and February, the RBI had announced that these notes would be withdrawn and said the rationale behind the move was that these notes lacked security features. The RBI in an earlier release asked the people to exchange the pre-2005 notes with new notes from the banks. There have been doubts on how the exercise would proceed since it involves physically checking each note to ascertain if it is pre-2005. In a statement today, RBI said this withdrawal exercise is in conformity with the standard international practice of not having multiple series of notes in circulation at the same time. A majority of such notes have already been withdrawn through the banks and only a limited number of notes remain with the public. The RBI clarified that the public can continue to freely use these notes for any transaction and can unhesitatingly receive these notes in payment, as all such notes continue to remain legal tender. The RBI said it will continue to monitor and review the process so that the public is not inconvenienced in any manner. New deadline
* Earlier, the RBI had set July 1, 2014 deadline for the exchange of pre-2005 currency notes *
RBI said this withdrawal exercise is in conformity with the standard international practice of not having multiple series of notes in circulation at the same time *n A majority of such notes have already been withdrawn through the banks and only a limited number of notes remain with the public.
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India, UAE discuss ways to expedite trade issues
New Delhi, March 3 The matter was discussed during the second meeting of high-level India-UAE Joint Task Force on Investments in Mumbai. The meeting was co-chaired by Commerce and Industry Minister Anand Sharma and chairman of Abu Dhabi Crown Prince Court Sheikh Hamed bin Zayed Al Nahyan. "Discussions took place on expediting the resolution of current pending issues associated with existing UAE investments in India (Etisalat, Emaar and DP World), and a plan of action was agreed for the legacy issues sub-working group to address and resolve these issues," an official statement said. Following a Supreme Court order cancelling its 13 telecom licences, Etisalat exit India operations and has sought refund of the licence fee and bank guarantees. In June last year, the Enforcement Directorate slapped a Rs 8,600-crore show-cause notice on construction major Emmar MGF Land and its sister firms for alleged violation of forex rules. Both the sides also held discussion on supporting the establishment of a strategic petroleum reserve in India. It said the reserve will be set up in a manner which would serve the common strategic interests of both countries and it would be based on the principles of long-term strategic partnership and cooperation. Sharma said India provides huge investment opportunities for Gulf firms in areas such as roads, power, civil aviation, ports, renewable energy and urban infrastructure. On the other hand, Indian companies want to participate in the hydrocarbon sector in the UAE, especially in the upstream petroleum sector, he said. On the Bilateral Investment Promotion and Protection Agreement (BIPPA), Al Nahyan said the UAE is looking forward to the ratification of the pact and resolution of the outstanding issues. More than 30 government and private sector representatives from India and the UAE were present in the meeting.
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Russia-Ukraine war talk drags Sensex down 173 points
Mumbai, March 3 After rising over 583 points in previous five sessions, the Sensex slipped about 173 points lower and ended below the 21,000 mark at 20,946.65, down 0.82%. Healthcare, IT, Power and Auto shares were the worst hit among 10 sectors that ended in the red out of 12 on BSE. TCS, ICICI Bank and Sun Pharma led 25 scrips in 30-share Sensex down. Dr Reddys and BHEL were the biggest laggards. The NSE 50-issue CNX Nifty also dropped by 55.50 points, or 0.88%, to close at 6,221.45. In previous five days, the index had risen 185.50 points. The tensions in equity market spilled over to the rupee which slipped past 62-mark versus the US dollar in late trade. Global stocks tumbled as tension over Russia's military advance into Ukraine and possible sanctions by Western governments intensified. Oil surged above $104 per barrel on concern Russian supplies could get disrupted. — PTI
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New Delhi, March 3 CarPlay gives iPhone users an incredibly intuitive way to make calls, use maps, listen to music and access messages with just a word or a touch, Apple said. Users can control CarPlay from the car's native interface or just push-and-hold the voice control button on the steering wheel to activate Siri without distraction, it added. Other auto companies bringing CarPlay down the road include BMW Group, Ford, General Motors, Honda, Hyundai Motor Company, Jaguar Land Rover, Kia Motors, Mitsubishi Motors, Nissan among others. — PTI
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Govt gets Rs 18,267 cr upfront payment for spectrum
New Delhi, March 3 "All companies have made upfront payment today. Total of about Rs 18,267 crore has been received," Telecom Secretary MF Farooqui said. The amount received exceeds the government's target of about Rs 11,333 crore set for the current fiscal, ending March 31, by about 61 per cent. — PTI
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Biz
talk
Ever since German carmaker Audi entered into Indian market, it emerged as the largest luxury car-seller in the country last year. Audi India’s head Joe King talks about the future plans of the company.
A. Even though we were the last to enter the Indian market, we made history in 2013 by selling more than 10,000 units in a year. 2013 was a stellar year for Audi in India in terms of growth, expansion and performance. Our leadership is a result of diverse product portfolio, network expansion, unique marketing activities and after-sales service on par with global standards. Q. Have you planned any new launches going ahead? A. We have unveiled Audi A3 sedan at the Auto Expo 2014 and also showcased special editions of our SUVs -Q3, Q5 and Q7 and the sporty Audi RS 7 Sportback along with R18 e-tron Quattro. Our strategy is to grow by bringing the right products to the market and at the same time, having a profitable business model. Q. What is your strategy for 2014 in terms of expansion, product and capacity? A. For the Indian market, the strategy has to be right and ours has been on track. The strategy that we follow is having the right product mix, a good dealership network, a wide area after-sales service and well-trained personnel for customer service. Our strategy will continue to be to maintain our market share and grow by bringing the right products to the market. Audi will be the brand with the most diverse product portfolio in competitive segments in India. We produced more than 9,000 cars at our Aurangabad plant in 2013 and plan to produce more than 10,000 cars in 2014. Q. Does Audi India have plans to increase the assembly of cars in the country? A. Audi has started production of the Q3 compact-class SUV at its Aurangabad plant. After the A4, A6, Q5 and Q7, the Q3 is the fifth model to be produced in India. Local production of the Q3 means that Audi India is now building all our Q range models locally. This will reduce waiting time for our customers and will enable us to offer a wider range of versions in the market. We are confident that we will continue to retain our dominance in the luxury SUV segment in India. Q. North India has always been a lucrative market for luxury cars. What has been Audi's experience so far in this region and any plans to ramp up presence and network here? A. Northern India has shown a very strong affinity to Audi as a brand. The response to our brand has been tremendous and we have multiplied our efforts in reaching out to Audi enthusiasts in the Northern region, which constitutes more than 30% of the Indian luxury car market. We have nine dealers in the Northern region and plan to open a dealership at Noida. |
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Q. After Audi beat BMW and Mercedes-Benz in luxury segment to gain No. 1 slot in India, competition is expected to intensify in 2014, especially at a time when slowdown is impacting sales of luxury cars. What do you think worked for Audi in 2013 and your plans for 2014?
