The Hindu

India, US ink pact on sharing account info: In a step towards curbing overseas tax evasion and black money, India has signed an inter-governmental agreement with the US to implement the Foreign Account Tax Compliance Act (FATCA). This Act makes it obligatory on the part of the two nations to exchange information about bank accounts of one country’s citizens in the other country. This kicks in from September 30.

Despite bar, private players continue in nutrition scheme: After there were cries of corruption in the scheme, the Supreme Court had authorised only women’s self-help groups, village panchayats and Mahila Mandals to be part of the Integrated Child Development Scheme (ICDS) aimed at tackling malnutrition among infants and improving the health standards of pregnant women. But private contractors are still being used to run the show in most states.

Making parties accountable: With the Supreme Court having asked six national parties why they should not be brought under the RTI, India is a step closer to making its political organisations accountable in their financial transactions. Since political parties claim to represent the people and take decisions on their behalf, they should definitely be listed as “public authorities”. (Click here for the original article).

Conscience and the body politic: This is an article about the events during and after the Emergency in 1975, and a clarion call to bureaucrats and politicians to exercise their conscience while serving the country. A must read, considering the reputation of the writer.

T-24, the tiger in the news: An account about one particular tiger. Not required.
Lessons from NYSE glitch: Too technical, not required.

Which button will Angela Merkel push: This article explores the possibilities that have arisen to deal with the Greek crisis in particular and the Eurozone in general. Germany is by far the most powerful country in the Eurozone (UK is not a member), and what Germany determines will in all eventuality be accepted throughout the Eurozone. There is also a description of Germany’s internal politics.

Solutions can come from the slums: Urban planning in India has usually adopted a top-down approach while attempting to solve the problem of access to basic services. But is it really better than participatory problem-solving? The involvement of alternative service providers such as non-governmental organisations and community-based organisations (CBOs) in service delivery has actually shown far better results than the traditional route. A must read article.

Selective approach to terror disapproved: The BRICS nations have opposed Western sanctions on Russia. They have also said that there should be no selective application (dealing with one country harbouring terrorists in one way and dealing with another country in another way) while taking action against terrorism and insisted that all countries should adhere to their obligations of fighting the menace, a statement that could apply to Pakistan.

Xi proposes new strategic framework: Strengthening of the emerging markets in developing countries and the completion of the BCIM corridor are the major priorities of current Sino-Indian ties. On the other hand, clarification of the Line of Actual Control (LAC) and the passage of the Pakistan-China economic corridor through disputed territory in Pakistan-occupied Kashmir (PoK) have emerged as the two impediments hampering the full development of the ties.

Modi proposes 10-point initiative for BRICS nations: India has proposed a 10-point initiative at the Ufa summit, that includes us hosting the first trade fair for the grouping and establishing research centres for railways and agriculture. Expect more news on this over the coming days.

Extension of Iran talks likely: Statements have been issued stating that the United States and other major powers are not in a rush to reach a nuclear deal with Iran, suggesting an accord was unlikely hours ahead of the deadline set by the U.S. Congress for a quick review. If a deal is not reached by 0400 GMT today, the Republican-led U.S. Congress will have 60 days rather than 30 days to review the final deal when it come through. The deal has to be ratified by the US Congress to become enforceable. The Republicans are skeptical of any deal, as they feel Iran will not honour its commitments. The current Presidential administration (Democratic) worries this would mean new chances to derail the deal.

RBI tightens norms for NBFCs: The RBI has tightened the rules for acquisition/transfer of Non-Banking Financial Institutions by making it mandatory to seek approval from it first. It also raised the capital adequacy requirement and the net owned fund limit, among others, with an objective to mitigate risks in the sector. Read the full article for all the norms.

RBI releases final guidelines: The RBI has placed on its website the final guidelines on Prepaid Payment Instruments for Mass Transit System (PPI-MTS) enabling the issuance of a separate category of semi-closed prepaid payment instruments for mass transit systems. This means that in addition to operators such as Delhi Metro and Mumbai Metro, all Mass Transit System operators like the Indian Railways and even local buses can now issue their own prepaid cards, a move that will provide considerable ease to commuters.

IMF cuts global growth forecasts: The International Monetary Fund has trimmed its forecast for global economic growth for this year to take into account the impact of recent weakness in the US. But growth prospects for next year remain undimmed, despite Greece’s debt crisis and recent volatility in the Chinese financial markets.

New BRICS bank to look at local as well as international borrowing: Yes, we know this already. No new information.

Mechanism for public offer of govt bonds to be out soon: To encourage retail participation in government bonds, top stock exchange BSE on Thursday said that a mechanism would be in place in the next 6-9 months for a ‘public offer’ of such debt instrument. The government can then raise funds by initial public offer of the government bonds through the e-IPO system.

MPEDA launches mobile-based apps: Under the Digital India programme, the Marine Products Export Development Authority, nodal agency for promotion of marine exports from India, has launched two mobile based applications, which would help farmers get prices on shrimp and capture data on aquaculture through mobile phones.

Newspaper Must Read Articles of The Day – 10 July 2015