22.09.18 Economic News
👉Finance Minister Arun Jaitley proposes Additional Cess on Select Commodities under GST to raise funds to help Kerala over the damages caused due to floods. The proposal of levy of cess is expected to come up for discussion at the GST Council Meeting on September 28.
👉Gujarat Govt notifies that no E-Way Bill is required to be generated for the Intra– State Movement of the goods in the State form 1st October 2018. The notification also said that no E-Way bill is needed for Intra-State Movement of goods such as Hank, Yarn, Fabric and Garments which are transported for the purpose of Job Work.
👉SEBI comes out with Revised KYC Norms for Foreign Portfolio Investors (FPIs) wherein Resident as well as Non-Resident Indians have been permitted to hold Non-Controlling Stake in such entities. Two circulars pertaining to KYC (Know Your Client) requirements and eligibility conditions for FPIs have been issued.
👉In a bid to Tighten the Noose Around Market Offenders, Finance Ministry directs SEBI to Frame a Policy on Recovery Proceedings
👉RBI releases the Guidelines on Co-Orgination of loans by Banks and Non-Deposit Taking NBFCs in the Priority Sector also known as Joint Priority Sector Lending. Under the new guidelines, NBFCs will take Minimum 20% of the Credit Risk by way of Direct Exposure, with the balance being taken by banks.
👉RBI is preparing a list of recommendations to be sent to the Union Government seeking amendments to RBI Pension Regulations
👉ICICI Prudential Mutual Fund has launched ‘ICICI Prudential Manufacture in India Fund’, an Open-Ended Equity Scheme with an objective to invest in companies which are engaged in manufacturing theme. The NFO opened yesterday, and closes on October 5.
