India's GAIL signs 1st time-swap deal for US LNG with Gunvor

It is the first time-swap agreement by GAIL, which is trying to juggle its LNG portfolio to cut costs for price-sensitive Indian customers after a sharp fall in Asian spot prices made its US gas unattractive. Indias GAIL signs 1st time-swap deal for US LNG with Gunvor State-run gas company GAIL (India) Ltd has signed a time-swap deal with Swiss trader Gunvor to sell some of its US liquefied natural gas (LNG), sources said, as the Indian firm tries to ease the burden of its costly foreign LNG supplies. It is the first time-swap agreement by GAIL, which is trying to juggle its LNG portfolio to cut costs for price-sensitive Indian customers after a sharp fall in Asian spot prices made its US gas unattractive. The deal equates to around 5 percent of India's 2015/16 LNG imports and will support a government push to promote use of the cleaner fuel in fertiliser and the power sector, even as India's local gas production is falling. Under the agreement, Gunvor will supply 15 cargoes or about 0.8 million tonnes of LNG to GAIL on India's west cost between April and December this year in oil-linked prices on a delivered basis in India, two sources with knowledge of the deal said. In return GAIL will sell 10 cargoes or about 0.6 million tonnes next year from Sabine Pass on the US Gulf coast in 2018 at a premium to its pricing formula on a free-on-board (FOB) basis, they said.

Cash transaction charges levied by banks: should you worry?

Finance industry experts believe the brunt of the negative impact of the move would be faced by self-employed and small businesses, while the salaried class might not face much inconvenience. – have over the week announced new charges on cash transactions beyond certain limits While the move may appear to be against the interest of customers, should you be the one to worry about its impact?Finance industry experts believe the brunt of the negative impact of the move would be faced by self-employed professionals and small businesses, while the salaried class might not face much inconvenience

Pradhan Mantri Suraksha Bima Yojana logs 100 million enrollments 

The personal accident policy offers a cover of Rs 2 lakh for a premium of only Rs 12 per annum

The government’s personal accident scheme Pradhan Mantri Suraksha Bima Yojana (PMSBY) has almost touched 100 million enrollments. This plan, which was launhced in May 2015, was an extension of the Jan Dhan Yojana.As on March 1, the scheme covered 99.1 million lives. The personal accident policy offers a cover of Rs 2 lakh for a premium of only Rs 12 per annum. To make it affordable for everyone, the policy premiums have also not been revised despite insurers requesting a revision.Jan Dhan Yojana’s aim was to provide bank accounts to all Indians while Jan Suraksha aims to get all Indians under the insurance net.

PMSBY has seen a substantially higher number of enrollments than the term insurance policy Jeevan Jyoti Bima Yojana. The latter has seen 30.8 million enrollments as of March 1, 2017. Insurers said that this is not only because PMSBY was cheaper but also because accidental deaths are higher in the country.This scheme also covers death or disability resulting from natural calamities. While death due to suicide is not covered, that from murder is.

Indian startups need govt support to minimise failures:

Startups in India face numerous challenges at different stages in terms of incorporation, fund raising and hiring and they need adequate support to tide over these difficulties and minimise failures, says a report. |  Indian startups need govt support to minimise failures: Report Startups in India face numerous challenges at different stages in terms of incorporation, fund raising and hiring and they need adequate support to tide over these difficulties and minimise failures, says a report. The government should provide incentives to investors in startups and direct funding on the basis of monitoring and evaluation as India has the potential to become a major hub for startups, industry body Ficci said in the report. The report on the vibrancy of the startup ecosystem in the UK and its lessons for India's developing startup scene observes that while in global hubs like London failure for such venture is accepted, entrepreneurs in countries such as India could be seen as braver as they are taking comparatively greater risks in the face of adverse situations. "There are a number of challenges for Indian startups, from the stage of incorporation through the stages of raising capital, hiring resources, scaling up and making an exit. "There is a need to address such bottlenecks to minimise failures and ensure that the startups graduate to becoming scaleups," Ficci said. Corporates can act as hotbeds for co-creation with startups, provide market opportunities through procurement and encourage a wider culture of entrepreneurship.

Virtual currencies pose real financial risk:

RBI's Gandhi Reserve Bank Deputy Governor R Gandhi today raised concerns over virtual currencies such as Bitcoin and said they pose potential financial, legal, customer protection and security-related risks. | Virtual currencies pose real financial risk: RBIs Gandhi Reserve Bank Deputy Governor R Gandhi today raised concerns over virtual currencies such as Bitcoin and said they pose potential financial, legal, customer protection and security-related risks. He said such digital currencies are not created by any authority but more and more people have started accepting them. "We can see that in these types of virtual currencies there is no central bank or monetary authority. They pose potential financial, operational, legal, customer protection and security-related risks," Gandhi said at a Fin Tech conference organised by Ficci, Indian Banks' Association and Nasscom. Gandhi said virtual currencies are stored in digital electronic form and are prone to losses arising out of hacking, loss of password, and malware attacks. "No established framework for recourse to customer problem, disputes and grievances is feasible with this (virtual currencies) kind of framework." The Deputy Governor said a number of cases have been reported in which virtual currencies have been used for illicit and illegal activities. "My arguments against virtual currencies stem from two elements -- the concept of confidence and anonymity.