Today's Sector News - 09.08.2019: 09.00 Am
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* BANKING: The government today assured representatives from industry that swift action will be taken on liquidity issues to help banks with rate transmissions.
- A task force on offshore rupee markets, set up by the Reserve Bank of India, recommended "suitably
extending" the market hours of the on-shore rupee market to match the flexibility provided by the offshore market and, thereby, incentivise non-residents to hedge in the onshore market.
* FINANCE: Tata Capital Financial Services, the non-banking finance company of the Tata Group, will launch a sale of non-convertible debentures from Tuesday with a target to raise a total of 41.26 bln rupees.
* INFRASTRUCTURE: The Asian Development Bank has approved a loan of $200 mln to upgrade rural roads to all-weather standards in 34 districts of Maharashtra.
* POWER: The government plans to raise tariff barriers on import of renewable energy products such as solar modules, in order to boost domestic production, said Anand Kumar, secretary, ministry of new and renewable energy.
* TAXATION: The Central Board of Direct Taxes has increased the monetary threshold for filing of appeals by the income tax department, the government said.
- Leading overseas investors will meet finance ministry officials today as the government seeks to ease concerns over dwindling foreign portfolio inflows after a budget move to increase tax surcharge on them.
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