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Major News and Events of 08 January 2017

What Happened on 08 January 2017


RBI governor to be questioned on cash crunch

Inquiring the government's decision of scrapping bank notes of higher denomination, Parliamentary committee has sent a list of questions to RBI governor on the demonetisation process.

The Public Accounts Committee (PAC) has solicited the governor of the Reserve Bank of India - Urjit Patel, to explain the process of the decision for demonetisation and has asked for details on its impact on the country's economy. The committee has also asked Patel to appear before it on January 20.

Patel has been under ire from some politicians over paucity of replacement currency and restrictions on depositing old notes that have resulted in long queues at banks and ATMs. Patel is already set to testify before another parliamentary committee.

Last month, the RBI unexpectedly kept its key policy rate unchanged at 6.25 percent, despite calls for action in the face of an intense cash shortage that threatens to slam the brakes on the world's fastest-growing large economy. The bank was widely expected to cut the rate by at least 25 bps. 

India v England: 'Captain' Dhoni's last roar with Yuvi & Nehra by his side

After manfully playing the role of Indian cricket team captain for close to a decade, Mahendra Singh Dhoni will be leading India for one last time in the first warm-up game against England on Monday.

The other person to look out for is the comeback man Yuvraj Singh, who is expected to play a crucial role in Virat Kohli's scheme of things for the Champions Trophy.

The match will also witness comeback of left-arm speedster Ashish Nehra from a surgery. Yuvi, who has been out of action for more than month and half given his marriage, will also get some crucial practice.

The match will be equally important for Shikhar Dhawan, who had been healing from thumb fracture. But of course, the entire nation will be looking up to Captain Cool, as Dhoni is often called.

All in all, this warm up match will be an occasion to remember when Captain Cool will step in the pitch with some of the senior team boys against England team that has been better in shorter formats over the years.

Karnataka: Petrol pumps to say no to cards from Monday; protest bank's transaction fee

Marking a protest to bank’s transition fee, the petrol pumps in Karnataka have decided to not accept debit and credit cards from Monday onward.

The move by banks to charge 1 percent transaction fee on every payment accepted by card, has been called as "irrational and sudden" by the petroleum dealers.

The president of Akhila Karnataka Federation of Petroleum Traders and Bangalore Petroleum Dealers Association, B R Ravindranath has asked for a public apology from banks.

In words of Ravindranath, the profit of all petroleum dealers are decided by the oil marketing companies (OMCs), which have fixed the net profit at 0.3 percent to 0.5 percent. And if the banks will levy a transaction fee of 1 percent, it will become difficult for us to survive in such circumstances, shared Ravindranath.

Though, this move by banks will not affect the consumers directly, cash-only operations at petrol pumps will certainly cause inconvenience to vehicle owners given the scarcity of cash in the system. This move comes at a time when the Centre is pushing for cash-less transactions.

Made in India Apple iPhone 8 to go cheaper

With Apple planning on setting up its manufacturing facility in Bengaluru, the market is expecting comparatively cheaper price for iPhone 8 devices made in India.

As per the reports, the Taiwan based OEM maker - Wistron is setting up a facility in Peenya, the industrial hub of Bengaluru to manufacture the updated version of iPhones.

Wistron has recently validated the commencement of manufacturing in Bengaluru by April. Therefore, it is being assumed that the much contemplated iPhone 8 smartphone is likely to be manufactured in India.

However, if rumours are to be believed, the multinational technology company will initially restrict itself to specific gadgets before increasing the production.

The Cupertino based brand has to pay import taxes and duties in India that are around 12 per cent of the manufacturing and production costs on Apple devices. It is these costs that add to the final price of Apple devices and make the gadgets expensive when compared to other markets.