It's not going to be a windfall for the government from RBI. The Jalan Panel has not been very generous in its recommendation for transfer of RBI's 'excess' reserves, though the quantum specified is not known yet. The government has budgeted Rs 90,000 crore in dividends from RBI for this financial year against Rs 68,000 crore last year. Though this is different, it all comes from the same coffer.
STREET PULSE: Where we stand  | Nifty futures on Singapore Exchange traded 19 points down at 7 am (IST), signalling a possible weak start for Dalal Street, though the trend has been different in recent time. Asian shares wobbled in early Thursday trade amid signs that the trade war would hurt US corporate earnings. MSCI's broadest index of Asia-Pacific shares outside Read More |
| Crude oil prices fell for a fourth day on Thursday, after official data showed US stockpiles of oil products rose sharply last week, suggesting weak demand. Brent futures slipped 15 cents to $63.51 a barrel, while WTI futures fell 26 cents to $56.52. Read More |
| LOOK WHO'S |  |
Advantage lenders... The Modi Cabinet has approved key changes in the Insolvency and Bankruptcy Code aimed at restricting the resolution process to 330 days, and ensuring the primacy of financial creditors over operational ones in recoveries. They give homebuyers a stronger voice in bankruptcy resolution of developers that haven't delivered projects and put the committee of creditors in driver's seat in the resolution process.
Read More Fringe benefit... Morgan Stanley estimates $25 billion inflows into Indian equities and sees the country's weightage in the MSCI Emerging Market index going up by 146 basis points after the government proposed raising public float of listed companies in the Budget.
Read More | WHO'S |  |
Hard cheese for FinMin…
Jalan Panel has recommended that the surplus reserves held by RBI be transferred to the government in tranches over three to five years. The recommendations were not unanimous as Finance Secretary Subhash Chandra Garg dissented. The amount determined by the committee for transfer was not known. The Finance Ministry was of the view that RBI's buffer at 28% of gross assets is well above the global norm of around 14%.
Read More Held to account... Rating company CARE has sent its managing director and CEO on leave after an anonymous complaint was filed against him at Sebi. On July 2, Moody's Investors Service's local affiliate and CARE's rival firm ICRA had sent its MD & CEO Naresh Takkar on leave, pending an enquiry into "anonymous" allegations against him.
Read More Meanwhile... Gilt funds have been chart toppers among debt funds with 15.75 per cent returns in last one year, but fund managers believe a large part of the rally is over and it would not be possible to replicate the performance next year.
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