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The Economic Times Reuters VIENNA: OPEC and its allies led by Russia on Thursday were moving closer to agreeing one of the deepest output cuts this decade to support crude prices and prevent a glut, sources from OPEC and its allied producers said. The Organization of the Petroleum Exporting Countries (OPEC) meets on Thursday in Vienna and with Russia and others, a grouping known as OPEC+ on friday. Three OPEC+ sources told Reuters on Thursday the group would discuss increasing current cuts of 1.2 million barrels per day by more than 400,000 bpd. The current cuts expire in March and OPEC+ sources and delegates have said the new deal could be extended to June or until the end of 2020. OPEC+ has curbed supply since 2017 to counter booming output from the United States, which has become the world's biggest producer. Next year, rising production in the United State and other non-OPEC countries such as Brazil and Norway threaten to add to the glut. OPEC's actions in the past have a...

The Telegraph The Reserve Bank of India’s policymakers shocked economists, industry and the Street by deciding to hit the pause button on interest rate cuts after five downward revisions this year. The six-member monetary policy committee (MPC) of the central bank also slashed its growth forecast for this financial year to 5 per cent from 6.1 per cent at the October meeting. The decision to retain the policy rate — the repo — at 5.15 per cent was unanimous and indicated that the central bank was peeved about being second-guessed on its monetary policy moves and had worked up the nerve to resist popular pressure to cut rates once again. It has sent out the strongest signal yet that the burden of reviving the economy through counter-cyclical measures now rests squarely on the Narendra Modi government’s shoulders. “We decided that we could no longer mechanically cut interest rates,” RBI governor Shaktikanta Das told reporters in a post-policy interaction while conceding ...

moneycontrol.com Hiral Thanawala The Reserve Bank of India (RBI) announced that a new Prepaid Payment Instrument (PPI) would be rolled out. This can be used for purchasing goods and services of up to Rs 10,000. Says Murali Nair, President of Zeta’s Banking Business, “This is the most encouraging cash replacement action that RBI has taken in recent times. This will bring on board new customers that stayed away from digital payments.” Bank backing : A PPI is issued with the backing of a bank as the sponsor. The amount can be loaded in a new PPI only from your bank account. Adds Nair, “RBI should allow PPIs to be intermediaries for digitally distributing these new cards. They can scale up and encourage customers to opt for it.” These PPIs can be issued on the basis of minimum details sourced from the customer. A retail banker requesting anonymity says, “For starters, we are considering new PPIs as a virtual card, but a physical card can also be considered later.”...

www.moneycontrol.com Viswanath Pilla Drug Controller General of India (DCGI) VG Somani’s notice to regulators of all states and Union Territories (UTs) to prohibit sale of medicines through unlicensed online platforms has perturbed the e-pharmacy industry which employs thousands of people. The curbs are to be in place until the government comes up with rules to regulate e-pharmacies in India. Currently, online pharmacies operate in a regulatory grey area, leading to conflicting court orders. Most e-pharmacies operate in the country without a drug licence as there are no rules framed for the sector. The DCGI order itself was based on the Delhi High Court order dated December 12, 2018. “The order which is being referred to, was issued on December 12, 2018 by the Delhi High Court. The Delhi High Court’s order relied on an earlier single judge’s order by the Madras High Court. The said order was then stayed by a Divisional Bench of the Madras High Court. As per the bench, ...

The Economic Times PTI The economy of Kashmir has suffered losses of Rs 15,000 crore since August 5, when the government abrogated Article 370 provisions, a commerce body has claimed, saying that this is just a "conservative estimate". The Centre had repealed provisions of the article that gave special status to the erstwhile state of Jammu and Kashmir, and bifurcated it into union territories of Ladakh, and Jammu and Kashmir. "Our conservative estimates put the losses to the Kashmir economy due to the situation after August 5 at Rs 15,000 crore. We will be coming up with comprehensive data about the losses within a week," Kashmir Chamber of Commerce and Industry (KCCI) president Sheikh Ashiq Hussain told PTI. More than the losses to the economy, job loss due to clampdown on internet services, protests and strikes was more worrying, he said. The handicraft, tourism and e-commerce sectors were the worst hit by the situation post the Centre's decision, Hus...

The Wire Mudasir Ahmad Srinagar:  The government has started identifying land in Jammu and Kashmir for companies from outside the erstwhile state who have shown willingness to invest in the region since the reading down of Article 370 of the Constitution. A senior government official said so far around 17,000 kanals  of state land has been earmarked in regions of Jammu and Kashmir. Ravinder Kumar, managing director of the State Industrial Development Corporation (SIDCO) said at least 10,000 kanals of land has been identified in Kathua and Samba districts of Jammu and another 5,000 to 7,000 kanals have been earmarked in Ganderbal, Kupwara and some other districts of Kashmir. “There is some land in Vessu (in Anantnag) also,” Kumar told  the Wire , adding that the process for identifying land has been ongoing for some time now. According to Kumar, the government has issued directions to all district commissioners, both in Jammu and Kashmir, to submit details ...

The Indian Express Karishma Mehrotra   Global negotiations today revolve around debates about the transfer of data. India’s first attempt to domestically legislate on the topic, the   Personal Data Protection (PDP) Bill, 2019,  has been approved by the Cabinet and is slated to be placed in Parliament this winter session. The Bill has three key aspects that were not previously included in a draft version, prepared by a committee headed by retired Justice B N Srikrishna. Why does data matter? Data is any collection of information that is stored in a way so computers can easily read them (think 011010101010 format). Data usually refers to information about your messages, social media posts, online transactions, and browser searches. The individual whose data is being stored and processed is called the data principal in the PDP Bill. This large collection of information about you and your online habits has become an important source of profits, but also a potent...

The Indian Express Man Aman Singh Chhina A joint court martial of two retired Major Generals in Army’s Eastern Command, over irregularities in purchase of quadcopters (drones) under the Army Commanders Special Financial Powers Fund in 2016, began on Thursday. Maj Gen B Chakravarty (retd) and Maj Gen Anup Kumar (retd) are facing General Court Martial in Kachrapara military station near Kolkata. Both were serving in Eastern Command Headquarters in Kolkata when the deal for drones was signed. Maj Gen Chakravarty faces five charges under Section 63 of Army Act (violation of good order and military discipline), three charges under Section 52 (f) (intent to defraud) and two charges under Section 57 (falsifying official documents). Maj Gen Kumar faces four charges under Section 52 (f) and alternate four charges under Section 63. Both officers have denied any wrongdoing in the affair and have defended their bona fide actions. Presiding officer of the court martial is Lt Gen Tumul...

The Indian Express By:  Express News Service   In an effort to provide some relief to depositors of the scam hit Punjab and Maharashtra Cooperative (PMC) Bank, the state government has mooted a proposal for the amalgamation of the bank with the Maharashtra State Cooperative (MSC) Bank. “We are trying to see if the MSC Bank can take over the PMC, which will ensure that all the depositors can benefit. I have had discussions with the MSC Bank chairman on this issue and he told me he is working on it. We will request and send the Reserve Bank of India a letter seeking the amalgamation of the two banks,” said Cabinet Minister Jayant Patil. The PMC Bank has been put under restrictions by the RBI, after an alleged Rs 4,355 crore scam came to light, following which, the deposit withdrawal was initially capped at Rs 1,000, causing panic and distress among depositors. The withdrawal limit was subsequently raised to Rs 50,000. Almost 74 per cent of PMC Bank’s advances went to j...