Daily Sector News Today – 07.12.2017
* AVIATION: Budget carrier AirAsia India has announced the induction of an additional Airbus A320 aircraft in its fleet besides launching a new route, connecting Telangana capital Hyderabad with Bhubaneswar from early 2018.
* BANKING: Banks with stronger balance sheets will see "frontloading" of recapitalisation bonds, in order to better utilise the capital infusion and push credit growth, Reserve Bank of India Governor Urjit Patel said. In a move aimed at pushing the use of card usage at merchant outlets, especially small merchants, the Reserve Bank of India has announced a differentiated Merchant Discount Rate framework based on the turnover of merchants.
- Reiterating Governor Urjit Patel's comments on state-owned bank recapitalisation, Reserve Bank of India Deputy Governor Viral Acharya today batted for a "differentiated approach" in this infusion cycle which will focus on reforms of these lenders. Reserve Bank of India Deputy Governor N.S. Vishwanathan on Wednesday said the central bank has noticed some lenders were not "correctly" following rules on classification of non-performing assets.
* COAL: A special court will pronounce its verdict on Dec 13 in a coal scam case against former Jharkhand chief minister Madhu Koda, ex-coal secretary H.C. Gupta and others.
* ECONOMY: The advisory group set up by the government to simplify the new indirect tax regime has suggested a host of measures, including deferring the e-way bill mechanism till 2019. The government on Wednesday released an anti-profiteering application form for consumers to complain against profiteering under the Goods and Services Tax regime.
* LAW: The Delhi High Court said that the government and Reserve Bank of India should review their policy on the printing of new 50-rupee note to make it visually impaired friendly.
* RAILWAYS: Indian Railway Finance Corp has raised $500 mln through the issuance of 10-year green bonds at3.835% in Asia, Europe, West Asia, and offshore US.
* REAL ESTATE: The Bombay High Court has upheld the constitutional validity of the recently enacted Real Estate Act, 2016, after several builders had challenged the legal validity of the act and its various provisions.
* TAXATION: The advisory group set up by the government to simplify the new indirect tax regime has suggested a host of measures, including deferring the e-way bill mechanism till 2019. Unsold inventory of imported chocolates, confectionery and cosmetics, which attracted 28% goods and services tax during inbound shipments but are now retailing with an 18% levy, can claim refunds on the excess tax paid.
- Industry bodies have sought reduction in the corporate tax rate as well as incentives for attracting fresh investments at the pre-budget meeting convened by Finance Minister Arun Jaitley.
* TECHNOLOGY: Cognizant said Asia would become a $1-bln market for the company in the next few years as it powers ahead with investments in Australia and Japan, and plans to look into China.
* TELECOMMUNICATION: Banks have asked the government to refund payments relating to airwaves surrendered by telecom companies that undergo debt restructuring and cancel future deferred payment liabilities for this spectrum.
- Aircel plans to halt services in six circles that are dragging its profitability down and will surrender its 2G spectrum to the government in these service areas.
CLICK HERE
*********************************************************************************
* BANKING: Banks with stronger balance sheets will see "frontloading" of recapitalisation bonds, in order to better utilise the capital infusion and push credit growth, Reserve Bank of India Governor Urjit Patel said. In a move aimed at pushing the use of card usage at merchant outlets, especially small merchants, the Reserve Bank of India has announced a differentiated Merchant Discount Rate framework based on the turnover of merchants.
- Reiterating Governor Urjit Patel's comments on state-owned bank recapitalisation, Reserve Bank of India Deputy Governor Viral Acharya today batted for a "differentiated approach" in this infusion cycle which will focus on reforms of these lenders. Reserve Bank of India Deputy Governor N.S. Vishwanathan on Wednesday said the central bank has noticed some lenders were not "correctly" following rules on classification of non-performing assets.
* COAL: A special court will pronounce its verdict on Dec 13 in a coal scam case against former Jharkhand chief minister Madhu Koda, ex-coal secretary H.C. Gupta and others.
* ECONOMY: The advisory group set up by the government to simplify the new indirect tax regime has suggested a host of measures, including deferring the e-way bill mechanism till 2019. The government on Wednesday released an anti-profiteering application form for consumers to complain against profiteering under the Goods and Services Tax regime.
* LAW: The Delhi High Court said that the government and Reserve Bank of India should review their policy on the printing of new 50-rupee note to make it visually impaired friendly.
* RAILWAYS: Indian Railway Finance Corp has raised $500 mln through the issuance of 10-year green bonds at3.835% in Asia, Europe, West Asia, and offshore US.
* REAL ESTATE: The Bombay High Court has upheld the constitutional validity of the recently enacted Real Estate Act, 2016, after several builders had challenged the legal validity of the act and its various provisions.
* TAXATION: The advisory group set up by the government to simplify the new indirect tax regime has suggested a host of measures, including deferring the e-way bill mechanism till 2019. Unsold inventory of imported chocolates, confectionery and cosmetics, which attracted 28% goods and services tax during inbound shipments but are now retailing with an 18% levy, can claim refunds on the excess tax paid.
- Industry bodies have sought reduction in the corporate tax rate as well as incentives for attracting fresh investments at the pre-budget meeting convened by Finance Minister Arun Jaitley.
* TECHNOLOGY: Cognizant said Asia would become a $1-bln market for the company in the next few years as it powers ahead with investments in Australia and Japan, and plans to look into China.
* TELECOMMUNICATION: Banks have asked the government to refund payments relating to airwaves surrendered by telecom companies that undergo debt restructuring and cancel future deferred payment liabilities for this spectrum.
- Aircel plans to halt services in six circles that are dragging its profitability down and will surrender its 2G spectrum to the government in these service areas.
