India, Russia for early implementation of IMF quota reform

MOSCOW: India and Russia today pitched for implementation of the International Monetary Fund (IMF) quota reforms latest by January to give more representation to the emerging economies in the multilateral institution.

"Russia and India stressed the necessity to create a more representative and legitimate international financial architecture.

"They agreed that the primary task in this connection was to complete the Fifteenth General Review of IMF Quotas not later than in January 2014," said a joint statement issued after a summit meeting between President Vladimir Putinand Prime Minister Manmohan Singh.

India has been maintaining that quota reforms are imperative to ensure IMF's credibility, legitimacy and effectiveness.

New RTGS system to improve financial market efficiency: Raghuram Rajan

MUMBAI: RBI Governor today said the new real time gross settlement (RTGS) system for fund transfers will improve the efficiency of the country's financial markets.

"With its advanced liquidity and queue management features, the new RTGS system is expected to significantly improve the efficiency of financial markets," Rajan said while inaugurating the ISO 20022-compliant system.

The RTGS system is used to settle interbank fund transfers by banks and their customers and is critical in facilitating orderly settlement of payment obligations. With its implementation, new regulations will replace the operating guidelines and regulations of 2004.

Rajan said the payment system has to be efficient and ahead of the financial markets to be able to take care of future developments.

Foreclosure Is a Kind of Debt Collection - Here's How It Works

Foreclosure is designed to allow for possession (or repossession) of property that was used to secure a debt that was subsequently unpaid. Most people simply think of foreclosure as "getting kicked out of your house," and in many situations that is an appropriate understanding. In reality foreclosure addresses ownership rights rather than possession, however. It involves the termination of at least one person's rights of ownership in favor of another person, and this can, but does not always, lead to eviction.

We don't think of it very often, but one of the great inventions of English law was the division of property into different property "interests" or rights that could co-exist in the same property. The state "owns" physical property in one way, the landowner in another, and the tenant also has certain ownership rights, for example. If the landowner is married, both spouses will have rights in the property, and it is possible to divide the rights up in many other ways, too. Another form of coexisting rights is the way the same property could be owned by you, but subject to a mortgage and also various sorts of liens.