Daily Sector News Today – 28.12.2017
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* BANKING: The retail credit growth for non-banking finance companies is expected to be relatively
moderate at 16-18% in 2017-18 (Apr-Mar), even as loans to some asset classes, including small and
medium enterprises, are expected to see an uptick, as disruptions due to the rollout of the goods and
Services tax will stabilise, ratings agency ICRA said. The government will give promoters of insolvent companies more time to repay their dues and participate in the resolution process of bankrupt companies in the Bill that will replace the ordinance that was promulgated last month to amend the Insolvency and Bankruptcy Code.
* COAL: Cabinet secretary P.K. Sinha along with secretaries of power, coal, steel and top officials of
several other ministries will look in to the reasons for low coal output from captive coal blocks and mull various options to raise their production.
* COMMODITIES: India's crude oil import bill will likely swell 15% to $81 bln in the current fiscal year as prices soar amid output cuts led by the Organization of the Petroleum Exporting Countries and Russia.
* CORPORATE: SEBI has ordered the attachment of bank accounts as well as share and mutual fund
holdings of 22 entities, including individuals, to recover dues totaling 28 mln rupees.
* ECONOMY: The government has decided to close the regulatory gaps to keep a check on crypto
currencies, including bit coin, and is likely to define crypto currencies and bring in a regulatory
framework in the Union Budget 2018-19,
* FINANCE: The government has cut interest rates on most small savings schemes by 20 basis points for Jan-Mar. Rates on savings deposit and five-year senior citizen small savings scheme, however, have been kept unchanged.
* INSURANCE: Insurance Regulatory and Development Authority of India has allowed both domestic and foreign insurance and reinsurance companies to set up offshore operations at Gujarat International Finance Tec City, or GIFT City.
* OIL AND GAS: The plan by state-run oil marketing companies to expand its liquefied petroleum gas dealership has gathered momentum with the addition of 2,156 dealers in the past two months across 23 states.
* PHARMACEUTICAL: US regulators warned Fresenius SE after the company’s Indian plant that makes cancer-drug ingredients for the US market aborted hundreds of drug-quality tests because they seemed like they were going to fail due to impurities.
* RAILWAYS: Indian Railways replaced 2,148 km of rail tracks with new ones during Apr-Nov, about 33% higher on year. The Indian Railways expects to raise 300 bln rupees in the current financial year from its first asset monetisation drive.
* TAXATION: The Lok Sabha passed a Bill to replace the ordinance on the Goods and Services Tax
(Compensation to States) Act, 2017, which provides for compensating states on account of loss of
revenue due to the new indirect tax regime.
The Goods and Services Tax Council may consider merging triplicate comprehensive tax return forms into one consolidated form as it meets here on Jan 18 in a bid to reduce hassles for taxpayers while also enabling the crucial invoice-matching process, which it reckons is necessary to check tax evasion.
* TELECOMMUNICATION: The telecom department has suggested the finance ministry that goods and services tax on telecom services be lowered to 12% against the existing 18%, the parliament was
informed on Wednesday.
