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December 03, Saturday 2016 11:07 PM       
       HEADLINES: Robbery in Kozhikode in the name of Maoists                                              Woman hacks son for creating nuisance                                              Black money at Kayamkulam transport depot: Two suspended                                              Man commits suicide after killing daughter                                              Wadakkancherry gang-rape: Probe under court’s supervision                                              Naidu-led panel on note ban to meet on Dec 7 & 8                                              Tax dept finds Rs 1.64 cr in undisclosed income from Jan Dhan accounts                                              Overweight Tejas won't be deployed on aircraft carriers, says navy                                              China dismisses Trump-Taiwan call as 'small trick by Taiwan'                                              Police plane with 13 on board missing in Indonesia                                              Obama meets UN Secretary-General-designate Antonio Guterres                                              School sports meet: Bibin George bags first gold, record for Babitha                                              Sachin bats for two pitches in single Ranji game                                              Kaumudi Facebook
         Your credit card can be hacked in just six seconds!    
LONDON: It may take as little as six seconds for hackers to guess your credit or debit card number, expiry date and security code, say scientists who were able to circumvent all security features meant to protect online payments from fraud. Exposing the flaws in the VISA payment system, researchers from Newcastle University in the UK, found neither the network nor the banks were able to detect attackers making multiple, invalid attempts to get payment card data.

         India projected to grow 7.6 per cent in 2017: UN report    
UNITED NATIONS: India's economy is projected to grow at 7.6 per cent in 2017 as investment regains momentum and manufacturing base strengthens on the back of structural reforms in the country, a UN study said, crediting India and China for steady growth of the Asia-Pacific region.

         Govt raises MSS cap to Rs 6 lakh crore to manage liquidity    
MUMBAI: Government in consultation with the RBI today sharply raised the Market Stabilisation Scheme (MSS) ceiling to Rs 6 lakh crore from Rs 30,000 crore to mop up extra liquidity from the system in view of demonetisation.

         Sensex plunges 200 pts on capital outflows, Asian cues    
MUMBAI: Extending its losses for the second session, BSE benchmark Sensex dropped by nearly 200 points in early trade today on sustained selling by foreign funds and retail investors amid weak Asian cues. Investors turning cautious ahead of the release of US jobs data and oil prices retreating in global market also led to dampened sentiment on domestic bourses. The 30-share index was trading lower by 199.97 points, or 0.75 per cent, to 26,359.95. The gauge had lost 92.89 points in the previou

         GST, currency change to be game changers for economy: Jaitley    
BHUBANESWAR: Rejecting apprehensions that the Indian economy would suffer due to demonetisation, Finance Minister Arun Jaitley today termed as "game changers" the pulling out of high-value old notes as well as Goods and Services Tax, which is proposed to be rolled out from April 1.

         Reliance Jio extends free voice, data offer till March 31    
MUMBAI: Amassing 52 million subscribers in less than three months, Reliance Jio chief Mukesh Ambani today announced extension of free voice and data offer for existing and new consumers till March 31. Reliance Jio, he said, is the fastest-growing technology company in the world. "In the first 3 months, Jio has grown faster than Facebook, WhatsApp or Skype," Ambani said.

         ATF price cut by 3.7%, LPG hiked by Rs 2 per cylinder    
NEW DELHI: Aviation turbine fuel (ATF) price was today cut by 3.7 per cent while subsidised LPG rate was hiked by Rs 2.07 per cylinder, the seventh increase in cooking gas price in six months. ATF or jet fuel price was hiked by Rs 1,881 per kilolitre (kl), or 3.7 per cent, to Rs 48,379.63 per kl in Delhi. The reduction comes after two rounds of hikes, the last one being on November 1 by a steep 7.3 per cent.

         Demonetisation took a toll on manufacturing sector growth in November    
NEW DELHI: Manufacturing sector growth in India got hampered in November as rupee demonetisation weighed on new work flows, buying activity and production, while subdued inflationary pressure may prompt RBI to reduce key policy rate, a monthly survey said today. The Nikkei Markit India Manufacturing Purchasing Managers' Index (PMI) -- a gauge of manufacturing performance -- fell to 52.3, down from October's 22-month high of 54.4.

         Sensex trims initial gains, Nifty holds 8,200-mark    
MUMBAI: As volatility struck bourses in late morning trade, Sensex surrendered early gains to dip below the key 27,000-mark -- still quoting higher by 39 points, while Nifty was trading flat but held the crucial 8,200-level. Buying was mainly seen in healthcare, FMCG and energy sectors while, power, metal, banking, IT, teck and basic material stocks countered losses. The 30-share Sensex opened higher at 26,756.66 and hovered in a range of 26,769.32 and 26,608.96 before quoting 26,691.42 at

         RBI limits withdrawal from Jan Dhan accounts to Rs 10K a month    
MUMBAI: To check the misuse of Jan Dhan accounts by black money hoarders, Reserve Bank has restricted the withdrawal from such accounts to Rs 10,000 per month. "With a view to protect the innocent farmers and rural account holders of PMJDY from activities of money launders and legal consequences under the Benami Property Transaction & Money Laundering laws, it has been decided to place certain limits, as a matter of precaution, on the operations in such accounts funded through deposits of Sp

         Fiscal deficit hits 79.3% of budget estimate in Apr-Oct    
NEW DELHI: Fiscal deficit in the first seven months of 2016-17 reached the Rs 4.23 lakh crore mark, or 79.3 per cent of the budget estimate (BE) for the whole year. The fiscal situation in April-October worsened over the year-ago period as the deficit then stood at 74 per cent of BE. Fiscal deficit, the gap between expenditure and revenue for the entire fiscal, has been pegged at Rs 5.33 lakh crore, or 3.5 per cent of GDP, in 2016-17.

         Sensex surges 259 pts, Nifty reclaims 8,200 on oil spike    
MUMBAI: Markets rallied for the fourth consecutive session today, with the benchmark Sensex surging 259 points to end at a fresh two-week high of 26,652 driven by upbeat global cues on strengthening oil prices. Consumer durables, banking, finance, capital goods, industrials and power sectors were the major winners.

         RBI relaxes withdrawal norms, nudges retailers to deposit cash    
MUMBAI: Nudging retailers such as malls and shop owners to deposit their daily collections with banks, RBI has said they would be allowed to withdraw the deposited sum in Rs 2,000 and Rs 500 notes, irrespective of the existing withdrawal limits. The decision is aimed at discouraging hoarding of valid currency notes and increasing its circulation to mitigate cash crunch following the demonetisation of old 500 and 1,000 rupee notes.

         Notes ban: Fitch cuts India's FY17 growth forecast to 6.9 pc    
NEW DELHI: Fitch Ratings today lowered India's GDP growth forecast for this fiscal to 6.9 per cent from 7.4 per cent, saying there will be "temporary disruptions" to economic activity post demonetisation. It said economic activity will be hit in the October- December quarter because of the cash crunch created by withdrawal and replacement of 500 and 1000 rupee notes that accounted for 86 per cent of the value of currency in circulation.

         BSNL's operating profit jumps six-fold to Rs 3,855 cr in FY16    
NEW DELHI: State-owned Bharat Sanchar Nigam Ltd (BSNL) has reported nearly six-fold jump in operating profit during 2015-16 at Rs 3,855 crore from Rs 672 crore in the preceding fiscal, while revenue from operation turned out to be highest in the last five years. BSNL's revenue from operation rose 4.4 per cent to Rs 28,449 crore during financial year ended March 2016, sources told PTI citing the latest audited financial statement of the telecom corporation placed at the AGM last week.

         Govt removes duties on POS devices,makes them cheaper by 16.5%    
NEW DELHI: In order to promote card payments, government today slashed levies on Point of Sale machines that are being increasingly used by merchants in the wake of currency crunch post demonetisation of high value currency, thus making them cheaper by about 16.5 per cent.

         Indian economy grew 7.1% in first six months of current fiscal    
NEW DELHI: India's economy grew at 7.1 per cent in the first six months of the current financial year despite subdued growth in the world economy, Union Minister Nirmala Sitharaman said today.

         Sensex slides 133 points in early trade; banks lead fall    
MUMBAI: The BSE benchmark Sensex fell over 133 points and the Nifty slipped below the 8,100-mark in early trade today as banking stocks led fall on fresh selling amid mixed Asian cues.

         Life insurance policy holders get 30 days more to pay premium    
NEW DELHI: Extending a helping hand to people facing cash crunch, regulator Irdai has asked life insurance companies to provide an additional window of 30 days to policy holders for paying premium.

         Service Tax Dept to auction Mallya plane on Nov 28-29    
MUMBAI: In its bid to recover around Rs 535 crore due from beleaguered businessman Vijay Mallya, the Service Tax Department is looking at having more participation when it reauctions his luxury personal jet on November 28-29.

         Cash deficit hits market hard, but many hope for better days    
MUMBAI: The Centre's demonetisation move has hit various businesses, with some seeing a drop of nearly 50 per cent in sales, according to experts.

         Centre to compensate states every quarter for GST revenue loss    
NEW DELHI: States will receive provisional compensation from Centre for loss of revenue from implementation of GST every quarter but the final annual number would be decided after an audit carried out by CAG. The compensation would be met through levy of a cess called 'GST Compensation Cess' on luxury items and sin goods like tobacco, for the first five years.

         Sustaining 7-7.5% growth needs more investment: Manmohan Singh    
NEW DELHI: Former Prime Minister and architect of economic reforms Manmohan Singh today said sustaining 7-7.5 per cent GDP growth will require significant increase in investments, particularly in infrastructure, and revitalising external trade. Economic policies have to be designed in a manner that the redistributive process does not fill up public financing and nor is the growth process hampered, he said at the annual session of PHD Chambers of Commerce.

         RBI introduces incremental CRR to manage excess liquidity    
MUMBAI: In order to absorb the surge in liquidity in banking system following demonetisation of high value notes, the Reserve Bank introduced an incremental Cash Reserve Ratio (CRR) of 100 per cent for the fortnight beginning today. CRR is the portion of the deposits which banks are required to park to the RBI. Currently it is at 4 per cent. As per the RBI guidelines, "on the increase in NDTL (net demand and time liabilities) between September 16 and November 11 scheduled banks shall maintai

         No proposal to restrict gold holding by individuals    
NEW DELHI: The government is not considering any proposal to restrict holding of gold by individuals, a top finance ministry source said today. Following the demonetisation of 500 and 1,000 rupee notes in a bid to crack down on black money, there were apprehensions among people that the government might impose some kind of restrictions on gold holding by individuals.

         Unaccounted deposits to attract 50% tax, 4 yr lock-in period    
NEW DELHI: A minimum of 50 per cent tax may be levied on unexplained bank deposits made using the banned currency notes up to December 30 along with a 4-year lock in period for half of the remaining amount under the amendments to tax law the government plans to bring in Parliament shortly.

         Tata Steel removes Cyrus Mistry as chairman, appoints OP Bhatt    
NEW DELHI: Tata Steel today said its board has removed Cyrus Mistry as the steel giant's chairman and appointed independent director O P Bhatt in his place. Earlier on November 11, Tata Steel said its board took note of the leadership changes at Tata Sons and had received a special notice from the promoter and principal shareholder to convene an Extraordinary General Meeting (EGM) for removal of Cyrus Mistry and Nusli Wadia as its directors.

         Rupee back from the brink on RBI defence, jumps 27 paise    
MUMBAI: Underpinned by a retreat in the US dollar, the battered rupee rebounded smartly from its 39-month low as it ended higher by 27 paise at 68.46 amid adequate supply of the greenback.

         Sensex rallies 456 pts as rupee racks up big gains    
MUMBAI: After days of dithering, bulls made a strong comeback today, with the Sensex surging 456 points to reclaim the 26,000-mark on the first day of December series, led by gains in export-oriented IT and pharma on a rebounding rupee. This was the benchmark's biggest single day gain since October 18, when it had surged 520.91 points.

         Zee to acquire TV channels of Reliance Group; 49% in radio biz    
MUMBAI: Reliance Capital, part of Anil Ambani-led Reliance Group, has entered into a Rs 1,900-crore deal with Subhash Chandra-led Zee group to sell 100 per cent stake in its general entertainment TV channels and 49 per cent stake in radio business as part of measures to reduce debt.

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