WEEKLY NEWS

IMF quota overhaul puts India in top 10 members

Lead to a major overhaul of the Fund's quotas and governance.

Consist of the US , Japan , the BRICs (Brazil, China , India, Russia), and the four largest European countries (France, Germany, Italy, the United Kingdom).

The Executive Board of IMF also endorsed a timeline that calls for the quota increase and realignments to take effect by the annual meetings. 

A shift of more than 6% of quota shares to dynamic emerging market and developing countries & more than 6% from over-represented to under-represented countries.

US not trying to 'single out' Indian IT cos: Locke

The US government had decided increase the visa fee to raise an additional $600 million to beef up border security. 

US President Barack Obama will meet the Indian business leaders during his three-day visit. 

If other US states would follow Ohio's ban on outsourcing work to foreign companies, India had been affected as it was not a signatory to the Government Procurement Agreement (GPA) under the WTO. 

The GPA is a pact that deals with the issues relating to government purchases.

Obama arrives on 3-day visit to India; 18 announcements likely

Obama, the sixth US President to visit India and the third in 10 years.

 President intends to be "a full embrace of India's rise, a way to develop and deepen the broadest possible relationship with India as a cornerstone of our Asia policy." 

The Presidential couple was warmly received by Maharashtra Chief Minister Ashok Chavan , Union Minister Salman Khursheed.

US business chiefs see Obama trade boost in India

There are strong rumours that very archaic export control system that exists between the U.S. and India.

 It is good for jobs in both countries. India wants Obama to abolish export restrictions on

dual-use technology that could be used to build nuclear weapons.

Obama could announce his plan to ease export controls during an address to U.S. and Indian corporate leaders at a business conference.

Obama's visit comes at a vital time amid rising anti-trade rhetoric spurred by high unemployment.

My stay at Taj is powerful message against terror: Obama

Paying homage to the victims of 26/11 attacks.

Taj is a symbol of strength of Indian people. Also talked about the role of an Indian navy

who saved the life of a toddler. US and India are working together, more

closely than ever to deepening counter-terrorism (cooperation), to keep our people safe.

Gold coin sales boom for India's post office

Sold more than a half-tonne of gold coins in the last two years.

India is traditionally a buyer of gold jewellery -- a common gift during religious events and weddings.

Consumers are becoming increasingly aware of the benefits of holding gold in other forms like coins, bars, and via exchange traded funds.

The country is in the peak of the festival season, when consumers buy gold to invoke prosperity.

Contd…

The World Gold Council (WGC) expects 2010 imports to breach the 800 tonne-mark, surpassing the record 770 tonnes of imports seen in 2007. 

Investors & Consumers now want safety towards inflation, to protect wealth and also think about returns...so gold is the best available option

Gold is a regulated sector in India and the federal government has allowed 23 state and private banks to trade in bullion at the wholesale and retail levels. 

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