Indians Bite Into Swiss Cheese, Again

Rs 7,000 crore

What is it?The approximate amount parked by Indians in Swiss banks in 2017.

Why is it important?This is an increase of 50.2% from that in 2016, the first such rise after a decline for three straight years. The rate of increase of over 50% is the highest since the 56% recorded in 2004. These figures come at a time when the Indian government has been taking steps to eliminate black money, one of the key poll promises of Prime Minister Narendra Modi.

Tell me more: In 2016, Indian money in Swiss banks had fallen by 45%, the biggest-ever decline, to Rs 4,500 crore, the lowest ever since such data was first made public in 1987.

10.4%

What is it? Iran’s share in India’s crude import by volumes in 2017-18.

Why is it important? India has asked refiners to prepare for a drastic reduction (or zero) in Iranian oil imports from November, indicating that India is reacting positively to the United States, which is pushing India, China and other allies to halt Iranian imports. Although India, which is the biggest buyer of Iranian oil, has said it would follow only sanctions by the United Nations, it will reportedly be forced to take action to protect its exposure to the US financial system.

Tell me more: Oil analysts have said that it is not possible for OPEC(Organization of the Petroleum Exporting Countries) producers to fully supply the market once Iranian exports are curbed.

Rs 69.09

What is it? The value of rupee against the US dollar in intraday trade on Thursday.

Why is it important? This is the lowest value of Indian rupee ever against the US dollar due to a host of factors including a stronger dollar, higher oil prices, a wider current account deficit and foreign portfolio outflows. However, this will have little impact on India’s sovereign ratings as it is among the least vulnerable nations to tightening of external financing conditions because of its low reliance on external capital flows.

Tell me more: The Indian currency has been the worst performer in Asia, weakening about 8% so far this year against the US dollar.

1
 

What is it? The number of mutual fund houses in India that have gone public so far.

Why is it important? HDFC Mutual Fund is now poised to become the second to go public, after Reliance Nippon Life AMC, which listed in November 2017; the Reliance stock is down 13%over its issue price. On Tuesday, HDFC Mutual Fund secured approval from the capital market regulator for an initial public offering.

Tell me more:With Rs 300,548 crore in assets under management as of March 2018, HDFC Mutual Fund is the second-largest mutual fund in India, after ICICI Prudential Mutual Fund.

-4

What is it?The number of fairplay points accumulated by Japan in Group H of the 2018 world cup, against -6 for Senegal.

Why is it important?For this first time in the world cup, fairplay points were used to decide which team would advance to the knockout stage: Japan went through at the expense of Senegal. Following the final round of matches in Group H, both Japan and Senegal were tied on six parameters and were separated only by fairplay points.

Tell me more:Japan accumulated four player bookings in the three group matches, while Senegal had six. As a result, no African side qualified for the Round of 16.

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