Top News - Issue -12/ November 15, 2007

• SBI customers can now transfer money online to accounts at other banks also thru Internet Banking using RTGS/NEFT. (http://www.onlinesbi.com/ )
• Kerala Government to bring all foreign recruitments under its direct control. Special cell to be formed in the police department to deal with illegal recruitments.
• India has surpassed South Korea to become the world's fifth largest holder of foreign exchange reserves. $260 billion as of September.
• UAE to take strong action against the institutions/persons violating labour rules.
• Mukesh Ambani became the richest person in the world when his Reliance group companies gained handsomely during latest stock market boom.
• India is the leading country of origin for students going to the USA. In the year 2006-07 more than 83 thousand enrolled in US Universities, most looking for degrees in Business and Engineering.
• United Arab Emirates is going to issue temporary work permits for 3 months – also called ‘mission visas’ to meet the shortage of workers.
• Indian schoolchildren have more global outlook than those of Britain. The British Council in India and nine other countries disclosed that Nigeria tops the list and India comes in at second while British schoolchildren come last.
• Gulf Corporation Council (GCC), a six-nation organisation, is thinking of limiting the stay period of unskilled foreign workers into six years.
• Ruling on UK doctors’ case will benefit other NRI professionals also. Bankers, accountants, marketing executives and other professionals are expected to benefit from the British Court of Appeals ruling on treating Indian and non European Union countries on a par with British and EU candidates for employment.
• Permanent Committee of Labour Affairs (PCLA) of UAE Government's has set up a hotline to help workers in trouble. This is after recent labour demonstrations that turned violent.
• Government has appointed Arathi Krishna as Community Development Officer at the Indian embassy in Washington DC to provide direct interface between the Indian government and NRIs in the USA.
• The United Arab Emirates will open labour offices in India to recruit workers, ending the role of recruitment agencies.
• UTI Mutual Fund has launched UTI Infrastructure Advantage fund, a new fund offer. It will invest in India’s booming infrastructure segment. Please contact your SBI branch or us for more details (issue closes on 19/12/07)