Friday, September 11, 2015

Prime Minister Benjamin Netanyahu and his wife Sara visited the British Library in London last night, where they were briefed on the library in general and two items in particular – the original Balfour Declaration, in which UK Foreign Secretary Arthur Balfour declared that Britain would support the establishment of a national home for the Jewish People in the Land of Israel, and a book edited by the Prime Minister's father, the late Professor Ben-Zion Netanyahu. The latter was a volume of Herzl's writings that the Prime Minister's father had edited in 1937 when he was only 27. The Prime Minister said that Herzl was a visionary and great leader and noted the link between him and the Balfour Declaration.
The Netanyahus also viewed a Passover haggadah, Tanakh, an edition of the Talmud (Tractate Bava Kama) and other volumes.
Photos: Avi Ohayon, GPO
RBI allows resident importers to raise trade credit in INR

With a view to providing greater flexibility for structuring of trade credit arrangements, it has been decided by RBI that the resident importer can raise trade credit in Rupees (INR) within the framework after entering into a loan agreement with the overseas lender.

Attention of Authorized Dealer Category - I (AD Category - I) banks is invited to Schedule III to the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000 notified vide Notification No. FEMA 3/2000-RB dated May 03, 2000 read with Regulation 6(3) of the said Regulations regarding raising of trade credit (buyers' credit / suppliers' credit) from overseas supplier, bank and financial institution for import of capital and non-capital goods into India .

With a view to providing greater flexibility for structuring of trade credit arrangements, it has been decided by RBI that the resident importer can raise trade credit in Rupees (INR) within the following framework after entering into a loan agreement with the overseas lender:

·         Trade credit can be raised for import of all items (except gold) permissible under the extant Foreign Trade Policy
·         Trade credit period for import of non-capital goods can be upto one year from the date of shipment or upto the operating cycle whichever is lower
·         Trade credit period for import of capital goods can be upto five years from the date of shipment
·         No roll-over / extension can be permitted by the AD Category - I bank beyond the permissible period
·         AD Category - I banks can permit trade credit upto USD 20 mn equivalent per import transaction
·         AD Category - I banks are permitted to give guarantee, Letter of Undertaking or Letter of Comfort in respect of trade credit for a maximum period of three years from the date of shipment
·         The all-in-cost of such Rupee (INR) denominated trade credit should be commensurate with prevailing market conditions
·         All other guidelines for trade credit will be applicable for such Rupee (INR) denominated trade credits

Overseas lenders of Rupee (INR) denominated trade credits will be eligible to hedge their exposure in Rupees through permitted derivative products in the on-shore market with an AD Category - I bank in India . Necessary guidelines for hedging will be issued separately.

Palestinian flag to fly at UN HQ

UN General Assembly has passed a Palestinian resolution to allow its flag fly in front of the United Nations headquarters in New York, angering Israel and giving hope to Palestinians seeking to gain full UN membership










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