20.09.18 Economic News
👉Government appoints MDs and CEOs in 10 Nationalised Banks out of which 5 are from SBI alone
👉Income Tax Department begins Inspection of the Books of crisis-hit Jet Airways for Alleged Falsification of Accounts and Suspicious Transactions at four premises of the airline.
👉Foreign E-Commerce Companies like Amazon, Google, Apple etc. will have to register themselves for GST in all the states in the next 10-12 days because the Govt has said that E-Commerce Companies need to collect tax at source from October 1
👉National Anti-profiteering Authority (NAA) imposes Penalty on Builder for not passing GST Benefit to Flat Buyers
👉BSE, NSE get SEBI clearance to Launch Commodity Derivatives from October 1
👉RBI eases norms for companies in Manufacturing Sector to raise Overseas Funds and allowed Indian banks to market Masala Bonds in line with the Govt’s measures to prop up the rupee. For Manufacturers, RBI reduces maturity of Overseas Borrowings of up to $50 Million to 1 year. Prior to this announcement, the tenure was a minimum average maturity period of 3 years
👉RBI trims & cuts short Rana Kapoor's term as Yes Bank CEO and MD to January 2019. RBI has reduced his tenure even as shareholders sought a extension for three years.
👉India's Steel Ministry proposes increasing the Effective Import Duty on some Steel Products to 15% from current rates ranging from 5% to 12.5%, as the country looks to support the rupee.
👉State Bank of India raises the First Tranche of $650 Million through a Maiden Green Bond Offering, which is part of its planned $3 billion in such funds for onward lending to green projects. The five-year dollar money is priced at the US treasury plus 165 Basis Points, while from for a British investor the coupon will be 3 Libor plus 151 bps.
