MONETA VOL 21 MONETA VOL 21 | Page 4

Issue No: 21 Moneta July 2017 NEWS SNIPPETS 1. Mallya has ceased to be the company's director following market regulator SEBI's order against him. Earlier this year, SEBI restrained Mallya from holding director or key managerial personnel position at any listed company that hasn't been vacated till date. Notably, Mallya, who left for UK in 2016, owes ₹9,000 Cr. to banks. FM Jaitley launches new exchange-traded fund 'Bharat 22' Finance Minister Arun Jaitley on Friday launched 'Bharat 22' exchange-traded-fund (ETF) to divest government assets in 22 state-run and private firms. The fund will have a diversified portfolio of companies from six sectors with a 20% cap on each sector and a 15% cap on each stock. ICICI Prudential will manage the fund, he added. 2. 4. Unusual deposits of 1.7 lakh Cr. detected during note ban The 'unusual' cash deposits in specific accounts, which are usually less active, are estimated to be ₹1.6-₹1.7 lakh Cr, an RBI paper revealed. It said excess deposits accrued to the banking system due to demonetisation are estimated at ₹2.8-₹4.3 lakh Cr. Notably, second phase of Operation Clean Money detected 5.5 lakh people whose note ban deposits didn't match tax profiles. Venezuela's currency now worth less than gold in video game Venezuela's currency bolivar, is worth less than fake gold in online role-playing game 'World of Warcraft'. A Twitter user made the observation last month, noting that on Venezuela's black market, one can get $1 for 8493.97 bolivars while a "WoW" token is worth 8385 gold per dollar. According to DolarToday, the currency has since slipped further to 12,197 per dollar. 3. 5. If you're rigid like a tree, you fall and break: Raymond MD Raymond Group's Chairman and MD Gautam Hari Singhania said, "If you are rigid like a tree, you fall and break." "People who are not going to change are going to fall by the wayside", he added. His statement comes amid claims United Breweries removes Vijay Mallya as its director United Breweries has said that absconding businessman Vijay 2