Banking Awareness 07th December 2016 | Financial Affairs 07th December 2016

Services sector shrinks in Nov.

Contraction first in 17 months and the steepest in over three years

India’s services sector contracted in November, the first in 17 months and the steepest in more than three years, as it was ‘heavily impacted’ by the sudden demonetisation exercise and the consequent cash shortage, according to a survey.

6.25 per cent

The panel had reduced the benchmark interest rates.

Banks to bear liability in case of online security breach

RBI relaxed additional factor authentication.

• The Reserve Bank of India (RBI) relaxed additional factor authentication (AFA) norms for online transactions up to Rs. 2,000 in a move to save time for customers amid the government’s push for digitization of payments.
• RBI said that banks have to bear the full liability in the event of any security breach or compromise in the authorised card network.

Rs.2,000
The AFA requirement for transactions.

Panasonic to set up unit, R&D Centre in India

To produce refrigerators in India and strengthen its R&D function

• Panasonic Corporation plans to produce refrigerators in India and strengthen its R&D function. The company said it would set up a unit in Haryana at an investment of Rs.115 crore to produce refrigerators.
• The factory, with annual capacity of five lakh units, will start production in November 2017.

Five lakh units.

Annual capacity in this factory.

OPEC output cut may push up fuel prices 5-8%: Crisil

Petrol and Diesel price prices are expected to rise.

Petrol prices are expected to rise by 5-8 per cent and that of diesel by 6-8 per cent in the next three to four months due to a decision by the Organization of Petroleum Exporting Countries (OPEC) to cut crude oil production by 1.2 million barrels per day.

$50-55

The price of Brent crude will increase per barrel.

Pradhan moots Asian buyers forum to counter OPEC clout

The call comes following a decision to move towards a gas-based economy

Minister of State for Petroleum and Natural Gas Dharmendra Pradhan has mooted the idea of a large Asian LNG buyers forum to negotiate more equitable trade deals and balance the influence of the Organisation of Petroleum Exporting Countries (OPEC).

Deepak Mahurkar

Leader of Oil and Gas Industry for PwC India.

BRICS remains committed to eliminate tax evasion

They are commitment to eliminate base erosion

BRICS countries reaffirmed their commitment to eliminate base erosion and profit shifting with all member countries agreeing that profits should be taxed in those jurisdictions where the activities deriving those profits are performed and where value is created.

Main focus

Global standards on tax transparency.

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