Today Sector News – 21.06.2018
* AVIATION: The Delhi High Court has barred an employee of Airbus SE from sharing any confidential information he obtained during his stint with the company, with rivals of Airbus.
* BANKING: The Delhi High Court has issued a notice to the Reserve Bank of India seeking its response to a petition challenging the central bank's Apr 6 notification in which it had amended rules for engagement of service providers and sub-contractors in cash management logistics. The Reserve Bank of India has issued draft norms to extend the Legal Entity Identifier mechanism to non-derivative financial markets from only derivatives markets before.
* COMMODITY: India will export 1.0-1.5 mln tn of raw sugar to China after almost a decade and is waiting for a formal notification from Beijing green lighting the consignment.
* CORPORATE: The Ministry of Corporate Affairs has invited comments and views from stakeholders for introductory note and draft on 'cross-border insolvency'. A special court has ordered the arrest of fugitive liquor baron Vijay Mallya for his alleged involvement in a case of money laundering and cheating a consortium of banks of over 60 bln rupees.
* ECONOMY: Chief Economic Adviser Arvind Subramanian said the external economic environment is unfavourable for India to register double-digit growth.
* ENERGY: The Ministry of New and Renewable Energy has relaxed time lines for land acquisition, financial closure and the commissioning period for solar projects.
* FUNDS: The Central Board of Trustees of the Employees' Provident Fund Organisation in their next meeting on Tuesday is likely to consider a proposal to introduce caps on the amount that can be withdrawn from the provident fund before retirement.
* OIL AND GAS: Petroleum Minister Dharmendra Pradhan has told the Organization of the Petroleum Exporting Countries that the global prices of crude oil have gone beyond the threshold that "can be sustained by the world," particularly countries such as India, which is a "key driver" of the world economy.
* POWER: The government plans to warehouse stressed power projects totalling 25,000 MW under an asset management firm to protect the value of the assets and prevent their distress sale under the bankruptcy process till demand for power picks up.
* RAILWAYS: The Bangalore Metro Rail Corp has invited bids for a 2.75-km underground section of the metro rail project, which is estimated to cost 11.3 bln rupees.
* STEEL: Odisha Slurry Pipeline Infrastructure, which owns the pipeline carrying iron ore to Essar Steel, has not been receiving payments from the steelmaker, Sunil Kanoria, vice-chairman, SREI INFRASTRUCTURE FINANCE, has confirmed.
* TAXATION: The government has sanctioned around 160 bln rupees as refunds under the goods and services tax during the second round of the special drive for refunds, which took place from May 31 to Jun 16.
* TELECOMMUNICATIONS: The Department of Telecommunications has amended licence conditions, allowing telecom companies to allot a single mobile number for both cellular mobile service and internet telephony service. The telecom department will soon issue revised tender, inviting bidders to set up more public Wi-Fi hotspots to ensure higher proliferation of high-speed broadband. The telecom department has clarified that telecom operators can provide internet telephony to its subscribers using internet services from other service providers
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* BANKING: The Delhi High Court has issued a notice to the Reserve Bank of India seeking its response to a petition challenging the central bank's Apr 6 notification in which it had amended rules for engagement of service providers and sub-contractors in cash management logistics. The Reserve Bank of India has issued draft norms to extend the Legal Entity Identifier mechanism to non-derivative financial markets from only derivatives markets before.
* COMMODITY: India will export 1.0-1.5 mln tn of raw sugar to China after almost a decade and is waiting for a formal notification from Beijing green lighting the consignment.
* CORPORATE: The Ministry of Corporate Affairs has invited comments and views from stakeholders for introductory note and draft on 'cross-border insolvency'. A special court has ordered the arrest of fugitive liquor baron Vijay Mallya for his alleged involvement in a case of money laundering and cheating a consortium of banks of over 60 bln rupees.
* ECONOMY: Chief Economic Adviser Arvind Subramanian said the external economic environment is unfavourable for India to register double-digit growth.
* ENERGY: The Ministry of New and Renewable Energy has relaxed time lines for land acquisition, financial closure and the commissioning period for solar projects.
* FUNDS: The Central Board of Trustees of the Employees' Provident Fund Organisation in their next meeting on Tuesday is likely to consider a proposal to introduce caps on the amount that can be withdrawn from the provident fund before retirement.
* OIL AND GAS: Petroleum Minister Dharmendra Pradhan has told the Organization of the Petroleum Exporting Countries that the global prices of crude oil have gone beyond the threshold that "can be sustained by the world," particularly countries such as India, which is a "key driver" of the world economy.
* POWER: The government plans to warehouse stressed power projects totalling 25,000 MW under an asset management firm to protect the value of the assets and prevent their distress sale under the bankruptcy process till demand for power picks up.
* RAILWAYS: The Bangalore Metro Rail Corp has invited bids for a 2.75-km underground section of the metro rail project, which is estimated to cost 11.3 bln rupees.
* STEEL: Odisha Slurry Pipeline Infrastructure, which owns the pipeline carrying iron ore to Essar Steel, has not been receiving payments from the steelmaker, Sunil Kanoria, vice-chairman, SREI INFRASTRUCTURE FINANCE, has confirmed.
* TAXATION: The government has sanctioned around 160 bln rupees as refunds under the goods and services tax during the second round of the special drive for refunds, which took place from May 31 to Jun 16.
* TELECOMMUNICATIONS: The Department of Telecommunications has amended licence conditions, allowing telecom companies to allot a single mobile number for both cellular mobile service and internet telephony service. The telecom department will soon issue revised tender, inviting bidders to set up more public Wi-Fi hotspots to ensure higher proliferation of high-speed broadband. The telecom department has clarified that telecom operators can provide internet telephony to its subscribers using internet services from other service providers
