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GST certainly doable in 2016; in constant touch with Congress: FM Arun Jaitley
Rolling
out the ambitious GST regime is "certainly" doable in 2016, Finance
Minister Arun Jaitley said today, adding that he is in "continuous
touch" with the Congress party in a bid to persuade them to cooperate.
"I hope that in the next session (of Parliament), the GST (Goods and
Services Tax) will make headway," he said. "After all, it was a Bill
brought by them (Congress). For political reasons, they have done a
volte-face but they should not be doing it indefinitely," Jaitley told
PTI in an interview. [….] Read more at:
Selection panel for Sebi chief reconstituted; PMO nominee in
As
the search continues for the next chief of the markets regulator
Securities and Exchange Board of India (Sebi), the government has
reconstituted the search-cum-selection panel which would now include a
representative from the prime minister's office (PMO). While the panel,
headed by the cabinet secretary, will continue to have the economic
affairs secretary, the provision of the finance minister nominating up
to two persons as members has been done away with. Members of the
[….] Read more at:
Sebi eyes e-tail for mutual funds
The
Securities and Exchange Board of India (Sebi) is set to hold a board
meeting in the first half of January 2016. This would be a break from
the tradition of one meeting every quarter (90 days), as this meeting
has been scheduled within 45 days
of the last. According to people in the know, this meeting would go
heavy on reforms for the mutual fund sector and would include electronic
Know Your Client (e-KYC) on a priority basis. An e-mail to the
regulator did not get a response till the time of pre [….] Read more
at:
Kaveri Seed: Sebi orders audit
The
Securities and Exchange Board of India (Sebi) has asked for a
forensic audit of Kaveri Seed Company, the Secunderabad-based firm said.
Kaveri Seed informed the stock exchanges that it had received a mail
from Sarath & Associates, a Hyderabad-based chartered accountancy
firm, that it had been appointed by Sebi to conduct a forensic audit of
the seed company. The accounting firm also requested the company to
provide all records and information. Kaveri Seed add [….] Read more
at:
RBI
RBI not to place restrictions against banks if NPAs rise due to cleanup of books
The
Reserve Bank of India has given an informal assurance to commercial
banks that it will not place restrictions against these lenders if their
stressed loans increase sharply on account of cleaning up their books
as it has directed. This comes as a relief to the banks that were
worried that RBI's mandate to downgrade a chunk of loans given to errant
borrowers would impact their earnings and result in prompt corrective
action, said two senior bankers, who did not want to be named. RBI had
[….] Read more at:
RBI panel for direct transfer of cash, abolishing farm subsidy
A
Reserve Bank of India (RBI) committee on financial inclusion has
suggested that the government should transfer cash directly to persons
instead of giving subsidies, and should replace interest subvention on
agriculture loans with affordable universal crop insurance scheme. The
committee on medium-term path on financial inclusion, headed
by RBI executive director Deepak Mohanty, also recommended linking
credit accounts with unique identification number, or Aadhaar number,
and share [….] Read more at:
Payworld applies to RBI to act as authorised unit for BBPS
Payworld,
an electronic processing platform for financial transactions, has
applied to Reserve Bank of India (RBI) to function as an authorised
operating unit for Bharat Bill Payment System (BBPS). An RBI approval
will allow Payworld to increase its footprint in the bill payment
universe. Payworld is an initiative from Sugal & Damani Group of
companies. The Group has turnover exceeding USD 2 billion. "Having
established ourselves firming in the pre-paid instrument space over the
past fe [….] Read more at:
RBI's concerns on banking and economic stability
The
RBI recently released two reports on the condition of banking and
allied sectors in the India. The first is on trends and progress of
banking sector in India 2014-15 (RTP) and the second is the financial
stability report (FSR). Both offer interesting insights on the Indian
economy. The RTP explicitly states that the performance of the Indian
banking system remained subdued during the year due to a slowdown in the
sector's balance-sheet growth. The performance of public sector banks
(PS [….] Read more at:
Over 9,500 complaints pending with banking ombudsmen: RBI
Over
9,500 complaints of deficient services by nationalised and private
sector banks are pending with banking ombudsmen, the Reserve Bank
of India (RBI) has said. The revised Banking Ombudsman scheme 2006
allows a customer to seek redress of complaints against banks relating
to credit cards and house loans, among others. The number of complaints
pending for resolution as on December 13, 2015 was 9,508, the RBI said
in reply to an RTI query. "No time limit is specified for res [….]
Read more at:
Miscellaneous Laws/News
Snapdeal to invest in logistics to speed up delivery
Online
marketplace Snapdeal, backed by Japan's SoftBank Group Corp and others,
will spend more on logistics and technology to better compete with
Flipkart and Amazon's Indian unit, its co-founder said on Monday.
Shopping online is becoming more popular in India due to the rising use
of cheaper smartphones and e-commerce firms are struggling to cope with
the growing demand and make faster deliveries in different parts of the
country. The e-commerce market in India is expected to gro [….] Read
more at:
Farzad-B gas field: India asks Iran to expedite procedures
India
today emphasised to Iran the need for early completion of all necessary
procedures for its participation in the USD five billion Farzad-B gas
field. External Affairs Minister Sushma Swaraj and Iranian Minister for
Economic Affairs and Finance Ali Taiebnia who co-chaired the Joint
Commission Meeting also reviewed the progress in trade and economic
cooperation and a number of related matters, and discussed the
possibilities in cooperation in Railways among other areas. The Ira
[….] Read more at:
Customer satisfaction critical for Reliance now: Equirus
Reliance
Jio launched its 4G services at a grand event in Navi Mumbai on
December 28. The service is limited only to employees at present and the
commercial launch is expected around March or April, 2017. Speaking to
CNBC-TV18, Pankaj Sharma, ED of Equirus Securities said that Reliance
will focus more on product quality and better customer satisfaction as
existing 4G service providers are receiving a good feedback from their
users. He further said Reliance will prove to be a serious [….] Read
more at:
Likely to beat FY16 revenue target of Rs 750cr: Kolte Patil
Despite
logging Rs 330 crore in revenue in H1FY16, Gopal Sarda, Regional Head
Mumbai, Kolte Patil , says the company will meet and infact beat its
target for FY16. In an interview to CNBC-TV18, Sarda, however, adds that
the company didn't hit the threshold limit of revenue recognition in Q2
for its projects - Jazz, Bavdhan, Giga Residencies. Below is the
verbatim transcript of Gopal Sarda's interview with Anuj Singhal and
Ekta Batra on CNBC-TV18. Anuj: Since you operate [….] Read more at:
Economy & News
Modi government approves IDEAS scheme to streamline LOC to make Indian funding attractive
With
an eye on making Indian funding attractive amid massive Chinese funded
projects in the developing world, the Modi government has approved the
new Indian Development Assistance Scheme (IDEAS) to streamline Lines Of
Credit (LOC) offered to various countries in South Asia, SE Asia, Africa
and Central America emphasizing on timely completion of projects.
Timely completion of projects under Line Of Credit scheme and other
assistance programs across countries have been [….] Read more at:
Indian companies with foreign units likely to be impacted by POEM guidelines
Many
manufacturing and trading subsidiaries of Indian companies that are
currently operating independently outside India may have to pay taxes in
India as they could fail the new test set under the Place of Effective
Management (POEM) guidelines. Not just that, some of the companies could
see complications with taking credit from other countries and may face a
risk of double taxation, say industry trackers. Under draft guiding
principles of POEM recently issued by the finance ministry [….] Read
more at:
Shrinking import bill improves foreign exchange reserves adequacy levels, import cover touches five-year high
Import
cover, a measure of a nation's ability to support its economy and how
it traded with the rest of the world, rose to a five-year high, which
could provide yet another buffer against any hit on the currency in the
event of an outflow due to the Fed rate increase. The shrinking import
bill has improved the foreign exchange reserves adequacy levels. The
cushion of foreign exchange reserves that ranged between $330 billion
and $350 billion through 2015, have been adequate to fund [….] Read
more at:
Making of an umpire: India’s tryst with the Competition Commission of India
One
statistical detail captures the growth pangs of India's anti-trust
watchdog perfectly. In the nearly seven years of its functioning, the
Competition Commission of India (CCI) has ordered penalties totalling
about Rs 14,000 crore. Of that just Rs 82 crore have been actually paid.
The CCI is the youngest and the only cross-sector regulator in India.
Tasked with ensuring free play in markets, it has cracked down on
cartelisation, abuse of market power and monopolistic mergers and
acquisitions, even by [….] Read more at:
Modi government to rename new-look Indira Awaas Yojana to Pradhan Mantri Awaas Yojana
The
Modi government is renaming yet another welfare programme to remove its
association with the Gandhi family. This time it's the Indira Awaas
Yojana, which aims to build homes for the rural poor. It's to be renamed
the Pradhan Mantri Awaas Yojana. Cornerstone of the government's
housing-for-all initiative, this is meant to mark the start of an
overhaul. "The name is being changed and many upgrades being made to the
scheme," a senior official said. "We are still discussing the inclusion
[….] Read more at:
Thanks & Regards,
Meetesh Shiroya
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