Monday, March 18News That Matters

India

Rabi Crops Sowing Crosess 628 Lakh Hactare

Rabi Crops Sowing Crosess 628 Lakh Hactare

India
As per preliminary reports received from the States, the total area sown under Rabi crops as on 20th January 2017 stands at 628.34 lakh hectares as compared to 592.36 lakh hectare this time in 2016. Wheat has been sown/transplanted in 313.14 lakh hectares, rice in 19.36lakh hectares, pulses in 157.68 lakh hectares, coarse cereals in 56.25 lakhhectares and area sown under oilseeds is 81.91 lakh hectares. The area sown so far and that sown during last year this time is as follows.                                                                                                                                  Lakh hectare Crop Area sown in 2016-17 Area sown in 2015-16 Wheat 313.14 291.97 Rice 19.36 22.45 Pulses 157.68 142.01 Coarse Cereals 56.25 59.47
India participates in JITSIC meeting on ‘Panama Papers’

India participates in JITSIC meeting on ‘Panama Papers’

India
India participated in the Joint International Taskforce on Shared Intelligence and Collaboration (JITSIC) meeting held in Paris on 16thand 17th January 2017 where 30 Revenue Authorities shared their findings on investigations arising from the Panama Papers;  including the role of tax intermediaries  such as financial institutions, advisers  etc, who facilitate tax evasion. The meeting included sharing of best practices and information between participating member countries based on legal instruments under the tax treaties and OECD and Council of Europe Multilateral Convention. The sharing of this information within a group of this size is unique and sets the basis for greater cooperation amongst tax administrations. Since the last JITSIC meeting of this group, significant achievements h
Ministry of Finance denies any collaboration with the tainted UK based Note Printing Company

Ministry of Finance denies any collaboration with the tainted UK based Note Printing Company

India
There have been reports that union governemnet has entered in to collaboration with tainted UK based note printing paper supplier company keeping national interest aside, However, Ministry of finance denied same and in todays press releases clarified that company had been supplying bank note paper till 2010.  Further as per the decision taken in 2013 by Finance ministry, the company was permitted to supply a security feature for bank notes till December 2015 and no fresh contract has been given to this company by the Government during the last three years. As per sources The Security Clearance for this company has been withheld by the Ministry of Finance, Government of India and hence no fresh orders have been placed with the said company since 2014. The company has applied for setting-
Watsa’s Bangalore International Airport investment plan gets government nod

Watsa’s Bangalore International Airport investment plan gets government nod

Business & Corporate, India, Tours & Travels, Uncategorized
The government has given the long-awaited security clearance to billionaire Prem Watsa's proposed investment in the GVK-led Bangalore International Airport (BIAL). A GVK spokesman confirmed the development and said this will pave the way for the deal “to be concluded very soon”. Sources said the security clearance had been recommended by the Ministry of Home Affairs several months earlier. The Ministry of Civil Aviation however had kept some approvals pending and sought several clarifications from both parties as well as from the Karnataka state government. Indian-born Watsa's Toronto-based Fairfax Group had in March last year, announced its decision to buy a 33% stake in BIAL from GVK Group for Rs 2,149 crore, valuing the eight-year-old airport at about Rs 6,500 crore. A month la
ATM Cash Withdrawal Limit Raised From 4500 To 10000 Per Day, Says Reserve Bank

ATM Cash Withdrawal Limit Raised From 4500 To 10000 Per Day, Says Reserve Bank

India, Market
Reserve Bank of India relaxed the cap on ATM cash withdrawal from Rs. 4,500 to Rs. 10,000. On a review of limits placed on withdrawals from ATMs and current accounts, RBI has been decided to enhance the same, with immediate effect as under: (i) The limit on withdrawals from ATMs has been enhanced from the current limit of Rs.4,500/- to Rs.10,000/- per day per card (It will be operative within the existing overall weekly limit). (ii) The limit on withdrawal from current accounts has been enhanced from the current limit of Rs.50,000/- per week to Rs.1,00,000/- per week and it extends to overdraft and cash credit accounts also. There are no changes in the other conditions. The relaxations as provided in our circular dated November 28, 2016 will continue. In an official notifica...
Jaitley looks to break deadlock at GST meeting tomorrow

Jaitley looks to break deadlock at GST meeting tomorrow

Business & Corporate, India
Fin Min Arun Jaitley will tomorrow look to break the deadlock over distribution of powers b/w centre and states to administer GST, an issue that is holding up launch of the new national sales tax from April. GST council officials under heading of Mr. Jaitley will meet 9th time on 16th January to find out solution of deadlock between states and the Centre continuing over these two issues of definition of territory  (where States have been demanding tax jurisdiction in the GST regime over high sea sales in offshore regions within 12 nautical miles, whereas Centre claims it to be a Union-administered territory ) and dual control, the deadline of April 1 is completely ruled out as most states said GST can be implemented only from June or July. Further some states including Kerala, Delhi,
India’s oil demand growth rate to eclipse China’s

India’s oil demand growth rate to eclipse China’s

India, Market
India's oil consumption is expected to 7-8 per cent this year, outpacing China's demand growth for the third consecutive year, as impact of demonetisation is likely to be short-lived, according to Platts. LPG and transport fuels demand will rise, while new petrochemical projects would a boon for naphtha demand. "The dramatic rise in India's oil demand shows no signs of faltering... the country will remain a driver of Asian growth in 2017. The cash crunch following move to demonetise 86 per cent of currency is expected to "temporarily dampen the country's appetite for oil products in the first quarter, or maybe a little longer," it said. "But gains in oil demand that the country is set to achieve from the 'Make in India' initiative -- which aims to raise the share of manufacturi...
Amazon seeks government permission to run mystery wireless tests in rural washington

Amazon seeks government permission to run mystery wireless tests in rural washington

Business & Corporate, India
Amazon is preparing to test experimental wireless communications technology, including mobile devices and fixed-base stations, in rural Washington and Seattle, the company disclosed in government filings this week. The filings do not specify what the tests would be for, but they hint at a new type of technology or wireless service, noting that the project would involve prototypes designed to support "innovative communications capabilities and functionalities." Even more intriguing is that Amazon listed Neil Woodward as the main contact on the filings. Woodward, a retired NASA astronaut who joined Amazon in 2008, is now a senior manager for Prime Air, the team in charge of Amazon's drone-delivery effort, according to his LinkedIn page. That suggests the tests could involve some kin...
Air India reserves seats for women

Air India reserves seats for women

India, Tours & Travels
The Press Trust of India (PTI) reports that the national carrier will set aside six seats per aircraft for women on all its domestic routes from next week. The third row of economy class – three seats either side of the aisle – would be designated for female travellers. This applies to the airline’s domestic flights operated using its fleet of Airbus A320 aircraft. The move comes into force on 18 January 2017. The policy only applies to solo female travellers, and not to women travelling with other family members.
Paytm’s founder is on a mission to change the banking business

Paytm’s founder is on a mission to change the banking business

Business & Corporate, India, Market
“The mobile wallet will become a part of our payments bank business,” Vijay Shekhar Sharma told this reporter in December. Sharma is perhaps the biggest beneficiary of prime minister Narendra Modi’s demonetisation business. Paytm from a payments startup spiraled up to become a household name as India faced its biggest ever cash crunch. To its user’s respite, the Paytm mobile wallet has become the biggest alternative for cash. Millions of small merchants and first time users downloaded the Paytm app, and used it to buy everything from tea, grocery, vegetables and fill fuel in cars. But, Sharma is far from being content. In fact, he sleeps less, works over 16 hours in a day, holds more meetings, and is already preparing for his next big “bang”. In the next five days, in its bigge