RBI Allows Credit Default Swaps In India; Sensex Regains 18K

Tuesday, May 24, 2011 SPECIAL LEAD Click here for India Business Update Mobile Version PREPAID CARDS ATTRACT MONEY LAUNDERERS Forget bulk cash. Heavy and hard to hide, it's simply not the most convenient cross-border conveyance for a 21st-century money launderer. A safer and increasingly attractive alternative for today's criminal is electronic cash (e-cash) loaded on what are called stored-value or prepaid cards. Getting them doesn't require a bank account, and many types can be used anonymously. read more LEAD STORIES SENSEX REGAINS 18K AMID POSITIVE GLOBAL CUES Sensex regained the 18k mark, on positive global cues especially Europe. It closed at 18,011.97, up 18.64 points. Nifty was up 8.30 at 5,394.85. read more NOW, RBI ALLOWS CREDIT DEFAULT SWAPS IN INDIA The RBI's new guidelines will allow insurane firms, FIIs and mutual funds to hedge risk against default in corporate bonds to which they subscribe. read more TOP STORIES • Infosys gets subpoena from U.S. court on visas • 'Inflation, slow growth to impact revenue collection' • 2G scam: Bail denied to Shahid Balwa, two associates • Solicitor General supports ONGC's royalty claim: Cairn • Amended tax rules to help recover black money: FM • FinMin may go slow on I-T refunds • Silver jumps by Rs 1,280 to Rs 54,940/kg • Coal linkages awaited for 40,000 MW power projects • Govt okays FDI in limited liability partnerships • HPCL to buyout partners' stake in Prize Petroleum • IOC scouting for 3rd partner for LNG terminal • Rashtriya Ispat to raise Rs 22,500-cr debt • KPIT Cummins buys 50% in Systime for Rs 103 cr • SC refuses to entertain Karnataka mine owners' plea • India offers $5 bn credit line to Africa • Ajit Kumar Seth appointed next Cabinet Secretary • Not lifestyle, Indians eye food spend cut: study • Volcanic ash hits over 250 flights in Europe • IBM surpasses Microsoft's market cap after 15 yrs • VW's Passat signed by IPL team auctioned for Rs 30 lk more stories TOP VIDEOS As Times Change And Market Is Conducive The SAIL FPO Might See The Light Of The Day: CS Verma, Chairman, SAIL Not Looking At More Debt Conversions From Banks: Ravi Nedungadi, Group President & CFO, Kingfisher Airlines Greece Needs Time To Sort Out Its Pandora's Box: Peter Westaway, Chief European Economist, Nomura Emerging Markets See A Growth Of 15% This Year: Christopher Palmer, Head Global Emerging Markets, Gartmore Investment Management AT A GLANCE BSE 18011.97 +18.64 NSE 5394.85 +8.3 TURNOVER Rs. 151,707 cr BSE CASH Rs. 2,459 cr NSE CASH Rs. 9,606 cr NSE F&O Rs. 139,642 cr BULLION GOLD 22402 +101 SILVER 55090 +1759 CRUDE NYMEX 102.25 -0.08 BRENT 112.54 +2.44 FOREX $ / Re 45.21 -0.02 £ / Re 73.177 +0.58 € / Re 63.769 +0.45 EVENTS 26 May 6th Annual Summit On Capital Markets, Le Meridien, New Delhi 26-27 May 2nd Annual Conference On Gas-Based Power Generation, The Imperial, New Delhi 26-29 May India Machine Tools Show 2011, Pragati Maidan, New Delhi 31 May 46th Meeting Of Board Of Approval For Setting Up New Special Economic Zones 1 June Conference On Biosimilars: Drugs For Life, Chandigarh EXPERT VIEWS "Inflation can affect domestic demand and thereby adversely affect GDP growth... and consequently our tax collection. Any roll-back of customs duty on crude oil or of excise duty on petroleum products on account of rising crude prices or on account of deregulation of diesel prices will significantly impact our indirect tax collection as well." Sunil Mitra Revenue Secretary "Finally, the law is taking its own course in the 2G spectrum allocation scam. After a long time, people's faith in the judicial system has been restored. In politics you cannot expect any concession to be shown because you are a woman. Similarly where criminal activities are concerned, one cannot expect any leniency to be shown because one is a woman." J Jayalalithaa Chief Minister, Tamil Nadu "In my view, Africa offers a long-term opportunity for Indian businesses in manufacturing, agriculture, services and it is my desire and recommendation that more and more Indian businesses should participate in Africa." Sunil Mittal Chief, Bharti Group WATCH OUT Young Turks Dream Decade As we celebrate the run up to the Young Turks Conclave, this week we revisit a Young Turk from the batch of 2004, Malvinder Mohan Singh. Catch him talk about his life after the Ranbaxy sale and his strategy to make Religare Financial Services and Fortis Healthcare, global brands. And on YT Buzz we bring you all the fireworks from the TechSparks 2011, India's largest search for techpreneurs. SHOW TIMINGS Wed 7:30pm