Government / Regulatory News:

  • India’s Consumer Price Index (CPI)-based inflation, or retail inflation, rose marginally to 3.58% in October from 3.28% a month earlier.
  • Prime Minister Narendra Modi invites the ASEAN countries to ramp up their investment in India and says the task of transforming the country is proceeding at an “unprecedented scale”.
  • The government may issue the first tranche of Rs. 1.35 lakh cr worth of bank recapitalization bonds in the first week of December.
  • European Commission upgrades its growth forecast for the Eurozone from 1.70% to 2.20% for the current year, slipping slightly to 2.10% in 2018 and 1.90% in 2019.
  • Government decides to buyback a series of sovereign bonds worth Rs. 10000 cr.
  • Government employees can now take advance upto Rs. 25 lakhs for construction or purchase of house at a simple interest rate of 8.50%, a move aimed at giving fillip to the housing sector.
  • RBI issues fresh directions on managing risks and code of conduct in outsourcing of financial services by non banking financial companies (NBFCs).
  • The central board of trustees of the Employees’ Provident Fund Organisation (EPFO) to meet on 23rd November to consider an 8.50% interest rate for the current fiscal; last year, it had paid 8.65%.
  • Government collects Rs. 4.39 lakh cr in direct taxes, 15.20% YoY, during the first seven months of the current fiscal.
  • Tax rates on 150-200 items are likely to be cut from 28%, with the GST Council set to approve sweeping changes including simpler procedures and a single return filing form for small firms at its meeting beginning today.
  • The ministry is approaching the Cabinet to allow private companies take 60% stake in producing oil and gas fields of national oil companies, ONGC and OIL, with the view that they would raise production above the baseline estimate.
  • SEBI has reduced the duration for inter-departmental transfers to a maximum of 3 years from 5 years.
  • Union minister Nitin Gadkari says nearly Rs 5 lakh cr can be raised from capital markets for funding infrastructure projects.
  • Minister of State for Civil Aviation Jayant Sinha says the Centre is developing a comprehensive master plan for airports.
  • Government constitutes a ministerial panel headed by Finance Minister Arun Jaitley that will oversee merger proposals of state-owned banks.
  • Government decides to increase the basic customs duty on polyester fabric to 20% from 10%.
  • Government extends the deadline to file returns GSTR-2 and GSTR-3 for July to 30th November and 11th December respectively.
  • A ministerial panel has recommended lowering GST rates for small businesses and extending the benefit to more such units in an attempt to reduce their tax burden and improve compliance.
  • Railways is looking to invest over Rs. 9.70 lakh crore in the next five years which would help create ten lakh additional jobs.
  • SEBI will implement two block deal windows, one in morning, one in afternoon.
    Min order for execution of trades in block deal window must be Rs. 10 crore. New block deal window rules to come into effect on 1st January, 2018.
  • The Union Ministry of Textiles has introduced technology upgradation scheme in association with Energy Efficiency Services Ltd. to revive the ailing powerloom sector.
  • Housing sales dropped 18% YoY to 44755 units in nine major cities during the Sep quarter on continued slowdown in the property market.
  • RBI clarifies that linking Aadhaar to bank accounts is mandatory.
  • The banking sector fears accretion of more than Rs. 40,000 crore of bad loans to its books following recent classification of eight consortium accounts of Axis Bank as non-performing assets by the RBI.
  • The government is considering diluting its stake on a priority basis in eight banks where its shareholding is above 75%, as it mulls ways to gather resources to boost the capital base of public sector banks struggling with massive bad assets.
  • Bhushan Steel share price rallied as much as 20.00% in morning today after a media report indicated that the global steel giant ArcelotMittal showed interest to buy the company.
  • IMF suggests India to set up independent fiscal council.
  • Revenue Secretary Hasmukh Adhia says items in 28% GST rate slab need to be pruned.
  • Government exempts IGST on gold imports.
  • Government drafts an ambitious Rs 1.2-lakh-cr plan to provide universal social security coverage for the poorest 20% as part of a bigger scheme that’s being planned for all.
  • RBI governor Urjit Patel calls on major central banks to extend their network of currency swap lines deep into emerging markets.
  • SEBI constitutes a committee to review the norms for market infrastructure institutions such as stock exchanges, depositories and clearing corporations.
  • SEBI pushes for physical deliveries in commodity derivative deals.
  • India’s consumer price index (CPI) inflation climbed 3.28% year-on-year in September, same as in August, which was revised down from 3.36%.
  • Finance Minister Arun Jaitley says the government is working on a plan to rebuild the capacity of the banking sector; also says real estate might soon be under GST.
  • SEBI plans to tweak the consent mechanism framework, used by alleged wrongdoers, to settle pending cases with the market regulator.
  • Government deadline to sell pre-GST goods extended by 3 months to 31st December.
  • SEBI panel on corporate governance is expected to recommend seeping changes to the current framework governing listed companies.
  • RBI will be announcing its bi-monthly monetary policy on 4th October.
  • SEBI plans to put in place a framework for continuous listing norms for listed entities.
  • The government nudged state owned companies to spend an additional Rs. 25000 cr in capital expenditure this fiscal year.
  • The Finance Ministry & RBI have finalised the borrowing calendar for the fiscal year. The centre plans to raise gross Rs. 2.08 lakh cr & net Rs. 1.92 lakh cr through market borrowings conducted by RBI in the second half of the fiscal.
  • NSE asks 200 companies listed on it to consider whether directors disqualified by the Ministry of Corporate Affairs should continue on their boards.
  • US President Donald Trump proposes the biggest tax overhaul in three decades which would lower corporate and small-business income tax rates, reduce the top income tax rate for high-earning American individuals and scrap some popular tax breaks.
  • Government plans capital infusion in healthy public-sector banks to encourage credit disbursement.
  • India has sought funding from World Bank and Asian Development Bank to purchase electric buses for all its major cities to boost its electric mobility initiative.
  • Asian Development Bank (ADB) reduces India’s GDP growth forecast for the current fiscal to 7% from 7.4% owing to weakness in private consumption, manufacturing output and business investment; also scales down its outlook for 2018-19 at 7.4% from the previous projection of 7.6%.
  • Prime Minister Narendra Modi approves Niti Aayog’s proposal to use the ‘challenge method’ for awarding all projects to states so as to bring in speed, efficiency and transparency.
  • Government reveals that the GST revenue collections in August declined to Rs. 90669 cr as on 25th September vs Rs. 95000 cr in July.
  • SEBI plans to allow mutual funds and portfolio management service (PMS) providers to participate in commodity derivatives market.
  • Japanese Prime Minister Shinzo Abe to order cabinet ministers to compile a stimulus package worth around $18 bn to increase spending on child care and education.
  • Prime Minister Narendra Modi unveils a Rs 16320 cr scheme – the Pradhan Mantri Sahaj Bijli Har Ghar Yojana (Saubhagya) – to provide electricity to all households by December 2018.
  • The Centre is working to expand the direct benefit transfer scheme to include all State government schemes as well.
  • Stock brokers can submit monthly data om their clients’funds to the exchanges within three trading days after the month-end.
  • India and South Korea set up a joint panel to identify areas of high-end technological components to boost trade and investments between the two countries.
  • Finance Minister says the government is working on a strategy for the consolidation of the banking industry to create bigger and stronger banks.
  • Government issues modified duty drawback rates for exporters.
  • Government extends the validity of on interest subsidy benefit of about Rs 2.60 lakh home loans under Pradhan Mantri Awas Yojana (Urban) for beneficiaries belonging to middle income groups by 15 more months.
  • RBI says ‘masala’ bonds will not be part of the overall limit of corporate bonds, and that space of about Rs. 44000 cr pertaining to such bonds would be separately allocated to the investors.
  • IRDAI forms a panel to help implement by March 2021 the new risk-based capital regime that will also enhance protection to policyholders.
  • Government is considering a plan to loosen its fiscal deficit target so that it can spend up to Rs. 50000 cr more to halt an economic slowdown.
  • Prime Minister Narendra Modi asks cooperatives to venture into new business areas like beekeeping and seaweed farming to help farmers double their income by 2022 and boost the rural economy.
  • SEBI Chairman Ajay Tyagi pitches for multiple products and fund-raising avenues for investors so as to help broaden participation in the capital market.
  • NSE is to auction investment limits for foreign investors for purchase of corporate bonds worth Rs. 2200 cr on 22nd September.

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