Today's Sector News – 05.08.2019
* AUTOMOBILES: Hyundai Motor India has reduced the price of KONA Electric, a fully electric sport utility vehicle, to 2.37 mln rupees from 2.53 mln rupees, post reduction in goods and services tax on electric vehicles by the government, effective Thursday.
* ECONOMY: The Reserve Bank of India clarified that banks and non-banking financial companies shall not charge borrowers for foreclosure or pre-payment of any floating rate term loans sanctioned to individuals, irrespective of the loans being with or without co-obligations.
* FINANCE: The National Housing Bank will extend a liquidity facility of 100 bln rupees for housing finance companies, the finance ministry said.
* INFORMATION TECHNOLOGY: The government is devising a new incentive-driven BPO policy, inspired by internet companies like Amazon and MakeMyTrip that hire customer service associates who work from home in small towns, to create large-scale employment for skilled workers excluded from the formal workforce, including women or those based outside the country's metropolitan areas.
* INFRASTRUCTURE: National Highways Authority of India plans to auction two toll-operate-transfer tenders in the current financial year, Member (Finance) Asheesh Sharma said.
* REGULATORY: The Securities and Exchange Board of India has proposed that portfolio managers cannot accept investments below 5 mln rupees from their clients in a bid to protect small investors from higher risks.
* TAXATION: The government may soon meet foreign portfolio investors to address concerns over increased surcharge on income tax and is currently looking into the issues arising out of the hike.
* TELECOMMUNICATION: Bharat Sanchar Nigam is losing its existing contracts and that too from public sector undertakings firms.
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* ECONOMY: The Reserve Bank of India clarified that banks and non-banking financial companies shall not charge borrowers for foreclosure or pre-payment of any floating rate term loans sanctioned to individuals, irrespective of the loans being with or without co-obligations.
* FINANCE: The National Housing Bank will extend a liquidity facility of 100 bln rupees for housing finance companies, the finance ministry said.
* INFORMATION TECHNOLOGY: The government is devising a new incentive-driven BPO policy, inspired by internet companies like Amazon and MakeMyTrip that hire customer service associates who work from home in small towns, to create large-scale employment for skilled workers excluded from the formal workforce, including women or those based outside the country's metropolitan areas.
* INFRASTRUCTURE: National Highways Authority of India plans to auction two toll-operate-transfer tenders in the current financial year, Member (Finance) Asheesh Sharma said.
* REGULATORY: The Securities and Exchange Board of India has proposed that portfolio managers cannot accept investments below 5 mln rupees from their clients in a bid to protect small investors from higher risks.
* TAXATION: The government may soon meet foreign portfolio investors to address concerns over increased surcharge on income tax and is currently looking into the issues arising out of the hike.
* TELECOMMUNICATION: Bharat Sanchar Nigam is losing its existing contracts and that too from public sector undertakings firms.
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