Around the Globe

Around the Globe

Trai’s plan to slash IUC throws telecom industry into tizzy

The telecom regulator may soon cut the interconnect usage charges (IUC) by 40-50 per cent from the current level, which may put further pressure on the companies’ revenue.

The IUC is the charge that a telecom operator pays to another for completing calls and currently stands at 14 paise per minute. The Telecom Regulatory Authority of India (Trai) is in final stages to take a decision amidst lobbying by both camps. UK-based Vodafone has already said that if IUC is reduced, it may lead to large-scale closure of mobile sites and coverage in rural areas will be cut.

SC reject plea of Sahara chief to deposit Rs 966 cr on Nov 11


New Delhi, Sep 11 (PTI) The Supreme Court today rejected Sahara chief Subrata Roy's plea seeking two more months to deposit Rs 966.80 crore of the remaining Rs 1500 crore, saying he was trying to treat the apex court as "a laboratory" to play with the law.

The apex court directed the official liquidator to go ahead with the scheduled auction of the group's Aamby Valley property in Maharashtra valued at Rs 37,392 crore, as it rejected Roy's plea to extend the time till November 11.

Supreme Court moves to protect Jaypee Infratech home buyers

The Supreme Court moved on Monday to protect buyers of homes sold by builder Jaypee Infratech, which is being pursued in a bankruptcy court over unpaid loans, telling its parent Jaiprakash Associates to deposit 20 billion rupees ($313 million) with it by Oct. 27.

Many buyers of apartments in a mega township project being built by Jaypee Infratech on the outskirts of New Delhi have paid for them but have yet to take possession. They filed a petition with the court because of worries they would lose their money.

UN Security Council to vote Monday on weakened North Korea sanctions

The U.N. Security Council is set to vote on a watered-down U.S.-drafted resolution to impose new sanctions on North Korea over its latest nuclear test, diplomats said, but it was unclear whether China and Russia would support it.

North Korea warned the United States that it would pay a “due price” for spearheading efforts for fresh sanctions for this month’s nuclear test, which followed a series of test missile launches, all in defiance of U.N. sanctions.

We could have managed liquidity better, says Rajan

Former RBI Governor Raghuram Rajan has said that in hindsight it appears that the central bank under his governorship could have managed the liquidity in banking system in a better manner on certain occasions.

China raises subsidies for Tibet residents

China has substantially increased subsidies to the people living in the border areas along the India-China border in Tibet to motivate them to manage and control the border, a media report said on Sunday.

7,600 more TRPs to be appointed to help taxpayers

Every district of the country will soon have at least one trained personnel to assist taxpayers in filing ITRs, with the income-tax department proposing to appoint 7,600 additional experts whose services will also be available on mobile application.

India renegotiates Australia LNG price

India has renegotiated the pricing of liquefied natural gas (LNG) imported from Australia’s Gorgon project to save more than Rs 10,000 crore over the life of the contract.