Daily News and Updates

Indirect Tax

Petroleum products to be out of GST for now: CEA Arvind Subramanian

Petrol and other petroleum products would not be brought under the GST regime for some time after its roll out, Chief Economic Advisor Arvind Subramanian said today. "Constitutionally petrol and other petroleum products will be within the GST system. But it would be out of the GST dispensation after its implementation for some time", Subramanian told reporters on the sidelines of an event organised by ISI here. He said that the GST council would decide for how long these products wo      [….] Read more at:

http://economictimes.indiatimes.com/news/economy/policy/petroleum-products-to-be-out-of-gst-for-now-cea-arvind-subramanian/articleshow/50342258.cms

SEBI

Sebi mulls collective issue of orders, not via a single officer

In a bid to improve accountability and ensure every order is looked upon as a regulatory action, the Securities and Exchange Board of India (Sebi) might get its orders passed by a panel. Currently, orders are passed by a single officer from one department. “To make orders a collective responsibility of the regulator and to prevent one officer from being singled out, we are mulling to have a panel to pass orders,” said a source. Another source says this would increase the quality of orders and ensure      [….] Read more at:

http://www.business-standard.com/article/markets/sebi-mulls-collective-issue-of-orders-not-via-a-single-officer-115122500449_1.html

Miscellaneous Laws

IRDAI to liberalise norms for trade credit insurance

In a move that can positively impact the availability of finance for trade, the Insurance Regulatory and Development Authority of India (IRDAI) will liberalise norms for trade credit insurance. Trade credit insurance is generally offered for short-term receivables in business and is a tool to protect businesses from sudden or unexpected customer insolvency. According to Suresh Mathur, Senior Joint Director (Non-Life), IRDAI, recent changes in the economy, especially in micro, small and      [….] Read more at:

http://www.thehindubusinessline.com/todays-paper/tp-news/irdai-to-liberalise-norms-for-trade-credit-insurance/article8030005.ece

Rules eased: auditors need to report to Centre corporate frauds of over Rs. 1 cr KR SRIVATS

Statutory auditors will now have to mandatorily report to the Centre all corporate frauds amounting to Rs. 1 crore or above. By specifying a threshold of Rs. 1 crore, the Corporate Affairs Ministry (MCA) has now done away with the requirement to report immaterial frauds to the Centre. The Ministry has also now spelt out the procedure for fraud reporting to the Centre. First, the auditor has to inform the Board or audit committee and seek their views within 45 days. On receipt of audit committee     [….] Read more at:

http://www.thehindubusinessline.com/todays-paper/tp-news/rules-eased-auditors-need-to-report-to-centre-corporate-frauds-of-over-rs-1-cr/article8029996.ece

US, UN welcome Modi-Sharif meeting in Pakistan

The US and UN on Saturday welcomed Prime Minister Narendra Modi's surprise visit to Pakistan, saying improved ties between the two neighbours will benefit the entire region. "We welcome the December 25 visit between PM Modi and PM (Nawaz) Sharif. Better relations between neighbors India and Pakistan will benefit the people of the entire region," US State Department spokesman John Kirby said. The spokesman was responding to a question on Modi's surprise visit to Lahore, where      [….] Read more at:

http://www.moneycontrol.com/news/current-affairs/us-un-welcome-modi-sharif-meetingpakistan_4742481.html?utm_source=ref_article

 

Startups get $8.4 bn funding in 2015; Nearly 1k deals inked

Making it a year of startup s, Indian and foreign investors have pumped in a whopping USD 8.4 billion in new ventures including e-commerce platforms in 2015 through close to 1,000 deals, even as questions have begun to be asked about their hefty valuations. Those opening the purse for Indian start-up s included industry titans like Ratan Tata and N R Narayana Murthy as also marquee global investors like Alibaba and Softbank. According to data compiled by domestic technology and startup b     [….] Read more at:

http://www.moneycontrol.com/news/business/startups-get-3684-bn-funding2015-nearly-1k-deals-inked_4742361.html?utm_source=ref_article

Onion exports fall 18% during Apr-Sep on govt restrictions

Onion exports declined by 18 percent to 4.86 lakh tonnes in the first half of the fiscal on the government's steps to curb outbound shipments. The exports stood at 4,85,930.51 tonnes during April- September period of the current 2015-16 fiscal compared with 5,89,900.89 tonnes in the corresponding period of the previous year, according to data compiled by National Horticultural Research and Development Foundation (NHRDF). Exports dipped during the first six months of the fiscal as the gove     [….] Read more at:

http://www.moneycontrol.com/news/economy/onion-exports-fall-18-during-apr-sepgovt-restrictions_4738301.html?utm_source=ref_article

 

Reliance Jio to launch 4G services for employees today

On the eve of Reliance's Founder Chairman Dhirubhai Ambani's 83rd anniversary, Reliance Jio will roll out its 4G service for its employees at a mega event in Navi Mumbai. Shah Rukh Khan and AR Rahman will host the function at Reliance Corporate Park on December 27.   The event will also be streamed to about 1000 locations around the world via Jio's own digital network. While an expected 35,000 attendees will witness the launch at the venue, tens of thousands more will join in virtual     [….] Read more at:

http://www.moneycontrol.com/news/business/reliance-jio-to-launch-4g-services-for-employees-today_4751781.html?utm_source=ref_article

Vadra slams exemptions granted to VIPs in rationing scheme

Robert Vadra - the son-in-law of Congress president Sonia Gandhi – on Saturday criticised the exemptions granted to VIPs vehicles by Delhi government in its 'even-odd scheme' to contain pollution in the national capital. In his Facebook post Vadra slammed the Kejriwal government and wrote, "Odd and Even ways!! Creating parallel lists of exemption, is complete hypocrisy. If a law is implemented in the interest of the people, we all must adhere, and not be VIPs." The Delhi governme     [….] Read more at:

http://www.moneycontrol.com/news/current-affairs/vadra-slams-exemptions-granted-to-vipsrationing-scheme_4743901.html?utm_source=ref_article 

 

Economy & News

India may be third largest economy after 2030: UK think tank 

India could become the world's third largest economy after 2030 and its ascension could see France and Italy kicked out of the exclusive G8 group or its membership increased to 10 to accommodate India and Brazil, according to a new study. According to a report by the UK think tank Centre for Economics Business and Research (CEBR), China will overtake the US as the largest economy in the world in 2029 with the US slipping to second place and India close behind at third. India's projected GDP    [….] Read more at:

http://economictimes.indiatimes.com/articleshow/50342078.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

Allow infra firms to access medium term foreign debt: Centre tells RBI 

The government has asked the Reserve Bank to reconsider its external commercial borrowing (ECB) norms to allow foreign currency debt to infrastructure sector for medium term also. In a letter to RBI Governor Raghuram Rajan, Road, Transport and Highways Secretary Vijay Chhibber has urged him to examine the ECB policy to allow overseas borrowings under medium term also. The RBI, in November, allowed infrastructure companies to access long-term foreign currency     [….] Read more at:

http://economictimes.indiatimes.com/articleshow/50342424.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst 

 

Mann ki Baat: Action Plan on 'Start-up India' to be unveiled on January 16, says PM Narendra Modi 

Seeking to boost entrepreneurship at the grassroots level, Prime Minister Narendra Modi today said the Action Plan of the 'Start-up India, Stand-up India' will be unveiled on January 16 and urged the states to help spread this campaign across the country's nook and corner. Modi, who had made the announcement about the campaign in his last Independence Day address, said the programme will be designed to suit Indian conditions and focus would be on ensuring benefits for the youth     [….] Read more at:

http://economictimes.indiatimes.com/articleshow/50340880.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

India did well in year of global economic turmoil: Finance Minister Arun Jaitley 

Voicing "great satisfaction" over performance of the Indian economy in "a year of turmoil and volatility" globally, Finance Minister Arun Jaitley today dismissed grumblings about the economy not having taken off as "cynicism -- a way of life in India". Looking back at 2015, Jaitley said India has been the bright spot with growth prospects of 7-7.5 per cent despite global slowdown and adversities, and expressed optimism that the growth rate which is "quite good" would impro    [….] Read more at:

http://economictimes.indiatimes.com/articleshow/50341361.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst 

 

CCI doesn't want orders stuck down on technical issues: Chairman Ashok Chawla 

Weeks after Compat set aside the order against cement companies on technical grounds, CCI Chairman Ashok Chawla has said all rules of judicial system are not applicable to the regulator, which is a body of experts with each of them bringing their own inputs. He also asserted that the tribunal focusing substantially on procedural and technical issues would mean that "substantiative points of law or issues on merit don't get decided easily". Competition Commission of India (CCI) does not want its     [….] Read more at:

http://economictimes.indiatimes.com/articleshow/50340688.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst 

 

Thanks & Regards,

Meetesh Shiroya