Daily Sector News Today – 13.10.2017
* AUTOMOBILE: Vehicles purchased and leased prior to the roll out of the goods and services tax on Jul 1 would attract a rate of 65% of the applicable tax rate.
* AVIATION: Airports Authority of India has asked a Mumbai trial court to declare the owner of
Kingfisher Airlines, Vijay Mallya, a proclaimed offender in a case related to bouncing of two cheques
worth 1 bln rupees.
* BANKING: The Centre has allowed all public sector banks and three private lenders--ICICI BANK, AXIS BANK, and HDFC BANK--to accept subscriptions for small savings schemes. Banks will now be penalised for delayed, wrongful, or non-reporting of currency chest transactions, the Reserve Bank of India has said.Finance Minister Arun Jaitley has said the government is working on a plan to rebuild the capacity of the banking sector so that it could support growth. Banks plan to sell Basel-III compliant additional tier-I bonds (AT-1) in a bid to strengthen their capital base, at a time when investors' appetite for such instruments is lower because of prevailing asset quality issues.
* CORPORATE: The Supreme Court has asked official liquidator of Bombay High Court to take
possession of the Sahara Group's Aamby Valley property.
* E-COMMERCE: Aditya Birla Group has approached Flipkart and several other companies to help
rehabilitate employees of its soon-to-be-shut online retail venture Abof.com.
* ECONOMY: The government has invited initial bids to sell its entire stake in three construction public sector undertakings--Bridge and Roof Co, Engineering Projects India, and National Projects
Construction Corp.
* FINANCE: The Reserve Bank of India has released guidelines for non-resident companies to hedge the currency risk arising out of trade transactions involving exports from and imports to India, invoiced in the domestic currency. The RBI has said all entities operating electronic trading platforms must have paid-up equity capital of at least 250 mln rupees, and should hold liquid assets equal to at least six months of current operating expenses, at all times.
* INFRASTRUCTURE: The government has simplified Delhi's land pooling norms, under which the Delhi Development Authority will now act as facilitator and planner instead of its original role of a developer.
* POWER: The Ministry of New and Renewable Energy looks to auction close to 3 GW of wind power projects by the end of this financial year.
* REALTY: Identifying real estate as the one sector where maximum amount of tax evasion takes place, Finance Minister Arun Jaitley Wednesday said there was a strong case to bring it under the ambit of the goods and services tax.
* REGULATORY: The Securities and Exchange Board of India plans to tweak the consent mechanism framework, used by alleged wrongdoers, to settle pending cases with market regulator.
* STEEL: Bhushan Power and Steel's resolution professional has admitted claims of over 485.92 bln
rupees from lenders, operational creditors and employees.
* TELECOMMUNICATION: Vodafone India has moved the Bombay High Court against the Telecom Regulatory Authority of India's decision to reduce the interconnect usage charge to 6 paise a minute, seeking a stay.
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* AVIATION: Airports Authority of India has asked a Mumbai trial court to declare the owner of
Kingfisher Airlines, Vijay Mallya, a proclaimed offender in a case related to bouncing of two cheques
worth 1 bln rupees.
* BANKING: The Centre has allowed all public sector banks and three private lenders--ICICI BANK, AXIS BANK, and HDFC BANK--to accept subscriptions for small savings schemes. Banks will now be penalised for delayed, wrongful, or non-reporting of currency chest transactions, the Reserve Bank of India has said.Finance Minister Arun Jaitley has said the government is working on a plan to rebuild the capacity of the banking sector so that it could support growth. Banks plan to sell Basel-III compliant additional tier-I bonds (AT-1) in a bid to strengthen their capital base, at a time when investors' appetite for such instruments is lower because of prevailing asset quality issues.
* CORPORATE: The Supreme Court has asked official liquidator of Bombay High Court to take
possession of the Sahara Group's Aamby Valley property.
* E-COMMERCE: Aditya Birla Group has approached Flipkart and several other companies to help
rehabilitate employees of its soon-to-be-shut online retail venture Abof.com.
* ECONOMY: The government has invited initial bids to sell its entire stake in three construction public sector undertakings--Bridge and Roof Co, Engineering Projects India, and National Projects
Construction Corp.
* FINANCE: The Reserve Bank of India has released guidelines for non-resident companies to hedge the currency risk arising out of trade transactions involving exports from and imports to India, invoiced in the domestic currency. The RBI has said all entities operating electronic trading platforms must have paid-up equity capital of at least 250 mln rupees, and should hold liquid assets equal to at least six months of current operating expenses, at all times.
* INFRASTRUCTURE: The government has simplified Delhi's land pooling norms, under which the Delhi Development Authority will now act as facilitator and planner instead of its original role of a developer.
* POWER: The Ministry of New and Renewable Energy looks to auction close to 3 GW of wind power projects by the end of this financial year.
* REALTY: Identifying real estate as the one sector where maximum amount of tax evasion takes place, Finance Minister Arun Jaitley Wednesday said there was a strong case to bring it under the ambit of the goods and services tax.
* REGULATORY: The Securities and Exchange Board of India plans to tweak the consent mechanism framework, used by alleged wrongdoers, to settle pending cases with market regulator.
* STEEL: Bhushan Power and Steel's resolution professional has admitted claims of over 485.92 bln
rupees from lenders, operational creditors and employees.
* TELECOMMUNICATION: Vodafone India has moved the Bombay High Court against the Telecom Regulatory Authority of India's decision to reduce the interconnect usage charge to 6 paise a minute, seeking a stay.
