Designation of Statistics Day highlights labour and employment statistics and calls for strengthened national statistical systems, awards, publications, working group.
Government designation of 29 June as Statistics Day establishes an annual national observance promoting statistics in socio economic planning, with the 2013 theme on labour and employment statistics. It mandates awareness activities and publication releases, urges strengthening the statistical system-especially labour and employment measurement beyond sample surveys-and constituting a Working Group to coordinate year long follow up, alongside recognition through a national award and enhanced data dissemination.

Wealth management guidelines focus on preventing mis-selling and conflicts of interest in bank distribution of third-party financial products.
Release of draft guidance addresses banks' provision of Wealth Management Services-including referral services, Investment Advisory Services and Portfolio Management Services-by setting a framework to mitigate mis-selling, conflicts of interest, inadequate product knowledge and fraud in marketing and distribution of third party financial products; the Reserve Bank seeks stakeholder comments to inform rules on conduct, disclosure, oversight and governance for bank wealth management activities.

Annual closing of accounts restricts same-day (T+0) settlements and suspends RTGS, fund transfers and securities settlement.
Annual closing of accounts at the Reserve Bank causes the bank's books to be closed on the specified date, preventing processing of same-day (T+0) settlements; transactions that settle on later value dates may proceed as usual. RTGS, fund transfers and securities settlement services will be unavailable on that date, requiring market participants to adjust settlement and liquidity arrangements.

Bank licence application deadline: file completed submissions by close of business at the designated RBI office or face rejection.
Intending applicants for new private sector bank licences must submit completed applications by close of business (17.45 hrs) on July 1, 2013 to the Chief General Manager in Charge, Department of Banking Operations and Development, Reserve Bank of India, Central Office, 12th Floor, Central Office Building, Mumbai; applications received after close of business or incomplete applications will not be considered.

Reference rate publication sets exchange benchmarks and underpins derived cross currency and SDR rupee valuations for market use.
The Reserve Bank of India published the Reference Rate for the US dollar and the Euro on June 28, 2013, provided the previous day's corresponding rates for comparison, and-using the dollar reference rate with middle cross currency quotes-derived exchange rates for the pound sterling and the Japanese yen; the press release states that the SDR Rupee rate will be based on the published reference rate.

Financial benchmark review launched: committee to assess benchmark computation, governance, conflicts of interest and transition arrangements.
Constitution of a committee to review financial benchmarks in India, assessing computation and dissemination, current relevance and fallback mechanisms, governance arrangements and conflicts of interest, the role of regulators in computation and dissemination, supervisory oversight of benchmark providers, and mechanisms to manage transition issues for legacy contracts, with authority to study international experience and advise on transparency and mitigation measures.

Monetary policy review to be announced by Governor in a meeting with major bank chief executives on a scheduled date.
First Quarter Review of Monetary Policy 2013-14 will be announced by the Governor of the central bank in a convened meeting with chief executives of major scheduled commercial banks, specifying timing, venue and the institutional interlocutors without detailing policy content.

Reference Rate publication updates currency reference framework, affecting cross currency conversions and establishing the SDR Rupee basis.
Publication of the Reference Rate for the US dollar and Euro establishes official benchmark exchange quotations; derived cross currency rates are calculated from the US dollar reference and middle cross currency quotes, and the SDR Rupee conversion is determined on the basis of the published Reference Rate.

Foreign exchange reserves variation: valuation losses offset BoP inflows, producing a nominal reserve decline.
India's foreign exchange reserves in 2012-13 declined nominally due to a valuation loss despite higher net capital inflows-driven by portfolio investment and short-term trade credit-while the balance of payments (excluding valuation effects) registered an increase, indicating valuation changes reversed the BoP-based improvement.

Reference rate publication establishes benchmark exchange rates and frames cross currency conversions for major currencies.
Reserve Bank of India published Reference Rates for the US dollar and the Euro on June 26, 2013, fixing the US dollar at Rs. 59.8538 and the Euro at Rs. 78.2265 with prior-day comparators. Using the US dollar Reference Rate and cross-currency middle rates, derived exchange rates are provided for the British pound (1 GBP: 92.3065) and the Japanese yen (100 YEN: 61.36). The SDR Rupee rate will be based on the Reference Rate.

Reference rate publication for major currencies sets benchmark exchange rates and underpins SDR conversion basis.
The central bank announces the Reference Rate for the US dollar and the Euro, provides previous day comparisons, and publishes derived exchange rates for other currencies based on the dollar reference and cross currency middle rates; the SDR domestic currency conversion is to be based on the reference rate.

Inflation-indexed government stock auction using uniform price method with non-competitive allocation and electronic bidding windows.
Re-issue of 1.44% Inflation Indexed Government Stock 2023 will be offered via a price-based auction using the uniform price method, with competitive and non-competitive electronic bids to be submitted on the RBI E-Kuber system within prescribed time windows; up to twenty percent of the notified amount is reserved for eligible individuals and institutions under the Non-Competitive Bidding Facility. Auction results will be announced on the auction day and payment is scheduled on the following business day, and the issuance is to occur within the budgeted Government market borrowing programme and indicative securities calendar.

Bank licensing deadline: applications must be received by close-of-business on the specified date or be rejected.
Applications for licensing new private sector banks under the Reserve Bank's February 22, 2013 guidelines must reach the Chief General Manager in Charge, Department of Banking Operations and Development, Reserve Bank of India, Central Office, Mumbai by close of business on July 1, 2013 (17.45 hrs); applications received after that time or incomplete applications will not be considered.

Reference exchange rate publication: RBI updates US dollar and euro reference rates affecting linked cross currency rupee quotations.
The Reserve Bank of India released official reference exchange rates for the US dollar and the euro for a specified date, compared them with the previous day's reference rates, and published derived rupee quotations for sterling and the yen using cross currency middle rates; the Special Drawing Rights rupee rate is to be based on the reference rate.

Exchange reference rates: Publication of US dollar and euro benchmarks updates cross currency rupee conversions and SDR linkage.
The Reserve Bank announced Reference Rates for the US dollar and euro on June 20, 2013, showing day on day movement and providing benchmark values. Using the US dollar reference rate and cross currency middle rates, it published corresponding rupee rates for the pound sterling and Japanese yen, and stated that the SDR rupee rate will be based on the reference rate.

Licence cancellation prohibits banking business and triggers depositor repayment under the Deposit Insurance Scheme.
The Reserve Bank cancelled the bank's licence due to insolvency, pervasive irregularities and statutory non compliance after inspections, administrative supersession, directions restricting withdrawals and two show cause notices; winding up was requested, liquidation will enable deposit repayment under the Deposit Insurance and Credit Guarantee Corporation scheme, and the bank is prohibited from carrying on banking business including acceptance and repayment of deposits.

Reference rate publication updates operative exchange rate benchmarks affecting currency conversions and cross currency calculations for market participants.
The Reserve Bank of India published Reference Rate benchmarks for the US dollar and the euro, and-using the dollar reference and middle cross currency quotes-derived rupee rates for the pound sterling and the Japanese yen. The press release supplies current and previous day figures to show benchmark movement and states that the SDR-Rupee rate will be based on the published reference rate.

Reference rate publication: daily exchange benchmarks guide cross currency conversions and SDR Rupee linkage.
The Reserve Bank of India publishes daily Reference Rate benchmarks for major currencies, here reporting the US dollar and Euro reference rates for June 18, 2013, compared with the prior day, and uses the US dollar rate together with cross currency middle rates to derive exchange rates for the British pound and Japanese yen; the SDR Rupee rate is based on the announced reference rate.

Scholarship for SAARC central bank and finance officials to pursue advanced economics degrees in India under RBI scheme.
The Reserve Bank of India announces a scholarship scheme to fund higher studies in economics for officials of SAARC central banks and finance ministries, offering one full-time doctoral-leading scholarship at identified Indian institutions with a four-year tenure (extendable) and alternative two-year postgraduate awards, with research required to be relevant to SAARC countries.

Legal tender status confirmed for commemorative coins marking Motilal Nehru's birth anniversary, detailing design and composition.
A commemorative five rupee coin for Motilal Nehru is issued: circular 23 mm, 100 serrations, nickel brass (copper 75%, zinc 20%, nickel 5%); obverse with Lion Capital and legends in Devanagari and English plus rupee symbol and numeral; reverse with Motilal Nehru portrait and bilingual inscriptions with the year below. These coins are declared legal tender under the Coinage Act and will be circulated by the Reserve Bank; existing coins of this denomination continue as legal tender.