Crude oil price update: Indian Basket shows marginal increase driven by dollar price movement and exchange-rate effect.
Publication of the international crude oil price for the Indian Basket recorded a marginal rise in dollar and rupee terms for the reported trading day, attributing the rupee increase to the dollar price movement and exchange-rate variation; the release provides dollar and rupee per-barrel figures and the closing exchange rate used for conversion, and supplies comparative prior-trading-day and pricing-fortnight reference values for short-term monitoring.

Reference rate set for major currencies, guiding cross currency conversions and SDR rupee calculation.
Reserve Bank of India published updated Reference Rates for the US dollar and the euro, provided prior-day comparators, and indicated that exchange rates for other currencies are to be derived from those reference rates using middle cross-currency quotes; the communication further states that the SDR Rupee rate will be based on the published reference rate.

Resolution regime development to establish an effective framework for financial sector resolution and inter regulatory coordination.
The Sub Committee reviewed the Working Group report on developing a resolution regime for the financial sector and discussed creating an effective legal and operational framework for resolving distressed financial firms, including inter regulatory coordination; it also agreed to form a High Powered Inter Regulatory Committee to explore options for enabling banks to meet Basel III and supervisory capital requirements.

Fiscal coordination underscored as key to contained deficits and discussed with the central bank after the interim budget.
The Finance Minister briefed the Reserve Bank Central Board after the Interim Union Budget, attributing contained fiscal and current account deficits to effective macro economic management-including unconventional measures-and close coordination between the Government and the Reserve Bank; senior Government and RBI officials and Central Board directors attended the consultative meeting.

Reference rate published: US dollar and euro rates announced, with derived pound and yen exchange rates based on them.
The Reserve Bank of India published Reference Rates for the US dollar and the euro on March 7, 2014, comparing them with the previous day's values; it also provided derived pound sterling and Japanese yen exchange rates using the US dollar reference and cross currency middle rates, and stated that the SDR Rupee rate will be based on the published reference rate.

Online passport application: rural service centres to facilitate form submission, payment and appointment scheduling for PSK visits.
CSCs will facilitate completion and upload of the mandatory online passport application, accept payment through card or designated bank channels, and schedule appointments for in-person processing at Passport Seva Kendras; CSCs may charge a nominal fee to cover facilitation while applicants must attend PSKs for photographs, biometrics, document verification and approval.

Reference Rate publication: RBI updates dollar and euro reference rates; cross currency quotes adjust sterling and yen rates.
The Reserve Bank of India published official Reference Rate quotations for March 6, 2014, reporting the US dollar and euro reference rates and noting that derived pound sterling and yen rupee rates are calculated from the US dollar reference and middle cross currency quotes; the release further states the SDR Rupee rate will be based on the reference rate.

Related party lending restrictions prompted enforcement action and a monetary penalty to enforce compliance with supervisory directives.
The regulator determined, after issuing a Show Cause Notice and considering the bank's written reply, that Almora Urban Cooperative Bank Ltd. had violated directives restricting loans and advances to directors, their relatives and related concerns; accordingly, the regulator imposed a monetary penalty under its statutory powers applicable to cooperative societies to enforce related party lending limits and compliance obligations.

Foreign exchange reserves variation: reserves rose on BoP basis despite valuation losses driven by falling gold prices.
Foreign exchange reserves rose during April-December 2013 driven by net positive capital account inflows-comprising foreign investment (FDI and portfolio), banking capital including NRI deposits, short-term credit, external commercial borrowings and other capital items-while the current account remained in deficit. Excluding valuation effects (BoP basis) reserves increased substantially; inclusion of a valuation loss, mainly from lower international gold prices, reduced the nominal increase.

Consumer confidence survey launched to inform monetary policy, collecting household perceptions and spending expectations for policy inputs.
The Reserve Bank of India launched the quarterly Consumer Confidence Survey to gather subjective assessments from about 5,400 household respondents across six metropolitan cities, covering economic conditions, household circumstances, income and spending, price perceptions, employment prospects and intended major purchases; fieldwork is conducted by an engaged agency, selected respondents will be approached and others may participate by downloading and e mailing the survey schedule, with contact details provided for queries.

Reference rate publication: daily currency reference rates set exchange benchmarks and determine SDR rupee conversion methodology.
Publication of daily Reference Rates for foreign currencies establishes exchange benchmarks used for cross currency quotations and related conversions. Cross currency exchange rates for other currencies are derived from the US dollar reference rate using middle rates of cross currency quotes, and the SDR Rupee rate is based on the Reference Rate.

Reference Rate announcement sets the daily benchmark for forex quotations and related SDR Rupee conversions.
Announcement of the Reserve Bank of India's daily Reference Rate for the US dollar and the Euro, showing current and prior day figures and noting day to day movement. Derived exchange rates for the British pound and Japanese yen are supplied based on the US dollar reference rate and middle cross currency quotes. The release further states that the SDR Rupee rate will be based on the published reference rate, establishing the reference rate as the benchmark for related currency conversions.

Legal tender status preserved; exchange process extended and banks must facilitate full-value exchanges without public inconvenience.
Extension of the exchange period requires banks to accept and exchange pre-2005 banknotes for full value and to facilitate such exchanges without causing public inconvenience. These pre-2005 notes continue to remain legal tender and may be freely used and received in transactions. The Reserve Bank will monitor and review the exchange process and solicits public cooperation in returning these notes to the banking system.

Monetary penalty under Banking Regulation Act for related party lending and KYC non-compliance after regulatory review.
Reserve Bank of India imposed a monetary penalty on Bijnor Urban Co-operative Bank Ltd. under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act for sanctioning loans to directors and relatives contrary to the Master Circular and for deficiencies in Know Your Customer compliance contrary to the specified RBI circular; the action followed a show cause notice, the bank's written reply, and the Reserve Bank's conclusion that the violations were substantiated.

Reference rate publication updates exchange benchmarks and sets cross currency derived rates for other currencies today.
The Reserve Bank of India published Reference Rates for the US dollar and the Euro as the official rupee exchange benchmarks, compared them with the previous business day's rates, and-using the US dollar reference and middle cross currency quotes-provided derived rates for the pound sterling and the Japanese yen; the SDR Rupee rate is stated to be based on the published reference rate.

Emoluments structure review to rationalize pay, allowances and retirement benefits and link incentives to performance.
Terms of Reference authorize a comprehensive review and recommendation process for the emoluments framework of Central Government and related employees, covering pay, allowances, concessions, benefits in cash or kind, and specialized needs of distinct services. The Commission must propose a framework to attract talent, promote efficiency and accountability, recommend competency based training, rationalize allowances, examine bonus and incentive schemes tied to performance, and set principles for pension and retirement benefits while accounting for the New Pension Scheme and fiscal and intergovernmental impacts.

Reference Rate announcement sets benchmark exchange rates and cross currency conversions, guiding SDR valuation and statutory calculations
The Reserve Bank published the Reference Rate for the US dollar and the Euro and, based on the dollar Reference Rate and middle cross currency quotes, supplied corresponding sterling and yen exchange rates; the release states the SDR-rupee rate will be based on the Reference Rate.

Reference rate announcement sets daily exchange benchmarks and cross currency derived rates for major currencies.
Announcement of the Reserve Bank of India's daily Reference Rate for major currencies, reporting the rupee Reference Rate for the US dollar and Euro with comparison to the previous day. It explains that GBP and JPY exchange rates are derived from the US dollar Reference Rate using middle cross currency quotes and states that the SDR Rupee rate will be based on the Reference Rate.

Reference rate announcement: RBI publishes rupee benchmarks for US dollar, euro and cross currency conversions affecting rupee valuations.
Announcement of Reference Rate values for major currencies by the central bank: the Reserve Bank of India published the rupee Reference Rates for the US dollar and the Euro, noted the previous day's corresponding rates, and stated that the SDR Rupee rate will be based on the published Reference Rate. Derived cross-currency conversions using the US dollar rate and middle cross currency quotes produce rupee exchange rates for the pound sterling and the Japanese yen.

Cyclically adjusted fiscal stance urged to temper procyclicality and embed binding fiscal frameworks to withstand business cycles.
The paper advocates measuring the fiscal stance by the cyclically adjusted fiscal stance using IMF methodology and potential output estimates for India since 2000, finding a significant expansionary shift during the crisis that was only partially reversed despite a positive output gap and higher inflation. It notes a tapering fiscal impulse but persistent expansionary stance post crisis, and calls for further reforms and a binding fiscal framework to embed cyclically adjusted balances into fiscal rules and reduce procyclicality.