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Dispose pensioners’ complaints in 2 months: Govt to ministries
Dip in earnings on cards for
auto, banking, energy sectors
Pak to finalise trade deal after elections: Dar
Audi overtakes Mercedes to be numero uno again
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‘Summoning Samsung chief to hurt investment’
Rejected applicants can reapply: Rajan
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Dispose pensioners’ complaints in 2 months: Govt to ministries
New Delhi, April 4 A pensioners’ portal — www.pgportal.gov.in — is being run by the Department of Pension & Pensioners’ Welfare (DPPW) for receiving complaints and there is also a Centralised Pension Grievances Redress and Monitoring System (CPENGRAMS). It has been found by the department that grievances are lying pending for unduly long periods and the pensioners concerned were suffering. “The minimum courtesy of acknowledging a receipt of the complaint may be done within three days of the receipt of the grievances in case of the receipt of dak (post) physically and same day in case if it is an online application,” the DPPW said. The pensioners can also write their grievances to nodal officers of respective ministries and to the DPPW. The grievances may be redressed within a maximum period of two months of its receipt. “In cases where it is not possible to give an immediate reply, an interim reply should be given to the applicant,” it said in a recent order. Any request made by a pensioner which does not fall under the ambit of a pension policy would be a demand and may be tackled accordingly as they do not form part of the approved policy of the government, the order said. "Pending vigilance or court cases cannot be included in grievances as they are dependent on the finalisation of the cases. Hence, the pensioner may be informed of the same and these grievances tackled accordingly," the department said. — PTI Speedy redressal
* Minimum courtesy of acknowledging a receipt of the complaint may be done within three days of the receipt of the grievances *
Pensioners can write their grievances to nodal officers of respective ministries and Department of Pension & Pensioners' Welfare *
In cases where it is not possible to give an immediate reply, an interim reply should be given to the applicant |
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Dip in earnings on cards for
auto, banking, energy sectors
New Delhi, April 4 According to a report on the earnings season by Kotak Equities, it expects a year-on-year increase in the net income of consumer products and technology sectors and a decline in the net income of automobiles, banking and energy sectors. “We expect oil marketing companies to report profits, given a large compensation from the government. In the banking sector, we expect public banks to report weak earnings as public banks face an adverse tax rate and private banks and NBFCs face headwinds from slow loan growth and rising credit costs,” the report said. The report says earnings of the BSE 30 index companies may increase 7.4 per cent year-on-year and 1.4 per cent quarter-on-quarter. Analysts at Angel Broking said during the fourth quarter of 2014, there were expectations of an improvement in earnings growth for Sensex companies largely on account of healthy revenue performance during the quarter. For these companies, it expects earnings to grow by 8.7 per cent year-on-year and 5 per cent quarter-on-quarter. On the revenue front too, the performance is likely to be driven by export-oriented companies. The Sensex companies are expected to report a revenue growth of 12.2 per cent year-on-year and 5.7 per cent quarter-on-quarter. Angel Broking says companies in the IT and pharmaceutical space and Tata Motors in the automobile sector are expected to continue contributing to the overall revenue performance of the coverage companies. “The probability of a stable and pro-reform government coming to power is growing due to the recent opinion polls. Furthermore, markets are making new-highs largely on account of anticipation of a positive electoral outcome. We expect a revival in the economy on anticipation of an investment cycle getting boost post the elections owing to policy certainty,” the report said. |
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Pak to finalise trade deal after elections: Dar
Islamabad, April 4 On opening up trade with India, Pakistan Finance Minister Ishaq Dar said the government was clear on promoting regional trade with SAARC countries. The PML-N government is actively engaged with India for the last 10 months, and “We have almost finalised everything,” he said. “We do not want to be seen as a country supporting any political party in the Indian elections therefore, we will make a decision after the elections,” Dar said. He stressed that Pakistan would be happy to work with any party that wins the elections and comes to power. — PTI |
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Audi overtakes Mercedes to be numero uno again
New Delhi, April 4 Registering its best quarterly sales in the country, Audi sold 2,740 units during January-March period of this year against 2,554 units sold by Mercedes-Benz, the world's oldest automobile company, in the same period. Audi India head Joe King said, "The double achievement of selling 10,000 units in a single financial year and calendar year validates the strength and stature that the brand has achieved in India. We are looking forward to consolidate our position while growing profitably in future as well." Audi announced that the launch of the A3 sedan would take place in June-July. The company, which assembles cars from a Maharashtra-based plant, reported a growth of 4.74% compared to the same three months last year when it sold 2,616 units. In March, Audi clocked its best ever monthly sales of 1,404 units in India. Meanwhile, Mercedes-Benz, which outsold Audi in the final two quarters of the last calendar year as a result of renewed sales initiatives and introduction of more models, closed the first quarter of this year at the second spot with Audi having a lead of 186 units. The action between the two companies is expected to further increase as both brands prepare to unleash new models in the coming months. The other German luxury carmaker BMW, which once stood as the leader in the Indian market, has managed to retain its third spot. While Audi is all set to bring in A3, Mercedes will commercially launch its compact sports utility vehicle GLA, which was showcased at the India Auto Expo in February this year. Sources in Mercedes-Benz India say the company will beat Audi in the second quarter as it has received many bookings for the upcoming models. Mercedes, which was the first to reveal its sales figures for the January-March quarter, clocked a growth of 27%. BMW, the third high volume luxury car company in India, did not disclose its sales for the quarter.
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‘Summoning Samsung chief to hurt investment’
New Delhi, April 4 "Samsung is one of the largest companies of Korea and it has huge presence and investments in India...it sends a negative message and will definitely adversely impact the investment and business climate. "But the courts have to take a view. I feel that such extreme steps will send shockwaves amongst the corporate world. That should be avoided. The authorities need to be very careful and exercise caution," he said. Earlier in the week, Supreme Court had directed Samsung Electronics Chairman Lee Kun-hee to appear before a Ghaziabad court in a 1.4 million dollar cheating case filed against him. Sharma said companies function in an executive hierarchical manner and their chairmen should not be summoned in case of complaints. Meanwhile, BD Park, Managing Director, Samsung India and and the CEO of company's south-west Asia operations, met DIPP Secretary Amitabh Kant. He was accompanied by Samsung India deputy managing director Ravinder Zutshi. — PTI |
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BANKING LICENCES
Pune, April 4
“We went through the list of applicants and this was the set of applicants that the Jalan committee and the Reserve Bank were comfortable with. We have opened up the possibility that the left out applicants can apply again once we put the licences on-tap as well as we create differentiated licences.” he said. "Some of the applicants may be better off applying for a differentiated licence rather than for the full licence," Rajan said when asked about the conservative approach to the much-touted licensing process. Rajan was talking to reporters on the sidelines of the annual convocation of the RBI-run National Institute of Bank Management here. Ending a process that began three years ago, the RBI on April 2 handed out just two licences from the 25 applicants to infra lender IDFC and Kolkata-based micro-lender Bandhan-- leaving out notable biggies such as Reliance Anil Ambani Group, the Birlas, Bajaj Group among 22 others, after the Election Commission gave the go-ahead a day earlier. “The in-principle approval granted (to two entities) will be valid for a period of 18 months during which the applicants have to comply with the requirements under the guidelines and fulfil the other conditions as may be stipulated by the RBI,” the central bank said. The RBI originally received 27 applications in July 2013, but Tata Sons and Videocon Group withdrew from the race, leaving 25 contenders.— PTI
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Spectrum case: Hearing against Mittal on May 28 Legalise corporate lobbying, advocacy, says Assocham Mozilla chief resigns after furore over gay rights All GAIL offices move to
22-storey building in Noida
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Strongly disapproving requests for “regulatory forbearance” in cases of asset quality stress made by lenders and
corporates, RBI Governor Raghuram Rajan told bankers on Friday not to find “artificial fixes” for the problem. He said the RBI had received requests from lenders for postponing recognition of stressed assets as “bad loans”, even though it may not have been serviced for three years. “Postponing recognition will not help. If it is not paid today, it won't get paid tomorrow," he said.
