QBiz: Govt Proposes Foreclosure of PPF Account & More
1. US Tables Motion to Put Pakistan on Global Terrorist Financing Watchlist
The United States has put forward a motion to place Pakistan on a global terrorist financing watchlist with an anti-money laundering monitoring group, according to a senior Pakistani official.
Pakistan has been scrambling in recent months to avert being added to a list of countries deemed non-compliant with terrorist financing regulations by the Financial Action Task Force (FATF), a measure officials fear could hurt its economy.
2. Govt Proposes Foreclosure of PPF Account, Allows Minors to Open Small Savings Accounts
The government proposes to allow foreclosure of public provident fund (PPF) accounts and permit opening of small savings accounts in the name of minors, the finance ministry said on Tuesday.
The legislative changes proposed in the Finance Bill 2018 are aimed at adding flexibility in operation of the account under small savings schemes, it said.
Dismissing concerns expressed in the certain section of media, the ministry said that all existing protections have been retained while consolidating PPF Act under the proposed Government Savings Promotion Act.
3. Fortis Healthcare Seeks 15-Day Extension to Declare Q2, Q3 Results
Fortis Healthcare Ltd, India’s second-largest hospital chain, has sought a 15-day extension to declare earnings for the second and third quarter of the current financial year citing statutory auditors’ inability to complete the audit before the stipulated board meeting.
The board of Fortis Healthcare was to consider financial results for July-September and October-December 2017 quarters at its meeting on Tuesday. In a regulatory filing, the company said the meeting of the board of directors for Tuesday will go as scheduled and would consider the resignation of promoters, Malvinder Mohan Singh and Shivinder Mohan Singh from the board.
4. The ‘Goldilocks Market’ Is Over: Lessons From the Stock Sell-Off
Calm pervaded equity markets Tuesday, with indexes in Asia following US gauges higher and a measure of Japanese stock volatility plunging as much as 36 percent.
The respite gave investors and analysts a chance to reflect on the recent selloff, which sent benchmark measures including the S&P 500 Index and the Nikkei 225 Stock Average down 10 percent from highs, meeting the accepted definition of a correction.
5. Richard Branson Among Big Names at Maharashtra Summit
Come 18 February, Sadhguru Jaggi Vasudev will be rubbing shoulders with Richard Branson of Virgin Atlantic. The Maharashtra government is pulling out all stops to make its investment summit, Magnetic Maharashtra, a big success by roping in some big names. Besides Indian CEOs and industrialists like Mukesh Ambani, who have confirmed have already confirmed their presence, global stars like Tonino Lamborghini would also light help up the event.
The state government is trying to get in US President Donald Trump’s son, Donald Trump Jr, to attend the event. With Prime Minister Narendra Modi, who is going to be inaugurating the event, the state government is going all out to make the event a success.
(Source: Economic Times)
6. Numetal to Approach Lenders After Delhi High Court Stay on Orissa Slurry Pipeline Sale
The Delhi High Court on Tuesday stopped Srei Infrastructure Finance Ltd. from selling Orissa Slurry Pipeline Infrastructure Ltd to Mauritius-based Numetal until 15 April. The order was issued on a plea filed by State Bank of India Ltd, whose lawyer argued OSPIL cannot transfer stake without the lender’s approval.
Numetal Mauritius – an SPV in which Essar Group’s promoter, the Ruia family, has an interest – had earlier confirmed that it has entered into an agreement to purchase a controlling stake in Orissa Slurry Pipeline, a key pipeline which supplies raw material to Essar Steel’s Odisha plant.
7. Logistics Hub to Turn Assam's Jogighopa Into India's New Gateway to South-East Asia
Jogighopa, a small town in Assam, is set to become India’s gateway to South-East Asia as well as the rest of the North-East with the road ministry gearing up to develop a multimodal logistics park (MMLP) there with road, rail, waterways and air transport facilities.
The development includes railway sidings, container terminals, warehousing, non-cargo processing, a truck terminal, common facilities, support infrastructure and equipment.
8. RBI's Move to Bar All Debt-Recast Programmes Will Delay Recovery: India Inc
Corporate leaders on Tuesday said the Reserve Bank of India’s (RBI’s) move to bar all corporate debt-recast programmes and send them to the National Company Law Tribunal (NCLT) after a six-month window is “disruptive” and will impede industrial revival.
“The RBI should first tell us how many of their previous plans, such as S4A, CDR, 5:25 schemes, etc, have worked? If these schemes were a failure, then the RBI should first acknowledge it. Now, what is the guarantee this scheme will help banks or corporate entities?” said a chief executive of a large infrastructure firm, asking not to be named.
9. Harley Davidson to Get Cheaper as Govt Cuts Import Duty on High-End Bikes
Imported motorcycles from high- end brands, including Harley Davidson and Triumph, are set to get cheaper as the government slashed customs duty to 50 percent.
Earlier, import of motorcycles with engine capacity of 800cc or less used to attract 60 percent duty, while those with capacity of 800cc or more attracted 75 percent duty.
The Central Board of Excise and Customs (CBEC), through a notification on 12 February, has slashed the duty on both these variants of motorcycles imported as completely build units (CBU) to 50 percent.
Experts said the import duty rates have been rationalised for these motorcycles as it has been an industry demand for long and such high-end bikes are not manufactured in India at present.
(The Quint is now on WhatsApp. To receive handpicked stories on topics you care about, subscribe to our WhatsApp services. Just go to TheQuint.com/WhatsApp and hit the Subscribe button.)