Today Sector News – 04.04.2018
* BANKING: The insolvency law committee, which submitted its report to the government, has suggested treating homebuyers as financial creditors during the insolvency resolution process of real estate firms. The Reserve Bank of India has started cracking down on bonuses to top executives at private sector banks.
* ECONOMY: Unique Identification Authority of India has said that rejection of 62.3 mln enrollments does not mean that these people have been denied an Aadhaar number.
* ENERGY: The government estimates that over 100 GW of renewable energy projects will be under various stages of implementation before the current financial year ends.
* INFORMATION TECHNOLOGY: The Madras High Court has granted interim stay on Income Tax
department proceedings against Cognizant, subject to the firm depositing 15% of 28 bln rupees dividend distribution tax demanded by the department.
* INFRASTRUCTURE: The government is likely to meet the target of constructing 40 km of roads per day in 2018-19 (Apr-Mar) against the 27-km per day constructed in 2017-18, Road Transport and Highways Minister Nitin Gadkari said.
-The National Highways Authority of India is working towards monetising two new batches of road
projects.
-The National Highways Authority of India plans to spend 1.2 trln rupees on road projects in the new
financial year, against a target of 900 bln rupees in 2017-18, Chairman Deepak Kumar said.
* POWER: NuPower Renewables is exploring the sale of its wind power portfolio.
* RAILWAYS: The Indian Railways has achieved its highest-ever freight loading in 2017-18 (Apr-Mar), supported largely by the additional transport of commodities such as coal, cement and containers.
* STEEL: The ArcelorMittal Netherlands BV, and Nippon Steel and Sumitomo Metal Corp joint venture is open to working with the promoters of Essar Group to successfully implement the resolution plan for debtridden Essar Steel if required.
* TAXATION: Collections under the goods and services tax were marginally lower by some 100 bln rupees, compared to the original target set by the government for the first eight months of the roll-out of the new indirect tax.
-The income-tax department will soon approach its counterpart in Mauritius to seek details related to First Land Holding, based in the island nation, which invested 32.5 bln rupees in NuPower Renewables run by Deepak Kochhar.
* TELECOMMUNICATION: The Telecom Regulatory Authority of India has sought comments from stakeholders on what should be the first television channel, or landing page, when a consumer switches on a set-top box.
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* ECONOMY: Unique Identification Authority of India has said that rejection of 62.3 mln enrollments does not mean that these people have been denied an Aadhaar number.
* ENERGY: The government estimates that over 100 GW of renewable energy projects will be under various stages of implementation before the current financial year ends.
* INFORMATION TECHNOLOGY: The Madras High Court has granted interim stay on Income Tax
department proceedings against Cognizant, subject to the firm depositing 15% of 28 bln rupees dividend distribution tax demanded by the department.
* INFRASTRUCTURE: The government is likely to meet the target of constructing 40 km of roads per day in 2018-19 (Apr-Mar) against the 27-km per day constructed in 2017-18, Road Transport and Highways Minister Nitin Gadkari said.
-The National Highways Authority of India is working towards monetising two new batches of road
projects.
-The National Highways Authority of India plans to spend 1.2 trln rupees on road projects in the new
financial year, against a target of 900 bln rupees in 2017-18, Chairman Deepak Kumar said.
* POWER: NuPower Renewables is exploring the sale of its wind power portfolio.
* RAILWAYS: The Indian Railways has achieved its highest-ever freight loading in 2017-18 (Apr-Mar), supported largely by the additional transport of commodities such as coal, cement and containers.
* STEEL: The ArcelorMittal Netherlands BV, and Nippon Steel and Sumitomo Metal Corp joint venture is open to working with the promoters of Essar Group to successfully implement the resolution plan for debtridden Essar Steel if required.
* TAXATION: Collections under the goods and services tax were marginally lower by some 100 bln rupees, compared to the original target set by the government for the first eight months of the roll-out of the new indirect tax.
-The income-tax department will soon approach its counterpart in Mauritius to seek details related to First Land Holding, based in the island nation, which invested 32.5 bln rupees in NuPower Renewables run by Deepak Kochhar.
* TELECOMMUNICATION: The Telecom Regulatory Authority of India has sought comments from stakeholders on what should be the first television channel, or landing page, when a consumer switches on a set-top box.
