Plan and Policy

Plan & Policy

PCA: FinMin to review steps taken by banks

Perturbed by the fact that 11 public sector banks, out of 21, are under prompt corrective action (PCA), the finance ministry will hold a first review meeting of these lenders on Thursday.

New policy allows use of foodgrain for biofuel

In a major step aimed at promoting lesser polluting fuel, the government on Wednesday approved a new biofuel policy, allowing use of food substitutes and foodgrains as feedstock for production of ethanol meant for blending with petrol.

Choksi, Gitanjali, Nakshatra – all accused in CBI chargesheet

Gitanjali group owner Mehul Choksi (in pic) and Allahabad Bank CEO Usha Ananthasubramanian along with 13 others were on Wednesday charged by the CBI for alleged cheating and corruption in the issuance of fraudulent letters of undertakings worth Rs 7,080.86 crore from Punjab National Bank.

In addition, three companies of Choksi — Gitanjali Gems, Gili India and Nakshatra Brands — have also been made accused in the chargesheet filed before a special CBI court in Mumbai, officials said.

Absenteeism could change the game

The BJP’s strategy hinges on getting as many MLAs as it can from the opposition camp to abstain from voting in the floor test which will then be decided on the strength of the house on the given day.

The BJP with 104 MLAs is eight short of the majority mark. It hopes to get the support of one independent but there are reports that it may lose one MLA to the Congress-Janata Dal (S) combine.

Karma haunts Congress in Karnataka

The BJP claimed that the current crisis in Karnataka was karma catching up moment for former prime minister Deve Gowda who had presided over dismissal of a BJP government in Gujarat way back in 1996  on similar grounds.

A BJP official said that some of the players in the current political impasse are the same that figured in the 1996 drama.  Janata Dal (S) chief Deve Gowda was the prime minister at that time and the current governor of Karnataka Vajubhai Vala was the president of BJP’s Gujarat unit.

Dhanmat trumps Janmat

In a day marked by high drama, intrigue and suspense, charges and countercharges, Karnataka governor Vajubhai Vala asked BJP leader BS Yeddyurappa (Yeddy) to form the government and prove the majority within 15 days.

States could part fund air travel to Asean destinations

There is a huge cheer on the cards for domestic flyers in far-flung towns looking to avail of cheap flights to Asean destinations.

The civil aviation ministry is working on a proposal under which state governments will provide funds for launching affordable flights to member states of the regional grouping. Assam has shown interest in part-funding international flights operating out of Guwahati and may earmark Rs 100 crore for this in the first year.

Google asked to pay tax on advt revenue sent to parent firm

In a setback to Google India, the income-tax appellate tribunal has upheld a tax dem­and on the search engine’s remittances of advertiseme­nt revenue to Google Ireland. In a 331-page order, the Bangalore bench of ITAT uph­eld the tax department’s contention that such paym­e­nts are royalty and therefore subject to withholding tax. Google India said it would challenge the ruling in the high court.

India 3rd largest solar market

India has emerged as the third largest solar market in the world in 2017 behind Ch­ina and the US. “In 2017, India emerged as the third largest solar market having grown at a CAGR of 170 per cent since 2010,” said Mercom Communications India in a report.

As per the report, India set a new record with 9.6 gw of solar installations in 2017, which was more than double the 4.3 gw installed in 2016. The robust growth boosted the country’s total solar installed capacity to 19.6 gw as of December 2017, it added.

Resolutions in Pak assemblies demand treason case against Sharif

Resolutions against ousted prime minister Nawaz Sharif have been brought in the three provincial assemblies in Pakistan demanding registration of a treason case against him for his controversial remarks on the 2008 Mumbai terror attack. An unfazed Nawaz Sharif however rejected them demanding the formation of a national commission to find out who committed treason.