INDIA | Pixr8 News

29Apr By Lavina TolaniNo Comments

INDIA

Reserve Bank of India Ease Rules For Overseas Funding

In an attempt to facilitate access of overseas fund without any hassel, Reserve Bank of India (RBI) liberalized External Commercial Borrowings Policy by adding more sectors in the window. In a late night notification that released yesterday. It has been decided to increase the ECB Liability to Equity Ratio for ECB raised from direct foreign equity holder under the automatic route to 7:1. This ratio will not be applicable if a total of all ECBs raised by an entity is up to USD 5 million or equivalent. A uniform all-in-cost ceiling of 450 basis points over the benchmark rate will be stipulated to harmonize the provisions of Foreign Currency and Rupee ECBs and Rupee Denominated Bonds. Moreover, Housing Finance Companies and port trust are eligible to avail ECB's under all tracks, provide...

26Apr By Lavina TolaniNo Comments

INDIA

Indian Economy Suffers a Loss of $3 bn due to Internet

According to a study by Indian Council for Research on International Economic Relations (ICRIER), Indian economy is estimated to have suffered a loss of USD 3 billion due to internet shutdown from 2012-17. The study was conducted to observe the internet shutdown across various devices and ecosystems linked to them. Rajat Kathuria, director and chief executive at ICRIER said, A total of 16,315 hours of Internet shutdown in India cost the economy approximately USD 3.04 billion during the period 2012 to 2017. According to a detailed report on Anatomy of an Internet Blackout, 12,615 hours of mobile internet shutdowns in India costs economy approximately USD 2.37 billion while 3,700 hours of mobile and fixed internet shutdowns in India have resulted in a loss of USD 678.4 million during...

Finance Ministry Proposes Relaxations on LTCG Tax

25Apr By Lavina TolaniNo Comments

INDIA

Finance Ministry Proposes Relaxations on LTCG Tax

The Finance Minister, Mr. Arun Jaitely, has proposed to relax certain conditions for availing 10 percent concession on long-term capitals gain tax. The Ministry has invited stakeholders feedback on draft notification that lists out scenarios wherein individuals need not pay Securities Transaction Tax (STT) at the time of purchase for availing concessional tax rate. In the 2018-19 budget, after a long gap of 14 years, the government reintroduced 10 percent on long-term capital gains exceeding Rs 1 lakh from the sale of shares. The Central Board of Direct Taxes (CBDT) has clearly specified the nature of acquisitions with respect to which requirement of payment of STT will not be applicable for availing LTCG concessional rate. Garima Pande, Partner and Business Tax Services...

SEBI Fines Suzlon Rs 1.1 Crore For Violating Trading Norms

21Apr By Lavina TolaniNo Comments

INDIA

SEBI Fines Suzlon Rs 1.1 Crore For Violating Trading Norms

Market Regulator, Securities, and Exchange Board Of India(SEBI) has imposed a fine of Rs 1 crore on turbine maker Suzlon Energy on account of violating trading norms on Friday. The turbine maker has repeatedly failed to disclose private sensitive information required by SEBI's listing guidelines. Sahil Malik, an Adjudicating officer at SEBI said, I find that the investigation did not bring out the disproportionate gain or unfair advantages to the noticee and loss caused to investors as a result of non-disclosure of truncation of order. They have failed to disclose 'more than once', hence it is repetitive in nature. The noticee in the case includes Suzlon energy and its promoters Girish R. Tanti, Hemal A. Kanuga and the MD and chairman Tulsi R. Tanti. Kanuga, who is currently the se...

Exclusive: Aadhar Updated QR Code For Offline Verification

19Apr By Lavina TolaniNo Comments

INDIA

Exclusive: Aadhar Updated QR Code For Offline Verification

Unique Identification Authority of India (UIDAI) is working on measures to add extra layer of privacy to Aadhar and hence has come up with an updated "QR code" to hold details like name, address, photo and date of birth that will help in offline user verification without the need of 12 digit ID, as confirmed from the sources. While Aadhar is increasingly becoming popular as a universal national ID, QR code mechanism will further aid in easy offline check while safeguarding user's privacy from any third party theft or misuse of personal information. This would be particularly helpful in establishing the identity with non-statutory identities such as during the verification of online shopping portals when delivering goods. For example: When an online delivery man asks for user's id ...

18Apr By Lavina TolaniNo Comments

INDIA

One-Stop Tariff Portal for Indian Consumers Launched

Telecom Regulatory Authority of India (TRAI) has launched a beta version of a website that will allow comparison of mobile tariffs of all operators at one roof helping to bring transparency and ease. At the first stage, the beta version has gone live for Delhi circle, and users can click the link to compare mobile tariffs. This is an effort to bring all information at one platform related to mobile tariffs that can help users perform comparison easily", said SK Gupta, TRAI Sectetary in his media interaction. However, the tariff comparison portal does not include spot offers given to consumers by telecom companies in an effort to retain their subscribership. Spot plans offered to individual subscribers are banned by the telecom authority and as such are not legal fo...

17Apr By Lavina TolaniNo Comments

INDIA

World Bank predicts 7.3% growth for India in 2018

The World Bank has predicted a growth rate of 7.3 percent for India for the current year and 7.5 percent for 2019 and 2020 and has observed that Indian economy has recovered from the effects of demonetization and Goods and Service Tax (GST). In its South Asia Economic Focus Meet held twice a year, World Bank said, Growth is expected to step up from 6.7 in 2017 to 7.3 percent in 2018 and will subsequently get stabilize supported by a sustained recovery in private investment and private consumption. In its report, it was also stated that India should now strive to advance investments and exports so that it can benefit from its recovery in global growth. Within the Indian section of the report, the bank also approved that disruptions from demonetization and implementation of GST creat...

Delhi High Court Asks Airtel to Change IPL T20 Ads

15Apr By Lavina TolaniNo Comments

INDIA

Delhi High Court Asks Airtel to Change IPL T20 Ads

Bharti Airtel has been asked to change its Indian Premier League advertising campaign by Delhi High Court after allegation from Reliance Jio Infocomm declaring the ad campaign to be 'misleading', 'deceptive' and 'misrepresentative'.The company has argued that the content will incur data charges for the plan, hence it's not free unlike it is being stated as in the "ad campaign". In the Airtel promoted advertisement, it is being popularised that users can access T20 cricket coverage "live and free" for which all they need is a 4G Airtel SIM to download the TV app and get access to a virtual season of the coverage. "The deception and misinterpretation in the advertisement are aimed at enticing and luring the viewers to subscribe the defendant's telecom service (Airtel) and give it prefe...

14Apr By Lavina TolaniNo Comments

INDIA

India’s Export Fall For the First Time in 5 Months

India's merchandise export has witnessed a plunge in March for the first time ever in five months widening the trade deficit over global trade and the U.S moves to review a programme allowing duty-free imports of goods. The US Trade Representative also said earlier on Thursday, that it has launched reviews over concerns that India and Indonesia were not complying with Generalized System of Preferences (GSP) programme on market access. India's merchandise export has fallen 0.7 percent in March to $29.1 billion, widening the trade gap to $13.7 billion due to an upsurge in imports, as indicated by government data on Friday. Import has risen to $42.8 billion (7.2 percent) in March. Coming to year fiscal close, goods exports has risen 9.8 percent to $302.8 billion while imports have ri...

6Apr By Lavina TolaniNo Comments

INDIA

Star India Grabs BCCI Media Rights for India’s Home Series

Broadcasting and Media Giant, Star India has successfully managed to grab broadcasting rights for Indian cricket team's bilateral home series as well as domestic cricket in a record-breaking Global Consolidated Rights (GCR) bid of Rs. 6138.1 ( about 955 million USD) for next 5 years up to 2013. The offer at Rs. 60.18 crore per match for coming five years makes Star India remarkably the sole leader in cricket landscape. A very first time in global sports witnessed an e-auction and also had participation from Reliance Jio and Sony Motion Pictures Network India (SPN). Having acquired rights for Indian home cricket league, Star India has accomplished monopoly in the cricket broadcasting landscape after already having IPL rights for Rs. 16,347 crore and ICC broadcasting right for all tour...

6Apr By Lavina TolaniNo Comments

INDIA

Only 88 Out of 8,756 DIPP Recognized Startups Received Tax Benefits in India

The Government has decided to extend tax benefits of 88 startups out of 8,765 that have been recognized by the Department of Industrial Policy and Promotion as reported by a top official today. Prime Minister, Narendra Modi had introduced a spectrum of incentives on January 2016 to encourage startup growth in the country which included a provision of a tax holiday, exemption from capital gains and an inspector raj free regime as a part of the action plan. Starting January 2016, 88 startups out of 8756 have been identified for claiming the tax exemption, said DIPP Secretary Ramesh Abhisheikh. These startups are from different sectors that include: IT Services (15 percent) Education (7 percent) Healthcare and Life Sciences (12 percent) Agriculture (4 percent) ...

5Apr By Lavina TolaniNo Comments

INDIA

Centre May Completely Exit Air India, Sell It’s Residual Stake to LIC

A Business Standard Report suggests that Government may completely exit Air India by selling its residual stakes to Life Insurance Corporation of India (LIC) and other financial institutions. As per the plans, 76 percent of equity would be sold in the national carrier, 50 percent in ground handling and AISATS hospitality firm, while 100 percent would go in its subsidiary Air India Express. This move will make things clear and do away with investor's concerns over the matter of government's intrusion in Air India operations. A senior official reported that center is keen on beginning discussions with LIC and other insurance companies in selling out its residual stake of Air India after employee stock ownership plans (ESOPs) are given out to permanent employees. Many state-owned ins...