RBI

Exim Bank’s GOI-supported Line of Credit of USD 448 million to the Government of Republic of Uzbekistan for Social Infrastructure and Other Development Projects (SEP 15, 2022)

The export of eligible goods and services from India, as defined under the agreement, would be allowed subject to their eligibility under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this agreement. 

Out of the total credit by Exim Bank under the agreement, goods, works and services of the value of at least 75 per cent of the contract price shall be supplied by the seller from India, and the remaining 25 per cent of goods and services may be procured by the seller for the purpose of the eligible contract from outside India. 

The Agreement under the LoC is effective from September 12, 2022. Under the LoC, the terminal utilization period is 60 months from the scheduled completion date of the project.

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BUSINESS AND ECONOMIC NEWS 

Saudi overtakes Russia to be India’s No. 2 oil supplier in August (SEP 15, 2022)

India, the world’s third biggest oil importer and consumer, shipped in 863,950 barrels per day (bpd) of crude from Saudi Arabia, up 4.8% from the previous month, while purchases from Russia fell 2.4% to 855,950 bpd, the data showed.

India has become Russia’s No. 2 oil buyer after China as others have cut purchases following Moscow’s invasion of Ukraine in late February.

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NEWS AT GLANCE

  • Centre to sign a peace agreement with Assam Government and five rebel groups this evening.
  • Minister for Road Transport and Highways Nitin Gadkari emphasizes use of alternative fuels to reduce pollution. 
  • India plans no more funding for Lanka.

WORD OF THE DAY 

A generation-skipping trust (GST) is a type of legally binding trust agreement in which the contributed assets are passed down to the grantor's grandchildren, thus "skipping" the next generation, the grantor's children. By passing over the grantor's children, the assets avoid the estate taxes—taxes on an individual's property upon his or her death—that would apply if the children directly inherited them.

Generation-skipping trusts are effective wealth-preservation tools for individuals with significant assets and savings.

MARKET TODAY (as on 15.09.2022)

BSE SENSEX               59,934.01 ▼ 412.96 (0.68%)    

NIFTY 50                     17,877.40 ▼ 126.35 (0.70%)

1 US Dollar = 79.66 Indian Rupee (Last updated · 15 September at 12:50 pm UTC)

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