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23-March-2017
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 Indian Economy
 
Infrastructure: NHAI lines up massive Rs 5.35 lakh cr expenditure plan
Relying heavily on a planned over-300% increase in annual market borrowings and likely handsome proceeds from leasing out of existing projects under the proposed toll-operate-transfer (TOT) scheme, the National Highways Authority of India (NHAI) has lined up a massive R5.35-lakh-crore expenditure pl...

GBS 2017: This is how global business is transforming due to internet effect
Technology innovation in the last decade has predominantly been viewed through a developed economy lens. But, in the past five years, the dynamic nature of emerging markets has turned that theory on its head. Emerging markets have unique challenges that have spurred innovative solutions. Since these...

Cabinet nod for raising NABARD captial to Rs 30,000 crore
The Union Cabinet today approved amendments to the NABARD Act to increase authorised capital to Rs 30,000 crore from Rs 5,000 crore, a move that will help the agency fulfil its commitments. The Cabinet chaired by Prime Minister Narendra Modi approved amendments to the National Bank for Agriculture a...

Energy efficiency scheme leads to Rs. 37,685-crore savings for the country
The ‘Perform, Achieve, Trade (PAT)’ scheme, run by the Bureau of Energy Efficiency, has brought in savings of Rs.37,685 crore, according to a press release issued by BEE.The first cycle of the scheme, or PAT-I, saw investments of RS.24,517 crore in energy efficiency measures, says BEE, which is a pa...

Note ban effect: GDP growth to slow to 6.7% in Jan-Mar 2017, says Nomura
India's GDP growth is expected to slow to 6.7 per cent in the January-March quarter of this financial year as overall activity is yet to bounce back to levels seen prior to demonetisation, says a Nomura report.Though the adverse growth effects of demonetisation are waning, the pace of improvement is...

 
 Global Economy
 
German consumer sentiment unexpectedly falls heading into April - GfK
German consumer sentiment unexpectedly fell to its lowest level in five months going into April, a survey showed on Thursday, partly due to people's concerns that rising inflation will erode their purchasing power.The consumer sentiment indicator, published by the Nuremberg-based GfK institute and b...

Japanese Exports Jump Most in Two Years, Led by Sales to China
Japan’s exports rose for a third consecutive month in February as strengthening global demand continued to help the nation’s moderate economic recovery. The increase was the biggest in two years, reflecting the timing of Lunar New Year holidays in Asia.Key Numbers Exports rose 11.3 percent from a ye...

Fed's Kaplan sees three rate hikes in 2017, eyes balance sheet
With the U.S. workforce nearly fully employed and inflation heading toward 2 percent, the Federal Reserve should raise interest rates two more times this year and continue work on a plan to gradually trim its massive balance sheet, Dallas Federal Reserve Bank President Robert Kaplan said."I think we...

UK Car Exports to India Grow 11-Fold in 7 Years, Jaguar Land Rover Tops The List
Export of cars from Britain to India grew almost 11-fold in the past seven years with Tata Motors-owned JLR's Land Rover and Jaguar models topping the best-selling list, according to UK's Society of Motor Manufacturers and Traders.On the other hand, Indian-built models accounted for 31,535 new car r...

 
 Market & Finance
 
Rupee erases early gains against US dollar on Asian cues
The Indian rupee on Thursday erased all its morning gains and was trading marginally lower against the US dollar tracking losses in the Asian currencies markets.At 2.10pm, the home currency was trading at 65.47, down 0.05% from its previous close of 65.44. The rupee opened at 65.41 a dollar and touc...

FMCG, healthcare sectors beat market return over 10yr period: Ambit Capital
Ten years is a long time in investing, especially in equities. But disciplined investing does have its own merits. According to a recent report titled “Sectoral investing in India”, co-authored by Ritika Mankar Mukjerjee and Aditi Singh of Ambit Capital, suggests that fast moving consumer goods (FMC...

Higher interest rates may halt 8-year bull market run: BofA-ML
Investors worry that the eight-year bull market might come to an end due to higher interest rates, BofA Merrill Lynch Fund Manager Survey said in a report.Ten-year treasury yields of 3.5% to 4% are needed to trigger equity bear market. Investors believe that higher interest rate is a stronger cataly...

MFs see Rs 30k cr inflow in Feb; Rs 3.98 lakh cr in 11 months
Investors have pumped in more than Rs 30,000 crore into various mutual fund schemes in February, with liquid, income and equity funds attracting the most of the inflows.With this, total inflows have reached Rs 3.98 lakh crore in the first eleven months of the current fiscal (2016-17). In comparison,...

Sensex posts biggest drop of 2017, ends at 29,167
The Indian share markets saw their biggest fall of 2017 on Wednesday, amid weak global cues and continued selling in banking stocks.Falling for a third straight session, the benchmark Sensex on the BSE ended at 29,167, down 317.8 points or 1.1 per cent, the most since December 2. The Nifty50 index ...

 
 
 Direct Tax
 
Gifts to trusts for benefit of kin exempted from tax
Gifts to trusts in the form of money or property for the benefit of relatives will not be taxed. The finance bill, approved by the Lok Sabha on Wednesday, has amended the original proposal that had expanded the scope of gifts to include money or property received for no consideration by trusts. Gift...

 
 Indirect Tax
 
Cabinet clears abolition of cesses for GST rollout, government to incur Rs 65,000-crore loss
The Union Cabinet has approved amendments in the Customs and Excise Act relating to abolition of cesses and surcharges on various goods and services to facilitate implementation of GST. Following this, the Centre will abolish 16 cesses and surcharges on union excise and service tax as it lays down ...

 
 RBI
 
New Rs 10 currency notes in Mahatma Gandhi Series coming soon, says RBI
The Reserve Bank of India (RBI) will soon issue new Rs 10 currency notes in Mahatma Gandhi Series-2005. The central bank stated that all the banknotes in the above-mentioned denomination issued by the Bank in the past will continue to be legal tender. According to an official release issued by the c...

RBI amends hedging norms for MNCs' Indian subsidiaries
The Reserve Bank of India (RBI) on Tuesday said it has amended the hedging guidelines for Indian subsidiaries of multi-national companies (MNCs) with a view to providing operational flexibility."With a view to providing operational flexibility to multinational entities and their Indian subsidiaries ...

 
 
 
 
 
 
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RBI
Notification No.RBI/2016-17/254
(Delhi) 22-03-2017
Risk Management and Inter-bank Dealings: Operational flexibility for Indian subsidiaries of Non-resident Companies...
 
 
 Indian Corporate
 
Apollo to manufacture tyres for defence forces
Apollo Tyres’ Chennai facility is gearing up to manufacture special tyres for the Indian defence forces that are currently imported by them at exorbitant rates, a top company official said. The tyres needed by the defence forces are unique in size and the volumes are low and there are few suppliers....

Samsung launches mobile payments service 'Samsung Pay' in India
Samsung on Wednesday announced the launch of its flagship mobile payments service, Samsung Pay in India for simple and secure purchases almost everywhere with a swipe or tap using a debit or credit card.Apart from allowing users in India to simply tap and pay on the go using their registered cards, ...

E-commerce: Snapdeal to divest 17.13% stake, exit DEN-Snapdeal TV Shop business
Jasper Infotech operated e-commerce platform Snapdeal is looking at exiting teleshopping business DEN-Snapdeal TV Shop by divesting its entire stake in the company. Sameer Manhanda-promoted multi-system operator (MSO) DEN Networks currently holds 82.87% stake in the company, while Snapdeal has 17.13...

Beleaguered ONGC expects higher gas prices to give boost in face of falling production
Under fire for its falling production, state-owned ONGC is looking at higher gas prices which will make its businesses economically viable. On the one hand, the country’s largest natural gas producer has sought a minimum price of $4.2 per mmBtu, and on the other it is expecting at least $7 per mmBt...

 
 Global Corporate
 
American Airlines said to buy stakes in China airline
American Airlines is in advanced talks to buy a $200 million stake in Asia's biggest airline China Southern, reports said Thursday, as it looks to get a shoe-in to the country's huge aviation market. The Texas-based company plans to take the stake in the Chinese firm's Hong Kong-listed shares throug...

South Korea throws shipbuilder Daewoo new $6 billion lifeline
South Korea offered troubled Daewoo Shipbuilding & Marine Co. a new $6 billion bailout on Thursday, as the giant firm's financial crisis worsens.Daewoo is the world's largest shipyard in terms of its order book and was previously given a 4.2 trillion won ($3.8 billion) aid package in 2015. It is maj...

Brookfield, ATC Vie for $1.5 Billion India Tower Assets
Canadian alternative asset manager Brookfield Asset Management Inc. is vying with American Tower Corp. for the wireless towers of two operators in India, which could fetch a combined 100 billion rupees ($1.5 billion), people with knowledge of the matter said.Idea Cellular Ltd. and Vodafone Group Plc...

 

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