Government / Regulatory News:

  • Government is to invest Rs. 10743 cr for improving the telecommunication network in the northeastern states and along the National Highways in the region.
  • Government to strike off the names of 120,000 more companies from the official records for various non-compliances as part of its continuing fight against the black money menace.
  • World Bank expects India’s economy to grow 6.7% in the current fiscal, 7.3% in 2018 and 7.5% for the next two years, saying that the country has “enormous growth potential” compared to other emerging economies with the implementation of comprehensive reforms.
  • UIDAI introduces a new concept of ‘Virtual ID’ which Aadhaar-card holder can generate from its website and give for various purposes, including SIM verification, instead of sharing the actual 12-digit Biometric ID.
  • BSE and NSE to launch new Interest Rate Futures (IRF) contracts offering 7.17% yield on government bonds from 11th January.
  • Government’s priority will be to accelerate growth momentum as well as employment generation and social sectors are expected to see preferential allocations.
  • Government approves the Rs. 5369 cr Jal Vikas Marg Project (JVMP) for enhanced navigation on the Haldia-Varanasi stretch of National Waterway-1 (NW-1).
  • RBI directs banks to recalibrate ATMs to ensure that more numbers of the Rs. 200 denomination note are dispensed to the public.
  • The government has notified new 7.75% taxable bond scheme to replace the earlier 8.00% scheme for retail investors. These bonds with seven-year maturity would open for subscription from 10th January.
  • UCO Bank’s board approves a proposal to issue equity shares on preferential basis to the government for capital infusion of Rs. 1375 cr.
  • Government rules out having a single rate for all commodities under the Goods and Services Tax (GST) saying items like food products have been placed at minimum taxation levels while luxury goods were in the higher categories.

  • Corporate affairs ministry gives permission for penal action against 196 companies for violating CSR norms in 2014-15 fiscal.

  • TRAI mandates service providers to enter into interconnection agreement “on non-discriminatory basis” within 30 days of receiving network connectivity request from another operator.

  • CRISIL launches an index to measure the performance of investments of Foreign Portfolio Investors (FPI) in the fixed-income market.

  • India reports a fiscal deficit of Rs. 6.12 lakh cr for April-November or 112% of the budgeted target for the current fiscal that ends in March; the April-November fiscal deficit was 85.8% of the Budget in the same period of the last financial year.
  • India’s core sector grew by 6.80% in November 2017, compared with 5.00% in October 2017.
  • Government approves Rs. 4066 cr for providing internet connectivity to people in all gram panchayats under BharatNet project.
  • The Union government notified framework for electoral bonds, mandates SBI to sell electoral bonds.
  • Overseas investors have pulled out close to Rs. 5900 crore from domestic equities this month, with widening fiscal deficit and higher crude prices making market participants cautious on macro-economic front. In spite of December performance, foreign portfolio investors (FPIs) ended the year with a net inflow of over Rs. 51,000 crore.
  • SEBI announced easier access norms for foreign investors, approved integration of stocks and commodities trading on a single exchange and capped cross-holdings in rating agencies as well as mutual funds to safeguard investors’ interest.
  • Ministry of Housing and Urban Affairs has approved the construction of over 5.40 lakh more affordable houses for urban poor under the Pradhan Mantri Awas Yojana (Urban). The construction of houses entails an investment of Rs. 31003 crore. The central assistance will be to the tune of Rs. 8107 crore.
  • As per TRAI report, gross revenue of all telecom service providers fell by around 7.00% to Rs. 66361 crore in July-September 2017 from Rs. 71378 crore in the same period a year ago.
  • RBI turned down requests from banks to extend the deadline for restructuring the debt of companies on second list of bad loan accounts that it had issued in August.
  • Ministry of Finance is likely to issue the first tranche of recapitalisation bonds to Public Sector Banks (PSB) in early January.
  • GST collections slipped for second straight month to Rs. 80808 cr in November, down from over Rs. 83000 cr in the previous month.
  • SEBI is mulling easing access norms for investment by Foreign Portfolio Investors (FPIs) and bringing a new framework to strengthen the governance structure for mutual funds. SEBI board meeting is to be scheduled for Thursday.
  • Indian Railway Finance Corporation (IRFC) aims to raise Rs. 1000 cr from the recent issue of capital gains bonds.
  • US new home sales jumped 17.50% to a seasonally adjusted annual rate of 733,000 units in November, following October’s downwardly revised sales pace of 624,000 units.
  • The Centre may try to bring up inclusion of natural gas at the next GST Council meeting in January.
  • US GDP expanded at a 3.20% annual rate in Q3, which is a pickup from the second quarter’s 3.10% rate.
  • UK public sector net borrowing stood at 8.7 bn pounds in November, down 0.2 bn pounds from the same month last year.
  • The Cabinet approves the e-auction of the third batch of the private FM Radio Phase-III.

  • Government gives “in-principle” approval for 19 Greenfield airports, of which some would be developed through Public Private Partnership (PPP).

  • India and Myanmar ink an agreement on restoration of normalcy and development of the Rakhine State.
  • Government is finalising a plan to allow 100% FDI for telecom services through the automatic route which allows firms to attract foreign funds without its approval.
  • The Cabinet approves the Scheme for Capacity Building in Textile Sector (SCBTS), with an outlay of Rs. 1300 cr.
  • RBI imposed additional restrictions on United Bank of India under the Prompt Corrective Action (PCA) framework given the high stress levels owing to the bank’s high bad loans.
  • SEBI is in talks with the government and the central bank about how to regulate cryptocurrencies.
  • The International Monetary Fund downgrades UK’s growth forecast for 2017 to 1.60% from 1.70% and expects growth to slow to 1.50% in 2018, citing Brexit uncertainty as the main weight on growth.
  • Japan’s all industry activity index rose 0.30% month-over-month in October, reversing a 0.50% decrease in September.
  • Government informs the Parliament that there is no proposal to make Aadhaar linkage mandatory for property transactions.
  • MCA announces a one-time settlement scheme for companies that saw over three lakh directors disqualified from their boards following a government order earlier this year.
  • Goods and Services Tax Network (GSTN) introduces a new function on its portal to allow taxpayers choose the frequency of filing GSTR 1 form on a quarterly or monthly basis.
  • Government is to establish a self-regulation platform for food companies, retailers stocking packaged food and fast-food restaurant chains.
  • US housing starts increased 3.30% to a seasonally adjusted annual rate of 1.30 mn units in November and October’s sales pace was revised down to 1.26 mn units.
  • Japan to cut its government bond issuance for most maturities to a nine-year low of 134.2 trillion yen in the next fiscal.
  • Government seeks Parliament’s nod for an additional expenditure of Rs. 66113 cr with a net cash outgo of Rs. 33380 cr.
  • Government to write-off loans and interest accrued worth Rs. 20533 cr given to three public sector fertiliser companies.
  • Government sets up a committee for revival of loss-making steel PSUs such as Steel Authority of India and Rashtriya Ispat Nigam.
  • Road transport and Highways ministry to seek separate budgetary allocation of Rs. 5000 cr for introducing government-owned electric bus fleets and building world-class bus ports across the country.
  • SEBI plans to crack down on fraudulent Bitcoin Initial Coin Offerings (ICO) which have come up in absence of regulations.
  • US National Association of Home Builders’ (NAHB) housing market index rose five points to 74 in December.
  • Eurozone consumer prices advanced 1.50% year-on-year in November, following October’s 1.40% increase.

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