1. India to top global remittances with $71 billion this year: World BankIndia will retain its top spot with $71 billion in remittances this year as remittances to developing countries are expected to reach $435 billion, an increase of 5% over 2013, the World Bank has said.
In its latest issue of the Migration and Development Brief, the World Bank said yesterday India, with the world's largest emigrant stock of 14 million people, will remain in the top spot this year, attracting about $71 billion in remittances.
"Remittances to developing countries grew this year by 5%. Remittance inflows provided stable cover for substantial parts of the import bill for such countries as Egypt, Pakistan, Haiti, Honduras, and Nepal," said Kaushik Basu, Senior Vice President and Chief Economist of the World Bank Group.
He said India and China led the chart with 'projected remittance inflows of $71 and $64 billion respectively in 2014'.
Other large recipients are China ($64 billion), the Philippines ($28 billion), Mexico ($24 billion), Nigeria ($21 billion), Egypt ($18 billion), Pakistan ($17 billion), Bangladesh ($15 billion), Vietnam ($11 billion) and Ukraine ($9 billion).
2. By December 2014, Indians will be able to travel to Ireland and UK on single visaBy December 2014, Indians will be able to travel to Ireland and UK on a single visa.
Home secretary Theresa May on Monday signed a Memorandum of Understanding with the Republic of Ireland to strengthen the Common Travel Area.
This will allow the UK and Ireland to share data and exchange information which will be used to inform and determine immigration decisions and allow visitors from India and China to travel more easily between the two countries, while maintaining the security of the borders.
The British-Irish Visa Scheme will allow Chinese and Indian visitors to travel to the UK and Ireland on a single visit visa.
The scheme will start in China by the end of October and in India soon afterwards.
3. Arun Jaitley is richest minister; PM Narendra Modi has assets of Rs 1.26 crorePrime Minister Narendra Modi has assets worth Rs 1.26 crore, according to details of assets and liabilities of the Union Council of Ministers uploaded on the PMO website on Monday. While finance and defence minister Arun Jaitley turns out to be the richest with assets totaling Rs 72.10 crore, urban development minister Venkaiah Naidu has the least assets totalling Rs 20.45 lakh.
s many as 17 of the 22 Cabinet are crorepatis. The five non-crorepatis include Naidu with Rs 20.45 lakh worth of assets, food minister Ram Vilas Paswan with Rs 39.88 lakh assets, labour and employment minister Narendra Singh Tomar with assets worth Rs 44.90 lakh, health minister Harshvardhan with assets of Rs 48.54 lakh and chemicals and fertilisers minister Ananth Kumar with Rs 60.62 lakh in assets.
4.Karnataka HC rejects Jayalalithaa bail plea
he Karnataka High Court on Tuesday refused to suspend the
sentence
imposed on AIADMK chief Jayalalithaa and her three aides in the
disproportionate assets case and refused to order their release on bail.
Justice A V Chandrashekar passed the interim order rejecting the pleas of all the four convicts for suspending the sentence imposed on them till their appeal against conviction is decided by the High Court.
The High Court also refused to release them on bail.
A Special Court had, on September 27, sentenced Jayalalithaa, her close aide Sasikala, V. Sudhakaran and J. Elavarasi to four years' imprisonment while imposing exemplary fine on them.
5. As users fume, Flipkart claims $100-mn sales in 10 hoursLeading e-commerce player Flipkart on Monday claimed to have clocked sales worth $100 million in gross merchandise value (GMV) in only 10 hours of its so-called 'Big Billion Day' sale. That seems an eye-popping number, given that the company had achieved sales of $1 billion in annual GMV in 2013-14. Flipkart does not reveal its daily sales figures, but going by the annual GMV run rate, its average daily sales last financial year should have been about $2.7 million.
Even as some users slammed the sale on social media platforms as a marketing gimmick, the company said its website had received a record one billion clicks through the day.
Online buyers, up since early morning, were ready to avail of the discounts offered by Flipkart - some went so far as to call the experience "a wedding in the family" and compare the event with international signature ones like the US' Black Friday sale and Alibaba.com's Single's Day sale.
However, many were in for disappointment, as the best deals on the website were over within seconds of the sale starting at 8 am. And, within the first 15 minutes, the 'steal deal' section, offering the biggest discounts, flashed an 'out of stock' message.
6. Japanese, American win 2014 Nobel Prize for physics
Japanese scientists Isamu Akasaki and Hiroshi Amano and American Shuji Nakamura won the 2014 Nobel prize for Physics for inventing a new energy efficient and environmentally friendly light source, the LED, the award-giving body said on Tuesday.
"With the advent of LED lamps we now have more long lasting and more efficient alternatives to older light sources," the Royal Swedish Academy of Sciences said in a statement awarding the 8 million Swedish crown ($1.1 million) prize.
Physics was the second of this year's crop of Nobels. The prizes were first awarded in 1901 to honour achievements in science, literature and peace in accordance with the will of dynamite inventor and business tycoon Alfred Nobel.
7. PNB penalised for failing to release PPF amount
For failing to release the public provident fund (PPF) amount to the legal heir of an account holder, District Consumer Disputes Redresssal Forum, Chandigarh, directed Punjab National Bank (PNB) to pay `15,000 as compensation for deficient services.
Disposing of a complaint filed by Charan Singh, a resident of Sector 38-D, Chandigarh, the forum directed the bank to release the amount in the PPF account along with up-to-date interest and `7,000 as cost of litigation.
Charan, who had moved the forum, said in his complaint that his father Ajit Singh had a PPF account with PNB.
Charan further said he and his brother were nominees of the account and as per his father’s will registered in June 2004, he (Charan) was to acquire the PPF account, among other things.
Charan stated that the bank had refused to release the amount of `8.68 lakh after the death of his father in November 2013.
8. FinMin may amend RBI Act for appointing 5th Deputy Governor, COO
The Finance Ministry is considering amendments to the RBI Act 1934 to enable the central bank appoint a fifth Deputy Governor and a Chief Operating Officer (COO).
Finance Ministry sources confirmed to BusinessLine that both the sides had reached an informal agreement to appoint a COO and create the post of a fifth Deputy Governor in the RBI, but with a condition.
“The condition is that COO would be from among the two Deputy Governors from the RBI’s quota, while the key criteria for appointment of fifth Deputy Governor would be a person with at least 25 years of experience in public administration and governance,” a senior Finance Ministry official said.
9. India ranks 18th on most desirable place to work; US on top
India has been ranked 18th globally on the list of most desirable destinations to work, even as 70-80 per cent of Indians are willing to work in an overseas location, says a new report.
The US has been ranked on the top, followed by the UK, Canada, Germany and Switzerland, making them the five most desirable countries to work on the list compiled by the Boston Consulting Group, total jobs.com and The Network.
The other countries in the top 10, where foreigners said they would The other countries in the top 10, where foreigners said they would like to work include -- France (6th), Australia (7th), Spain (8th), Italy (9th) and Sweden (10th).
As a desirable work destination, India was ranked 18th among G20 nations.
In its latest issue of the Migration and Development Brief, the World Bank said yesterday India, with the world's largest emigrant stock of 14 million people, will remain in the top spot this year, attracting about $71 billion in remittances.
"Remittances to developing countries grew this year by 5%. Remittance inflows provided stable cover for substantial parts of the import bill for such countries as Egypt, Pakistan, Haiti, Honduras, and Nepal," said Kaushik Basu, Senior Vice President and Chief Economist of the World Bank Group.
He said India and China led the chart with 'projected remittance inflows of $71 and $64 billion respectively in 2014'.
Other large recipients are China ($64 billion), the Philippines ($28 billion), Mexico ($24 billion), Nigeria ($21 billion), Egypt ($18 billion), Pakistan ($17 billion), Bangladesh ($15 billion), Vietnam ($11 billion) and Ukraine ($9 billion).
2. By December 2014, Indians will be able to travel to Ireland and UK on single visaBy December 2014, Indians will be able to travel to Ireland and UK on a single visa.
Home secretary Theresa May on Monday signed a Memorandum of Understanding with the Republic of Ireland to strengthen the Common Travel Area.
This will allow the UK and Ireland to share data and exchange information which will be used to inform and determine immigration decisions and allow visitors from India and China to travel more easily between the two countries, while maintaining the security of the borders.
The British-Irish Visa Scheme will allow Chinese and Indian visitors to travel to the UK and Ireland on a single visit visa.
The scheme will start in China by the end of October and in India soon afterwards.
3. Arun Jaitley is richest minister; PM Narendra Modi has assets of Rs 1.26 crorePrime Minister Narendra Modi has assets worth Rs 1.26 crore, according to details of assets and liabilities of the Union Council of Ministers uploaded on the PMO website on Monday. While finance and defence minister Arun Jaitley turns out to be the richest with assets totaling Rs 72.10 crore, urban development minister Venkaiah Naidu has the least assets totalling Rs 20.45 lakh.
s many as 17 of the 22 Cabinet are crorepatis. The five non-crorepatis include Naidu with Rs 20.45 lakh worth of assets, food minister Ram Vilas Paswan with Rs 39.88 lakh assets, labour and employment minister Narendra Singh Tomar with assets worth Rs 44.90 lakh, health minister Harshvardhan with assets of Rs 48.54 lakh and chemicals and fertilisers minister Ananth Kumar with Rs 60.62 lakh in assets.
4.Karnataka HC rejects Jayalalithaa bail plea
he Karnataka High Court on Tuesday refused to suspend the
sentence
imposed on AIADMK chief Jayalalithaa and her three aides in the
disproportionate assets case and refused to order their release on bail.Justice A V Chandrashekar passed the interim order rejecting the pleas of all the four convicts for suspending the sentence imposed on them till their appeal against conviction is decided by the High Court.
The High Court also refused to release them on bail.
A Special Court had, on September 27, sentenced Jayalalithaa, her close aide Sasikala, V. Sudhakaran and J. Elavarasi to four years' imprisonment while imposing exemplary fine on them.
5. As users fume, Flipkart claims $100-mn sales in 10 hoursLeading e-commerce player Flipkart on Monday claimed to have clocked sales worth $100 million in gross merchandise value (GMV) in only 10 hours of its so-called 'Big Billion Day' sale. That seems an eye-popping number, given that the company had achieved sales of $1 billion in annual GMV in 2013-14. Flipkart does not reveal its daily sales figures, but going by the annual GMV run rate, its average daily sales last financial year should have been about $2.7 million.
Even as some users slammed the sale on social media platforms as a marketing gimmick, the company said its website had received a record one billion clicks through the day.
Online buyers, up since early morning, were ready to avail of the discounts offered by Flipkart - some went so far as to call the experience "a wedding in the family" and compare the event with international signature ones like the US' Black Friday sale and Alibaba.com's Single's Day sale.
However, many were in for disappointment, as the best deals on the website were over within seconds of the sale starting at 8 am. And, within the first 15 minutes, the 'steal deal' section, offering the biggest discounts, flashed an 'out of stock' message.
6. Japanese, American win 2014 Nobel Prize for physics
Japanese scientists Isamu Akasaki and Hiroshi Amano and American Shuji Nakamura won the 2014 Nobel prize for Physics for inventing a new energy efficient and environmentally friendly light source, the LED, the award-giving body said on Tuesday.
"With the advent of LED lamps we now have more long lasting and more efficient alternatives to older light sources," the Royal Swedish Academy of Sciences said in a statement awarding the 8 million Swedish crown ($1.1 million) prize.
Physics was the second of this year's crop of Nobels. The prizes were first awarded in 1901 to honour achievements in science, literature and peace in accordance with the will of dynamite inventor and business tycoon Alfred Nobel.
7. PNB penalised for failing to release PPF amount
For failing to release the public provident fund (PPF) amount to the legal heir of an account holder, District Consumer Disputes Redresssal Forum, Chandigarh, directed Punjab National Bank (PNB) to pay `15,000 as compensation for deficient services.
Disposing of a complaint filed by Charan Singh, a resident of Sector 38-D, Chandigarh, the forum directed the bank to release the amount in the PPF account along with up-to-date interest and `7,000 as cost of litigation.
Charan, who had moved the forum, said in his complaint that his father Ajit Singh had a PPF account with PNB.
Charan further said he and his brother were nominees of the account and as per his father’s will registered in June 2004, he (Charan) was to acquire the PPF account, among other things.
Charan stated that the bank had refused to release the amount of `8.68 lakh after the death of his father in November 2013.
8. FinMin may amend RBI Act for appointing 5th Deputy Governor, COO
The Finance Ministry is considering amendments to the RBI Act 1934 to enable the central bank appoint a fifth Deputy Governor and a Chief Operating Officer (COO).
Finance Ministry sources confirmed to BusinessLine that both the sides had reached an informal agreement to appoint a COO and create the post of a fifth Deputy Governor in the RBI, but with a condition.
“The condition is that COO would be from among the two Deputy Governors from the RBI’s quota, while the key criteria for appointment of fifth Deputy Governor would be a person with at least 25 years of experience in public administration and governance,” a senior Finance Ministry official said.
9. India ranks 18th on most desirable place to work; US on top
India has been ranked 18th globally on the list of most desirable destinations to work, even as 70-80 per cent of Indians are willing to work in an overseas location, says a new report.
The US has been ranked on the top, followed by the UK, Canada, Germany and Switzerland, making them the five most desirable countries to work on the list compiled by the Boston Consulting Group, total jobs.com and The Network.
The other countries in the top 10, where foreigners said they would The other countries in the top 10, where foreigners said they would like to work include -- France (6th), Australia (7th), Spain (8th), Italy (9th) and Sweden (10th).
As a desirable work destination, India was ranked 18th among G20 nations.
1. India to top global remittances with $71 billion this year: World BankIndia will retain its top spot with $71 billion in remittances this year as remittances to developing countries are expected to reach $435 billion, an increase of 5% over 2013, the World Bank has said.
In its latest issue of the Migration and Development Brief, the World Bank said yesterday India, with the world's largest emigrant stock of 14 million people, will remain in the top spot this year, attracting about $71 billion in remittances.
"Remittances to developing countries grew this year by 5%. Remittance inflows provided stable cover for substantial parts of the import bill for such countries as Egypt, Pakistan, Haiti, Honduras, and Nepal," said Kaushik Basu, Senior Vice President and Chief Economist of the World Bank Group.
He said India and China led the chart with 'projected remittance inflows of $71 and $64 billion respectively in 2014'.
Other large recipients are China ($64 billion), the Philippines ($28 billion), Mexico ($24 billion), Nigeria ($21 billion), Egypt ($18 billion), Pakistan ($17 billion), Bangladesh ($15 billion), Vietnam ($11 billion) and Ukraine ($9 billion).
2. By December 2014, Indians will be able to travel to Ireland and UK on single visaBy December 2014, Indians will be able to travel to Ireland and UK on a single visa.
Home secretary Theresa May on Monday signed a Memorandum of Understanding with the Republic of Ireland to strengthen the Common Travel Area.
This will allow the UK and Ireland to share data and exchange information which will be used to inform and determine immigration decisions and allow visitors from India and China to travel more easily between the two countries, while maintaining the security of the borders.
The British-Irish Visa Scheme will allow Chinese and Indian visitors to travel to the UK and Ireland on a single visit visa.
The scheme will start in China by the end of October and in India soon afterwards.
3. Arun Jaitley is richest minister; PM Narendra Modi has assets of Rs 1.26 crorePrime Minister Narendra Modi has assets worth Rs 1.26 crore, according to details of assets and liabilities of the Union Council of Ministers uploaded on the PMO website on Monday. While finance and defence minister Arun Jaitley turns out to be the richest with assets totaling Rs 72.10 crore, urban development minister Venkaiah Naidu has the least assets totalling Rs 20.45 lakh.
s many as 17 of the 22 Cabinet are crorepatis. The five non-crorepatis include Naidu with Rs 20.45 lakh worth of assets, food minister Ram Vilas Paswan with Rs 39.88 lakh assets, labour and employment minister Narendra Singh Tomar with assets worth Rs 44.90 lakh, health minister Harshvardhan with assets of Rs 48.54 lakh and chemicals and fertilisers minister Ananth Kumar with Rs 60.62 lakh in assets.
4.Karnataka HC rejects Jayalalithaa bail plea
he Karnataka High Court on Tuesday refused to suspend the
sentence
imposed on AIADMK chief Jayalalithaa and her three aides in the
disproportionate assets case and refused to order their release on bail.
Justice A V Chandrashekar passed the interim order rejecting the pleas of all the four convicts for suspending the sentence imposed on them till their appeal against conviction is decided by the High Court.
The High Court also refused to release them on bail.
A Special Court had, on September 27, sentenced Jayalalithaa, her close aide Sasikala, V. Sudhakaran and J. Elavarasi to four years' imprisonment while imposing exemplary fine on them.
5. As users fume, Flipkart claims $100-mn sales in 10 hoursLeading e-commerce player Flipkart on Monday claimed to have clocked sales worth $100 million in gross merchandise value (GMV) in only 10 hours of its so-called 'Big Billion Day' sale. That seems an eye-popping number, given that the company had achieved sales of $1 billion in annual GMV in 2013-14. Flipkart does not reveal its daily sales figures, but going by the annual GMV run rate, its average daily sales last financial year should have been about $2.7 million.
Even as some users slammed the sale on social media platforms as a marketing gimmick, the company said its website had received a record one billion clicks through the day.
Online buyers, up since early morning, were ready to avail of the discounts offered by Flipkart - some went so far as to call the experience "a wedding in the family" and compare the event with international signature ones like the US' Black Friday sale and Alibaba.com's Single's Day sale.
However, many were in for disappointment, as the best deals on the website were over within seconds of the sale starting at 8 am. And, within the first 15 minutes, the 'steal deal' section, offering the biggest discounts, flashed an 'out of stock' message.
6. Japanese, American win 2014 Nobel Prize for physics
Japanese scientists Isamu Akasaki and Hiroshi Amano and American Shuji Nakamura won the 2014 Nobel prize for Physics for inventing a new energy efficient and environmentally friendly light source, the LED, the award-giving body said on Tuesday.
"With the advent of LED lamps we now have more long lasting and more efficient alternatives to older light sources," the Royal Swedish Academy of Sciences said in a statement awarding the 8 million Swedish crown ($1.1 million) prize.
Physics was the second of this year's crop of Nobels. The prizes were first awarded in 1901 to honour achievements in science, literature and peace in accordance with the will of dynamite inventor and business tycoon Alfred Nobel.
7. PNB penalised for failing to release PPF amount
For failing to release the public provident fund (PPF) amount to the legal heir of an account holder, District Consumer Disputes Redresssal Forum, Chandigarh, directed Punjab National Bank (PNB) to pay `15,000 as compensation for deficient services.
Disposing of a complaint filed by Charan Singh, a resident of Sector 38-D, Chandigarh, the forum directed the bank to release the amount in the PPF account along with up-to-date interest and `7,000 as cost of litigation.
Charan, who had moved the forum, said in his complaint that his father Ajit Singh had a PPF account with PNB.
Charan further said he and his brother were nominees of the account and as per his father’s will registered in June 2004, he (Charan) was to acquire the PPF account, among other things.
Charan stated that the bank had refused to release the amount of `8.68 lakh after the death of his father in November 2013.
8. FinMin may amend RBI Act for appointing 5th Deputy Governor, COO
The Finance Ministry is considering amendments to the RBI Act 1934 to enable the central bank appoint a fifth Deputy Governor and a Chief Operating Officer (COO).
Finance Ministry sources confirmed to BusinessLine that both the sides had reached an informal agreement to appoint a COO and create the post of a fifth Deputy Governor in the RBI, but with a condition.
“The condition is that COO would be from among the two Deputy Governors from the RBI’s quota, while the key criteria for appointment of fifth Deputy Governor would be a person with at least 25 years of experience in public administration and governance,” a senior Finance Ministry official said.
9. India ranks 18th on most desirable place to work; US on top
India has been ranked 18th globally on the list of most desirable destinations to work, even as 70-80 per cent of Indians are willing to work in an overseas location, says a new report.
The US has been ranked on the top, followed by the UK, Canada, Germany and Switzerland, making them the five most desirable countries to work on the list compiled by the Boston Consulting Group, total jobs.com and The Network.
The other countries in the top 10, where foreigners said they would The other countries in the top 10, where foreigners said they would like to work include -- France (6th), Australia (7th), Spain (8th), Italy (9th) and Sweden (10th).
As a desirable work destination, India was ranked 18th among G20 nations.
In its latest issue of the Migration and Development Brief, the World Bank said yesterday India, with the world's largest emigrant stock of 14 million people, will remain in the top spot this year, attracting about $71 billion in remittances.
"Remittances to developing countries grew this year by 5%. Remittance inflows provided stable cover for substantial parts of the import bill for such countries as Egypt, Pakistan, Haiti, Honduras, and Nepal," said Kaushik Basu, Senior Vice President and Chief Economist of the World Bank Group.
He said India and China led the chart with 'projected remittance inflows of $71 and $64 billion respectively in 2014'.
Other large recipients are China ($64 billion), the Philippines ($28 billion), Mexico ($24 billion), Nigeria ($21 billion), Egypt ($18 billion), Pakistan ($17 billion), Bangladesh ($15 billion), Vietnam ($11 billion) and Ukraine ($9 billion).
2. By December 2014, Indians will be able to travel to Ireland and UK on single visaBy December 2014, Indians will be able to travel to Ireland and UK on a single visa.
Home secretary Theresa May on Monday signed a Memorandum of Understanding with the Republic of Ireland to strengthen the Common Travel Area.
This will allow the UK and Ireland to share data and exchange information which will be used to inform and determine immigration decisions and allow visitors from India and China to travel more easily between the two countries, while maintaining the security of the borders.
The British-Irish Visa Scheme will allow Chinese and Indian visitors to travel to the UK and Ireland on a single visit visa.
The scheme will start in China by the end of October and in India soon afterwards.
3. Arun Jaitley is richest minister; PM Narendra Modi has assets of Rs 1.26 crorePrime Minister Narendra Modi has assets worth Rs 1.26 crore, according to details of assets and liabilities of the Union Council of Ministers uploaded on the PMO website on Monday. While finance and defence minister Arun Jaitley turns out to be the richest with assets totaling Rs 72.10 crore, urban development minister Venkaiah Naidu has the least assets totalling Rs 20.45 lakh.
s many as 17 of the 22 Cabinet are crorepatis. The five non-crorepatis include Naidu with Rs 20.45 lakh worth of assets, food minister Ram Vilas Paswan with Rs 39.88 lakh assets, labour and employment minister Narendra Singh Tomar with assets worth Rs 44.90 lakh, health minister Harshvardhan with assets of Rs 48.54 lakh and chemicals and fertilisers minister Ananth Kumar with Rs 60.62 lakh in assets.
4.Karnataka HC rejects Jayalalithaa bail plea
he Karnataka High Court on Tuesday refused to suspend the
sentence
imposed on AIADMK chief Jayalalithaa and her three aides in the
disproportionate assets case and refused to order their release on bail.Justice A V Chandrashekar passed the interim order rejecting the pleas of all the four convicts for suspending the sentence imposed on them till their appeal against conviction is decided by the High Court.
The High Court also refused to release them on bail.
A Special Court had, on September 27, sentenced Jayalalithaa, her close aide Sasikala, V. Sudhakaran and J. Elavarasi to four years' imprisonment while imposing exemplary fine on them.
5. As users fume, Flipkart claims $100-mn sales in 10 hoursLeading e-commerce player Flipkart on Monday claimed to have clocked sales worth $100 million in gross merchandise value (GMV) in only 10 hours of its so-called 'Big Billion Day' sale. That seems an eye-popping number, given that the company had achieved sales of $1 billion in annual GMV in 2013-14. Flipkart does not reveal its daily sales figures, but going by the annual GMV run rate, its average daily sales last financial year should have been about $2.7 million.
Even as some users slammed the sale on social media platforms as a marketing gimmick, the company said its website had received a record one billion clicks through the day.
Online buyers, up since early morning, were ready to avail of the discounts offered by Flipkart - some went so far as to call the experience "a wedding in the family" and compare the event with international signature ones like the US' Black Friday sale and Alibaba.com's Single's Day sale.
However, many were in for disappointment, as the best deals on the website were over within seconds of the sale starting at 8 am. And, within the first 15 minutes, the 'steal deal' section, offering the biggest discounts, flashed an 'out of stock' message.
6. Japanese, American win 2014 Nobel Prize for physics
Japanese scientists Isamu Akasaki and Hiroshi Amano and American Shuji Nakamura won the 2014 Nobel prize for Physics for inventing a new energy efficient and environmentally friendly light source, the LED, the award-giving body said on Tuesday.
"With the advent of LED lamps we now have more long lasting and more efficient alternatives to older light sources," the Royal Swedish Academy of Sciences said in a statement awarding the 8 million Swedish crown ($1.1 million) prize.
Physics was the second of this year's crop of Nobels. The prizes were first awarded in 1901 to honour achievements in science, literature and peace in accordance with the will of dynamite inventor and business tycoon Alfred Nobel.
7. PNB penalised for failing to release PPF amount
For failing to release the public provident fund (PPF) amount to the legal heir of an account holder, District Consumer Disputes Redresssal Forum, Chandigarh, directed Punjab National Bank (PNB) to pay `15,000 as compensation for deficient services.
Disposing of a complaint filed by Charan Singh, a resident of Sector 38-D, Chandigarh, the forum directed the bank to release the amount in the PPF account along with up-to-date interest and `7,000 as cost of litigation.
Charan, who had moved the forum, said in his complaint that his father Ajit Singh had a PPF account with PNB.
Charan further said he and his brother were nominees of the account and as per his father’s will registered in June 2004, he (Charan) was to acquire the PPF account, among other things.
Charan stated that the bank had refused to release the amount of `8.68 lakh after the death of his father in November 2013.
8. FinMin may amend RBI Act for appointing 5th Deputy Governor, COO
The Finance Ministry is considering amendments to the RBI Act 1934 to enable the central bank appoint a fifth Deputy Governor and a Chief Operating Officer (COO).
Finance Ministry sources confirmed to BusinessLine that both the sides had reached an informal agreement to appoint a COO and create the post of a fifth Deputy Governor in the RBI, but with a condition.
“The condition is that COO would be from among the two Deputy Governors from the RBI’s quota, while the key criteria for appointment of fifth Deputy Governor would be a person with at least 25 years of experience in public administration and governance,” a senior Finance Ministry official said.
9. India ranks 18th on most desirable place to work; US on top
India has been ranked 18th globally on the list of most desirable destinations to work, even as 70-80 per cent of Indians are willing to work in an overseas location, says a new report.
The US has been ranked on the top, followed by the UK, Canada, Germany and Switzerland, making them the five most desirable countries to work on the list compiled by the Boston Consulting Group, total jobs.com and The Network.
The other countries in the top 10, where foreigners said they would The other countries in the top 10, where foreigners said they would like to work include -- France (6th), Australia (7th), Spain (8th), Italy (9th) and Sweden (10th).
As a desirable work destination, India was ranked 18th among G20 nations.
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