Today's Sector News - 20.08.2019: 09.00 Am
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* AUTOMOBILE: The Federation of Automobile Dealers Association is "cautiously optimistic" about the near term outlook for the automobile sector as it expects the government to soon take initiatives to help revive sales.
* AGRICULTURE: Maharashtra government has announced a number of relief measures for those affected by floods, including waiver of loans taken by farmers holding up to 1 ha of land.
* BANKING: A delegation of foreign banks on Monday met Reserve Bank of India Deputy Governor N.S. Vishwanathan to discuss hurdles faced by them from implementation of the Large Exposure Framework norms earlier this year.
* FUNDS: Motilal Oswal Mutual Fund is seeking the approval of Securities and Exchange Board of India to launch two index funds tracking the Nifty 50 and the Nifty Next 50 indices, Managing Director and Chief Executive Officer Aashish Somaiyaa said.
* INFRASTRUCTURE: The Enforcement Directorate has summoned MNS chief Raj Thackeray in connection with its money laundering probe in payment default crisis involving IL&FS.
* NON-BANKING FINANCIAL CO: To enhance ease of doing business, the government has done away with requirement to maintain a redemption reserve for issuance of debentures by non-banking financial companies, housing finance companies, and listed companies.
* TAXATION: The task force to draft the new direct tax law, headed by Akhilesh Ranjan, Central Board of Direct Taxes member, on Monday submitted its report to Finance Minister Nirmala Sitharaman. The new code seeks to replace the current Income Tax Act.
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