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Newletter for Non Resident Indians by imexforex



         6th – JAN-2013

 Nirbhaya's death loomed large on the minds of the people in the city as many cancelled their party
plans. Most of them said they wanted to express solidarity with and call for justice for the Delhi
medico following the gruesome incident that has shaken the collective conscience of the entire
country. Secretary of Karnavati Club Girish Dani said that they had planned a mega New Year eve
dance party. Thousands were expected make merry till the clock struck midnight. "The party was
cancelled after the death of the Delhi gang rape victim as a mark of respect towards her and the
cause of which she has become a symbol for the people," said Dani. Other major clubs, including
Rajpath Club and YMCA, which had plans of hosting major parties to welcome the New Year also
cancelled the events. Nirbhaya's death also touched individuals in the city who cancelled parties at
their homes as a gesture of respect.


Winter brought its first wave of extreme cold as the minimum temperature in the city dropped four
degrees below normal at 8.4 degrees celsius. Officials said that the cold wave conditions will prevail
over the state which will see further drop in temperature since Wednesday night."The minimum
temperature is likely to drop further by one to two degrees in the next 48 hours. In Ahmedabad, the
temperature can dip to seven degrees", said senior meteorologist at Indian Meteorology
Department (IMD), Gujarat, Manorama Mohanty. The city will experience temperatures five to six
degrees below normal. Officials said that Naliya recorded six degrees while Deesa recorded 7.5
degree celsius. Gandhinagar recorded eight degrees celsius. Cold wave conditions will prevail as
northerly winds are blowing over the state. While the conditions are not extreme like in north India,
citizens who are not used to such cold felt the chill.

                              SAURASHTRA SHIVERS, 3 DIE OF COLD

Saurashtra is moaning under piercing cold that has left at least three dead. Saurashtra's commercial
capital Rajkot, Kandla and Bhuj shivered at 10 degrees Celsius, the lowest minimum temperature
recorded at 8.30 am on Sunday, according to India Meteorological Department (IMD). "On
Saturday, night temperatures fell in parts of central Saurashtra but increased in north Gujarat," said
an IMD official. Chilly winds blowing throughout the day have forced people to stay indoors. Roads,
especially in the night, are completely deserted and groups warming themselves up near bonfires
are a common sight these days. Most popular hang out places like Race Course and others, which
usually remain open till midnight, are seeing thin crowd these days. "In many parts of Saurashtra,
the temperatures were appreciably below normal," the official said. Weather officials forecast a fall
in night temperature during the next 24 hours ending Monday night. Sky will be mainly sunny and
minimum temperature will be around 11 degree Celsius. "The cold wave conditions would continue
to prevail in parts of the state during the next 24 hours," said a weather official. According to
sources, two beggars—one in Bhavnagar and one in Talaja died due to extreme cold on Friday night.
Sources said that the former was 50 years old and he was found dead on Saturday morning near
Jashonath Chowk circle in Bhavnagar. The identity of the deceased is yet to be established.

                                           Amdavadis brace up again to sprint it out on the first
                                           Sunday morning of the New Year, when the city will host
                                           the third edition of Sabarmati Marathon 2013.More than
                                           15,000 enthusiasts will run in three different events — the
                                           full marathon, half marathon and the dream run. Though
                                           the chill in the early morning air is expected to be a slight
                                           dampener even on Sunday morning, but the rush at the
                                           registration site allays this fear. Along with city’s runners,
                                           outstation enthusiasts like Mumbai-based runners’ club
                                           and Xtreme Sports India are eagerly awaiting the day.
However, going by an enthusiast’s words, the fall in temperature is actually congenial for running.
“The best temperature to run is around 10-15 degree Celsius and with Ahmedabad providing such a
climate at this time of the year, runners would have a great time,” said Bhaskar Desai, promoter of
the club and like each year, participants’ challenge and enthusiasm too is growing together with the
size of the event. Preparations for the D-day began two months ago. Apart from regular practice,
runners also take care of their food intake. Participants have been preparing by loading themselves
with lots of carbohydrates. Though the yearend is party season, members are being particular on
food intake and following it rigorously. “Tips on diet, strength, warm-up etc were circulated to all
the runners before running,” said Lihas Trivedi, president of Ahmedabad Distance Runner Club.
Running competition has certainly caught every Amdavadi’s imagination. According to organisers,
the oldest participant, though in 7-km dream run event, is a 79-year-old man from city. The
category will also witness the youngest runner, a 7-year-old.Meanwhile, last edition’s winners
Philomen Rotich and Gadise Fita Megersa will be aiming hard to defend their titles. Sabarmati
marathon has attracted international athletes. As compared to 90-odd in 2011, this year the
number of international athletes registered for the event has touched 180. The race will once again
be between the African nations, Ethiopia and Kenya in particular, favourite for the podium.

Gandhinagar ranked last with least number of jobs generated in the state capital with just over
1,100 jobs between January-December 15, 2012, says a study.With about 16,350 jobs generated
during this period, Ahmedabad leads other Gujarat cities in job generation, according to a sector
specific analysis titled 'Job Trends Across India in 2012' released by apex industry body Assocham.
While Vadodra ranked second with over 5,000 jobs generated in the city during the aforesaid period
followed by Surat (over 3,600 jobs), Ahmedabad is the only city in Gujarat which registered almost
100% rise in job generation in the first six months of the current year as against the last six
months of 2011 as the number of new jobs generated in Ahmedabad rose from over 4,900 in July-
December, 2011 to over 9,500 between January-June, 2012."With about 4,300 jobs, hospitality
sector accounted for maximum number of new jobs generated in Ahmedabad," said Bhagyesh
Soneji, chairperson of Assocham Gujarat Council.Information technology and enabled services
(IT/ITeS) and IT hardware together generated about 2,300 jobs ollowed by biotechnology (over
1,100 jobs), logistics (about 1,000 jobs), architecture (about 900 jobs) and other manufacturing
(about 800 jobs) are significant job generating sectors in Ahmedabad. But, job generation growth
in Ahmedabad has plummeted by about 28 per cent between July-December 15, 2012 i.e. the last
six months of the current year. While in rest of the cities in Gujarat, job generation growth dipped
by about 26-35% between January-December 15, 2012.The year saw a decline to the extent of over
21% in the new job generation in various sectors of the economy between January-December mid
across India.Cities that registered growth in job generation during the first half of the year are
Mumbai at 259%, Hyderabad at 114%, Ahmedabad at 93%, Chennai at 81%, Jaipur at 33%,
Lucknow at 12% and Coimbatore at 6%.


Car maker Maruti Suzuki India Limited's (MSIL) plant in Gujarat is
expected to begin by 2015-16, a senior MSIL official said on
Thursday.Global auto industry to record less than half of 2012 growth this
yearGlobal auto industry bounces back with 80 million units of sales
this...Maruti Suzuki hikes vehicle prices across models Maruti Suzuki to increase car prices by up to
Rs 20,000Maruti Suzuki acquires more land for production.S Y Siddique, COO of MSIL, said that the
decision is likely to be taken at the company's board meeting that will be held this month. "MSIL
plant is coming up at a cost of Rs 4,000 crore in Gujarat and is expected to take off in 2015-16. But
the final picture is not clear yet. The decision will be taken by the company by the end of this
month," said Siddique while addressing the gathering at FGI Expo 2013 in the city."The growth rate
was projected at 14 per cent for the auto industry but it has slowed down to four to five per cent in
the current fiscal. It created a bit of confusion about our Gujarat plans," Siddique said. The
proposed unit will have a capacity to manufacture 2.5 lakh cars annually. Siddique said the
company is expecting demand of 45 lakh cars in 2015-16 and MSIL is targeting 40 per cent market
share by then. "There is lot of potential in auto sector in India. In developed countries there are 350
cars per 1,000 people while in India the number is just 12 or 13 cars per 1,000," he added. Siddique
suggested that India should also look at becoming the hub of small car manufacturing instead of
USA or UK. He said in USA and UK, the labour charge per hour is $ 35 while in India the labour is
available at $ 3 per hour. "We have huge advantage and we can also create lot of employment,"
Siddique said. The three-day FGI Expo 2013 began on Thursday at the FGI Centre on Sevasi Road. It
was inaugurated by energy and petrochemicals minister Saurabh Patel. Several auto and energy
companies are taking part in the expo.

                                       Saurashtra Cricket Association's (SCA's) newly built stadium
                                      in Khanderi is all set to host its first international match. The
                                      day and night one-day tie between India and England will be
                                      played at the stadium on January 11.Incidentally, it will also
                                      be the first match of the one-day series being played between
                                      the two countries. The stadium is spread over 5.50 lakh sq ft
                                      area on Rajkot-Jamnagar Highway near Khandheri. It has a
                                      capacity of around 26,000.The sale of tickets for the match at
                                      Rajkot began on Monday at two separate venues. SCA sources
                                      said the tickets are being sold at Race Course and the stadium
in Khandheri. "The timings for the ticket bookings at both places are 10 am to 1 pm and 3 pm to 6
pm daily. We have arranged a booking system in a manner that there is no chaos at the booking
offices and we have also started online ticket booking facility. Those who book tickets online will
have to collect them on January 8, 9 and 10 from SCA office near Dharam Cinema in Rajkot city,"'
member of SCA's governing body Himanshu Shah said.

                                  MARKET AT A GLANCE

                                  BSE: 19784.08 NSE : 6016.15

                          BULLION:GOLD: 30,896.00       SILVER: 57,996.00

                               FOREX $/Re: 55.07    £: 88.28 € : 71.77

                    INDIAN ECONOMY MAY GROW 6% IN 2013: KAUSHIK BASU

India's economy could expand by around 6% in 2013, World Bank chief economist Kaushik Basu
said on Friday, attributing the current slowdown to global factors. "It is very-very difficult time for
the world... The World Bank's rough expectation is that in the calendar year 2013, India is going to
see growth rate of just short of 6%," said Basu. Officially, the World Bank is slated to release global
growth projections on January 15. Amid global slowdown impacting India, the government had
lowered the country's economic growth for the 2012-13 fiscal to 5.7-5.9% from its earlier
projection of 7.6%. The GDP had expanded by 6.5% in 2011-12, which was nine-year low. On
India's current account deficit (CAD) which widened to record 5.4% of GDP in the July-September
quarter, Basu said that though it is a cause of worry, there are market factors which will come into
play to stabilise it. "India has proper floating exchange rate, it (CAD) is not as worrying because
there are automatic market stabiliser which will begin to kick in," he said. The CAD, which
represents the difference between exports and imports after considering cash remittances and
payment, was $18.9 billion in the same period of a year ago and $16.4 billion in the first quarter
(April-June). A higher CAD has adverse impact on rupee value and affects foreign exchange
reserves as well. On high prices, Basu said, "The government should try to bring inflation down to
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                                      RITI INVESTMENT & CONSULTANCY

                                        A. P. (DIR Series) Circular No. 68

                                        January 2, 2013

To, All Authorised Persons in Foreign Exchange

Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards / Combating the Financing of
Terrorism (CFT) Obligation of Authorised Persons under Prevention of Money Laundering Act, (PMLA),
2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009 Money changing activities

Attention of Authorised Persons is invited to F-Part-II of the Annex to the A.P. (Dir Series) Circular No. 17 [A.P.
(FL/RL Series) Circular No. 04] dated November 27, 2009, as amended from time to time.

2. In order to ease the burden on the prospective customers in complying with KYC requirements for doing money
changing activities, it has now been decided that:

If the address on the document submitted for identity proof by the prospective customer is same as that declared
by him/her, the document may be accepted as a valid proof of both identity and address. If the address indicated
on the document submitted for identity proof differs from the current address declared by the customer, a
separate proof of address should be obtained.

3. All the other instructions contained in the A.P. (DIR Series) Circular No. 17 [A.P. (FL/RL Series) Circular No.
04] dated November 27, 2009, as amended from time to time shall remain unchanged.

4. Authorised Persons may bring the contents of this circular to the notice of their constituents concerned.

5. These guidelines are also applicable mutatis mutandis to all agents/ franchisees of Authorised Persons and it
will be the sole responsibility of the franchisers to ensure that their agents / franchisees also adhere to these

6. Please advise your Principal Officer to acknowledge receipt of this circular letter.

7. The directions contained in this Circular have been issued under Section 10(4) and Section 11(1) of the
Foreign Exchange Management Act, 1999 (42 of 1999)and also under the, Prevention of Money Laundering Act,
(PMLA), 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009 and Prevention of
Money-Laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner
of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of
the Clients of the Banking Companies, Financial Institutions and Intermediaries) Rules, 2005 as amended from
time to time and are without prejudice to permission /approvals, if any, required under any other law.

Yours faithfully,

(Rudra Narayan Kar)
Chief General Manager
                       14th Jan Kite- flying day

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