Business News at 05:30 pm on 14th November 2023

“Let’s begin…The Government has revised rules for premature closure of National Savings Time Deposit accounts offered by Post Offices. The changes through the National Savings Time Deposit (Fourth Amendment) Scheme, 2023 were notified on November 7, 2023. As per the new rules, the post office savings account interest rate will be paid if a 5-year Post Office Time Deposit account is closed after four years of opening the account but before maturity. Further, premature closure of a 2 or 3-year Post Office Fixed Deposit account after the expiry of 1 year, the interest paid will be less by 2% than the specified rate at which the account was opened.
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“Additionally, the Government has also made some changes to the Senior Citizen’s Savings Scheme (SCSS) through Senior Citizen’s Savings (Fourth Amendment) Scheme, 2023. The amendments were notified on November 7. Premature closure of an account shall be allowed on an application by the account holder in Form-4, subject to the following conditions – No deposit shall be withdrawn before the expiry of six months from the date of deposit. Where a deposit in a one-year, two-year or three-year account is withdrawn prematurely after six months, but before the expiry of one year from the date of deposit, interest shall be payable to the account holder at the rate applicable to the Post Office Savings Account for the completed months.
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“Now let’s talk market…The Indian equity market remain closed today on the occasion of Diwali Balipratipada. Previously, on Monday, the benchmark equity indices ended in red. The NSE Nifty 50 dropped 82 points or 0.42% to settle at 19,443.55, while the BSE Sensex fell 325.58 points or 0.50% to 64,933.87. Shares in the Asia-Pacific region are trading on a mixed note on Monday morning. The Asia Dow has gained 0.39%, reaching 3,321.94, while the Shanghai Composite, the benchmark Chinese index, is up 0.08% at 3,049.08. Japan’s Nikkei 225 has surged 0.67% to 32,804.62, while Hong Kong’s Hang Seng index is trading down by 0.10% at 17.58.
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“Let’s move on to the latest update of Israel-Hamas War. Defence Minister Yoav Gallant claimed that Hamas has lost control of the Gaza Strip, revealing that the Israel Defence Forces are actively capturing Gaza City. Gallant mentioned that Israeli forces are making significant advancements across various locations, causing terrorists to retreat southward, according to The Times of Israel. This development occurred on the 39th day of the Israel-Hamas war. Meanwhile, Gaza medical authorities report that over 11,000 people have been confirmed killed in the war, with approximately 40% being children. Hamas’ armed wing expressed readiness to release up to 70 women and children held in Gaza in exchange for a five-day truce in the ongoing conflict.
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“On to some exciting news….India has finished the group stages of the Cricket World Cup 2023 with an unbeaten streak in 9 games, with an all-round performance, ticking all the boxes by their performance with the bat, ball and in the field. The team will face off against New Zealand in the semi-final at Wankhede Stadium in Mumbai on November 15. The primary factor behind India’s performance during its journey to the semis was its batting unit, where every player took responsibility and played their role. While every batsman went in the middle to play balanced but aggressively, Virat Kohli anchored the innings, balancing the strikes, making partnerships and holding an end securely.
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“Meanwhile, With the impending surge in passenger numbers on regular trains and in consideration of passenger convenience, the East Coast Railway of Indian Railways has decided to operate a special train route between Puri and Patna during the forthcoming Chhath Puja celebration. This distinctive service departing from Puri will be designated as the 08449 Puri-Patna Special Train, with departures from Puri scheduled at 11:30 PM every Monday and Wednesday. Conversely, the train departing from Patna will be known as the 08450 Patna-Puri Special, leaving Patna at 6 PM every Tuesday and Thursday. The Chhath festival is set to take place on November 19-20. In a related development, the sale of platform tickets at New Delhi and Anand Vihar railway stations has been temporarily suspended to manage the increased passenger influx and enhance crowd control during the Diwali and Chhath Puja festivities.
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“Next up, Eve Air Mobility (“Eve”) and Kookiejar, a Swedish-based vertiport developer, have solidified their collaboration through the signing of a letter of intent (LOI) to develop an innovative Urban Air Traffic Management (ATM) system tailored for vertiport operations in Dubai. This pivotal agreement not only marks Eve’s debut in Dubai’s Urban ATM landscape but also establishes Kookiejar as Eve’s 10th Urban ATM customer and fifth vertiport customer, underscoring the global expansion of Eve’s clientele. The collaboration aligns with Kookiejar’s strategic initiative alongside its local partner, Air Chateau, to unveil Dubai’s inaugural state-of-the-art vertiport hub at Al Maktoum Airport, Dubai South.
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