3 JUNE 2015: RBI cuts repo rate

Ø  As widely expected, the Reserve Bank of India cut the policy rate (repo) on Tuesday by 25 basis points, the third time this year, to 7.25 per cent from 7.5 per cent. The repo rate is the rate at which the RBI lends money to banks.

Ø  Since the Modi government took charge, India has eased visa norms for 43 countries, and plans are afoot to expand the list soon. In effect, tourists from these countries will be able to apply for visas online, receive the go-ahead within four days and collect their visas on arrival in India. Under the old system, citizens from only 12 countries had this privilege.

Ø  India figures in the top 50 countries in the world for an effective criminal justice system, according to a new study that ranks countries on how the rule of law is experienced by citizens. However, the study finds that it is among the worst performing countries when it comes to civil justice. The Rule of Law Index 2015, released by the U.S.-based World Justice project on Tuesday, analyses 102 countries worldwide using a survey of over a 1,000 respondents from three big cities, along with local legal experts, in each country. The data, collected in 2013, measures how the rule of law is experienced in practical, everyday situations using 47 indicators across eight categories — constraints on government powers, absence of corruption, open government, fundamental rights, order and security, regulatory enforcement, civil justice, and criminal justice. According to the Index, India’s overall rule of law performance places it in the third position out of six countries in the South Asian region, 10th out of 25 among lower middle income countries, and 59th out of 102 countries. worldwide. The top overall performer in the WJP Rile of Law Index 2015 was Denmark while in the South Asia region, the top performer was Nepal.