ADB included Renminbi and the Rupee in its Trade Finance Programme

The Asian Development Bank will provide trade finance support to deals denominated in the Rupee and the Renminbi(China). The bank’s board of directors approved the inclusion of the Rrupee and the Renminbi in its Trade Finance Programme.

The ADB’s Trade Finance Programme fills market gaps for trade finance by providing guarantees and loans to banks to support trade. This programme has been used to cover only transactions denominated in dollar, yen and euro. The programme is active in 16 countries.

Essar Oil to pay Rs 1,000 crore to Gujarat Government

The Supreme Court has ordered Essar Oil to pay Rs 1,000 crore to Gujarat Government by July 30 to avoid the Government’s move to seize the company’s bank accounts. Earlier, the Gujarat Government had decided to seize the company’s bank accounts to recover the sales tax liabilities of around Rs 6,300 crore as well as penalty and interest of Rs 2,000 crore.

India's growth forecast cut again by IMF

In the mid-year health check of the world economy IMF cut its growth forecast of the global economy and of other nations. The emerging nations, only bright spot, also will suffer if policymakers in Europe do not act with enough force and speed to improve their economy. The sluggishness may spread to emerging nations as well.
They cut the growth forecast of the global economy for 2013 to 3.9 from 4.1 percent. 
It revised its growth projections for India to 6.1 percent for the year 2012 from 6.9 percent, and cut its 2013 forecast to 6.5 percent from 7.3 percent.