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21-February-2017
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 Indian Economy
 
India looks to expand energy ties with Myanmar
India plans to sell refined crude oil products to Myanmar as part of New Delhi's efforts to deepen ties with its eastern neighbour, which is expected to see strong demand for fuels as it builds new roads, factories, utilities and airports.Indian oil minister Dharmendra Pradhan began a five-day trip ...

GDP growth to slow down to 6.5% in Q3: Icra
Economic growth is likely to have slowed down to 6.5 per cent in the third quarter (Q3) of 2016-17, down from 7.2 per cent in the third quarter of 2015-16, as economic activity is likely to have been disrupted after demonetisation, says Icra. Gross domestic product (GDP) grew by 7.3 per cent in the ...

UP sugar mills owe Rs 5,795 cr to cane farmers despite lucrative prices
Sugarcane payment arrears to farmers in Uttar Pradesh stood at Rs 5,795 crore till last Friday, despite lucrative sugar prices this time, indicating that the benefits of a good year for the sector don't necessarily trickle down to growers. The ongoing 2016-17 sugar season, which started on October 1...

Trains to remote areas will soon gain steam
As progress in laying new railway lines in hilly, remoter and hitherto unconnected habitations gets more focus, the central government is mulling a separate scheme or programme for giving impetus to this, on the lines of the Pradhan Mantri Gram Sadak Yojana (PMGSY).NITI Aayog, say officials, is expe...

Government to play active role in making India a global semiconductor hub
The ministry of electronics and information technology (Meity) is revising its policy framework towards making India a global semiconductor hub, which will see the government taking a more active role, including initial investment, in a bid to attract private sector players.The existing policy has n...

 
 Global Economy
 
Chinese Banks' Off-Book Wealth Products Exceed $3.8 Trillion
Chinese banks had more than 26 trillion yuan ($3.8 trillion) of wealth-management products held off their balance sheets at the end of December, a 30 percent increase from a year earlier, according to the central bank.The expansion of this form of shadow banking, with money eventually being diverted...

EU welcomes Pence assurance of Trump's support
U.S. Vice President Mike Pence assured the European Union in Brussels on Monday that the Trump administration will develop their cooperation in trade and security and backs the EU as a partner in its own right.A month after Donald Trump caused alarm by renewing his endorsement of Brexit and suggesti...

China to run 1,000 cargo trains to Europe in 2017
China will run nearly 1,000 cargo trains to Europe in 2017, more than double the number from last year, as the Communist trading giant ramps up efforts to boost its dwindling exports.The cargo trains from southwest China's Chengdu city would be doubled, the Chengdu International Railway Services Com...

Russia overtakes Saudi Arabia as world's top crude producer
Russia has once again taken the crown from Saudi Arabia as the world’s biggest oil producer. The two countries are global leaders in crude production by a wide margin, trading the top spot from time to time.Russia produced 10.49 million barrels per day (bpd) in December, down 29,000 barrels a day fr...

 
 Market & Finance
 
Credit Suisse lowers earnings estimates for corporate lenders
Credit Suisse has cut its earnings estimates for corporate lenders by 5-10% owing to an upward revision of corporate impairment & provisioning estimates. However, it has factored in potential gains from stake sales in subsidiaries (general insurance) for ICICI Bank and State Bank of India (SBI), res...

Exchanges beef up vigil against unusual price movements
Amid growing instances of media reports triggering wild swings in stock prices, stock exchanges have raised their watch on this.In 2016, the two major ones, BSE and the National Stock Exchange, sent 42 per cent and eight per cent more queries, respectively, over the previous year to listed companies...

 
 Commercial Laws
 
Irdai to form actuary panels for life, general insurers
General and life insurance companies will be able to engage actuaries as the regulator Irdai will soon form panel of such analysts.The Insurance Regulatory and Development Authority of India (Irdai) has invited bids from actuaries and firms employing such analysts to form a 'Panel of Actuaries'.Sepa...

Can you send and receive money without a bank account? Aadhaar will make that possible
Your 12-digit Aadhaar number could soon become your single-point payment address. With the upcoming payments bank by IndiaPost, over 112 crore Indians will be able to send and receive money only on the basis of the Aadhaar number; it won't not matter whether it is linked to a bank account or not. In...

 
 Direct Tax
 
Expect a visit from taxman if you've ignored I-T dept's email
Income Tax officials could soon be at your doorstep if you have deposited a huge amount during the note-swapping exercise last year, and have not yet explained the source of the cash. "We have tried to keep the exercise non-intrusive. But if people have not come forward, then some kind of verificati...

 
 Indirect Tax
 
What’s the real GST?
In the long run-up to introducing GST, the Government was so focused on State governments and negotiating their claims for compensation that it appeared to have missed the fact that India has seven Union Territories that also need to come on board.Out of the seven, only Delhi and Puducherry have the...

India must take GST lessons from other nations: CFO
Before the Goods and Services Tax (GST) reform is rolled out, India should take cautious lessons from other nations which have also introduced similar legislation, industry leaders have warned.A report released on Monday by the Confederation of Indian Industry and tax consultancy major Deloitte, whi...

 
 RBI
 
RBI forex intervention makes firms blind to rupee risks
The Reserve Bank of India’s commitment to a stable rupee is having an unintended consequence: local companies are getting complacent about hedging their overseas borrowings. A gauge of expected rupee swings fell the most after Russia among 23 emerging markets over the last two years, thanks to the R...

RBI monitoring payments zone: Dy Governor R Gandhi
A top Indian central bank official rejected a federal planner’s proposal of easier norms for handphone companies creating mobile payment businesses, tying customer-deposit privileges to banking licenses that ensure prudential standards on capital safety. “The (Ratan Watal) committee thinks of bankin...

 
 SEBI
 
Sebi eases norms for MF investments in derivatives
Existing mutual fund schemes will not require approval of a majority of unit holders to invest in derivatives segment provided the investors are given the exit option, Sebi said today.Among other conditions, the relaxation, effective immediately, would be in place only if the mutual fund scheme conc...

 
 
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 Notifications
 
RBI
Notification No.RBI/2016-17/228
(Delhi) 21-02-2017
Reimbursement of Merchant Discount Rate...
Notification No.RBI/2016-17/229
(Delhi) 21-02-2017
Repayment of Gold Loan...
Notification No.RBI/2016-17/230
(Delhi) 21-02-2017
Inclusion of “Equitas Small Finance Bank Limited” in the Second Schedule to the Reserve Bank of India Act, 1934 ...
Notification No.RBI/2016-17/231
(Delhi) 21-02-2017
Inclusion of “Capital Small Finance Bank Limited” in the Second Schedule to the Reserve Bank of India Act, 1934...
Notification No.RBI/2016-17/232
(Delhi) 21-02-2017
Forward Rate Agreement (FRA) and Interest Rate Swap (IRS) - Withdrawal of Fortnightly return...
Notification No.RBI/2016-17/233
(Delhi) 21-02-2017
Issuance of Rupee denominated bonds overseas – Multilateral and Regional Financial Institutions as Investors...
INCOME TAX
Notification No. 10/2017
(Delhi) 21-02-2017
[Notification No.10/2017 F. No. 500/14/2004-FTD-II]...
 
 
 Indian Corporate
 
From Amazon, Flipkart to Snapdeal, 49 e-commerce firms log over Rs 16,000 cr in losses; Jabong, OLX buck trend
Balance sheets of India’s e-commerce firms have red ink splattered all over them and it doesn’t look like the bleeding will stop anytime soon, reports fe Bureau in New Delhi. Few businesses are moving towards becoming profitable though growth projections are becoming loftier.Indeed, a slowing econom...

Govt invites i-bankers to help manage share sale in IRCTC, IRCON, IRFC
The finance ministry on Monday invited proposals from investment bankers to help the government sell shares in three railway enterprises.The three companies controlled by the railway ministry are Indian Railway Catering and Tourism Corp. (IRCTC), IRCON International Ltd and Indian Railway Finance Co...

E-commerce major Flipkart ties up with Microsoft on cloud to build business on land
Flipkart has partnered with Microsoft to use the Windows Azure technology platform to scale up its e-commerce business.Flipkart will use Microsoft’s public cloud computing service. Public cloud is an industry term for using technology on a subscription basis through the internet. This announcement w...

SC directs Unitech to pay 14% interest to Vistas home buyers
The Supreme Court has directed realty developer Unitech to pay interest at the rate of 14 per cent per year on the investments made by 39 home buyers of its delayed Vistas project in Gurgaon. In an interim order on Monday, the court said the interest would be applicable from January 1, 2010, and wil...

Are Reliance Jio free data plans compliant with TCPR: TDSAT asks Trai
The Telecom Disputes and Settlement Appellate Tribunal (TDSAT) on Monday directed the Telecom Regulatory Authority of India (Trai) to clarify whether Reliance Jio Infocomm’s (Jio) offers — Welcome Offer and Happy New Year Offer — are compliant with the Telecom Consumer Protection Regulations, 2012 (...

Britannia signs MoU with Greece’s Chipita for joint venture in India
Eight years after India's biggest cookies maker lost its taste for partnerships in foods, Britannia IndustriesBSE -0.61 % invited Greek baker Chipita to make rolls, croissants, and other dough products in a joint venture to meet the demands of a rapidly urbaniSing home market. "We've signed a non-bi...

TCS Board OKs Rs 16kcr Share Buyback
Tata Consultancy Services announced a Rs 16,000-crore ($2.39-billion) share buyback, sparking a 4% surge in the stock price and intensifying pressure on rivals to follow suit as investors clamour for returns amid slowing growth.India's biggest IT services company said it will buy back 56 million equ...

 
 Global Corporate
 
Petronas considers $1 bln stake sale in offshore gas project
Malaysian state-owned oil and gas firm Petronas is aiming to sell a large minority stake in a prized upstream local gas project for up to $1 billion as it seeks to raise cash and cut development costs, two sources familiar with the matter said.Petroliam Nasional (Petronas) is looking to sell a stake...

Kraft Heinz Withdraws $143 Billion Unilever Acquisition Bid
The $143 billion proposed acquisition of Unilever by Kraft Heinz, has met with an abrupt end with the latter pulling out on the deal.The Warren Buffet-backed Heinz Kraft has withdrawn its $143 billion bid for the takeover of the consumer product company Unilever. The withdrawal is believed to be ami...

 

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