Today's Sector View – 07.01.2019
* AVIATION: Private domestic airlines must "manage their own affairs" in the country's deregulated
aviation industry, according to aviation minister Suresh Prabhu.
* BANKING: The central government has amalgamated three regional rural banks--Punjab Gramin
Bank, Malwa Gramin Bank and Sutlej Gramin Bank--into a single entity.
- Public sector banks are in the process of closing or rationalising about 69 overseas operations in
the next few months as part of their capital conservation exercise.
* COMMODITIES: Maharashtra State Cooperative Bank will give a bridge loan to sugar mills in the
state against export subsidy receivables from the Centre, which will enable banks to release a large
amount of sugar stocks mortgaged by around 100 sugar mills in the state for export.
* FINANCE: A preliminary report of the Institute of Chartered Accountants of India has said that
statutory auditors of Infrastructure Leasing & Financial Services did not carry out their functions in a proper manner, highlighting a number of negligence’s on their part.
* TAXATION: Central Board of Direct Taxes Chairman Sushil Chandra has cautioned income-tax
officials about the growth rate of 13.6% in direct tax collections, against the Budget target of
14.7%, and said it can adversely affect the Budget estimate of 11.5 trln rupees for the current
financial year.
* TELECOMMUNICATION: The telecom regulator is peeved at a request of the Department of
Telecommunications to explain the calculations that the watchdog has used to arrive at the starting
price it has recommended for auctioning 4G and 5G airwaves.
aviation industry, according to aviation minister Suresh Prabhu.
* BANKING: The central government has amalgamated three regional rural banks--Punjab Gramin
Bank, Malwa Gramin Bank and Sutlej Gramin Bank--into a single entity.
- Public sector banks are in the process of closing or rationalising about 69 overseas operations in
the next few months as part of their capital conservation exercise.
* COMMODITIES: Maharashtra State Cooperative Bank will give a bridge loan to sugar mills in the
state against export subsidy receivables from the Centre, which will enable banks to release a large
amount of sugar stocks mortgaged by around 100 sugar mills in the state for export.
* FINANCE: A preliminary report of the Institute of Chartered Accountants of India has said that
statutory auditors of Infrastructure Leasing & Financial Services did not carry out their functions in a proper manner, highlighting a number of negligence’s on their part.
* TAXATION: Central Board of Direct Taxes Chairman Sushil Chandra has cautioned income-tax
officials about the growth rate of 13.6% in direct tax collections, against the Budget target of
14.7%, and said it can adversely affect the Budget estimate of 11.5 trln rupees for the current
financial year.
* TELECOMMUNICATION: The telecom regulator is peeved at a request of the Department of
Telecommunications to explain the calculations that the watchdog has used to arrive at the starting
price it has recommended for auctioning 4G and 5G airwaves.
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