INSUBCONTINENT EXCLUSIVE:
This report was compiled from agency feeds.
RBI further simplifies ECB norms In an attempt to go one step ahead in ease of doing business,
overseas borrowing norms have been simplified
The Reserve Bank of India has rationalised overseas borrowing norms allowing a uniform borrowing limit of Rs 750 million a year across
It has also broadened scope of borrowers by allowing all entities that are eligible for foreign direct investment (FDI) to borrow through
external commercial borrowing (ECB) route
The government has been opening up this sector to attract capital flows ever since rupee started depreciating steeply vis-a-vis dollar since
Angel tax not to haunt startups any moreKeen to promote entrepreneurship in country, government has liberalised conditions for startups and
Latest changes, notified on Wednesday, provide simpler mechanism for startups to claim exemption from this tax even for past investments,
including to startups incorporated before April 2016, cut-off date for incentive under startup policy announced by government.
Local
sourcing of gear for new power projects mustUpcoming coal-fired and hydropower stations and transmission lines will have to purchase
equipment locally, as per new guidelines issued by central government
government-owned firms as well as private projects being funded by state-run Power Finance Corp and Rural Electrification Corp
Record US crude production weighs on oil pricesOil prices dipped on Thursday as US crude production quickly approached an unprecedented 12
million barrels per day (bpd) just as worries about weakening demand emerge
US West Texas Intermediate (WTI) crude futures CLc1 were at $52 per barrel at 0140 GMT, down 31 cents, or 0.6%, from their last settlement
income tax department has started issuing two sets of tax demand notices to one company, a move that has stumped multinationals already
fighting transfer pricing cases, apart from potentially increasing their legal burden
The second, protective notice gets triggered only if a company successfully contests initial demand for tax payable under transfer pricing
Industry experts said such notices have been issued in several transfer pricing cases, ranging from royalty payments to advertising,
marketing and promotion (AMP) expenses
While first tax demand may be based on AMP adjustment, protective notice could be on overall profitability of a company.
May wins confidence
vote, seeks to end Brexit stalemate Prime Minister Theresa May won a confidence vote in British parliament on Wednesday and then appealed to
MPs from across political divide to come together to try to break impasse on a Brexit divorce agreement
a no-confidence vote in parliament
The euro was down 0.22% against dollar, last at $1.139, after being compressed in morning trade to a 12-day trough of $1.138.
Govt to infuse
Rs 6,000 cr in Exim Bank over 2 years The government Wednesday decided to recapitalise state-owned Exim Bank to tune of Rs 6,000 crore and
double its authorised capital to Rs 20,000 crore
The equity will be infused in two tranches -- Rs 4,500 crore in 2018-19 and Rs 1,500 crore in 2019-20, Railway Minister Piyush Goyal told
reporters after Cabinet meeting in New Delhi
Exim Bank serves as a growth engine for industries and small and medium enterprises through a wide range of products and services
Delhi HC stays demand on HUL by NAAThe Delhi High Court has stayed demand of Rs 462 crore, made on HUL by National Anti-profiteering
Authority (NAA) that claimed consumer goods giant benefited by not passing on gains from lower goods and services tax (GST) to consumers
The court while staying penalty, has directed NAA that no coercive action be taken, and no penalty proceedings be continued against HUL
until final determination of matter in court
to head World Bank after India-born former PepsiCo CEO's name was floated by Ivanka Trump, president's influential daughter, a top
India has committed to purchase $5 billion worth of oil and gas from US per annum and $18 billion worth of defence equipment that are under
implementation, a top Indian diplomat here said, highlighting growing bilateral trade cooperation
Your income-tax return may get processed in a day instead of 63 days now, making refunds more expeditious, after a proposed integrated
e-filing and Centralised Processing Centre 2.0 goes live
The Union cabinet has sanctioned a 4,241.97-crore project that seeks to make tax filing and refunds speedier
Infosys, which was lowest bidder, has been selected as IT service provider for project.TOP VIDEOOne has to live through volatility and
changing strategies do not work: Manish SonthaliaTOP QUOTE'Five years from now, we want to be 70% retail and 30% wholesale
bank'FUNDAMENTALSRupee down: The rupee weakened further by 19 paise Wednesday to close at 71.24 against US dollar amid a strengthening
greenback and fresh capital outflows
10-yr bond yields up: India 10-year bonds' yields rose 0.09% to 7.56% on Wednesday from 7.47% in previous trading session, according to RBI
data.
Call rate: The overnight call money rate weighted average was 6.42% on Wednesday, according to RBI data
It moved in a range of 5.00-6.55%.
