Current Affairs For Bank, IBPS Exams - 02 July, 2014

Current Affairs For Bank, IBPS Exams

The Modi Government, announced its first step towards greater ease of doing business by addressing the industry’s demand on the simplification of the process for the extensions of industrial licences.
In a new Press Note, the government extended the period of validity of industrial licences from two years to three years and relaxed the requirement for companies to have to go back to the Licensing Committee for the extensions. The extensions will now be done with the approval of the Joint Secretary concerned of the administrative ministry.
The new guidelines will apply to those cases where even three years after the issue of the industrial licence, the licence holder has not commenced production. The renewals would be allowed for a period of two years.

Reliance Capital announced the merger of its global film and media services business through Reliance MediaWorks (RMW) with Prime Focus Ltd. (PFL), a global media and entertainment industry services leader.
The combination of PFL-RMW and Double Negative creates the world’s largest and most integrated media services group, having facilities at 20 locations with 5,500 people. The combined entity will have a turnover of Rs.1,800 crore.
According to the deal, RMW and the promoters of Prime Focus, Naresh Malhotra and Namit Malhotra, will each infuse fresh equity capital of Rs.120 crore into Prime Focus at Rs.52 a share, through a preferential allotment, aggregating Rs.240 crore. The equity proceeds will be used to fund the recent merger of Double Negative with PFL.

Vijaya Bank announced it was reducing the interest rates on domestic term deposits of Rs.1 crore and above, with a view to bringing down the cost of deposits. “The reduction is by 5 to 50 basis points in six slabs of different maturity periods starting from 46 days to one year in respect of deposits of Rs.1 crore and above with effect from July 3.

The gem and jewellery industry feels the Union budget 2014-15 should address the problem of availability of gold for the sector by tackling the twin hurdles of the 80:20 scheme and the 10 per cent import duty on gold.
The 80:20 scheme and the higher import duty were introduced last year to combat the high current account deficit.
The scheme allows only nominated agencies to import gold provided that 20 per cent of the imported gold shipment is exported.