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New Delhi: As part of his union budget, Finance Minister Pranab Mukherjee has committed to tabling a white paper on black money in this session of Parliament. The document will share information on undeclared income held by Indians in foreign bank accounts to avoid taxes. A white paper explains the government policy on a particular subject, and allows the government to collect feedback before a Bill is prepared.
CBI Director A P Singh whipped up a storm last month when he said that 500 billion dollars or nearly 25 lakhs crores has been moved illegally by India to tax havens abroad. "Largest depositors in Swiss Banks are also reported to be Indians," he had said.
However, the government has denied this. Minister of State for Finance SS Palanimanickam told the Rajya Sabha this week, "There is no authentic estimate of quantum of Indian money stashed in foreign banks".
The BJP and its leader LK Advani have attacked the government recently for shielding those whose foreign bank account details have been shared by other countries. However, the Finance Minister has repeatedly stressed that going public with this information will violate treaties with those countries. In December, Mr Advani said in Parliament, "Reveal the names you have. It will be a humiliation if we do not get to know them from our Prime Minister or our Finance Minister and come to know from Julian Assange of WikiLeaks as he has said that he would reveal them in 2012."
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The mid-quarter review of the monetary policy is scheduled for March 15 and it was widely expected that Reserve Bank of India would cut rates then.
However, on Friday evening, the central bank sprung a surprise by cutting cash reserve ratio (CRR) by 0.75 per cent to 4.75 per cent.
CRR is the percentage of deposits that commercial banks have to keep aside with the central bank. Central banks use CRR rates as a tool to control the money supply in their battle against inflation. This is also used to control over-heating of an economy where expansion takes place on cheap borrowed money.
Read the industry reaction
Banks are finding it difficult to keep up with the demand for money that is surging due to advance tax payment obligations of corporates. Corporate tax payers have to pay their last instalment for the financial year on 15 March 2012. The RBI action will allow banks to lend the money that would otherwise lie idle to these borrowers.
Alarmed by the liquidity deficit, which had banks borrowing up to Rs 1,20,000 crore through the overnight window or the liquidity adjustment facility (LAF), the RBI had cut the CRR by 0.50 percent in the January 24 policy review to 5.50 percent.
However, in spite of the CRR cut which infused about Rs 32,000 crore into the system, banks continued to borrow over Rs 1,00,000 crore from the LAF (liquidity adjustment facility) corridor, much above the RBI's stated liquidity deficit comfort zone of Rs 60,000 crore.
This is despite RBI buying government securities from banks and injecting Rs 1,25,200 crore into the system through the so called ‘open market operations’.
Two weeks ago, RBI deputy governor Subir Gokarn hinted at an action.
Here are pointers that could help explain the reaction:
• The CRR cut means banks have more money to lend at the same cost. This reduces cost of funds for banks. Banks are likely to use the CRR cut to improve their own profitability. This should be positive for bank sector shares. Some banks may be able to pass on the cost to their customers.
• However, RBI would have to watch crude prices. Brent crude prices, which occupies for two thirds of the country's imports, have moved up to over USD 125 a barrel, at a ten-month high, against the RBI's baseline assumption of USD 110. RBI deputy governor had said that the central bank would continue monitoring the number.
• Rising oil prices may not give flexibility to RBI to cut repo rates. These are rates at which banks borrow from RBI. There is a potential for inflation surge and central banks have to battle that as a priority.
• RBI has said that the cut in CRR by 0.75 per cent should be considered as a reinforcement of the guidance that future rate actions will be towards lowering them. When interest rates are high, an investor’s or lenders ability to take risks declines. The RBI is clearly indicating to them that it is time to invest for growth.
• The monetary tightening (hiking interest rates 13 times since March 2010) made it difficult for companies to borrow. Banks were cautious and not willing to lend to companies wanting to expand. The RBI signal means that banks would be more willing to lend money now than before. This should allow businesses to plan new projects or execute those held up due to lack of financial resources
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The leaked intimate scene from Blood Money was not marketing strategy, says Mahesh Bhatt adding that the film does not belong to the erotic thrillers genre like Murder and Jism. "I am not happy. One of our over-enthusiastic PR person thought that leaking it would benefit the film. But these things send a wrong signal about. I was never apologetic about the kinds of films we make. Like Murder and Jism are erotic thrillers. But, Blood Money is not a product of that profile," the 63-year-old said here while promoting the film at a radio station.
"Because of these wrong signals, people think there is a lot of erotica in the film. Someone who doesn't like watching these kind of films will not come and someone who will come expecting erotica will be disappointed. I think it has done us more harm than good," he added.
Directed by Vishal Mahadkar, Blood Money stars Kunal Khemu and Amrita Puri and hits theatres March 30.
Meanwhile, comparisons are being drawn between Blood Money and Bhatt's 1986 film Naam as both films talk about a middle-class boy who treads the wrong path in his pursuit to earn money.
The filmmaker says that they are similar, but only to an extent as both are about sin-money.
"Naam dealt with lower, middle-class Indian dream. Those were the days in 1980s, when everybody thought that if you reach Dubai or Middle-East, you were guaranteed a decent, secure way of life. But this (Blood Money) deals with a slightly upper strata. It talks about a person who has dreams in his eyes and the world of Rolls Royce and plush homes. But it is all built on something which is sin-money," said Bhatt who is also gearing up for Jism 2.
The leaked intimate scene from Blood Money was not marketing strategy, says Mahesh Bhatt adding that the film does not belong to the erotic thrillers genre like Murder and Jism. "I am not happy. One of our over-enthusiastic PR person thought that leaking it would benefit the film. But these things send a wrong signal about. I was never apologetic about the kinds of films we make. Like Murder and Jism are erotic thrillers. But, Blood Money is not a product of that profile," the 63-year-old said here while promoting the film at a radio station.
"Because of these wrong signals, people think there is a lot of erotica in the film. Someone who doesn't like watching these kind of films will not come and someone who will come expecting erotica will be disappointed. I think it has done us more harm than good," he added.
Directed by Vishal Mahadkar, Blood Money stars Kunal Khemu and Amrita Puri and hits theatres March 30.
Meanwhile, comparisons are being drawn between Blood Money and Bhatt's 1986 film Naam as both films talk about a middle-class boy who treads the wrong path in his pursuit to earn money.
The filmmaker says that they are similar, but only to an extent as both are about sin-money.
"Naam dealt with lower, middle-class Indian dream. Those were the days in 1980s, when everybody thought that if you reach Dubai or Middle-East, you were guaranteed a decent, secure way of life. But this (Blood Money) deals with a slightly upper strata. It talks about a person who has dreams in his eyes and the world of Rolls Royce and plush homes. But it is all built on something which is sin-money," said Bhatt who is also gearing up for Jism 2.
