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FDI quality improves substantially with PM Narendra Modi's Make in India push
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I-T Department resolves over 100 transfer pricing cases of US companies
Indian
tax authorities have resolved more than 100 cases of transfer prices
with their US counterpart, involving companies from IT and ITeS sectors,
in a move expected to give a boost to investment flows into the
country.The Central Board of Direct Taxes (CBDT) has said resolution of
such issues follows the framework agreement signed with the US revenue
authorities in January last year as part of the Mutual Agreement
Procedure (MAP). The framework will cover about 200 transfer pricing
[….] Read more at:
200 SEZs likely to be exempt from 18.5% MAT
Enterprises
operating from over 200 Special Economic Zones (SEZs) in the country
are likely to be exempted from the minimum alternative tax (MAT) of 18.5
per cent on their book profits. The Union commerce ministry is
understood to have made a strong case for removing MAT on SEZ units on
the ground that giving this tax benefit would revive domestic
manufacturing and provide the much-needed boost to exports, declining in
each of the last 13 months. In addition, the commerce ministry has
[….] Read more at:
Indirect Taxes
Government unlikely to heed industry’s demand to cut high-grade iron ore duty
The
government is unlikely to entertain the mineral sector’s plea to cut
export duty on high-grade iron ore to nil from 30% now in the Budget, as
it feels that the important steel-making raw material should be
preserved for future use, even as it might lower export duty on
low-grade ores to zero from 10% as these ores do not find much
application within. The government had, with effect from April last
year, reduced export duty on ore containing less than 58% iron to 10%
from 30% earlier [….] Read more at:
SEBI
Sebi asks NCDEX why it suspended castor seeds futures
The
Securities and Exchange Board of India (Sebi) has asked
National Commodity & Derivatives Exchange (NCDEX) for a full report
explaining why it suspended futures in castor seed, one of the
agriculture-centric exchange’s most liquid contracts. Sebi has asked the
exchange to explain what had happened in castor seed segment and what
actions are being taken. Sebi is also investigating trading in other
agricultural commodities including coriander, said a source. Castor seed
volu [….] Read more at:
Advanced Enzyme Tech files IPO papers with Sebi
Advanced
Enzyme Technologies has filed draft papers with capital markets
regulator Sebi to float an initial public offering. This is the
company's second attempt to hit the capital markets. As per the fresh
draft red herring prospectus (DRHP) filed with capital markets watchdog,
the IPO comprises fresh issue of shares aggregating up to Rs 60 crore
and an offer for sale of up to 44,73,470 scrips by the existing
shareholders. Advanced Enzyme is engaged in the research and
development [….] Read more at:
BSE seeks Sebi nod to proceed with IPO
BSE
Ltd, the country's second-largest exchange in terms of volume, has
written to market regulator Securities and Exchange Board of India
(Sebi) about its proposed initial public offering (IPO). "You are
requested to provide your approval permitting BSE to proceed with the
IPO and listing of BSE's shares on a recognized stock exchange," Nehal
Vora, chief regulatory officer, BSE has written to Sebi in a
communication dated January 22, 2016. The letter comes after Seb [….]
Read more at:
Manufacturing companies utilising less capacity: RBI
Capacity
utilisation recorded a decline in the second quarter of 2015-16 over
the previous quarter and the year-ago quarter, the Reserve Bank of India
(RBI)'s Order Books, Inventories and Capacity Utilisation Survey
(OBICUS) survey of manufacturing companies said. The capacity
utilisation for the second quarter was at 70.6 per cent, against 71.3
per cent in the first quarter and 73.6 per cent in the second quarter of
financial year 2014-15. Average new orders witnessed a marginal
[….] Read more at:
PC Jeweller gains on RBI nod to hike FII limit to 49%
Shares
of PC Jeweller was up nearly 2% at Rs 423 on the Bombay Stock Exchange
after the company said that the Reserve Bank of India has approved
increase in investment limit by foreign institutional investors/foreign
portfolio investors. The RBI has informed that FIIs and registered FPIs
can now invest up to 49% of the paid-up capital of the company under the
portfolio investment scheme, the company said in a release. The stock
opened at Rs 428 and touched a high of Rs 433. At 12:25pm [….] Read more at:
RBI sets rupee reference rate at 67.87 against US dollar
The
Reserve Bank of India today fixed the reference rate of the rupee at
67.87 against the US dollar and 74.06 for the euro. These rates were
67.08 and 74.06, respectively, yesterday. According to an RBI
statement, the exchange rates for the pound and the yen against the
rupee were quoted at 97.75 and 56.26 per 100 yens, respectively, based
on reference rates for the dollar and cross-currency quotes at noon. The SDR-rupee rate will be based on this rate, the statement added. [….] Read more at:
Government, RBI in talks to allow more free ATM transactions
The
government is in discussions with the Reserve Bank of India (RBI) to
allow more free ATM transactions for certain types of accounts as part
of its drive to deepen financial inclusion through the spread of
cash-vending machines. Post offices, of which there are about 1.55 lakh
across India, will soon have ATMs. These will be a combination of the
postal department's own machines and third-party ATMs. Right now there
is a restriction on the number of ATM transactions you can do every m
[….] Read more at:
RBI rejects 91-day treasury bids
The Reserve Bank of India (RBI) on Wednesday
chose not to buy anything from the Rs 9,000 crore scheduled to be
raised through 91-day treasury bills, as a cash surplus government did
not want to offer higher interest rate for the short-term money. The
government's cash balance with RBI was at Rs 1.42 lakh crore as on
January 25, much higher than what the government maintains on a regular
basis. However, the higher cash balance has also ensured that banking
liquidity has dried up a [….] Read more at:
Raghuram Rajan seen buying extra $4 billion of India bonds after outflows
Reserve
Bank of India (RBI) governor Raghuram Rajan is seen ramping up bond
purchases as foreigners dumping emerging-market assets push short-term
money rates to the highest since May. The central bank began buying debt
last month after a gap of almost two years and has injected a total of
Rs.20,000 crore via open market operations on 8 December
and 21 January. The RBI will purchase an additional $4 billion of
rupee-denominated notes this quarter, according to the median estimate
[….] Read more at:
Miscellaneous Laws/News
Regulation hurdle delays life insurance product clearances
The
domestic insurance industry is concerned about the slowing speed of
product clearance in the life insurance segment. Market players believe
that around 80-100 products are pending with the Insurance Regulatory
and Development Authority of India (Irdai) since past few months for
their approval. While market players feel that, products should get fast
approval so that it can reach more and more investors, insurance
regulator believes that, delay in clearing proposal might [….] Read
more at:
FDI quality improves substantially with PM Narendra Modi's Make in India push
The
quality of foreign direct investment (FDI) coming into the country has
improved substantially, according to Reserve Bank of India data.Much of
this FDI materialised in the September 2014-November 2015 period after
Prime Minister Narendra Modi launched the Make in India campaign and
bettered portfolio inflows during the preceding 15 months. This is more
than triple the amount of net portfolio inflows of $14.3 billion in the
same period. An analysis of the monthly trend [….] Read more at:
Centre doing a rethink on multi-brand retail FDI
The
government is reviewing its decision to put in abeyance the policy
allowing FDI in multi-brand retail, with most BJP-ruled states
supporting the opening up of the sector, reports fe Bureau in New Delhi.
Senior government functionaries said that in keeping with the policy of
liberalising FDI, multi-brand retailing could also see more FDI flows
soon. The Modi government had retained the previous UPA regime’s
decision allowing foreign retailers to open multi-brand stores with 51%
in its [….] Read more at:
Oil sector contracts to have 10% domestic purchase clause
To promote local manufacturing under the Make in India drive, the government on Wednesday
announced a 10 per cent purchase preference for local content in all
petroleum sector contracts. The tweak in the existing tender guidelines
would aid increasing the share of domestically manufactured components
in projects awarded by firms such as Oil and Natural Gas Corporation
(ONGC) and GAIL. Under the new scheme, separate thresholds for local
content would be pre-define [….] Read more at:
Economy & News
Indian onion exports rise after minimum export price removal
Onion
exports have rose substantially in last one month after the central
government removed export restrictions on the bulb. The country has
exported 1.50 lakh tonne onions during last one month after the minimum
export price (MEP) was removed on December 24.
Removal of MEP has made Indian onion most competitive in the export
market, beating traditional rivals like Pakistan and Egypt and even
China. Indian onion is being exported to the Far East, the Middle East,
Sri Lanka. Ind [….] Read more at:
Commerce Ministry reduces number of documents for import-export code
To
facilitate ease of doing business and lessen paperwork, the Commerce
Ministry has decided to reduce the number of mandatory documents for
taking import-export code to two. Import-Export Code (IEC) is required
for shipments. "Only two documents are required to be uploaded
/submitted along with the digital photograph while applying for IEC,"
the Directorate General of Foreign Trade (DGFT) said in a notification.
Earlier, several documents including complete details of the entity
seeking [….] Read more at:
Anti-dumping duty imposed on Chinese mulberry silk
Government
has imposed $1.85 per kg anti-dumping duty on mulberry raw silk
originating from China to protect domestic industry from cheap inbound
shipments. The government has also extended the anti-dumping duty on
import of melamine from China for five years. According to a
notification, the anti-dumping duty on melamine from China would
continue at $331.10 per tonne. In a separate notification, it imposed an
anti-dumping duty of $1.85 per kg on mulberry raw silk from [….]
Read more at:
Mumbai Port to build passenger jetty at Kanhoji Angre Island
To
promote light house tourism at Kanhoji Angre Island, the government is
building a passenger jetty there to facilitate visitors. "The passenger
jetty being constructed by Mumbai Port Trust at a cost of Rs 16 crore is
a part of the project for development of Kanhoji Angre Island as a
tourist destination," Shipping Ministry said in a statement. Road
Transport, Highways and Shipping Minister Nitin Gadkari had recently
laid the foundation stone for construction of a passenger jetty at
Kanhoji [….] Read more at:
India's 2015-16 wheat output may surpass last year's level
The
country's wheat production in 2015-16 is expected to surpass last
year's level of 88.94 million tonnes on favourable cold weather
conditions despite low acreage, Agriculture Minister Radha Mohan Singh
said today. Though total area sown to wheat this year is slightly lower
than 2014-15 crop year (July-June) but the crop yields are expected to
get a boost as India Meteorological Department (IMD) has forecast stable
weather till March, he said. Last year, wheat output had declined
[….] Read more at:
Thanks & Regards,
Meetesh Shiroya
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