Taiwan Current Affairs - 2019

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India among countries exempted from Iranian oil sanctions by the US

As stated by the U.S. Secretary of State John Kerry, India is once again among a small list of countries that qualifies for an exemption from unilateral sanctions imposed by the US on countries importing oil from Iran.

Under Section 1245 of the U.S.’ 2012 National Defence Authorisation Act (NDAA), the exception granted to India, along with China, South Korea, Malaysia, South Africa, Singapore, Sri Lanka, Turkey and Taiwan, was based on India’s additional significant reductions in the volume of their purchases of Iranian crude oil.  It is the fourth time when India has qualified for a NDAA exception.

Though, a major breakthrough interim deal was struck during the recent talks between P5+1 and Iran on limiting Iran’s nuclear programme but the US has cautioned that this would not offer relief from sanctions with respect to any increases in Iranian crude oil purchases by existing customers or any purchases by new customers, and the sanctions will continue to be enforced over the next six months.

Month: Categories: International

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No proposal to increase FDI ceiling in banks

The government has clarified that there is no proposal to raise foreign investment limit in the banking sector.

What is the current status of foreign investment in banking sector?

Currently, the aggregate foreign investment (FDI, FII and NRI) cannot be more than 74% in private sector banks while the limit is at 20% for nationalized banks, State Bank of India and its associate banks.

What is the status of FDI in insurance sector?

The government intends to increase the FDI limit in insurance sector. For this it introduced the Insurance Laws Amendment Bill, 2008 in Parliament to increase it from current 26% to 49%. The coverage of life insurance in India has enhanced from 2.15% in 2001 to 3.17% which is above Brazil, Russia, Malaysia, Pakistan, China, Sri Lanka, Australia and Germany. However, the penetration is below France, Switzerland, the UK, the US, Japan, Singapore, South Korea, Taiwan and Hong Kong.

Month: Categories: Business, Economy & Banking

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