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Modi government may go with more than one GST rate
In
a bid to get Congress on board for one of the biggest tax reform moves,
the Centre may back more than one GST rate — targeted mainly at luxury
and sin goods — amid indications that it could drop the proposal
allowing manufacturing states to levy up to 1% additional tax. Instead,
the government will compensate manufacturing states such as Gujarat,
Maharashtra and Tamil Nadu directly, which will increase the burden on
the exchequer during the first two years. Though it is trying to meet
[….] Read more at:
SEBI
Sebi likely to unveil electronic platform for corporate bonds
The
Securities and Exchange Board of India (Sebi) is set to announce a
platform for online sale of privately placed corporate debt. The
announcement is likely after the regulator's quarterly board meeting on Monday.
Currently, most of the sale of privately placed corporate debt happens
through the over-the-counter (OTC) route. The new system is likely to
act as an alternative to OTC sales, which are typically conducted
between two parties over phone. "The objective is to push all issu
[….] Read more at:
Dr Lal PathLabs gets Sebi's approval for IPO
Leading
diagnostic chain, Dr Lal PathLabs, which has received Sebi's approval
to raise funds, is set to launch its initial public offering (IPO) soon.
The company had filed its Draft Red Herring Prospectus (DRHP)
with Sebi in September for the IPO wherein the promoters and other
existing shareholders will collectively sell 1.16 crore shares of the
company. Dr Lal PathLabs CEO, Om Manchanda, said, "The Securities and
Exchange Board of India (Sebi) has cleared the proposed initial share
sale [….] Read more at:
Sebi likely to unveil electronic platform for corporate bonds
The
Securities and Exchange Board of India (Sebi) is set to announce a
platform for online sale of privately placed corporate debt. The
announcement is likely after the regulator's quarterly board meeting on Monday.
Currently, most of the sale of privately placed corporate debt happens
through the over-the-counter (OTC) route. The new system is likely to
act as an alternative to OTC sales, which are typically conducted
between two parties over phone. "The objective is to push all issuan
[….] Read more at:
Sebi green light for exchange IPOs
The Securities and Exchange Board of India (Sebi) on Monday
cleared the decks for initial public offerings (IPOs) by stock
exchanges and depository firms by providing clarity on the listing
framework. It said the combined shareholding of trading members,
associates and brokers in a listed exchange cannot exceed 49 per cent.
Every shareholder will have to declare their “fit & proper” status
at the time of the IPO. The depositories will monitor the investment
caps for single entities. [….] Read more at:
Biz responsibility reports must for top 500 listed cos: Sebi
Top
500 listed companies will now be required to prepare annual business
responsibility reports, covering their activities related to
environment, stakeholder relationships, governance and other areas,
according to Sebi. At present, top 100 listed firms are required to
prepare their annual business responsibility reports. The move by the
regulator is part of larger efforts to improve corporate governance
practices and more transparency in terms of reporting of various
socially-respons [….] Read more at:
Narayana Hrudayalaya gets Sebi nod for IPO
Narayana
Hrudayalaya has received capital market regulator Sebi's approval to
raise an estimated Rs 700 crore through an initial public offer (IPO).
The company, on September 29
had filed its draft red herring prospectus (DRHP) with Sebi. The
Securities and Exchange Board of India (Sebi) issued its final
observations on the draft offer documents on November 27, which is
necessary for any company to launch a public offer. As per the draft
papers, Narayana Hrudayalaya's IPO [….] Read more at:
RBI
RBI eases norms on filing of online returns by NBFCs
Online Returns to be submitted by NBFCs- Revised Please refer to our Master Circular no DNBS.IT.CC.No.01/24.01.191/
Tracking RBI's central concerns
The Reserve Bank of India (RBI) is not expected to tinker with rates at its fifth bi-monthly monetary policy review on Tuesday.
Analysts would be looking for clues on how many more cuts the central
bank would be ready to accommodate and what RBI has to say about its
preparedness to face financial market volatility after the US Federal
Reserve starts hiking its rates, possibly as early as in a fortnight.
The language of the policy and Governor Raghuram Rajan’s statement
[….] Read more at:
http://www.business-standard.
RBI seen holding rates, room for cuts narrows
India's central bank is likely to keep its policy rate unchanged on Tuesday,
following a big cut two months ago, and to sound cautious about the
scope for more easing as it aims to meet its 2017 inflation target and
braces for a US rate hike. All 45 respondents surveyed by Reuters last
week expected the Reserve Bank of India to hold the repo rate at 6.75
percent, after easing it by 50 basis points at its last policy review in
late September. RBI Governor Raghuram Rajan will also likely [….]
Read more at:
RBI eases overseas borrowing rules for local companies
The Reserve Bank of India (RBI) on Monday
put its stamp of approval on a more liberalised external commercial
borrowing (ECB) norms and allowed Indian companies to
raise rupee resources from overseas lenders without incurring currency
risks. The new norms will be effective 1 April, 2016.
Such rupee-denominated bonds are getting issued in large numbers and
are a hit with Japanese retail investors. Once Indian companies start
raising rupee resources from abroad, more such b [….] Read more at:
RBI to hold interviews for dy guv on Dec 8
A
search committee headed by Reserve Bank of India (RBI)
Governor Raghuram Rajan next month will interview nine candidates for
the post of central bank's deputy governor. According to sources, the
government-appointed search committee will meet on December 8
in New Delhi. RBI has four deputy governors — two filled from the rank
and the other two hired from outside. Of the last two, one is a
commercial banker and the other is an economist. The interview is being
held to fill the va [….] Read more at:
Miscellaneous Laws
Clashes in LS during 'intolerance' debate
Lok
Sabha today witnessed clashes and repeated adjournments as it took up
the debate on 'intolerance' with the opposition targeting the government
and triggering a storm after a CPI(M) member attributed 'Hindu leader'
comments to Home Minister Rajnath Singh who denied it. The comments by
Mohd Salim, who cited a report in a news magazine while initiating the
debate on 'intolerance, led to a deadlock with the ruling side demanding
that he either withdraw these comments or apolo [….] Read more at:
Bharti Airtel commits Rs 60Kcr network investment in 3 yrs
Private
telecom company Bharti Airtel today announced the launch of a massive
network transformation program – "Project Leap." Aimed at improving
network quality, this project will see an investment of Rs. 60,000 crore
in the next 3 years, stated the company. This investment will be over
and above the Rs 1,60,000 crore the company Airtel has already invested
in its active and passive network, spectrum, fiber, submarine cables
and systems till date. Announcing the launch, Gopal Vittal, [….]
Read more at:
UAE earmarks key sectors like railways, housing, ports, roads for investments in India
Oil-rich
United Arab Emirates (UAE) has identified key sectors including
railways, housing, ports, roads and renewable energy (mainly solar) for
investments in India as part of the $75 billion announced during Prime
Minister's August trip to the Gulf nation that marked a paradigm shift
in bilateral strategic and economic partnership. UAE had announced to
investment $75 billion for various sectors in India when Narendra Modi
made a two-day trip to Abu Dhabi and Dubai last August — first by
[….] Read more at:
Economy & News
Closing down of Planning Commission a 'good thing': Arun Maira
Former
member of the erstwhile Planning Commission, Arun Maira today said
closing down of the institution and its replacement with Niti Aayog was a
"good thing". Interestingly, Maira was appointed by former Prime
Minister Manmohan Singh, who had recently said that the country's
economic policy has "no sense of direction" after the Modi government
decided to scrap the Planning Commission. "One good thing I would say...
I think the closing down of the Planning Commission and [….] Read
more at:
India's economic growth seen picking up, RBI may hold rates steady
India's
economic growth likely picked up in the July-September quarter,
outpacing China on improving domestic demand and manufacturing activity
that could persuade the Reserve Bank of India to keep interest rates
unchanged on Tuesday.
Asia's third-largest economy likely expanded 7.3 per cent in the second
quarter of the current financial year 2015/16 that ends in March,
compared with 7 per cent in April-June, according to analysts polled by
Reuters. The data will be released [….] Read more at:
India makes a case for credible fiscal commitments, calls for verifiable and accurate numbers
There
is need for more credible, accurate and verifiable numbers on the true
size of mobilisation of climate change finance commitments and flows
from developed to developing countries, the finance ministry said in a
discussion paper put out ahead of Paris climate talks. During the recent
Lima World Bank-IMF meetings, India had raised the issue of a roadmap
for $100 billion in climate change financing a year by 2020, the
ministry noted on Sunday mentioning the paper. The paper, titled [….] Read more at:
Narendra Modi government may allow states a say in the allocation to CSS
The
Narendra Modi government could allow states a say in central allocation
to social welfare schemes, a measure that is in keeping with its
promise of cooperative federalism and will enable state governments to
focus on programmes that best meet their requirements. The sub-group of
chief ministers on centrally sponsored schemes headed by Madhya Pradesh
Chief Minister Shivraj Singh Chouhan has recommended that the schemes be
divided into core of the core schemes, core schemes a [….] Read
more at:
Anil Ambani wants Reliance Infrastructure to turn debt-free by 2017
Anil
Ambani wants Reliance Group's flagship infrastructure company Reliance
Infrastructure to turn debt-free on a standalone basis by 2017 and the
company's management is actively pursuing divestment goals to achieve
his target. The company , which was founded as an electricity company
when the undivided Reliance Industries acquired the state-run Mumbai
electricity distribution company and then expanded into infrastructure
development, is changing its profile to focus on defe [….] Read more
at:
Farmers expect to get good returns from pulses as new crop ready to hit markets
With
traders, importers and processors having made their profits on pulses,
especially tur, which farmers could sell only at MSP, or sometimes even
below it last year, growers hope that it could now be their turn to make
some money as the new crop is just about to come into their hands.
Fresh crop has slowly started reaching mandis in growing areas and
prices are ruling between Rs 90/kg and Rs 100/kg as against about Rs
50/kg during December last. However, farmers are worried that prices
[….] Read more at:
PM Modi to launch 'Accessible India Campaign' for persons with disabilities on December 3
Prime
Minister Narendra Modi will launch his government's campaign to provide
access to differently-abled people, Accessible India, on December 3,
the International Day of Persons with Disabilities. The campaign would
involve making transport, public space, tourist places, international
airports, railway stations and information and communication technology
in India differently-able friendly. The five-year initiative would
involve retrofitting buildings, framing accessibility standards [….]
Read more at:
Transport Minister Nitin Gadkari gives nod for road projects in Punjab
Transport
Minister Nitin Gadkari today gave his nod to building of 3,080.47 kms
long highway as national highway besides sanctioning seven ROBs in
Punjab during his meeting with state's deputy Chief Minister Sukhbir
Singh Badal here. In the presence of Union Food Processing Industries
Minister Harsimrat Kaur Badal, the deputy CM put forth demands of the
state and for declaring Guru Gobind Singh Marg from Sri Anandpur Sahib
to Sri Abchal Nagar Hazoor Sahib Nanded (Maha [….] Read more at:
Timely boost: Indian economy grows 7.4% in September quarter, running faster than China
India's
economic growth picked up pace in the second quarter of the fiscal,
helped by strong manufacturing and signs of revival in investment,
giving a timely boost to the government as it makes a case for reforms
in Parliament. GDP rose 7.4% in the July-September quarter, better than
7% in the April-June period, data released by the statistics office on Monday
showed, raising expectations of a further acceleration in growth in the
rest of the year. The recovery comes on a strong base [….] Read
more at:
India expresses interest in preferential trade agreement with Iran once sanctions are lifted
India
has evinced interest in signing a preferential trade agreement with
Iran once international sanctions on the Persian Gulf nation are lifted.
This will be India's first trade agreement with a country in West Asia
and offer it a foothold to tap other markets in the region. "We have a
good relationship with Iran. It is a good market for us in the long
term," a senior commerce department official told ET on condition of
anonymity. "So, a preferential trade pact makes sense and we are
interested. [….] Read more at:
India steadily on recovery path: Industry
The
economic growth of 7.4 per cent in the July-September quarter indicates
that the country is steadily moving on the recovery path, the industry
said today. The GDP growth is likely to exceed 7.5 per cent for the full
year, India Inc said after the official data showed that the economy
grew at 7.4 per cent for the second quarter of the current fiscal. The
industry chambers, however, said that the government should continue
with its reforms momentum to boost manufacturing and overall econ
[….] Read more at:
Thanks & Regards,
Meetesh Shiroya
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