Biz Updates: ED files ECIR in Ponzi scam case, Deutsche Bank estimates interest rates

New Delhi| The ED has filed an Enforcement Case Information Report (ECIR) under the Prevention of Money Laundering Act (PMLA) in the Torres Ponzi Scheme case. According to the ED, the case involves allegations of large-scale financial fraud, where investors were lured with promises of high returns. But later the fraud of this scheme came to light.
RBI needs to reduce repo rate by 0.25 percent in February
The RBI should begin the rate cut cycle with key rates cut by 0.25 percent in the next policy review in February, a German brokerage said on Tuesday. Analysts at Deutsche Bank (DB) said the delay in cutting interest rates would have further adverse effects on growth. He also said that if action is delayed, RBI is in danger of lagging behind.
The sooner interest rates are cut, the less affected growth will be
“We expect the RBI to cut the policy rate by 0.25 per cent in the February and April monetary reviews, bringing the repo rate to 6 per cent in the first half”, he said It said monetary transmission in India works with a gap of at least three quarters. Therefore, it seems appropriate for RBI to start cutting rates from February. “We believe that the sooner interest rates are cut, the less affected growth rates will be”, it said The bank has appealed not to delay the cut in interest rates.
Launch of National Turmeric Board to promote exports and development of varieties
Union Commerce and Industry Minister Piyush Goyal inaugurated the National Turmeric Board in New Delhi on Tuesday. Union Minister Goyal declared Palle Ganga Reddy as its first president. The headquarters of the board has been established in Nizamabad. The minister said that the National Turmeric Board has been launched on the auspicious day of festivals across the country. He said that representatives of various ministries will also be part of the National Turmeric Board. Representatives of exporters and producer bodies will also be added to the board.