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25-April-2017
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 Indian Economy
 
Tamil Nadu, UP and Bengal lagged in NREGS payments in FY17
Four states ruled by parties other than the BJP figured among the five worst implementers of the Centre's flagship rural jobs programme under the Mahatma Gandhi National Rural Employment Guarantee Act in 2016-17, in terms of making timely payments to workers. Tamil Nadu, which draws 20 per cent of N...

NHAI hits the road to woo investors for Rs5,000 crore masala bond sale
Minister of road transport and highways and shipping Nitin Gadkari will flag off international investor roadshows for the masala bond sale planned by National Highways Authority of India (NHAI) in Singapore on Monday, two people aware of the development said.Masala bonds are rupee-denominated bonds ...

India leads Asian peers in growth in filing patents
While the lack of innovation by India Inc has often drawn flak, a recent report is encouraging about patents published by the country’s corporates.The report, prepared by Clarivate Analytics, which provides research-based products to companies in over 100 countries, shows that India witnessed the hi...

Financial year switch needs good planning
Prime Minister Narendra Modi's request to states for reactions to a proposal for a change in the financial year to January-December from the current April-March indicates the government's seriousness in pursuing what will be a major governance change.Senior officials have told Business Standard that...

State discoms hike industry power rates
Ten of the 26 states that signed up for the Ujwal DISCOM Assurance Yojana (UDAY) have increased energy charges for industries in the range of 3% to a whopping 25% in FY18. This is a new avenue to improve revenues as they undergo financial restructuring. Experts, however, said this was against one o...

 
 Global Economy
 
Euro zone money markets see more chance of ECB hike in early 2018 after French vote
Euro zone money markets on Monday priced in a higher chance of a rise in European Central Bank interest rates after Emmanual Macron won the first round of the French presidential election. Forward Eonia bank-to-bank rates dated for the ECB policy meeting on March 8 next year stand at around minus 3...

UK's Hammond hits budget deficit target helped by resilient economy since Brexit
British finance minister Philip Hammond met his budget deficit target in the 2016/17 financial year, avoiding another fiscal slip-up after he was forced into a tax policy u-turn last month.The shortfall in the public accounts in the 12 months to the end of March stood at 52.0 billion pounds, down ne...

Waiving agricultural loans could cost 2 percent of GDP: CEA Arvind Subramanian
Chief Economic Advisor Arvind Subramanian has expressed concern over the recent waiving of farmers’ loans by state governments in India, saying it could increase the deficit by two per cent of the GDP if the practice is carried out nationwide. “We’ve had a spate of announcements recently about agric...

French Markets Surge as Euro Withstands Attack From the Right
The euro has avoided another existential crisis that might have wreaked havoc on Europe and the global economy. That was the conclusion investors divined from the first round of voting in the French presidential election, prompting exuberant buying on markets around the world on Monday.Those in cont...

UK manufacturing exports jump most in over 20
Brexit is giving a big boost to exporters as the weak pound lifts sales to the strongest since the 1990s.Order growth for manufacturers was the highest in over two decades in the first quarter, the Confederation of British Industry said in a report on Monday. The news isn’t entirely positive for fac...

 
 Market & Finance
 
India Inc overseas borrowing rises 11.6% to $1.69 billion in March
India Inc raised $1.69 billion from overseas markets in March 2017, up 11.6 per cent from a year ago.Domestic firms had borrowed $1.52 billion through external commercial borrowing (ECB) in March 2016.An additional $1.65 billion was mopped up through rupee-denominated bonds (RDBs), an instrument per...

Bond yields flat, call rate rises
Government bonds (G-Secs) slipped on selling pressure from banks and corporates. The 6.79 per cent G-Sec maturing in 2029 rose to Rs.97.57 from Rs.97.55 previously, while its yield remained steady at 7.08 per cent. The overnight call money rate turned higher due to good demand from borrowing banks a...

Overseas bond issuances in FY17 halved to $2.6 bn
Overseas bond issuances by Indian companies and banks more than halved to $2.60 billion in 2016-17, compared with $5.72 billion in the year before, data from Bloomberg showed. ICICI Bank, Glenmark, Adani Ports and NTPC were among the borrowers. Overall sluggish demand for funds, comparatively lower ...

Rupee surges 17 paise to nearly 2-week high of 64.44
The rupee today came back strongly against the US dollar by surging 17 paise to close at a two-week high of 64.44 on heavy dollar selling by exporters and banks.The domestic currency was further supported by unwinding of long-dollar positions by speculators against the backdrop of rising risk-on sen...

 
 Commercial Laws
 
Government extends IP protection scheme for startups till 2020
The government has extended the Startups Intellectual Property Protection (SIPP) scheme for 3 years till March 2020, to help entrepreneurs protect their patents, trademark and designs. Started initially on a pilot basis in January 2016, the scheme was in force till March 31 this year.It is now being...

 
 
 Indirect Tax
 
Professionals may face GST as 'casual taxable persons'
If you are an interior decorator based in Mumbai and are providing services on-site to a client in Bengaluru (where you don't have a fixed place of business), then irrespective of your turnover, you will have to register under Goods and Services Tax (GST) in the state of Karnataka.Small businessmen ...

Low GST rate could hit small jewellers
There's a bit of a paradox in the lobbying by various trade and industry bodies of bullion dealers and jewellers for fixing the coming Goods and Services Tax (GST) rate not higher than what they pay on Monday.For, say experts, a lower GST rate could be detrimental to the small jewellers, the ones wh...

 
 
 
 
 
 
 
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 Notifications
 
CUSTOMS
Notification No. 15/2017-Customs
(Delhi) 24-04-2017
Seeks to amend 8/2011 dated 14.2.2011 so as to extend the exemption of additional duty of Customs to specified jute products imported from Nepal...
Notification No. 16/2017-Customs
(Delhi) 24-04-2017
Seeks to exempt goods falling under chapter 30 of first schedule of Customs tariff Act 1975, for supply under Patient Assistance Programme run by specified pharmaceutical companies...
Notification No. 17/2017-Customs
(Delhi) 24-04-2017
Seeks to exempt goods, falling under the First Schedule to the Customs Tariff Act, 1975, when imported into India by or along with a unit of the Army, the Navy, the Air Force or the Central Paramilitary Forces on the occasion of its return to India after a tour of service abroad, from basic customs ...
Notification No.40/2017 Customs (N.T.)
(Delhi) 24-04-2017
Rate of exchange of conversion of the foreign currency with effect from 21st April, 2017...
RBI
Notification No.RBI/2016-17/284
(Delhi) 24-04-2017
Compliance with Ghosh Committee Recommendations...
Notification No.RBI/2016-17/285
(Delhi) 24-04-2017
Alteration in the name of "Abu Dhabi Commercial Bank Limited" to "Abu Dhabi Commercial Bank PJSC" in the Second Schedule to the Reserve Bank of India Act, 1934...
Notification No.RBI/2016-17/286
(Delhi) 24-04-2017
Cessation of KBC Bank N.V. as a banking company within the meaning of sub-section (2) of Section 36(A) of the Banking Regulation Act, 1949...
Notification No.RBI/2016-17/287
(Delhi) 24-04-2017
Alteration in the name of "Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A." to "Coöperatieve Rabobank U.A." in the Second Schedule to the Reserve Bank of India Act, 1934...
Notification No.RBI/2016-17/288
(Delhi) 24-04-2017
Exclusion of KBC Bank N.V. – from the Second Schedule to the Reserve Bank of India Act, 1934...
Notification No.RBI/2016-17/289
(Delhi) 24-04-2017
Sovereign Gold Bonds 2017-18 – Series I...
Notification No.RBI/2016-17/290
(Delhi) 24-04-2017
Sovereign Gold Bonds, 2017-18 – Series I - Operational Guidelines...
 
 
 Indian Corporate
 
Reliance Trends readies for debut on Amazon, Flipkart to expand reach
Reliance Retail’s flagship fashion apparel retail chain Reliance Trends is preparing to make its debut on marketplaces of Amazon and Flipkart in a bid to expand its business beyond its network of stores and its own e-commerce site. Reliance Trends is expected to launch its products on Flipkart and A...

Amazon told to keep food items separate from others
The government has asked Amazon to ensure a clear segregation between the food products it wants to sell directly to consumers and the other merchandise it lists online, a likely precursor to granting permission to the US-based ecommerce giant to commence food retailing in India. Amazon had sought a...

India to expand access to J&J's TB drug this year
India's top tuberculosis fighter said the government will expand access to Johnson & Johnson's breakthrough TB drug this year, but health experts warn much more needs to be done to eliminate the superbug by 2025. India will make bedaquiline, one of just two new TB drugs marketed over the last 50 yea...

UltraTech Cement Q4 net profit down 11.3% to Rs 726 cr
Ultratech Cement on Monday reported a decline of 11.31 per cent in its consolidated net profit to Rs 725.90 crore for the fourth quarter ended March 31, 2017 on account of higher expenses.The firm, part of the Aditya Birla Group, had clocked a net profit of Rs 818.56 crore in the January-March perio...

Italian food processing firms sending major delegation to India
Taking note of liberalisation in the foreign investment rules for the food processing sector in New Delhi, Italian companies are looking to secure a bigger piece of the Indian market. A 150-company trade delegation led by Ivan Scalfarotto, the Italian deputy minister of economic development, will be...

Nexus still holding out on merger of Flipkart-Snapdeal
SoftBank needs a final, crucial, aye from Nexus Venture Partners, an early investor in online marketplace Snapdeal, to deal on the proposed merger of the latter into larger rival Flipkart.However, with the most to lose from the acquisition, the venture capital (VC) entity is trying for a hard bargai...

Tata Power may sell cross-holdings after Mundra tariff order
Tata Power would consider selling non-core assets to support the Mundra plant following a Supreme Court ruling against compensatory power tariffs, it told investors on Monday. The non-core assets included cross-holdings at the Tata group level, the company added. Tata Power holds stakes in seven lis...

RIL net up 12.3% to Rs 8,046 crore
Reliance Industries (RIL) reported record annual profits for the last financial year (2016-17), riding high on refining and petrochemicals businesses. For the March quarter, its consolidated net profit rose 12.3 per cent to Rs 8,046 crore, against Rs 7,167 crore for the same period a year ago. With ...

 
 Global Corporate
 
IKEA to start work on Mumbai store in May
Swedish furniture behemoth IKEA is going aggressive on its retail rollout, with the company announcing that it will soon start work on its second store, set to come up in Maharashtra.Company officials also said IKEA will be launching its first distribution centre in Pune besides doubling local sourc...

 

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