Govt bid to spend more
New Delhi, Nov. 25: In view of the rising oil and fertiliser subsidy bill, the Centre today sought Parliament’s nod for additional net expenditure of Rs 56,848 crore as part of the second batch of supplementary demands for grant. The government had in August got Parliament’s approval for spending an additional Rs 9,016 crore over and above the budgetary allocation of Rs 12.58 lakh crore for 2011-12.
Mumbai, Nov. 25: The rupee today weakened by 19 paise to close at 52.26 against the dollar following fresh demand for the US currency from importers and weak equity markets. Increased capital outflows as well as firm dollar overseas kept the rupee under pressure.
Mumbai, Nov. 25: The Reserve Bank today deregulated interest rate on savings accounts in urban co-operative banks, a move that will fetch better returns for depositors. The RBI had freed savings bank deposit rate for the scheduled commercial banks last month.
New Delhi, Nov. 25: The finance ministry today approved 18 FDI proposals, including that of Dish TV and MCX, envisaging foreign investment of Rs 2,126 crore, while referring the application of Unitech Wireless to the cabinet.
New Delhi, Nov. 25: The State Bank of India has revised upwards interest rates on FCNR-B and NRE rupee deposits in foreign currencies by up to 100 basis points effective today.
Essar Oil pact
New Delhi, Nov. 25: Essar Oil has renewed a major product sale and purchase agreement with Indian Oil Corporation wherein it will supply diesel, petrol, kerosene and jet fuel to IOC from 2012 to 2015.
New Delhi, Nov. 25: The government today said it was considering coming out with a white paper on steps taken by it to bring back black money stashed in overseas accounts.