Daily Sector News Today – 30.08.2017
* AGRICULTURE: Madhya Pradesh Cabinet has approved price deficit mechanism for eight crops in the ongoing kharif season on pilot basis to ensure fair price for the produce, the state government said.
* BANKING: The Directorate General of Foreign Trade is likely to hold a meeting with commercial banks, the Reserve Bank of India, and departments of commerce and revenue this week to sort out issues arising out of unwillingness of banks to pay the 3% integrated goods and services tax on gold imports.
- The Reserve Bank of India has asked banks to expedite the resolution process of some more large accounts that comprise top 50 stressed companies in the country.
* COAL: The governments of Australia and Queensland strongly support the Adani Group's Carmichael coal project, said Keith Pitt, Australia's assistant minister for trade, tourism and investment.
* ECONOMY: The government said it has not yet notified provisions for individuals and partnerships under the Insolvency and Bankruptcy Code, 2016,that allows stakeholders to pursue such cases.
- Economic Affairs Secretary Subhash Chandra Garg said there was no proposal to reintroduce 1,000-rupee notes, which were withdrawn in November as part of demonetisation of high-value currency notes.
- The rural development ministry plans to seek an additional 170 bln rupees allocation after a spurt in demand for work under the Mahatama Gandhi National Rural Employment Guarantee Scheme because of deficient rainfall in many parts of the country.
* ENERGY: Nuclear Power Corp of India has invited initial bids from scheduled commercial banks for refinancing its domestic term loans worth 32 bln rupees.
* FMCG: Patanjali Ayurved is preparing to launch Divya Jal packaged drinking water, sourced from the foothills of the Himalayas, across north India this Diwali.
* INFRASTRUCTURE: Prime Minister Narendra Modi inaugurated 23 projects with a total outlay of 151 bln rupees, in Rajasthan.
* PHARMACEUTICALS: The Indian Pharmaceutical Alliance has written to the department of pharmaceuticals criticising the drug pricing regulator for issuing demand notices to top drug makers over "suspected overcharging".
- The US Food and Drug Administration has increased the fee for processing Abbreviated New Drug Applications by over $100,000 to $171,000 for the fiscal year 2018.
* TELECOMMUNICATION: The government has imposed a 79-bln-rupee penalty on Hong Kong-based Hutchison Telecommunications International for not paying tax on selling stake in its Indian arm to Vodafone in 2007.
- Income tax authorities have demanded over 323 bln rupees from Hutchison Holdings in taxes, interest and penalty on the alleged gains the latter made by selling its Indian mobile phone business to Vodafone Group Plc in 2007.
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* BANKING: The Directorate General of Foreign Trade is likely to hold a meeting with commercial banks, the Reserve Bank of India, and departments of commerce and revenue this week to sort out issues arising out of unwillingness of banks to pay the 3% integrated goods and services tax on gold imports.
- The Reserve Bank of India has asked banks to expedite the resolution process of some more large accounts that comprise top 50 stressed companies in the country.
* COAL: The governments of Australia and Queensland strongly support the Adani Group's Carmichael coal project, said Keith Pitt, Australia's assistant minister for trade, tourism and investment.
* ECONOMY: The government said it has not yet notified provisions for individuals and partnerships under the Insolvency and Bankruptcy Code, 2016,that allows stakeholders to pursue such cases.
- Economic Affairs Secretary Subhash Chandra Garg said there was no proposal to reintroduce 1,000-rupee notes, which were withdrawn in November as part of demonetisation of high-value currency notes.
- The rural development ministry plans to seek an additional 170 bln rupees allocation after a spurt in demand for work under the Mahatama Gandhi National Rural Employment Guarantee Scheme because of deficient rainfall in many parts of the country.
* ENERGY: Nuclear Power Corp of India has invited initial bids from scheduled commercial banks for refinancing its domestic term loans worth 32 bln rupees.
* FMCG: Patanjali Ayurved is preparing to launch Divya Jal packaged drinking water, sourced from the foothills of the Himalayas, across north India this Diwali.
* INFRASTRUCTURE: Prime Minister Narendra Modi inaugurated 23 projects with a total outlay of 151 bln rupees, in Rajasthan.
* PHARMACEUTICALS: The Indian Pharmaceutical Alliance has written to the department of pharmaceuticals criticising the drug pricing regulator for issuing demand notices to top drug makers over "suspected overcharging".
- The US Food and Drug Administration has increased the fee for processing Abbreviated New Drug Applications by over $100,000 to $171,000 for the fiscal year 2018.
* TELECOMMUNICATION: The government has imposed a 79-bln-rupee penalty on Hong Kong-based Hutchison Telecommunications International for not paying tax on selling stake in its Indian arm to Vodafone in 2007.
- Income tax authorities have demanded over 323 bln rupees from Hutchison Holdings in taxes, interest and penalty on the alleged gains the latter made by selling its Indian mobile phone business to Vodafone Group Plc in 2007.
