RBI extends interest subsidy to exporters till Sep
March 25, 2009

Reserve Bank today extended interest subsidy to exporters for six months up to September 30 in order to give relief to exporters adversely affected from global financial crisis. As per a notification issued by RBI, it has been decided to extend the interest subvention of 2 per cent on export credit for a further period of six months i.e., since April 1, 2009 till September 30, 2009 to labour intensive sectors like gems and jewellery etc.

The interest subsidy scheme was to end on March 31. After posting a handsome growth of over 30 per cent in the first six months of the current fiscal, India's exports growth entered into negative zone and dipped by 12.1 per cent in October. Since then, exports are on down-slide and it dipped by an estimated 21 per cent in February. The government has revised the exports target for 2008- 09 from USD 200 billion to USD 175 billion in view of slowdown in the global economy.

Competition for Design of the 'Symbol for Indian Rupee'
February 27, 2009

The Government of India has decided to have an identification symbol for the Indian rupee to be selected through public competition. Any resident Indian (Professional artists and Non-professionals) can participate in this competition for design of the ‘Symbol for Indian Rupee’. Major currencies of the world e.g. US Dollar, Pound Sterling, Yen and the Euro also have an Identification symbol. The last date for submission of entries is April 15, 2009. The Designer of the finally selected design will get a prize of Rs.250, 000/- and would be required to surrender copyright of the design to the government of India.

Indian Criminal law amended
January 20, 2009

President gives accent to the Criminal Procedure Code (Amendment) Bill, 2008. This amendments contains provisions forbidding arrest in offenses carrying upto seven years imprisonment. This newly enacted law take away the powers of the police to arrest in cases of alleged offenses which carry a maximum sentence upto seven years of imprisonment. Once the Criminal Procedure Code (Amendment) Act 2008 becomes effective, police will issue the culprit a “notice of appearance” instead of arrest provided he/she is accused of any offence punishable with imprisonment up to seven years. The person can be arrested only if he/she does not appear before the police in response to the notice.

RBI issued guidelines on restructuring of Advances by Banks
January 02, 2009

The Reserve Bank of India had issued a circular dated August 27, 2008 on 'prudential guidelines on restructuring of advances by banks', which is a comprehensive set of guidelines rationalizing and putting together the existing guidelines. Certain modifications were made vide circular dated December 8, 2008 as the spillover effects of the global downturn had started affecting the Indian economy particularly from September 2008 creating stress for the otherwise viable units. Special regulatory treatment was extended to Commercial Real Estate exposures restructured for the first time as well as to exposures (other than commercial real estate, capital markets and personal/ consumer loans) which were viable but were facing temporary cash flow problems and needed a second restructuring.

TMR awarded Yahoo Inc. India’s first sound mark
August 22, 2008

On 18 August, Indian Trade Marks Registery granted India’s first ‘sound mark’ to Sunnyvale, California-based Internet firm Yahoo Inc.’s three-note Yahoo yodel. Finally, Yahoo Inc., a Sunnyvale, California-based Internet firm, has become official owner of its three-note sound trade mark “yodel” in India. This will prevent other companies or individuals in India using the yodel (essentially a long-drawn Yahoo) without prior permission from Yahoo Inc.