Thursday, 10 March 2016

ECONOMIC NEWS 10 MARCH

Rajya Sabha passes Real Estate Regulatory Bill.

 Highlight of Real Estate Bill:
The key features of the bill include:
—Mandatory registration with real estate regulatory authorities of projects of at least 500 sq.mt area, or those comprising eight flats, which would enable registration of more projects with the regulatory authority and will protect more consumers.
—Project developers will now be required to deposit at least 70% of their funds, including land cost, in a separate escrow account to meet the cost of construction. Their inability to do so has affected thousands of customers across the country, and also resulted in poor demand for new housing projects.
—A provision for imprisonment up to three years in case of promoters and up to one year in case of real estate agents and buyers for violation of orders of appellate tribunals or monetary penalties or both.
—A clear definition of carpet area and a system that would require the consent of two-thirds of the buyers in case there are changes in project plans.
—Appellate tribunals will be required to adjudicate cases in 60 days and regulatory authorities will have to dispose of complaints in 60 days.
—Regulatory authorities can also register projects to be developed beyond urban areas, promote a single-window system of clearances, and grade projects and promoters besides ensuring digitisation of land records. They will also have to draft regulations within three months of formation.

ECB: cuts deposit facility rate by 10 bps to -0.400%, will expand QE to €80 bn/month.
cuts main refinancing rate by 5 bps to 0% and lowers benchmark interest rate to 0% & marginal lending rate by 5 bps to 0.25%.

: Reviews ’s risk weights assigned to exposures to domestic Sovereigns.: State Govt guaranteed claims which in default to attract 100% risk weight.
State Govt guaranteed claims not in default to attract 20% risk weight.
Investment in State Govt securities to attract zero risk weight.
Direct loan/credit/overdraft exposure to State Govt will attract zero risk weight.
Central Govt guaranteed claims to attract zero risk weight.
Fund based & Non-fund based claims on Central Govt to attract zero risk weight.

RIL to pay Rs 10.5/share as interim dividend.

Srcs:  wants states to curb borrowing on high yields for the rest of FY16.

Will mull bond private placement with LIC, EPF. Have not decided yet on HTM status for the bond.


 Anil Aggarwal
Owner & Manager at Anil Aggarwal Coaching
(A proprietorship concern for IBPS exam guidance and Bank Interview preparation)
 Mobile:                               +91 9811340788
E-mail ID:         anilakshita@yahoo.co.in
Office: Flat #49, Trilok Apartments, Patparganj, I.P. Extension, Delhi-110092.

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