Sovereign Gold Bond issue price set and online digital payments allowed a discount for subscribers during next subscription period.
Announcement fixes the issuance terms for the Sovereign Gold Bonds Series III: subscriptions are accepted Monday-Wednesday weekly, bonds are issued the Monday after each subscription period, and a settlement date for allotment is provided. The Government, in consultation with monetary authorities, allows a discount per gram for applicants who subscribe online and pay through digital modes, specifying the discounted payment mechanism and the subscription-to-issuance timetable.

Monetary Policy Committee meeting scheduled; resolution to be published promptly after deliberations on the Fifth Bi monthly Monetary Policy Statement.
The Monetary Policy Committee (MPC) will convene for the Fifth Bi monthly Monetary Policy Statement for the 2017-18 cycle on December 5 and 6, 2017. The Committee's resolution will be published on the central bank website at 2:30 pm on December 6, 2017, specifying the meeting schedule, the policy statement round, and the timing for public release of the resolution.

Government receipts composition and devolution to states shapes spending, with interest and subsidies driving revenue outlays.
Central government receipts up to October comprise tax revenues net to the Centre, non tax revenues and Non Debt Capital Receipts (loan recoveries and disinvestment proceeds), with a significant portion transferred as Devolution of Share of Taxes to states. Total expenditure is divided into Revenue Expenditure and Capital Expenditure, with interest payments and major subsidies as the principal components of revenue outlays.

Reference rate publication: RBI's US dollar reference rate and derived cross currency rupee rates determine SDR rupee linkage.
The Reserve Bank of India published the reference rate for the US dollar and derived rupee exchange rates for euro, pound sterling and yen using middle cross currency quotes, and specified that the SDR rupee rate will be based on that reference rate.

Reference rate publication updates dollar and derived euro, pound, yen exchange rates and sets SDR rupee basis.
The Reserve Bank of India published the Reference Rate for the US Dollar, provided the previous day comparator, and derived EUR, GBP and JPY exchange rates against the Rupee using the US Dollar reference and middle rates of cross-currency quotes; it also stated that the SDR Rupee rate will be based on the reference rate.

Reference Rate set for US dollar today; cross currency exchange rates derived and SDR Rupee linkage maintained.
The Reserve Bank of India publishes a daily Reference Rate for the US dollar that establishes the rupee value and records day to day movement. Derived exchange rates for other currencies are produced from the US dollar reference using middle cross currency rates; the SDR Rupee rate is stated to be based on the reference rate.

Government securities auction re-issue: price-based multiple-price sale with non-competitive allotment and electronic bidding procedures specified.
Re issue auctions of a floating rate bond and dated stocks will be conducted by the central bank using the multiple price method, with aggregate notified limits and an option to retain additional subscription within the overall ceiling. Both competitive and non competitive bids must be submitted electronically via the central bank's E Kuber system in prescribed windows, up to a reserved share allotted to eligible individuals and institutions under the non competitive bidding facility, and the stocks will be eligible for when issued trading under existing guidelines.

Reference rate for US dollar set by RBI, affecting exchange rates for euro, pound and yen.
The Reserve Bank of India published the reference rate for the US dollar and the prior day's rate, and, using that reference together with cross currency middle rates, specified rupee exchange rates for the euro, pound sterling and the yen; the release further states that the SDR rupee rate will be based on the announced reference rate.

Sovereign Gold Bonds issuance open for Series III; online applicants paying digitally receive a per-gram discount.
Series III of the Sovereign Gold Bonds 2017-18 is open with weekly Monday-Wednesday subscription windows and issuance on the succeeding Monday; the November 27-29, 2017 window has an issue price of Rs. 2,961 per gram with settlement on December 4, 2017, and a Rs. 50 per gram discount is allowed for investors who apply online and pay by digital mode.

Reference Rate for US Dollar announced, determining rupee cross-currency rates and the basis for the SDR Rupee calculation.
The Reserve Bank of India publishes the official rupee Reference Rate for the US Dollar and its prior-day comparison; using that reference rate and cross-currency middle rates, the Bank provides rupee exchange rates for the euro, pound sterling and the yen, and states that the SDR-Rupee rate will be based on the published reference rate.

Ineligibility criteria for resolution applicants bar specified persons from participating and require CoC to ensure plan viability.
Ordinance introduces statutory ineligibility for certain persons to be resolution applicants-including willful defaulters, enduring non performing borrowers who have not cured dues, guarantors of distressed corporate debtors, and connected parties-and empowers resolution professionals to set eligibility criteria while requiring the Committee of Creditors to assess feasibility and viability of resolution plans before approval. It bars sale of assets to ineligible persons, expands the insolvency regulator's rule making powers related to these provisions, and creates a general monetary penalty for contraventions where none exists.

Reference Rate updated for the US dollar; corresponding euro, pound and yen exchange rates and SDR linkage revised.
Announcement of the Reference Rate for the US dollar and corresponding middle-market exchange rates for euro, pound sterling and Japanese yen against the rupee, derived from the US dollar reference and cross-currency quotes; the SDR Rupee rate is to be based on that Reference Rate.

Reference rate for US dollar published, determining rupee cross rates for euro, pound and yen and SDR conversion.
The Reserve Bank of India published the Reference Rate for the US dollar and, using the dollar reference and cross currency middle rates, provided rupee conversion rates for the euro, pound sterling and the yen; the release also states the SDR rupee rate will be based on the published reference rate.

Flexible inflation targeting forces the Monetary Policy Committee to balance inflation and growth, holding the policy rate neutral.
The statutory creation of a Monetary Policy Committee and adoption of Flexible Inflation Targeting made headline CPI inflation the operative policy metric, with a government-set target and tolerance band and statutory accountability for sustained breach. The RBI built institutional and operational capacity - including new CPI series, a glide path to lower inflation, and strengthened liquidity-management tools - while the MPC navigated shocks (food-price volatility, demonetisation, GST) and the growth-inflation trade-off, culminating in an October decision to hold the policy rate with a neutral stance and stress the need to reinvigorate investment.

Reference rate for US Dollar guides cross-currency rupee exchange rates and determines SDR Rupee linkage for valuation.
Publication of the Reserve Bank of India reference rate for the US dollar on November 21, 2017 fixes the benchmark rupee value and records the day on day change; the notice further explains that, using this reference rate and middle cross currency quotes, corresponding rupee exchange rates for the euro, pound sterling and Japanese yen are provided, and that the SDR Rupee rate will be based on the published reference rate.

Auction sale of government stock: price-based multiple-price auctions with non-competitive facility and when-issued trading eligibility.
Sale (re-issue) of specified Central Government dated securities through price-based, multiple-price auctions with an aggregate notified limit and a government option to retain additional subscription. Up to 5% of each notified amount is reserved under the Non-Competitive Bidding Facility. Competitive and non-competitive bids must be submitted electronically via the RBI E-Kuber system within prescribed time windows. Auction results and payment dates are specified, and the stocks are eligible for When Issued trading under RBI guidelines.

Reference exchange rate published by RBI sets US dollar and derived cross currency rates, guiding SDR rupee conversion.
Reserve Bank of India published the reference exchange rate for the US dollar and, using middle cross currency quotes, provided rupee conversion rates for the euro, pound sterling and yen for the stated dates; the release also specifies that the SDR rupee rate will be based on the published reference rate framework.

Issue price and digital-application discount for sovereign gold bonds established; online applicants receive discount when paid digitally.
Issue price for Series III Sovereign Gold Bonds is Rs. 2,964 per gram for the November 20-22 subscription window with settlement on November 27, 2017; an Online Application Discount of Rs. 50 per gram applies only to investors who apply online and pay through digital mode, as determined in consultation with the Reserve Bank of India and with bonds issued on the succeeding Monday after each subscription period.

Monetary transmission in India: move loan pricing to external benchmarks and fix spreads to improve pass-through.
Pass-through from the policy repo rate to bank lending rates in India has been slow and uneven due to a bank-dominated financial system, widespread use of internal loan-pricing benchmarks (PLR/BPLR/base rate/MCLR), liability-side rigidity from fixed-rate and long-maturity deposits, discretionary spread adjustments by banks, and weak bank balance sheets. A Study Group recommends shifting new floating-rate loans to selected external benchmarks, fixing spreads except on predefined credit events, shortening reset periodicity to quarterly, and encouraging floating-rate deposits, supported by NPA resolution and bank recapitalisation to restore transmission.

Reference exchange rate establishes the official rupee valuation and the method for deriving SDR rupee conversion.
Publication of a daily reference rate for the US dollar that sets the official rupee valuation and, using cross-currency middle rates, establishes corresponding rupee exchange rates for the euro, pound sterling and yen; the notice also provides that the SDR Rupee rate will be derived from this reference rate framework.