Today's Sector News – 24.07.2019
* AUTOMOBILE: Hyundai Motor India will hike prices of its models by up to 9,200 rupees, effective Aug 1, due to the new safety regulations introduced by the government.
-The GST Council is likely to mull cutting rates on electric vehicles from 12% to 5% at its meeting on
Thursday.
-The Lok Sabha on Tuesday passed the Motor Vehicles (Amendment) Bill, 2019, which proposes
several changes to the Motor Vehicles Act, 1988, with regard to vehicle and road safety such as mandating compulsory recall of defective vehicles.
* BANKING: Reserve Bank of India Governor Shaktikanta Das has launched the central bank's medium-term strategy framework titled 'Utkarsh 2022' to enhance the regulator's statutory and other functions till 2022. 'PSB Loans in 59 Minutes' has extended the limit for in-principle approvals to up to 50 mln rupees from 10 mln rupees, with STATE BANK OF INDIA, UNION BANK OF INDIA, ORIENTAL BANK OF COMMERCE, CORPORATION BANK and ANDHRA BANK among the first banks to offer loans of up to 50 mln rupees on the platform.
-The Reserve Bank of India on Tuesday reshuffled portfolios of its deputy governors, with Deputy
Governor B.P. Kanungo as the new in-charge of the Monetary Policy Department, following Viral Acharya's exit from the central bank. The changes come into effect on Wednesday.
* ENERGY: The Andhra Pradesh government's recent decision to review the power purchase agreements for renewable energy entered into by the earlier government may put around 210 bln rupees of debt at risk, CRISIL Ratings said.
* REGULATORY: Global payment services company PayPal Holdings Inc's Indian arm is working to comply with the Reserve Bank of India's norms on data localisation, said Guru Bhat, vice-president and head of engineering.
* SUGAR: Sugar mills across the country owed 152.2 bln rupees to farmers as of Wednesday for 2018-19 (Oct- Sep), Minister for Consumer Affairs, Food and Public Distribution Ram Vilas Paswan said. The food ministry is likely to seek approval for creation of a 4-mln-tn buffer stock of sugar for 2019-20 (Aug- Sep).
* TAXATION: The government has extended the deadline for filing income tax returns for assessment year 2019-20 (Apr-Mar) to Aug 31 for certain categories of taxpayers.
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-The GST Council is likely to mull cutting rates on electric vehicles from 12% to 5% at its meeting on
Thursday.
-The Lok Sabha on Tuesday passed the Motor Vehicles (Amendment) Bill, 2019, which proposes
several changes to the Motor Vehicles Act, 1988, with regard to vehicle and road safety such as mandating compulsory recall of defective vehicles.
* BANKING: Reserve Bank of India Governor Shaktikanta Das has launched the central bank's medium-term strategy framework titled 'Utkarsh 2022' to enhance the regulator's statutory and other functions till 2022. 'PSB Loans in 59 Minutes' has extended the limit for in-principle approvals to up to 50 mln rupees from 10 mln rupees, with STATE BANK OF INDIA, UNION BANK OF INDIA, ORIENTAL BANK OF COMMERCE, CORPORATION BANK and ANDHRA BANK among the first banks to offer loans of up to 50 mln rupees on the platform.
-The Reserve Bank of India on Tuesday reshuffled portfolios of its deputy governors, with Deputy
Governor B.P. Kanungo as the new in-charge of the Monetary Policy Department, following Viral Acharya's exit from the central bank. The changes come into effect on Wednesday.
* ENERGY: The Andhra Pradesh government's recent decision to review the power purchase agreements for renewable energy entered into by the earlier government may put around 210 bln rupees of debt at risk, CRISIL Ratings said.
* REGULATORY: Global payment services company PayPal Holdings Inc's Indian arm is working to comply with the Reserve Bank of India's norms on data localisation, said Guru Bhat, vice-president and head of engineering.
* SUGAR: Sugar mills across the country owed 152.2 bln rupees to farmers as of Wednesday for 2018-19 (Oct- Sep), Minister for Consumer Affairs, Food and Public Distribution Ram Vilas Paswan said. The food ministry is likely to seek approval for creation of a 4-mln-tn buffer stock of sugar for 2019-20 (Aug- Sep).
* TAXATION: The government has extended the deadline for filing income tax returns for assessment year 2019-20 (Apr-Mar) to Aug 31 for certain categories of taxpayers.
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