Indirect Tax
Excise hike on petrol, diesel to enrich exchequer by Rs 10,000 crore
Hike
in excise duty on petrol and diesel, three times in quick succession,
will help the government garner an additional Rs 10,000 crore in the
fiscal and partly make up for the shortfall in disinvestment receipts
and direct tax collections. But for the excise duty hike, petrol and
diesel would be selling at around Rs 49.05 and Rs 35.06 per litre,
respectively (in Delhi). Petrol currently costs Rs 59.35 per litre in
Delhi while diesel is priced at Rs 45.03 a litre. The higher realisation
will come handy to [….] Read more at:
SEBI
Open offers worth Rs 2,842-cr made during Apr-Nov: Sebi
Open
offers worth more than Rs 2,800 crore were made during the
April-November period of the current fiscal. According to Sebi's latest
monthly report, shareholders received a total of 45 open offers worth Rs
2,842 crore during the eight-month period. Open offers are made by
company promoters and other entities for either consolidation of their
holdings as part of substantial acquisition or change in control of
management in publicly listed companies. The highest number of open
offers wer [….] Read more at:
CIS: Sebi clamped on 60 companies in Jan-Nov
Taking
strict action against illicit money pooling schemes, capital markets
regulator Securities and Exchange Board of India (Sebi) had clamped on
alittle over 60 companies in the first eleven months of 2015 for
illegally raising crores of rupees. In comparison, 45 firms were
penalised by the regulator in all of 2014 for raising money through
Collective Investment Schemes (CIS). Among others, PACL, Raghav Capital,
Emerging India, BNP India Developers & Infrastructure, Popular
Agro, USK I [….] Read more at:
VLCC gets Sebi nod for Rs 400-crore issue
The
Securities and Exchange Board of India (Sebi) has given clearance to
beauty and wellness firm VLCC Health Care to raise at least Rs 400 crore
through IPO (initial public offer) to fund its expansion in domestic as
well as international markets. The firm, which had filed draft red
herring prospectus (DRHP) with Sebi on September 23,
seeking permission for an IPO, obtained clearance from Sebi on December
29. As per the draft papers, IPO comprises fresh issue of shares worth
Rs 400 [….] Read more at:
RBI
RBI to auction new 10-year benchmark bond on Friday
The Reserve Bank of India (RBI) said on Monday that it would raise Rs 8,000 crore through a new benchmark 10-year bond on Friday. This is part of the Rs 14,000-crore bond auction the central bank would be undertaking on Friday,
including Rs 2,000 crore through a 40-year bond. The 40-year bond, the
longest duration bond, was issued in October last year and only Rs 5,000
crore has been raised so far. The other bonds against which Rs 2,000
crore each will be raised will mature [….] Read more at:
RBI wants to connect better, issues 'Master Directions'
The
Reserve Bank today started the process of issuing 'Master Directions'
on various regulatory issues in its bid to simplify the communication
process. To begin with, it issued 17 such comprehensive directions
covering foreign exchange transactions. Master Directions on foreign
exchange consolidate relevant circulars issued so far and cover
different classes of transactions permitted under the rules and
regulations under the Foreign Exchange Management Act (FEMA). This
follows its [….] Read more at:
RBI imposes Rs 1 cr fine on State Bank of Travancore
Reserve
Bank has imposed a penalty of Rs 1 crore on an SBI associate bank,
State Bank of Travancore, for violation of some of its instructions.
"This action is based on deficiencies in regulatory compliance and is
not intended to pronounce upon the validity of any transaction or
agreement entered into by the bank and its customers," RBI said in a
statement today. The monetary penalty has been imposed for violation of
its instructions including reporting of data to Central Repository of
[….] Read more at:
RBI sets rupee reference rate at 66.4623 against dollar
The
Reserve Bank of India today fixed the reference rate of the Rupee at
66.4623 against the US dollar and 72.3907 for the euro. These rates were
66.1780 and 71.8627, respectively, on Friday.According
to an RBI statement, the exchange rates for the Pound and the Yen
against the Rupee were quoted at 97.9455 and 55.65 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 adde [….] Read more at:
Miscellaneous Laws/News
Now forex can be bought in form of postal orders or money orders
NOTIFICATION
Mumbai, the 29th December, 2015 No. FEMA 18 (R)/ 2015 – RB Post Office
(Postal Orders/Money Orders) In pursuance of clause (a) of Section 3 of
Foreign Exchange Management Act, 1999 (42 of 1999), and in supersession
of Notification No. FEMA 18/ 2000-RB dated May 3, 2000, as amended from
time to time, the Reserve Bank of India is pleased to permit any person
to buy from any Post Office, in accordance with any law or rules made
thereunder for the time being in force, [….] Read more at:
Debit cards and ATM cards notified as currency under FEMA
Permission
to take or hold a general insurance policy issued by an insurer outside
India:- (i) A person resident in India may take or continue to hold a
health insurance policy issued by an insurer outside India provided
aggregate remittance including amount of premium does not exceed limit
prescribed under the Liberalised Remittance Scheme. (ii) No person shall
take out or renew any policy of insurance in respect of any property in
India or any ship or other vessel or aircraft registered [….] Read
more at:
President clears new Juvenile Justice Act, 2015
An
Act to consolidate and amend the law relating to children alleged and
found to be in conflict with law and children in need of care and
protection by catering to their basic needs through proper care,
protection, development, treatment, social re-integration, by adopting a
child-friendly approach in the adjudication and disposal of matters in
the best interest of children and for their rehabilitation through
processes provided, and institutions and bodies established, hereinunder
and for matters co [….] Read more at:
President clears amended Act enforcing stringent action against persons involved in crime against SC/ST persons
An
Act to amend the Scheduled Castes and the Scheduled Tribes (Prevention
of Atrocities) Act, 1989. BE it enacted by Parliament in the Sixty-sixth
Year of the Republic of India as follows:— 1. (1) This Act may be
called the Scheduled Castes and the Scheduled Tribes (Prevention of
Atrocities) Amendment Act, 2015. (2) It shall come into force on such
date as the Central Government may, by notification in the Official
Gazette, appoint. 2. In the Scheduled Castes and the Scheduled [….]
Read more at:
President gives nod to the Atomic Energy (Amendment) Act, 2015
An
Act further to amend the Atomic Energy Act, 1962. BE it enacted by
Parliament in the Sixty-sixth Year of the Republic of India as follows:—
1. (1) This Act may be called the Atomic Energy (Amendment) Act, 2015.
(2) It shall come into force on such date as the Central Government may,
by notification in the Official Gazette, appoint. 2. In section 2 of
the Atomic Energy Act, 1962 (hereinafter referred to as the principal
Act), in sub-section (1), for clause (bb), the following clause shall be
substit [….] Read more at:
TCS joins auction for Dell's Perot Systems: Sources
Tata
Consultancy Services Ltd has joined the bidding process for Perot
Systems, an IT management business of Dell Inc, according to people
familiar with the matter. The company had been interested in acquiring
the company since last year, but re-emerged as a bidder in the last few
days, the people said, asking not to be named because the matter is
private. TCS joins three other contenders for Perot Systems, which
Reuters reported last month: Cognizant Technology Solutions Corp, NTT D
[….] Read more at:
Goldman Sachs invests $66 million in Indian hotel firm Samhi
Goldman
Sachs has invested 4.4 billion rupees (USD 66 million) for a
significant minority stake in Indian hotel investment and development
firm Samhi Hotels, the companies said in a statement on Tuesday.
Samhi, which operates 10 hotels and is developing 16 more, will use the
money to grow its portfolio to about 30 to 35 properties, the company's
Chief Executive Officer Ashish Jakhanwala told Reuters. Its portfolio
is leased to operators such as Marriott International, Sta [….] Read
more at:
Retail inflation for farm, rural workers ticks up in November
Retail
inflation for farm labourers and rural workers in November rose to 4.92
percent and 5.02 percent, respectively, due to increase in prices of
food items. The corresponding figures were 4.43 percent and 4.66 percent
in October. "Point-to-point rate of inflation based on consumer price
index-agricultural labourers and CPI-rural labourers increased from 4.43
percent and 4.66 percent in October 2015 to 4.92 percent and 5.02
percent in November 2015," a Labour Ministry press relea [….] Read
more at:
Missed clues & lax security in runup to Pathankot attack
The
hijacking of a police officer's car by gunmen disguised in uniform
should have set off alarm bells and helped prevent a deadly weekend
attack on a military air base, officials and security experts said. His
colleagues' slowness to react was one of several security lapses in the
buildup to the pre-dawn raid, blamed by India on Pakistani militants and
a blow to the recent improvement in ties between the nuclear-armed
neighbours. Three days on from an assault that killed seven milita
[….] Read more at:
US expects Pak will take action against Pathankot attackers
The
US expects Pakistan will take actions against the perpetrators of the
terror attack on IAF base in Pathankot, a top American official said,
hours after Islamabad said it is working on the "leads" provided by
India. "The government of Pakistan has spoken very powerfully to this
and it's certainly our expectation that they'll treat this exactly the
way they've said they would," State Department Spokesman John Kirby said
yesterday. Pakistan has said it is working on the "leads" provided by
India [….] Read more at:
Economy & News
Odd-even formula's day 4: No major hassles on first working day
Contrary to apprehensions, Delhi's odd-even vehicle scheme aimed at battling pollution did not lead to the feared problems on Monday,
the first full working day of the new year, the government said. "We
are glad that people are following the rule," said Delhi Transport
Minister Gopal Rai, who took a bus ride from Delhi Secretariat and back
via Delhi Gate, Connaught Place, Patel Chowk and ITO. "There were
speculations and doubts about what would happen on Monday when all the offices [….] Read more at:
Nikkei India PMI: Manufacturing shrinks for first time in 2 years
Ending
a 25-month expansion run, manufacturing activity in India fell into the
contraction zone in December, a private survey showed, indicating that a
festival-related surge may not be sustainable. The Nikkei India
Manufacturing Purchasing Managers' Index (PMI) dipped to 49.1 in
December from 50.3 in November, data released on Monday
showed. A reading above 50 on this surveybased index shows expansion,
while a figure below indicates contraction. While the PMI has fallen
belo [….] Read more at:
Commerce Ministry keen to create fund to boost falling exports
The
commerce department wants to create a fund aimed at boosting India's
shrinking exports, proposing a financing mechanism that would discourage
exports of raw material and help local value addition. The Ministry of
Commerce & Industry is likely to pitch the idea of the export
development fund in pre-Budget consultations with the finance ministry
on January 6.
"The fund will solve the twin purpose of financing exports and help in
their marketing. There is a need for aggressive [….] Read more at:
‘SDR won’t solve sticky loan issue, will result in big NPAs’
The
Strategic Debt Restructuring scheme — an ammunition that gives banks
the right to control majority stake of defaulting borrowers — will not
solve the sticky loan issue, but will only force lenders to delay
classification of bad loans. This is predicted in a report released by
Religare Capital on Monday
which estimates that several Strategic Debt Restructuring (SDR) cases
would fail, resulting in huge non-performing assets in the years to
come. The brokerage in its report has downgraded State B [….] Read
more at:
Imports of pulses to begin early this year: Ram Vilas Paswan
Government
will begin import of pulses early this year and try to import more
pulses than previous year, said union food and consumer affairs minister
Ram Vilas Paswan. "This year, we will try to begin the imports early.
Government imports must be more than private imports so that we don't
have to depend on private importers," said Paswan, when asked about how
his government will try to avert the pulses crisis, which is likely to
continue tin 2016 as well. Paswan said apart from [….] Read more at:
Trade Unions slam govt for using labour reforms to ease ‘hire and fire’
More
than half a dozen central trade unions have slammed the government for
what they call its policy of giving the industry unhindered powers to
"hire and fire" workers on the pretext of improving the ease of doing
business through the socalled labour reforms. At a pre-budget meeting
with Finance Minister Arun Jaitely on Monday,
representatives of these unions presented a 14-point memorandum that
asked the government to raise the minimum wage to Rs 18,000 per month,
[….] Read more at:
Nirmala Sitharaman meets stakeholders of closed, stressed tea gardens
Commerce
and Industry Minister Nirmala Sitharaman today met stakeholders of
closed and stressed tea plantations of West Bengal at Siliguri amidst
reports of death of tea garden workers. "Meeting and consultation with
stakeholders of closed/ stressed tea plantations of West Bengal at
Siliguri today," the Minister said in a tweet. She also visited and
interacted with workers of Bundapani Tea Garden near Bhutan border in
West Bengal. West Bengal Chief Minister had warned tea estate o [….]
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Thanks & Regards,
Meetesh Shiroya
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