Second border haat opens in Sipahijala district of Tripura

The second border haat (rural market) was opened for common people at Kamalasagar in Sipahijala district of Tripura bordering Brahmanbaria district of Bangladesh.

The haat was jointly inaugurated by Prime Minister Narendra Modi and his Bangladesh counterpart Sheikh Hasina by video-conferencing from Dhaka on June 6, 2015.

This market is set up at the zero line of the international border with one part on the Indian side and the other in Bangladesh. Initially it will facilitate bilateral trade of 16 shortlisted locally produced goods.

These goods include agricultural and horticultural crops, spices, minor forest products excluding timber, fish and dry fish, dairy and poultry products, cottage industry items, wooden furniture, handloom and handicraft items.

People residing within a distance of 5 km from along the border are entitled to do business at the haat which will take place once in a week initially.  No local taxes would be levied on the goods sold in the haats and currencies of both the countries would prevail.

It is anticipated that the haat will provide basic livelihood opportunities to more than thousands of marginal income families and small traders along this border areas of both the countries.

First border haat was inaugurated on Srinagar- Purba border area in January 2015 by Union Commerce and Industries Minister Nirmala along with her Bangladeshi counterpart Tofail ahmed.

RBI allows NRIs to subscribe chit funds

Reserve Bank of Indian has allowed non-resident Indians (NRIs) to invest in chit fund to encourage flow of capital into the country.

Decision in this regard was taken after RBI had revised the extant guidelines for subscription to the chit funds in consultation with the government.

Henceforth, NRIs on non-repatriation basis will be allowed to invest in chit fund without any ceiling. However, the subscription to the chit funds by NRIs will be mandatorily brought in through normal banking channel, including through an account maintained with a bank in India.

The state government may permit any chit fund to accept subscription from NRIs on non-repatriation basis. It will be permitted by the registrar of chits or an officer authorized by the state government in accordance with the provisions of the Chit Fund Act, 1982.

Earlier in May 2000, RBI had barred NRIs from investing in a company or firms engaged in the business of chit fund.

Apart from this decision, RBI also extended the scheme allowing airline companies to raise external commercial borrowings (ECB) for working capital as a permissible end-use under the approval route.  Now, the ECB scheme will continue till March 31, 2016.