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Third Bi-monthly Monetary Policy Review for 2015-16

Policy repo rate unchanged at 7.25%


  • Kept the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 7.25%.

  • kept the cash reserve ratio (CRR) of scheduled banks unchanged at 4% of net demand and time liabilities (NDTL);

  • Continue to provide liquidity under overnight repos at 0.25% of bank-wise NDTL at the LAF repo rate and liquidity under 14-day term repos as well as longer term repos of up to 0.75% of NDTL of the banking system through auctions

  • Continue with daily variable rate repos and reverse repos to smooth liquidity.

Consequently, the reverse repo rate under the LAF will remain unchanged at 6.25%, and the marginal standing facility (MSF) rate and the Bank Rate at 8.25%.

Is Cold war between RBI Guv& Gov-over ?

RBI Governor Raghuram Rajan on Tuesday agree on doing away with the veto power of the central bank chief, arguing it would be better for a committee to decide the key rate rather than one individual.”Currently, the situation is governor has a veto, that is, effectively all advice is only advice and the ultimate decision is of Governor’s. So, if we continue to retain a veto, it doesn’t change the current situation. It maintains the status quo. That is something to keep in mind,” Rajan said

Aug
10
CPR is pleased to invite you to a book discussion on
Creating a New Medina: State, Power, Islam, and the Quest for Pakistan in Late Colonial North India
Monday, 10 August 2015, 3:30 p.m.
Venkat Dhulipala
Conference Hall, Centre for Policy Research
From the cover of Creating a New Medina: State, Power, Islam, and the Quest for Pakistan
in Late Colonial North India
The book, Creating a New Medina: State, Power, Islam and the Quest for Pakistan in Late Colonial North India by Venkat Dhulipala, examines how the idea of Pakistan was articulated and debated in the public sphere and how the popular enthusiasm was generated for its successful achievement, especially in the crucial province of U.P. (now Uttar Pradesh) in the last decade of British colonial rule in India. It argues that Pakistan was not simply a vague idea that serendipitously emerged as a nation-state, but was popularly imagined as a sovereign Islamic State, a new Medina, as some called it. In this regard, it was envisaged as the harbinger of Islam’s renewal and rise in the twentieth century, the new leader and the protector of the global community of Muslims, and a worthy successor of the defunct Turkish Caliphate. The book specifically foregrounds the critical role played by Deobandi ulama in articulating this imagined national community with an awareness of Pakistan’s global historical significance. It demonstrates how these ulama collaborated with the Muslim League leadership and forged a new political vocabulary fusing ideas of Islamic nationhood and modern state to fashion decisively popular arguments for the creation of Pakistan.
Venkat Dhulipala is an Associate Professor of History and teaches courses on the history of modern South Asia, comparative colonial histories and introductory surveys in Global History. He received his Ph.D. in History from the University of Minnesota in 2008. Dr. Dhulipala’s next project extends his research interest in the study of India’s Partition. Tentatively titled Sundering a Subcontinent: Partition and the birth of modern Indian and Pakistan. It will try to provide a more encompassing narrative of the Partition by linking ‘high politics’ of the Partition with popular upsurges from below, connection the politics of Muslim minority provinces with those of the Muslim majority provinces, and juxtaposing memories of Partition against the historical record to explore how these diverse ways of representing and remembering the past interact and impact upon the historical imagination in contemporary South Asia. A second project that he is also working on involves a study of the Deobandi ulama’s vision of the Islamic state and their quest for its achievement in Pakistan in the nation-state’s early days. It analyzes the ulama’s relationship with both Muslim modernists as well as Islamists led by Abu Ala Mawdudi as they worked towards competing visions of this goal that later provided inspiration to Islamic movements in the Middle East.
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CAIT CALLS UPON POLITICAL PARTIES TO PASS GST BILL IN PARLIAMENT
The stalling of Goods & Services Tax Bill in Parliament is a matter of great concern for the trade and industry in the Country and as such the Confederation of All India Traders (CAIT) while taking a strong exception to this has appealed all political parties including main Opposition party Congress to pass the Bill and do not become and instrument in depriving the Country from one of the biggest tax reforms which is eagerly awaited.The CAIT has decided to meet leaders of major political parties to urge upon them to pass the GST Bill.
CAIT National President Mr. B.C.Bhartia & Secretary General Mr. Praveen Khandelwal said that after accommodating concerns of the States and political parties in GST Bill by way of approving amendments by Government, there seems to be no occasion now for the political fraternity to oppose the Bill. “It looks that instead of merits, the political considerations are prevailing upon more which can not be held justified”-said trade leaders.
Mr. Bhartia & Mr. Khandelwal said that trading community is suffering with plethora of tax laws of both Central & State Governments and GST being the integration of all such taxes will result into ease of doing business. We have our own concerns about proposed GST but stalling of passage of GST Bill in Parliament, is depriving us from the opportunity of being heard-said CAIT.
Both Mr. Bhartia & Mr. Khandelwal said that trading community is worried because of the fact that after passing of the Bill in Parliament, the process of separate legislation for Central GST(CGST), Integrated GST (IGST) and State GST (SGST) will began which is major concern for the trade & industry and which will give an opportunity to the stakeholders to submit their concerns. The passing of GST Bill in Parliament will pave the way for discussion on procedural modalities of GST and that is why the trade is appealing the political parties to pass the Bill.

Naresh —
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