Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM 2013 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc.
India central bank allows non-bank Islamic finance firm
Schaeuble said it was nonsense to assert that he was hiding anything. I dont want it said of me after the election, independently of how it goes and what I personally do afterward, that I didnt tell the truth before the election, he was quoted as saying. So I am glad that the public has now paid close attention to what I have been saying again and again for a long time … we will have to concern ourselves in the middle of next year with new measures for Greece. A new IMF working paper offered a different explanation of why the lending agency erred in underestimating the impact of austerity measures on Greeces economy. In June, the IMF said it had miscalculated the effect that cutting government spending would have on the Greek economy and that this had worsened the countrys deep recession, now in its sixth year.
But its decision appears to open the door to the possibility of more NBFCs offering Islamic non-interest products in future, even though full-fledged Islamic banks are expected to remain banned. RBI governor Duvvuri Subbarao, who will step down in September, has said Islamic banking is not possible in the country but sharia-compliant products could be delivered through alternative means. LEGAL CHALLENGE Last year, the RBI directed Kochi-based Alternative Investments and Credits Ltd (AICL) to stop its non-interest NBFC business almost a decade after the firm was launched. This prompted an ongoing legal challenge by AICL. “The grant of an NBFC licence should have an impact on the AICL proceedings and there are good chances that the matter may get settled soon,” said Suprio Bose, Mumbai-based lawyer at Juris Corp, a law firm which previously represented AICL.
India finance minister seeks relief for rupee
The meeting was mainly to seek ideas and suggestions on what can be done about capital inflows. It was a very good and positive meeting, ICICI Banks chief executive Chanda Kochhar told reporters. Indias large current account deficit – the broadest measure of trade – must be funded with foreign capital, and the country is seen as one of the most vulnerable among emerging market nations whose currencies are under pressure globally. Indias rupee recovered from historic lows against the dollar Friday, marking its biggest single-day gain in nearly a year, but analysts warned the currencys overall trend was still bearish. The rupee, one of Asias worst performing currencies, bounced back 2.09 percent – its biggest one-day gain since September 2012 – to end trade at 63.20 Friday, up from its record closing low of 64.55 the previous day.