Today Sector News – 24.09.2018
* AVIATION: State-run oil marketing companies have asked loss-making Air India to clear its dues
towards daily billing amid rising oil prices.
* BANKING: The Reserve Bank of India has announced guidelines for co-origination of loans by banks and non-bank finance companies to enable priority sector lending at more competitive rates. The government has initiated consolidation of regional rural banks along with the public sector lenders and intends to bring down their number to 36 from the existing 56.
* COMMODITIES: The government has developed a mechanism and has formulated guidelines to
differentiate between ethanol manufactured directly from B-heavy molasses and that produced from Cheavy molasses.
* CORPORATE: Life Insurance Corp of India has initiated discussions to trim its over 15% stake in Tata Sons.
* ECOMMERCE: Foreign firms that were left out in the initial round of discussions on the ecommerce policy have approached the government, requesting that they too be consulted by the committee of secretaries that is reviewing the draft rules.
* ECONOMY: The Reserve Bank of India and SEBI has said they are monitoring the recent developments in financial markets and are ready to take action, if necessary. The government will "very soon" implement the second set of measures including curb on imports of non-essential items to shore up rupee to 68-70 level against the US dollar, Economic Affairs Secretary Subhash Chandra Garg said.
* FERTILISER: Construction work of the 1.27-mtpa urea manufacturing unit at Talcher in Odisha
commenced Saturday.
* INFRASTRUCTURE: The National Highways Authority of India has decided to abandon its plan to carve out a dedicated subsidiary for implementing expressways projects.
* INSURANCE: Insurance Regulatory and Development Authority of India has raised the minimum
insurance cover for owner-driver to 1.5 mln rupees for a premium of 750 rupees per annum, a move to provide some succour to road accident victims.
* MARKETS: The SEBI has announced the changes to the know-your-customer norms involving beneficial ownership for foreign portfolio investors in line with the recommendations of the committee led by former deputy governor of the Reserve Bank of India H.R. Khan.
* OIL AND GAS: India's growth in demand for oil is expected to be fastest at 3.7% per annum till 2040 and will also see the largest additional demand of 5.8 mln barrels per day, the Organization of the Petroleum Exporting Countries said in a report.
* REAL ESTATE: Embassy Office Parks, a joint venture of US private equity firm Blackstone Group and Embassy Group, is to file documents with the SEBI, proposing to raise over 50 bln rupees through the real estate investment trust route.
* TAXATION: The roll-out of an e-wallet mechanism for exporters under the goods and services tax regime may be delayed again beyond the proposed date of Oct 1, as the required systems are not yet in place. A think-tank within the Central Board of Indirect Taxes and Customs has recommended that the revenue threshold for annual GST return be raised to 100 mln rupees from 20 mln rupees currently to avoid burdening smaller taxpayers.
* TECHNOLOGY: Google Pay has updated its privacy policies by elaborating on how exactly it uses or can use payments data of its Indian users.
* TELECOMMUNICATION: The telecom department has moved the Supreme Court for approval to
secure dues worth almost 330 bln rupees from all operators toward licence fees and spectrum usage charges, saying existing bank guarantees aren't enough to cover the "huge public money" at stake. Telecom secretary Aruna Sundararajan has said auction of spectrum for 5G services is likely to happen in the latter half of 2019.
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towards daily billing amid rising oil prices.
* BANKING: The Reserve Bank of India has announced guidelines for co-origination of loans by banks and non-bank finance companies to enable priority sector lending at more competitive rates. The government has initiated consolidation of regional rural banks along with the public sector lenders and intends to bring down their number to 36 from the existing 56.
* COMMODITIES: The government has developed a mechanism and has formulated guidelines to
differentiate between ethanol manufactured directly from B-heavy molasses and that produced from Cheavy molasses.
* CORPORATE: Life Insurance Corp of India has initiated discussions to trim its over 15% stake in Tata Sons.
* ECOMMERCE: Foreign firms that were left out in the initial round of discussions on the ecommerce policy have approached the government, requesting that they too be consulted by the committee of secretaries that is reviewing the draft rules.
* ECONOMY: The Reserve Bank of India and SEBI has said they are monitoring the recent developments in financial markets and are ready to take action, if necessary. The government will "very soon" implement the second set of measures including curb on imports of non-essential items to shore up rupee to 68-70 level against the US dollar, Economic Affairs Secretary Subhash Chandra Garg said.
* FERTILISER: Construction work of the 1.27-mtpa urea manufacturing unit at Talcher in Odisha
commenced Saturday.
* INFRASTRUCTURE: The National Highways Authority of India has decided to abandon its plan to carve out a dedicated subsidiary for implementing expressways projects.
* INSURANCE: Insurance Regulatory and Development Authority of India has raised the minimum
insurance cover for owner-driver to 1.5 mln rupees for a premium of 750 rupees per annum, a move to provide some succour to road accident victims.
* MARKETS: The SEBI has announced the changes to the know-your-customer norms involving beneficial ownership for foreign portfolio investors in line with the recommendations of the committee led by former deputy governor of the Reserve Bank of India H.R. Khan.
* OIL AND GAS: India's growth in demand for oil is expected to be fastest at 3.7% per annum till 2040 and will also see the largest additional demand of 5.8 mln barrels per day, the Organization of the Petroleum Exporting Countries said in a report.
* REAL ESTATE: Embassy Office Parks, a joint venture of US private equity firm Blackstone Group and Embassy Group, is to file documents with the SEBI, proposing to raise over 50 bln rupees through the real estate investment trust route.
* TAXATION: The roll-out of an e-wallet mechanism for exporters under the goods and services tax regime may be delayed again beyond the proposed date of Oct 1, as the required systems are not yet in place. A think-tank within the Central Board of Indirect Taxes and Customs has recommended that the revenue threshold for annual GST return be raised to 100 mln rupees from 20 mln rupees currently to avoid burdening smaller taxpayers.
* TECHNOLOGY: Google Pay has updated its privacy policies by elaborating on how exactly it uses or can use payments data of its Indian users.
* TELECOMMUNICATION: The telecom department has moved the Supreme Court for approval to
secure dues worth almost 330 bln rupees from all operators toward licence fees and spectrum usage charges, saying existing bank guarantees aren't enough to cover the "huge public money" at stake. Telecom secretary Aruna Sundararajan has said auction of spectrum for 5G services is likely to happen in the latter half of 2019.
