Monday, June 30, 2014

State Bank of India (SBI) and Bank of Baroda (BoB), two of the largest public sector banks of India, proposed on Saturday their gold deposits should be allowed to count toward their state-mandated cash reserve ratio (CRR) or statutory liquidity ratio (SLR).

Arundhati Bhattacharya, the chairperson of SBI, made the proposal at a Gem & Jewellery Export Promotion Council event held in Mumbai on Saturday. She said the need for gold deposits to become more liquid has increased because gold import is putting a strain on the country’s current account deficit. S. S. Mundra, Chairperson and managing director of BoB, agreed and said it would help bringing gold into the more productive sectors of the economy.

Bhattacharya added SBI has no longer any incentive to run its gold deposit scheme as it cannot fully deploy the assets, noting SBI is the party most involved with gold deposits in India. G. S. Sandhu, Union financial services secretary, also at the event, responded that the government is looking for ways to monetize the gold held by the public, as import of gold can strain the current account deficit and foreign exchange reserves.

Currently, the Reserve Bank of India has set the CRR at 4% and the SLR at 22.5%. SLR is the portion of deposits that must be invested in recognized safe securities and assets.

Wednesday, December 10, 2008

Voters in the small Channel Island of Sark, a Crown dependency of the British Crown, have voted in their first democratic election, bringing an end to almost 4½ centuries of feudal rule.

Voting in the election opened at 10:00 local time (UTC) today, and closed at 18:00. The result is expected to be announced at 22:00.

57 candidates were competing for the votes of the 474 residents eligible to participate in the election, to win 28 seats.

Roger Olsen, the first person to vote in the election, commented on the transition to democracy. “Sark has an opportunity to express itself, to determine its own destiny,” he commented. “We like to make our own decisions. Now we’re set up to do exactly that,” he continued.

He also stated the he believed the island needed “fresh eyes, new blood and a new perspective”.

Suzie Thorpe, the next voter, commented on the issues which concerned her during this election. “We need a good sustainable economy. But we don’t want the island to change too much. We don’t want any helipads, thank you.”

Sark was the last feudal state remaining in the Western world, and the transition was forced by European human rights legislation that requires democratic governments.