Current Economic News in India

 Tow Current Economic News in India

Reliance Communications and Ericsson Signed a Deal worth $1 Billion

                     This Monday Reliance Corporation arranged a press conference to talk about their planning and business operations. In that it said that it has eventually outsourced management and operations of its own network in Western and Northern India to Ericsson. It added that the agreement is valued at $1 billion and it will spread over eight long years.

                 The mentioned two firms have released a joint statement, in which they gave the details of the contract. According to the statement the contract would cover around 1 lakh kms of fiver and mobile infrastructure in 11 telecom circles of RCom. These circles are placed at North and West of Indian mainly, including the two of the major cities, Delhi and Mumbai.

                                            In this process around 5,000 employees of RCom will now join Ericsson. RCom CEO (wireless) Mr. Gurdeep Singh said, “Given the complexity of network increasing with platforms, technologies, and application offerings, we are banking on the experience, innovation and technical expertise of Ericsson to improve the productivity of our network.’

                                           This simply means that from now on, Ericsson will manage the daily operations from wire line to wireless networks, and will take over responsibility for field maintenance, network operations, and planning of RCom 2G, 3G and CDMA networks of North and West India.

RBI Withdraws Restrictions on Bangladeshis

                              There is good news for all the Bangladeshis, who love to visit India on a regular basis. The Reserve Bank of India has stated that from now on the banks can open Non Resident Ordinary (NRO) rupee accounts for all the Bangladeshis out here at India free of cost. There is only one condition and that is the migrants must have to acquire a valid residential permit from the Foreigner Registration Office.

                   Banks will have to require submitting all the details of these accounts to the Home Ministry of India to avoid any illegal activities. Until now prior approval of RBI was required for Bangladeshi and Pakistani Nationals to open NRO accounts. However, any other person, who lives outside India can open and maintain a NRO account with any bank of their choice for rupee denominated transactions that are permitted under the Foreign Exchange Management Act (FEMA).

                                           It has to be mentioned here that this approval applies only to the individuals. If a Bangladeshi entity wants to open a NRO account, then the prior approval of RBI will continue to require. I hope this will help the Bangladeshis in many ways.