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Indian cabinet approves bill to punish hiding of foreign assets NEW DELHI: India's cabinet approved a bill on Tuesday that would introduce a 10-year jail term for people convicted of illicitly stashing wealth abroad, a senior official said. The move is viewed as a first step towards empowering tax authorities and meeting the commitment of Prime Minister Narendra Modi's 10-month-old government to enact a new law on 'black money', a key political challenge. Finance Minister Arun Jaitley announced the pledge as part of reform measures in last month's budget."The bill has a provision of 10-year imprisonment for concealment of overseas assets," the official said after a cabinet meeting, requesting not to be named.It is expected to be introduced during the current session of parliament. Copyright Reuters, 2015 ...

Indian opposition unites to oppose Modi land reform push NEW DELHI: India's usually fractious opposition parties joined forces on Tuesday for a march against a bill to ease land acquisition rules, a rare show of unity that bodes badly for a key part of Prime Minister Narendra Modi's economic overhaul plans.Opposition parties from across the political spectrum, including Congress President Sonia Gandhi, walked from parliament to the president's home demanding the government drop its plans."We have come together to oppose the Modi government's amendments," ...
Iran touts growth despite nuclear sanctions %9 TEHRAN: Western sanctions over Iran's nuclear programme cannot prevent it from growing, President Hassan Rouhani said Tuesday as he inaugurated part of the giant South Pars gas field in the Gulf."This inauguration means that when we say sanctions cannot stop us from growing, developing and moving forward, Phase 12 bears witness to that," he said.Tuesday's ceremony comes with Iran and the major powers engaged in crunch talks in Switzerland as the clock ticks down on ...
India's Modi deeply concerned about rape of nun; protests flare NEW DELHI: Indian Prime Minister Narendra Modi said on Tuesday he was "deeply concerned" about the rape of an elderly nun and the demolition of a church as protests for the better protection of women and religious minorities erupted across the country.Modi has asked for an immediate report on the violence on the weekend, according to a statement. There were angry scenes in parliament as legislators demanded to know why the man accused of rape ...
Iran lawmakers won't derail nuclear deal: official TEHRAN: Iranian MPs will not derail a nuclear deal with the West, as US lawmakers have threatened to, if the country's supreme leader gives it his backing, parliament's top official said Monday.Speaker Ali Larijani said lawmakers and the government would be unified if an agreement gets the nod from Ayatollah Ali Khamenei, who has the final word on all policy matters in the Islamic republic."Parliament and the government are following the same path," Larijani told ...
India police tear gas protesters outside state parliament NEW DELHI: Riot police in the southern Indian state of Kerala on Friday fired tear gas and water cannons as an opposition attempt to block the state government from presenting its annual budget turned violent.Hundreds of opposition activists protested outside the state parliament in Thiruvananthapuram city, as lawmakers inside the chamber flung computer keyboards and threw the speaker's chair over a railing -- a rare note of discord in a state that is best known ...
Modi passes first major economic reform with insurance overhaul NEW DELHI: Indian Prime Minister Narendra Modi passed his first major economic reform almost a year after coming to power, as parliament voted late on Thursday to allow more foreign investment in the insurance sector.Lawmakers in the upper house agreed to increase the foreign investment limit in local insurers to 49 percent from 26 percent after the opposition Congress party swung behind the bill which cleared the lower house last week.The passage of the bill ...


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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyApril 16, 2015
Reserves $16.818 bln