The government set up a committee to examine and work out the details of the application of the principle followed internationally for defining foreign direct investment (FDI) and foreign institutional investment (FII). The finance ministry is learnt to have set up an eight-member committee under Economic Affairs Secretary Arvind Mayaram for giving clear definitions to
Tag: economy
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Govt clears Rs 732.77 cr FDI proposals
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on March 6, 2013, the government cleared six proposals of Foreign Direct Investment (FDI) amounting to Rs 732.77 crore approximately. The proposal includes the plan of Navayuga Road Projects , Hyderabad to act as an investing company and to m
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NHB issues Rs 6.4 bn worth tax-free bonds
RV Verma, Chairman and Managing Director of National Housing Bank (NHB) issued tax-free bonds worth Rs 644 crore NHB was authorized to raise Rs 5,000 crore through tax free bonds during 2012-13. It had room to mobilise upto Rs 3,750 crore through the recently concluded public issue. Verma informed that the company could have mopped up more funds through this route had it not been
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External debt expands 8.9% between March and December 2012
A government statement showed that the country's total external debt rose $30.8 billion or 8.9 percent to $376.3 billion as of December 31, 2012 from $345.5 billion at end-March 2012. The rise in the external debt is attributed to long-term and short-term components of debt. While trade related credits increased short-term debt of the country, long-term debt rose mainly on account of NRI deposits and c
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Strategic sale route to have key implications in PE industry
Some experts feel that the private transaction or strategic sale route for the exit of private equity (PE) investors will have important implication in the PE industry. It is transforming the very nature of private equity business in India, reports suggest. PE investors can exit their investment in an unlisted company through several routes, the prominent among them being the Initial Public Offering (IPO) route and the priva
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RBI defers Basel norms for currency derivatives
In a notification, the Reserve Bank of India (RBI) said it delayed the implementation of Basel-III regulations for currency derivatives segment to January 2014. The central bank postponed the implementation for the segment pending resolution of norms regarding trade settlement. But the RBI said the new capital adequacy requirements will be implemented from April 1. In view of the shift in the start date of Basel III implementation, all ins
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FSLRC submits draft Financial Code Bill
Finance Sector Legislative Reforms Commission (FSLRC) recently submitted a draft Indian Financial Code Bill which contains 450 clauses and six schedules. The code was submitted to give effect to its recommendations on the financial architecture of the country. Among various recommendations of the panel, the prominent one is the setting up of a Unified Financial Agency (UFA) by merging several regulators such as Sebi,
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Barclays Capital expects RBI to cut rates by 50 bps
Barclays Capital feels that Reserve Bank of India (RBI) may reduce policy repo rate by another 50 basis points by mid 2013 in order to support economic growth. The brokerage interpreted RBI's policy statement on March 19 as being "balanced", and not the hawkish tone that markets have interpreted
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Rs 1.14 trillion budget passed in Gujarat Assembly
The Rs 114,450 crore budget of Gujarat government for the year 2013-14 was recently passed at the state assembly with majority voice vote. The budget levies new taxes of Rs 289 crore, while it gives tax relief of Rs 245 crore in different sectors. The budget proposes to generate surplus of Rs 840.45 crore. The state government presented the budget on February 12, 2013. The budget focuses on development of so
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RBI Governor supports moving towards panel structure
Reserve Bank of India Governor Duvvuri Subbarao said India must move towards a monetary policy committee structure. Subbarao said this in reply to a question following a speech at the Bank of Mauritius, which has such a committee in place. The governor said RBI must have more independence in order to have a monetary policy committee