Daily Sector News - Rupeedesk Consultancy – 02.03.2017
* BANKING: Although increase in digital transactions will help bring down transaction costs for banks, total waiver of charges on digital payments is not feasible, STATE BANK OF INDIA Managing Director Rajnish Kumar said.
* COMMODITY: India could impose a 25% import tax on wheat by the mid March, reinstating the tariff after a gap of nearly three months.
* CORPORATE: Indian companies raised $1.8 bln through loans in foreign currency in January, a decline of 27.4% compared with $2.49 bln raised in December, according to data released by the Reserve Bank of India.
* ECONOMY: A day after the announcement of 7.0% GDP growth in Oct-Dec, Finance Minister Arun Jaitley said economic growth will pick pace in the coming quarters, as the remonetisation process gets completed. Government has notified Specified Bank Notes (Cessation of Liabilities) Act, 2017, that terminates the liability of the Reserve Bank of India and the Union government on old 500- and 1,000-rupee notes.
* EXCHANGE: A high-level committee, constituting top officials of finance ministry and the country's regulators, will meet next week to discuss the setting up of a gold spot exchange.
* FINANCE: IL&FS Financial Services, the financial arm of IL&FS Group, has raised $30 mln from Mauritius-based AfrAsia Bank and SBM (Mauritius) Bank through masala loan.
* OIL AND GAS: Oil marketing companies--INDIAN OIL CORP, BHARAT PETROLEUM CORP and HINDUSTAN PETROLEUM CORP--are in the process of floating a not-for-profit organisation to administer the government's Ujjwala Plus scheme.
* TELECOMMUNICATION: Outgoing Telecom Secretary J.S. Deepak has written to the telecom regulator asking it to restrict the period of "promotional tariffs" offered by companies, which can stretch up to 90 days. The telecom department has begun the process for next round of auctions, which is likely to witness 15-20% reduction in base price for the 700-MHz premium band that went unsold in the previous airwave sale in October.
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* BANKING: Although increase in digital transactions will help bring down transaction costs for banks, total waiver of charges on digital payments is not feasible, STATE BANK OF INDIA Managing Director Rajnish Kumar said.
* COMMODITY: India could impose a 25% import tax on wheat by the mid March, reinstating the tariff after a gap of nearly three months.
* CORPORATE: Indian companies raised $1.8 bln through loans in foreign currency in January, a decline of 27.4% compared with $2.49 bln raised in December, according to data released by the Reserve Bank of India.
* ECONOMY: A day after the announcement of 7.0% GDP growth in Oct-Dec, Finance Minister Arun Jaitley said economic growth will pick pace in the coming quarters, as the remonetisation process gets completed. Government has notified Specified Bank Notes (Cessation of Liabilities) Act, 2017, that terminates the liability of the Reserve Bank of India and the Union government on old 500- and 1,000-rupee notes.
* EXCHANGE: A high-level committee, constituting top officials of finance ministry and the country's regulators, will meet next week to discuss the setting up of a gold spot exchange.
* FINANCE: IL&FS Financial Services, the financial arm of IL&FS Group, has raised $30 mln from Mauritius-based AfrAsia Bank and SBM (Mauritius) Bank through masala loan.
* OIL AND GAS: Oil marketing companies--INDIAN OIL CORP, BHARAT PETROLEUM CORP and HINDUSTAN PETROLEUM CORP--are in the process of floating a not-for-profit organisation to administer the government's Ujjwala Plus scheme.
* TELECOMMUNICATION: Outgoing Telecom Secretary J.S. Deepak has written to the telecom regulator asking it to restrict the period of "promotional tariffs" offered by companies, which can stretch up to 90 days. The telecom department has begun the process for next round of auctions, which is likely to witness 15-20% reduction in base price for the 700-MHz premium band that went unsold in the previous airwave sale in October.
