Daily Sector News Today – 31.07.2017
* AVIATION: The civil aviation ministry will take a decision on publication of a no-fly list in a month's time, Civil Aviation Secretary R.N. Choubey said.
- The government is looking to leverage Air India's assets to lighten the debt burden of the company to make it attractive to potential buyers.
* BANKING: The Comptroller and Auditor General of India has expressed doubts over state-owned
banks' ability to raise 1.10-trln-rupee equity from the market by 2018-19 (Apr-Jun), as envisaged in the government's Indradhanush plan.
* CORPORATE: LICHFL Asset Management Co is set to raise to around 7.5 bln rupees through a
venture fund, Life Insurance Corp Chairman V.K. Sharma said.
* CHEMICALS: The government has extended the anti-dumping duty on Chinese polytetraflouroethylene for a period of five years.
* ECONOMY: National Payments Corp of India has received the final nod from the Reserve Bank of
India to function as the central unit operating the Bharat Bill Payment System.
- Applications of around 1 mln new taxpayers have been approved since the Goods and Services Tax
Network reopened on Jun 25 for fresh registrations, Revenue Secretary Hasmukh Adhia has said.
- The 50,000-rupee threshold for e-way bills under the goods and services tax regime may be raised in order to reduce the scope for harassment.
* FAST-MOVING CONSUMER GOODS: Tata Group has begun product testing for its foray into the
ready-to-eat food segment.
* INSURANCE: The Insurance Regulatory and Development Authority of India has instructed all
insurance companies to transfer funds of policyholders if lying unclaimed for over 10 years to the Senior Citizens' Welfare Fund.
- Life Insurance Corp of India's profit from sale of equity investments rose 145% on year to 61 bln
rupees in Apr-Jun, Chairman V.K. Sharma said.
- Sahara group will approach the court against Insurance Regulatory and Development Authority of
India's order directing transfer of its life insurance business to ICICI Prudential.
* PHARMACEUTICALS: The National Pharmaceutical Pricing Authority has notified new ceiling prices of 60 essential drugs and retail prices of seven formulations.
* POWER: The power ministry has asked states to slash electricity losses due to theft and technical
reasons to below 10% within six months.
* REGULATORY: The Securities and Exchange Board of India has asked stock exchanges, clearing
corporations, and depositories operating in the domestic market to ramp up their cyber security
infrastructure.
* TAX: The government is considering extending the deadline to file income tax returns by one month in flood-hit areas, a finance ministry official said.
* TRANSPORT: In order to make road transport environmentally sustainable, the government will
encourage use of bio-fuels and will come down heavily on polluting diesel-run buses, Union Road
Minister Nitin Gadkari said.
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- The government is looking to leverage Air India's assets to lighten the debt burden of the company to make it attractive to potential buyers.
* BANKING: The Comptroller and Auditor General of India has expressed doubts over state-owned
banks' ability to raise 1.10-trln-rupee equity from the market by 2018-19 (Apr-Jun), as envisaged in the government's Indradhanush plan.
* CORPORATE: LICHFL Asset Management Co is set to raise to around 7.5 bln rupees through a
venture fund, Life Insurance Corp Chairman V.K. Sharma said.
* CHEMICALS: The government has extended the anti-dumping duty on Chinese polytetraflouroethylene for a period of five years.
* ECONOMY: National Payments Corp of India has received the final nod from the Reserve Bank of
India to function as the central unit operating the Bharat Bill Payment System.
- Applications of around 1 mln new taxpayers have been approved since the Goods and Services Tax
Network reopened on Jun 25 for fresh registrations, Revenue Secretary Hasmukh Adhia has said.
- The 50,000-rupee threshold for e-way bills under the goods and services tax regime may be raised in order to reduce the scope for harassment.
* FAST-MOVING CONSUMER GOODS: Tata Group has begun product testing for its foray into the
ready-to-eat food segment.
* INSURANCE: The Insurance Regulatory and Development Authority of India has instructed all
insurance companies to transfer funds of policyholders if lying unclaimed for over 10 years to the Senior Citizens' Welfare Fund.
- Life Insurance Corp of India's profit from sale of equity investments rose 145% on year to 61 bln
rupees in Apr-Jun, Chairman V.K. Sharma said.
- Sahara group will approach the court against Insurance Regulatory and Development Authority of
India's order directing transfer of its life insurance business to ICICI Prudential.
* PHARMACEUTICALS: The National Pharmaceutical Pricing Authority has notified new ceiling prices of 60 essential drugs and retail prices of seven formulations.
* POWER: The power ministry has asked states to slash electricity losses due to theft and technical
reasons to below 10% within six months.
* REGULATORY: The Securities and Exchange Board of India has asked stock exchanges, clearing
corporations, and depositories operating in the domestic market to ramp up their cyber security
infrastructure.
* TAX: The government is considering extending the deadline to file income tax returns by one month in flood-hit areas, a finance ministry official said.
* TRANSPORT: In order to make road transport environmentally sustainable, the government will
encourage use of bio-fuels and will come down heavily on polluting diesel-run buses, Union Road
Minister Nitin Gadkari said.
