Around the Globe

Around the Globe

RBI asks Kotak Mahindra to cut promoter stake to 15% by 2020

Private sector Kotak Mahindra Bank today said the RBI has asked it to bring down its promoter shareholding by half to 15 per cent in a phased manner by March 31, 2020.

"The Bank has received a communication from the Reserve Bank of India to bring down its promoter shareholding to 30 per cent by June 30, 2017, 20 per cent by December 31, 2018 and 15 per cent by March 31, 2020," Kotak Mahindra Bank said in a BSE filing.

As per BSE data, promoter shareholding in Kotak Mahindra Bank as on December 31, 2016 stood at 33.61 per cent.

Govt to frame new rules on medical devices to draw investments

Government today said it will amend the Drugs and Cosmetics Rules to ensure availability of medicines at reasonable prices and also formulate new norms for the medical devices sector to bring in investments.

"We propose to amend the Drugs and Cosmetic Rules to ensure availability of drugs at reasonable prices to ensure use of generic medicines.

Govt removes all taxes on PoS machines to push e-payments

In a move to push digital payments, the government today removed all duties on devices used in the process of cashless transactions like point of sales machines, finger print readers etc.

Finance Minister Arun Jaitley said in his budget speech, "To promote cashless transactions, I propose to exempt BCD (basic custom duties), excise duties, CVD (countervailing duties), SAD (special additional duty) on miniaturised card readers and mPOS micro atms standards for version 1.5.1, finger print readers, scanners and iris scanners."

Cash dealings above Rs 3 lakh banned from Apr 1: Jaitley

Continuing with government steps to clamp down on black money, Finance Minister Arun Jaitley today proposed to ban all cash transactions above Rs 3 lakh beginning April 1, 2017.

The decision to ban cash transactions beyond a threshold is based on the recommendation of the Special Investigation Team on black money that was set up by the Supreme Court, Jaitley said while presenting Union Budget 2017-18 in Parliament.

Cash dealings above Rs 3 lakh banned from Apr 1: Jaitley

Continuing with government steps to clamp down on black money, Finance Minister Arun Jaitley today proposed to ban all cash transactions above Rs 3 lakh beginning April 1, 2017.

The decision to ban cash transactions beyond a threshold is based on the recommendation of the Special Investigation Team on black money that was set up by the Supreme Court, Jaitley said while presenting Union Budget 2017-18 in Parliament.

Record Rs 3.96 L cr allocation for infra to spur growth: FM

Allocating a record Rs 3.96 lakh crore to infrastructure sector, Finance Minister Arun Jaitley today said the magnitude of investment will spur economic activities and create more jobs.

Presenting Budget for 2016-17 in Parliament, Jaitley said, "Total allocation for infrastructure stands at a record level Rs 3,96,135 crore in 2017-18."

"The magnitude of investment", he said, will spur a huge amount of economic activities in the country and create more job opportunities.

IRCTC, IRCON, IRFC to be listed on bourses: Jaitley

Government will move ahead with the listing of Railway PSUs -- IRCTC, IRCON and IRFC -- and come out with a procedure for a time-bound listing of CPSEs.

In his Budget speech today, Finance Minister Arun Jaitley said the government will look at consolidation option for PSUs and a new CPSE Exchange Traded Fund (ETF) in 2017-18.

"We will come out with procedure for a time-bound listing of CPSEs. IRCTC, IRFC, IRCON to be listed. For CPSEs we will seek opportunities through consolidation," Jaitley said.

FM raises allocation towards M-SIPS, EDF to Rs 745 cr

Aimed at positioning India as a global manufacturing hub, Finance Minister Arun Jaitley today announced increase in allocations towards schemes like Modified Special Incentive Package Scheme (M-SIPS) and Electronic Development Fund (EDF) to Rs 745 crore in 2017-18.

"We are also creating an ecosystem to make India a global hub for electronics manufacturers. Over 250 investment proposals for electronics manufacturing has been received in the last 2 years, totalling an investment of Rs 1.26 lakh crore," Jaitley said while presenting Union Budget 2017-18 in the Lok Sabha.

Govt abolishes FIPB; more FDI policy easing on anvil

Finance Minister Arun Jaitley today announced the abolition of FIPB, a body that clears proposals envisaging foreign investment up to Rs 5,000 crore.

The minister also announced that further liberalisation of the FDI policy is under consideration.

"FIPB has successfully implemented e-filing and online processing of FDI applications. We have now reached a stage where FIPB can be phased out. We have, therefore, decided to abolish the FIPB in the year 2017-18. Our roadmap for the same will be announced in the next few months.

Centre raises CLSS loan tenure to 20 years

The Centre today approved extension of tenure of loans under Credit Linked Subsidy Scheme (CLSS) of Pradhan Mantri Awas Yojana (PMAY) to 20 years from 15 years and introduction of a new CLSS for middle income group with a provision of Rs 1,000 crore in 2017-18.

"The Union Cabinet chaired by Prime Minister Narendra Modi has given ex-post facto approval to the proposals for extension of tenure of loans under the CLSS vertical of Pradhan Mantri Awas Yojana (Urban) Mission from 15 to 20 years," said an official statement.

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