India’s Finance Minister Vows Not To Overspend
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He also said that the foreign direct investment policy would be liberalized beyond just big box retail and airlines currently as the government tries desperately to bring in money from abroad. Meanwhile, the FinMin did the usual cheerleading, saying he was confident the government could finance the current account deficit now nearly 5% this year without pulling money out of Indias foreign cash reserves. India has $279 billion in foreign reserves as of July 19, according to the Reserve Bank of India. Emerging market countries often use reserves to fend off speculative attacks against its currency, and to provide a cushion against external debt service.
Finance administrator for Chester church charged with stealing $500,000
Last September, the government permitted foreign supermarkets in India by allowing up to 51 per cent FDI, subject to government approval. The cabinet is set to review FDI norms in multi-brand retail on Thursday. On July 24, commenting on the cabinet note moved by the Department of Industrial Policy & Promotion (DIPP), the finance ministry proposed that FDI up to 49 per cent is allowed on automatic route. The DIPP has declined to tweak the cabinet proposal saying this was not on the agenda of the July 16 meeting chaired by the Prime Minister, at which fresh FDI limits were decided. It was also not part of the suggestions put forward by the Arvind Mayaram committee.
Finance moots 49% multi-brand retail FDI by automatic route
Hunter, 39, who was hired in 2007 to help with Chester United Methodist Churchs finances, was arrested Monday by Virginia State Police in Suffolk and served with 11 felony theft counts. Chesterfield police issued an additional three felony warrants for Hunter on Wednesday. Hunter, said Chesterfield police Lt. Steve Grohowski.