Government / Regulatory News:

  • Revenue Secretary says the proposed anti-profiteering authority under the GST regime will take up for scrutiny only those cases that have mass impact.
  • Finance Minister says banks have a combined exposure of Rs. 97681 cr to the telecom sector.
  • RBI to soon direct banks to set aside 50% of bad debt as soon as a referral to bankruptcy court happens, and 100% if the tribunal orders liquidation.
  • SEBI plans to make it mandatory for listed companies to inform stock exchanges if they fail to make interest and loan payments on time.
  • BSE to auction investment limits on July 26, enabling foreign investors to purchase corporate bond securities worth over Rs. 7400 cr.
  • IRDAI gives LIC two years to reduce shareholdings in companies in which it owns more than the permitted 15%.
  • SEBI may curb excessive derivative speculation to boost tax collection.
  • The government is looking at easing FDI in defence sector by allowing 100% foreign equity under automatic route.
  • The Competition Commission approved the merger of Vodafone India and Idea Cellular.
  • State-owned Coal India will close down high-risk mines that are beyond mitigation, Parliament was informed today.
  • Private telcos, including Bharti Airtel, Vodafone and Idea, understated revenues to the extent of Rs. 61064.50 crore during 2010-11 and 2014-15, leading to a “short payment” of Rs. 7697.6 crore to the government.
  • Oil-to-telecom major Reliance Industries has posted profit grew by 12.70% to Rs. 9079 crore in Q1 FY18, driven by one-time gain and robust growth in petchem & refining businesses.

  • US President Donald Trump has announced a USD 500 mn investment plan that brings together three American giants to create a pharmaceutical glass packaging initiative.

  • Foreign investment in Indian real estate sector jumped more than two-fold at USD 7.6 billion during 2014-16 period compared with the previous three years, according to Knight Frank.

  • The Cabinet approves the sale of the government’s 51.11% stake in HPCL to ONGC.
  • Government clears the second phase of BharatNet, its programme to bring broadband connectivity to all 2.5 lakh gram panchayats in the country.
  • SEBI is planning to tighten depository receipts (DRs) regulations as part of efforts to check the flow of black money into the stock market.
  • NHAI agreed in-principle to the construction of the Delhi-Panipat and Delhi-Alwar Regional Rapid Transit Systems (RRTS) projects worth Rs. 53,500 crore.
  • IndiGo’s parent InterGlobe Aviation board to consider dilution of promoters’ stake to meet the minimum 25% public shareholding requirement.
  • HDFC Life seeks IRDAI’s approval for an initial share sale.
  • Government rules out plea to abolish the 5% GST imposed on fabrics.
  • TRAI recommends a 50% cut in one-time entry fee paid for captive VSAT services to Rs. 15 lakh from the present Rs. 30 lakh.
  • BSE asks brokers to take extra caution while trading in illiquid securities on behalf of their clients.
  • The government has ordered Reliance Industries, Shell & ONGC to pay combined $3 bn in penalty following an arbitration award in Panna Mukta Tapti oild field dispute.
  • The finance ministry is gearing up to introduce a host of Bills, including the Banking Regulation (Amendment) Bill, in the upcoming Monsoon Session.
  • SEBI has made it easier for retial investors to move their money between shares & commodities. SEBI issued an amendment to regulations that concern brokers & sub-brokers, allowing anyone registrered to trade in shares to also trade in commodities.
  • GST Council is likely to meet today to consider issue regarding cess on tobacco.
  • The government is working on a consolidation agenda with a view to creating 3-4 global-sized banks and reduce the number of state-owned lenders to about 12.
  • India’s industrial output growth slumped to 1.7% in May from 8% a year-ago due to poor performance of mining and manufacturing.
  • India’s annual consumer price inflation further eased to 1.54% in June, helped by a fall in food prices; consumer inflation was 2.18% in May.
  • M&A deals jump over two-fold to USD 35.84 bn in H1 2017
  • India’s retail inflation hit a record low of 1.54% in June v/s 2.18% in May.
  • SEBI proposed to overhaul its rules for derivatives trading through a public consultation, including on suitability of these ‘more complex and risky’ products for individual investors.
  • SEBI grants approval for re-introduction of chickpea (chana) contracts to the National Commodity & Derivatives Exchange.
  • Finance Minister Arun Jaitley urges financial institutions, including NABARD, and banks to focus on funding the unfunded so that employment in the unorganised sector goes up.
  • Finance Ministry is reviewing the transition provisions for them under GST and ways to provide input tax credit.
  • Finance Ministry clarifies that gifts costing up to Rs. 50000 and contractual perquisites such as housing to employees by employers will not attract the GST.
  • Indian Commodity Exchange Limited (ICEX) gets SEBI’s approval to re-commence live trading operations.
  • Government is looking to impose restrictions and standards on products where imports have replaced domestic production.
  • Labour ministry seeks Cabinet approval for the new labour code on wages.
  • SEBI revamps norms to enhance the effectiveness of grievance redressal mechanism at commodity exchanges.
  • The Centre’s net direct tax collections grew 14.8% in April-June 2017 at Rs. 1.42 lakh cr; this collection level represents 14.5% of the total budget estimate of direct taxes for 2017-18 (Rs. 9.8 lakh cr).
  • Government exempts goods imported by units or developers of special economic zones from integrated GST.
  • Finance Ministry says the RBI, in consultation with the government, has decided to issue Sovereign Gold Bonds 2017-18 – Series II.
  • EPFO is likely to announce the interest rate on PF deposits for this fiscal at its trustee meeting slated for next month.
  • Shriram Capital and IDFC Bank to begin talks for an all-stock merger.
  • Government has asked Vedanta to make buyback offer for Cairn UK’s 9.80% equity in the company.
  • The Power Ministry today launched a mobile application and a portal to help states select power producers through e-bidding to procure power by transferring to them domestic coal under the flexible utilisation of dry fuel policy.
  • The Union Coal Ministry has asked Coal India for more coal linkages for the non-regulated sector through auction.
  • Mahindra & Mahindra Financial Services plans to raise Rs. 2000 cr through NCD issue. The issue opens on 10th & closes on 28th July 2017. Coupon rate for 7.85%, 8.00%, 8.05% p.a. annually for 7, 10, 15 years respectively.
  • Axis Bank launches super bikes loans; to fund 95% of costs.
  • Government says restrictions on cash dealings of Rs. 2 lakh or more will not apply to credit card bill payments, business correspondents appointed by banks and issuers of prepaid instruments.
  • Government warns that legal action will be initiated against manufacturers for not printing the revised MRP post rollout of the GST.
  • Government is considering merging smaller trade firms with Metals and Minerals Trading Corporation of India (MMTC).
  • Supreme Court raps the Centre and asked them to give another chance to “genuine people to deposit old notes”.

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