Daily Sector News Today – 28.07.2017
* AVIATION: In a major relief to three airline companies, the Central Board of Excise and Customs has clarified that the notification to exempt aircraft imported on lease basis from the 5% goods and service tax, will be effective retrospectively from Jul 1, a senior finance ministry official said.
- The aviation ministry and the Department of Investment and Public Asset Management will today
present to a ministerial panel their recommendation on the amount of debt that needs to be written off Air India's books.
- The government may prefer that an airline acquires Air India even if it means selling domestic and
international operations separately, senior officials said.
* BANKING: Pulling up private and foreign banks for repeating auditors too often, the Reserve Bank of India today imposed a six-year rest period in which a bank cannot reappoint a statutory central auditor who has completed a four-year term.
* COMMODITIES: The government has allowed export of 8,424 tn raw sugar to the US, under the
preferential trade quota for 2017-18 (Oct-Sep).
- An inter-ministerial committee, headed by Finance Minister Arun Jaitley, met to discuss ways to curb the rising import of edible oils in the country, two finance ministry officials said.
- Ministry of Commerce and Industry feels that there is a case for reduction in import duty of gold to
2% from 10% following the improvement in the current account deficit position, Manoj Dwivedi, joint secretary to the ministry, said.
* ENERGY: The reverse auction for the second tranche of 1,000 MW wind power projects, for which bids of more than 2,800 MW have already been received, will not be conducted before the second half of August.
* EXCHANGES: Luxembourg-based Harmony Funds logged in its first trade on the Multi Commodity Exchange of India, ending a near 14-year wait for institutional participation in the Indian commodity derivatives market since futures trading was re-launched.
* GOVERNMENT: Lok Sabha has passed the Companies (Amendment) Bill 2016, which aims to remove restrictions on layers of subsidiaries and investment companies.
* OIL AND GAS: The price of petrol has been hiked by 10 paise per ltr for today to 64.69 rupees, exDelhi, while the price of diesel has been increased by 9 paise per ltr to 55.03 rupees, according to
information on INDIAN OIL CORP's website.
- The Ruias have struck a complex royalty deal with the Russian government-owned company Rosneft and other investors that would acquire Essar Oil.
* REGULATORY: A non-primary shareholder can hold only up to 15% stake in a stock exchange or a clearing house at International Financial Services Centre, according to new norms issued by the Securities and Exchange Board of India.
* TELECOMMUNICATIONS: The Competition Commission of India has slammed the Telecom
Regulatory Authority of India saying aspects of dominant position and predatory pricing being examined by the telecom watchdog encroached upon the anti-trust body's domain.
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- The aviation ministry and the Department of Investment and Public Asset Management will today
present to a ministerial panel their recommendation on the amount of debt that needs to be written off Air India's books.
- The government may prefer that an airline acquires Air India even if it means selling domestic and
international operations separately, senior officials said.
* BANKING: Pulling up private and foreign banks for repeating auditors too often, the Reserve Bank of India today imposed a six-year rest period in which a bank cannot reappoint a statutory central auditor who has completed a four-year term.
* COMMODITIES: The government has allowed export of 8,424 tn raw sugar to the US, under the
preferential trade quota for 2017-18 (Oct-Sep).
- An inter-ministerial committee, headed by Finance Minister Arun Jaitley, met to discuss ways to curb the rising import of edible oils in the country, two finance ministry officials said.
- Ministry of Commerce and Industry feels that there is a case for reduction in import duty of gold to
2% from 10% following the improvement in the current account deficit position, Manoj Dwivedi, joint secretary to the ministry, said.
* ENERGY: The reverse auction for the second tranche of 1,000 MW wind power projects, for which bids of more than 2,800 MW have already been received, will not be conducted before the second half of August.
* EXCHANGES: Luxembourg-based Harmony Funds logged in its first trade on the Multi Commodity Exchange of India, ending a near 14-year wait for institutional participation in the Indian commodity derivatives market since futures trading was re-launched.
* GOVERNMENT: Lok Sabha has passed the Companies (Amendment) Bill 2016, which aims to remove restrictions on layers of subsidiaries and investment companies.
* OIL AND GAS: The price of petrol has been hiked by 10 paise per ltr for today to 64.69 rupees, exDelhi, while the price of diesel has been increased by 9 paise per ltr to 55.03 rupees, according to
information on INDIAN OIL CORP's website.
- The Ruias have struck a complex royalty deal with the Russian government-owned company Rosneft and other investors that would acquire Essar Oil.
* REGULATORY: A non-primary shareholder can hold only up to 15% stake in a stock exchange or a clearing house at International Financial Services Centre, according to new norms issued by the Securities and Exchange Board of India.
* TELECOMMUNICATIONS: The Competition Commission of India has slammed the Telecom
Regulatory Authority of India saying aspects of dominant position and predatory pricing being examined by the telecom watchdog encroached upon the anti-trust body's domain.
