RBI doubles forex remittance limit to $250,000

The Reserve Bank of India (RBI) in its monetary policy review has enhanced the limit for foreign exchange (FOREX) remittances under Liberalised Remittance Scheme (LRS) to $250,000 (Rs. 1.5 crore) per person per year from $125,000. Under the LRS, Indians can open, maintain and hold foreign currency accounts with banks outside India for carrying out transactions, without permission from the RBI.

RBI keeps key rates unchanged, cuts SLR by 50 basis points

Reserve Bank of India (RBI) kept interest rates (Repo Rate) unchanged but reduced  Statutory Liquidity Ratio (SLR), a percentage of funds banks have to necessarily park with RBI, by 50 basis points to 21.5% from 22% in its sixth bi-monthly policy review.

Current rates are as follows: Repo Rate – 7.75% (unchanged), Reverse Repo Rate – 6.75% (unchanged), Cash Reserve Ratio (CRR) – 4%, Statutory Liquidity Ratio (SLR) – 21.5% (changed), Bank Rate – 8.75% (unchanged), MSF Rate – 8.75% (unchanged).

China overtakes US as top investment destination

As per United Nations Conference of Trade and Development (UNCTAD) report, China has overtaken the United States (US) as the top destination for foreign direct investment (FDI). US was on top as foreign investment destination for past 11 years i.e. since 2003. In 2014, foreign firms had invested 128 billion dollars in China compared to 86 billion dollars invested in the US. Other top foreign investment destinations in 2014 are Hong Kong ($ 111 billion), Singapore ($ 81 billion),Brazil ($ 62 billion),United Kingdom ($ 61 billion).

Madhya Pradesh won the 10th National Award for excellent work in MGNREGA

Madhya Pradesh, on 2nd February 2015, won the tenth National Award for excellent work in Mahatma Gandhi National Rural Employment Guarantee Act, 2005 (MGNREGA). The award was given to Madhya Pradesh Panchayats and Rural Development Minister Gopal Bhargava by the Union Rural Development Minister Virendra Singh at the MGNREGA summit organised in New Delhi. MGNREGA aims to ensure livelihood security in rural areas by providing at least a hundred days of wage employment in a financial year.

Dr. Nandita Chatterjee takes charge as Secretary in Ministry of Housing & Urban Poverty Alleviation

Dr. Nandita Chatterjee has taken charge as the new Secretary in the Ministry of Housing & Urban Poverty Alleviation (HUPA). She will succeed Anita Agnihotri who was transferred to the Department of Social Justice and Empowerment in recent secretary-level bureaucratic reshuffle. Prior to this appointment Dr.Nandita Chatterjee was a Member- Secretary of National Commission for Women (NCW).