Business
‘Too Big To Fail’ Big Techs Pose Risk Profiling Challenges: RBI
MUMBAI: The Reserve Bank of India (RBI) has cautioned that Big Tech companies that can quickly become “too big to fail” and dominate markets, could present significant challenges in assessing risk profiles due to their unique characteristics, extensive group entities, interconnected activities, and transnational presence. The RBI’s Currency and...
Companies Act To See Slew Of Changes Soon
NEW DELHI: The government is likely to table the Companies (Amendment) Bill 2024 in Parliament in the current session, as it aims to streamline corporate operations and enhance governance norms, official sources told FE. The amendments are likely to touch upon easing the borrowing process of listed companies, incorporate...
Experts Sound Caution About Budget Move On Fiscal Policy
NEW DELHI: The Centre’s proposal to move away from a fiscal consolidation path driven by fiscal deficit to one led by a reduction in debt-GDP ratio from FY27 is not “correctly perceived,” former Reserve Bank of India Governor C Rangarajan said. He added that the focus should remain on...
SEBI To Widen The Net To Curb Insider Trading
MUMBAI: The Securities and Exchange Board of India (Sebi) on Monday proposed changes to insider trading rules by including relatives, related firms or partners, people living in the same household, and Hindu Undivided Families (HUFs) where the karta is related to the ‘connected person’, among others, as part of...
Government Plans Crackdown On Lookalike Drug Brands
NEW DELHI: Drug manufacturers are likely to face increasing scrutiny of their branding practices, as the government plans to crack down on lookalike and soundalike brand names of medicines that it believes cause confusion and pose serious risk to patient safety. According to people in the know, the government...
HPCL Net Profit Declines To Rs 634 Crore In Q1 As Refining Margin Dips
NEW DELHI: Hindustan Petroleum Corporation Limited (HPCL) on Monday reported a consolidated net profit of Rs 634 crore during the first quarter 2024-15 compared to 6,766 crore during 1Q FY24. The standalone net profit during this quarter was Rs 356 crore compared to 6,204 crore during 1QFY24. “The primary...
India’s Steel Sector Likely To See Investment Of Rs 30,000-Crore By 2029: Secretary, Ministry Of Steel
NEW DELHI: India’s steel sector is expected to see an investment of close to Rs 30,000-crore, and a production capacity boost by 25 million tonnes in five years, according to a top official. “Given the progress we have made so far, we are confident that by the end of...
DAC Approves Advanced Navigation System For AFVs
NEW DELHI: In an effort to give a fillip to operational preparedness, nod was given on Monday for acquisition of Advanced Land Navigation system (ALNS) to armoured fighting vehicles for the army and 22 interceptor boats for the Coast Guard. Giving details here, Defence Ministry officials said a meeting...
PSU Banks May Get Another 2-Year Extension To Comply With MPS Norms
NEW DELHI: Public sector banks are expected to get another two-year extension to comply with Sebi’s minimum public shareholding (MPS) norms, a top Government official has said. Out of 12 public sector banks (PSBs), five are yet to comply with MPS norms and the government’s holding is beyond 75...
Airtel Starts Re-Farming Of Mid-Band Spectrum To Accommodate Growing Demand On 5G Network
NEW DELHI: Telecom major Bharti Airtel on Monday said it has started reallocating its existent mid-band spectrum to accommodate the exponential growth in 5G traffic. As data demand grows, Airtel is re-farming its existing spectrum at a faster pace to provide its customers with a brilliant 5G experience, it...
Government Asks Public Sector Banks To Fast-Track Bad Loan Recovery
NEW DELHI: With trillions of crore rupees locked up in cases under the Debt Recovery Tribunals (DRTS) and National Company Law Tribunals (NCLTs), the government has asked chiefs of Public Sector Banks (PSBs) to monitor the top twenty defaulter loan accounts personally for faster recovery. The move is expected...
DoT Plans To Update Trade Codes For Telecom Gear For Better Tracking
NEW DELHI: The Department of Telecommunications (DoT) is working on updating the classification of traded telecom equipment to better track its trade. This will enable higher domestic manufacturing, and plugging leakages in Customs duty collections, officials said. This follows recommendations by the Telecom Regulatory Authority of India (Trai) to...
Global Law Firms’ India Entry Plans Hit Regulatory Hurdle
MUMBAI: In late June, Manan Kumar Mishra, chairman of the Bar Council of India (BCI), met with Nick Emmerson, president of the Law Society of England and Wales, to discuss the upcoming implementation of regulations that would open India to foreign lawyers and law firms. The meeting in London...
Govt Reviewing Outcome Of 15% Tax For New Units, May Reintroduce It In FY26 Budget
NEW DELHI: The government is analysing the results of the 15% concessional corporate tax rate scheme–which ended on March 31–availed by new manufacturing units, to take a fresh call on its re-introduction, official sources told FE. The internal-review is being carried out, as the Centre’s prime focus is on...
Govt To Tighten FDI Norms For Tobacco Further
NEW DELHI: The government is considering tightening the foreign direct investment (FDI) conditions for the tobacco sector to cut down on any room available for promotional activities and curb smuggling, a senior official said. The current policy explicitly prohibits FDI in manufacturing of cigars, cheroots, cigarillos and cigarettes, of...
Bill For NFIR At Advanced Stage, Likely To Be Introduced In Next Session: DEA
NEW DELHI: The Bill for setting up a National Financial Information Registry (NFIR) is in the advanced stage of preparation, and it may be introduced in the next session of Parliament, Economic Affairs Secretary Ajay Seth has said. “It is at an advanced stage. It is in the closing...
WTO Accepts India, Taipei’s Request On ICT Import Duty Dispute Ruling
NEW DELHI: The WTO’s dispute settlement body has accepted a request from India and Chinese Taipei not to adopt the ruling against New Delhi’s import duties on certain information and technology products till October-end, as both sides are engaged in resolving the matter mutually, an official said. The issue...
Removal Of Angel Tax For Startups To Help Attract Investors: Goyal
MUMBAI: Commerce and Industry Minister Piyush Goyal on Sunday said that removal of angel tax, which was introduced in 2012 by the UPA government, for all classes of investors will help startups attract investments. He also said that the customs duty reduction for gold and silver from 15 per...
