· Airtel to acquire the 4G spectrum of Aircel in 8 Telecom circles including Tamil nadu, Odisha
· Delhi high court restrained workers union of 5 associate banks of SBI from going strike.
· Nirma Ltd to buy Lafarge India’s Cement assets in a deal worth $1.4 Billion.
· British Oil and Gas explorer Cairn Energy has sought a compensation $5.6 Billion for breach of UK-India Investment treaty at an International arbitration panel for IT department making a retrospective tax demand. If the Arbitration panel fails to order in favour of Cairn Energy Ltd., it has said it should be compensated for the loss of value of shares amounting to $ 5.587 Billion.
· BSE has introduced online bidding platform for Sovereign Gold bonds after receiving approval from RBI
· Reliance Jio to offer free Local and ISD voice calls along with 4G Voice and data services.
· Cabinet Committee on Economic affairs has approved 15% stake sale in National Buildings Construction Corporation Ltd(NBCC) which is expected to yield Rs.1706 Crore.
· India Ratings Ltd has projected a Loan CAGR of 9% during the period FY16-19 due to limited capital availability.
· The Income declaration scheme due dates have been staggered that:
o 25% of the payments shall be paid before 30.11.2016
o Another 25% of the payments shall be paid before 31.03.2017
o remaining shall be paid before 30.09.2017
· SIT on black money has recommended Supreme court that
o Cash payments in excess of Rs. 300,000/- be banned
o Possession of cash in excess of Rs. 15,00,000/- be banned.
· Union road transport minister Nitin Gadkari has offered US electric car manufacturer Tesla land near Major Indian ports to have India as its manufacturing hub in Asia.
· Unified Payment Interface to become operational this month- Raghuram Rajan.
(Know more about API@ http://www.thehindu.com/business/Economy/unified-payments-interface/article8470746.ece)
· Changes to Benami Transactions (Prohibition) act,2015 gets cabinet nod. The proposed changes include confiscation of Benami property other than those declared under Income disclosure scheme
· Income tax department to issue 7 Lakh letters to Individuals seeking details of high value transactions made during the last 8 years without PAN information
· Amendment to Contract Labour (Regulation and Abolition) Central rules, 1971 to raise the minimum wages to Rs.10,000 stalled after facing objection from various interest groups.
· A workers union has moved to Delhi high court against Food Corporation of India’s move of hiring contract laborers. Earlier labour ministry issued a notification for hiring contract labourers for FCI going against the recommendation of its own advisory council. Various notifications since 1985 have prohibited hiring of contract labourers for FCI. The recent notification denotified all the prohibitions instituted hitherto.
· Essar group has decided to sell 73% of its stake in Essar oil to reduce its corporate debt which has heaped to the tune of Rs.100,000 Crore.
· Labour ministry’s decision to invest in ETF the funds of EPF is too early in the current market scenario : Finance and Investment Panel of EPF
· Sanjiv Puri appointed as the new COO for ITC
· RBI has imposed Rs. 27 Crore penalty on 13 banks including HDFC, Bank of Baroda, PNB for violation of KYC norms and Anti-money laundering norms. It has also warned 8 other banks including Kotak Mahindra, Axis bank, ICICI, SBI.Federal bank, OBI.
· Centre approves Foreign stock exchanges, depositories, banking companies and commodity derivative exchanges to own upto 15% in Indian stock exchanges.
· India’s GDP growth for FY 16-17 may rise up to 7.9% : CRISIL
· The Union cabinet has approved to remove the additional levy of 1% by manufacturing states and 100% compensation of revenue loss to the states for 5 years.
· R.Sheshayee steps down as Ashok Leyland Non-executive vice chairman ending his four decades of affiliation with Ashok Leyland.
· Centre to issue demand notice worth Rs. 12,400 Crore to 6 telecom companies including Airtel, Idea, Vodafone after CAG’s report indicting underreporting of revenues by the telecom companies.
· SEBI to ease listing norms by doing away with the clause that imposes a cap of 25% on the shareholding by a individual together with the Person acting in concert in an entity.
· India looking for options to counter trade sanction that US is trying to impose on India to the tune of $ 452 million on the ground of violation WTO order in poultry import ban case.
· Centre infuses Rs. 22,915 Crore of capital to the Public sector banks as part of its programme “Indradhanush” launched last year.
· Employee’s compensation act,1923 to be amended with new provisions such as:
o Penalty in the range of Rs. 50,000-Rs.100,000 in case of failure to report by employer about accident in the premises of employer.
o No appeal against labour commission order by the employer in case of compensation upto Rs.10,000/-
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