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  • Foreign hand to aid Indian infrastructure, upto 4 SWFs interested in NIIF stake | The Financial Express
    invest in infrastructure projects such as aerospace alternative energy and nuclear power Rusnano is a private equity and venture capital arm of Russia specialising direct and fund of funds investments Besides wealth funds and other global long term funds and several central public sector enterprises including the State Bank of India will likely participate in the infrastructure fund We may think about investing in some of these funds SBI chief Arundhati Bhattacharya said The paucity of equity capital is felt strongly in many key infrastructure sectors like roads ports and railways where the government is actively promoting the public private partnership model with apparently attractive concession provisions At the other end of the scale banks have developed cold feet on investing in long term infrastructure projects given an asset liability mismatch and past failures of some promoters in sectors like roads and power to service the debt Even the special agencies created by the government like India Infrastructure Finance Company and the new models of debt financing like take out financing or the several other policy steps to attract investors haven t yielded the desired results prompting it to try the NIIF In the NIIF the Centre will invest Rs 20 000 crore and hold up to 49 equity while the remaining stake would be offered to foreign and domestic strategic anchor partners As a fund of funds it would help make the required finances available to commercially viable projects including stalled ones By leveraging this the NIIF could raise debt up to 10 times or Rs 4 lakh crore over a period of time to ensure long term fund flows to the infrastructure sector at reasonable cost Besides some policy issues lack of funds is one of the major reasons why India is likely to miss by 30 an ambitious target of channelising Rs 55 7 lakh crore in five years through March 31 2017 The NIIF is being set up in a tax efficient manner as a category II Alternate Investment Fund which will be eligible for a pass through status under the Income Tax Act to attract investors It will be operationalised in the next fiscal year after the upcoming Budget allocates Centre s portion of about Rs 20 000 crore Growing manifold Abu Dhabi s ADIA Singapore s Temasek Russia s RDIF and Rusnano likely to invest in NIIF The 773 billion ADIA is world s second largest wealth fund while Temasek manages 270 billion SBI willing to invest in some of the sub funds of NIIF says chairman Arundhati Bhattacharya With 49 stake Centre piloting NIIF to address equity crunch that hampers infrastructure financing First Published on February 5 2016 1 35 am Tags Arun Jaitley Please Wait while comments are loading More on this story Arun Jaitley asks states to step up infra social sector spending Open to idea of separate mechanism for broadcasting cases Arun Jaitley Union Budget 2016 17 to provide Rs 1 10 lakh crore for Pay panel OROP Calculators Tax

    Original URL path: http://www.financialexpress.com/article/economy/foreign-hand-to-aid-indian-infrastructure/207509/ (2016-02-08)
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  • H-1B fee hike: India toughens stand, mulls taking US to WTO | The Financial Express
    counter such unfair measures he added The government is learnt to have already taken up the issue with the US In December the Obama administration announced the imposition of a special fee for H 1B and L 1 visas which is estimated to drive up the IT industry s visa costs to 400 million a year from 100 million now The special fee will be charged over a period of 10 years and the money generated will be used to fund a biometric entry and exit tracking system as also the healthcare needs of 9 11 victims Trade analysts say even if the US claims that its decision to hike the visa fees isn t country specific solid data on how the decision is cleverly tailor made to target the Indian IT industry will bolster India s case at the WTO This is because India is a major user of such temporary work visas for skilled professionals making up for roughly 67 of the H1 B visas and 28 of the L 1 visas in 2013 14 The US also accounts for more than a half of the revenues of the major Indian IT companies like TCS and Infosys One of the analysts said it s ironical that the US which had dragged India to the WTO on the latter s domestic solar programme arguing that the provision of local purchase requirements for solar cells and modules appeared to nullify or impair the benefits accruing to the US directly or indirectly has now resorted to much worse protectionist measures Even India s solar programme wasn t a country specific move Still the US challenged it in the WTO s dispute panel he added The Indian IT industry is concerned that the unfounded allegations of a large number of American jobs allegedly going to Indians have again surfaced in the build up to the presidential elections in the US this year which ignored the contribution of Indian IT companies to the US economy According to a Nasscom report released in September last year Indian IT companies were providing more than 4 lakh jobs in the US of which around 3 lakh were held by either US citizens or permanent residents These companies also invested over 2 billion in the 2011 2013 period and paid a staggering 22 5 billion in taxes to the US during those years The visa fee hike just compounds the problems of Indian IT companies that are in any case paying around 1 billion per year in the form of social security payments for Indian employees This is despite the fact that the employees don t get to reap the benefits of social security as they don t live long enough to be eligible for them A totalisation agreement between India and the US to resolve this issue hasn t moved forward either The WTO s dispute settlement process put in place in 1994 following the Dispute Settlement Understanding by its members involves besides the the parties

    Original URL path: http://www.financialexpress.com/article/economy/h-1b-fee-hike-india-toughens-stand-mulls-taking-us-to-wto/206903/ (2016-02-08)
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  • Banikinkar Pattanayak | The Financial Express
    of the World Trade Organisation WTO gets under way in Nairobi to facilitate smoother global trade a new report has revealed that the G 20 nations WTO India to seek permanent solution to food security issue The three day ministerial meeting of the World Trade Organisation WTO in Nairobi starting on Tuesday could see some stormy sessions with India toughening its stance on finding a permanent solution Textile ministry moots flexi labour The textile and garment sector is the largest job provider after agriculture employing around 45 million people and is proposed to be one of the most important sectors in the government s Make in India programme To boost textile exports govt to renew focus on segments already doing well According to the latest data overall textile and garment exports rose 0 6 to almost 18 billion in the first half of the current fiscal from a year before while the country s overall exports plunged by 17 6 during the period At Rs 7 060 crore cane arrears remain too high Share of Uttar Pradesh in the total cane arrears has come down to just about 50 Gold shines on Dhanteras coins are back in favour Jewellers in rural areas however witness lacklustre sales Investors would lose money in gold bonds if the govt cuts import duty from current 10 PM Narendra Modi on Thursday launched two schemes on gold Gold Monetisation Scheme Sovereign Gold Bonds Scheme as well as a sovereign gold coin as the government aimed to broaden the investment choices for individuals as well as households and also discourage imports of the precious metal Falling gold price brings cheer for consumers ahead of Dhanteras Domestic gold prices recorded a fourth straight session of fall to hit their lowest in almost a month on Tuesday responding to a drop globally Maharashtra continues to fight with low cotton yield Maharashtra has more area under the cotton crop than China in the current marketing year but it is still in an unenviable situation as its yield level has been the lowest even among producing states in India No home advantage garment exporters eye Vietnam base The Indian textile and garment industry sees its woes accentuated by the recently negotiated Trans Pacific Partnership TPP that could give Vietnam duty free access to the US market Handicrafts put up a handy exports show While merchandise exports have been in negative territory for the 10th month in a row some odd sectors have weathered the crisis 1 2 3 4 Editor s Pick How Zika virus infection can spread From mosquito bites to urine transmission top 5 points to note From Real Madrid to Chelsea Know the top 10 richest clubs New Mahindra cars at the Delhi Auto Expo 2016 Videos BMW 7 series Merc S600 showcased at Auto Expo 2016 Auto Expo 2016 Maruti Suzuki Ignis Baleno RS unveiled Auto Expo 2016 Toyota Innova Crysta MPV makes its India debut Auto Expo 2016 New Hyundai Tucson SUV revealed In the

    Original URL path: http://www.financialexpress.com/author/banikinkar-pattanayak/ (2016-02-08)
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  • To cut pilferage, discoms cut workers’ salaries | The Financial Express
    stations under your jurisdiction it was noticed that total 48 54 hours of excess supply has been fed through 11 KV feeders resulting in financial loss of R62 920 69 to discom said the letter to the junior engineer a copy of which was reviewed by FE It further added that despite repeated instructions the official had failed to discharge his duties properly which had forced the authority to recover the loss borne by the discom from his salary A power ministry official told FE that states fear their share in the central scheme like integrated power development scheme and Deen Dayal Upadhyaya Gram Jyoti Yojana could be curtailed if they fail to bring down AT C losses to the mandated level of 15 by FY19 It has been estimated that potential saving for all discoms across the country could be more than Rs 50 000 crore if a target of 15 AT C losses is achieved Steps like fixing accountability for discom employees are a result of commitment made by discoms and state governments under UDAY to bring down losses a power ministry official told FE He confirmed that Rajasthan was not the only state trying to bring errant discoms staff in line but that other states have also adopted similar measures While political expediency regarding non revision of tariff to reflect the true cost of power has often been blamed for the near bankrupt condition of state run discoms the companies themselves have been undisciplined when it comes to operational efficiency of discoms leading to high losses attributable to theft of electricity The tripartite MoU signed under UDAY seeks to bring in much needed efficiency into the working of discoms The discoms have been mandated to prepare loss reduction targets at division and zonal level and making concerned officers responsible for achieving the loss reduction targets UDAY was launched last year to help loss making discoms come out of a debt trap The total outstanding loan for discoms stood at over Rs 4 5 lakh crore at the end of December Rajasthan Tamil Nadu Uttar Pradesh and Haryana account for over two thirds of the entire SEB debt First Published on February 4 2016 1 12 am Please Wait while comments are loading Calculators Tax Calculator House Loan Calculator Financial Planner Inflation Planner Pension Calculator Employee PF Calculator Equity Screener Auto Loan Retirement Plan Savings Investment Guidance Videos BMW 7 series Merc S600 showcased at Auto Expo 2016 Auto Expo 2016 Maruti Suzuki Ignis Baleno RS unveiled Auto Expo 2016 Toyota Innova Crysta MPV makes its India debut Auto Expo 2016 New Hyundai Tucson SUV revealed Galleries IPL 9 auction Market Capitalisation Employment index Vegetable oil import BSE Sensex more PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 New Mahindra cars at the Delhi Auto Expo 2016 In the news PM Narendra Modi inaugurates Paradeep oil refinery Top

    Original URL path: http://www.financialexpress.com/article/economy/to-cut-pilferage-discoms-cut-workers-salaries/206902/ (2016-02-08)
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  • With Rs 2,400 crore tag, Ruias’ business park seen as a steal | The Financial Express
    per sq ft paid by Abbott for space in Godrej BKC and the transaction value of Equinox Business Park Rentals at Equinox are estimated to be in the vicinity of Rs 150 per sq ft per month while rentals in BKC range between Rs 250 and 300 per sq ft per month The business park houses tenants like Nissan Motor Acropolis Crompton Greaves Gilbarco Aegis Lafarge and the offices of Essar RMZ s investment comes via the joint venture with Qatar s sovereign wealth fund Qatar Investment Authority QIA formed three years ago QIA had invested Rs 1 800 crore in the JV in 2013 The deal is the latest in a series of transactions that RMZ has done aimed at creating a portfolio of rent yielding commercial assets In December the company bought an 800 000 sq ft IT Park in Gurgaon from Delhi based developer BPTP for 130 million RMZ holds 20 million sq ft of core assets under management and plans to achieve 80 million sq ft in the next five years anchored by QIA Its joint venture with QIA is among the list of JVs that is expected to do a REIT listing as and when the regulations come through Commenting on the transaction RMZ corporate vice chairman Manoj Menda said We are confident that with this acquisition we will extend our core businesses into the growing markets with a world class development opportunity in the heart of one of Mumbai s major regeneration zones Arshdeep Sethi managing director investment alliances RMZ said demand for office space had stayed consistent over the years unlike that in the residential market Real estate players are also skewed towards select cities as far as office space buying is concerned The goal is to become the No 1 player in the segment shortly Sethi said Essar Group promoter Anshuman Ruia said This is in line with the present objective and focus of Essar to monetise non core assets and deleverage the balance sheet First Published on February 4 2016 1 10 am Please Wait while comments are loading Calculators Tax Calculator House Loan Calculator Financial Planner Inflation Planner Pension Calculator Employee PF Calculator Equity Screener Auto Loan Retirement Plan Savings Investment Guidance Videos BMW 7 series Merc S600 showcased at Auto Expo 2016 Auto Expo 2016 Maruti Suzuki Ignis Baleno RS unveiled Auto Expo 2016 Toyota Innova Crysta MPV makes its India debut Auto Expo 2016 New Hyundai Tucson SUV revealed Galleries IPL 9 auction Market Capitalisation Employment index Vegetable oil import BSE Sensex more PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 New Mahindra cars at the Delhi Auto Expo 2016 In the news PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 India s biotech moment A made in

    Original URL path: http://www.financialexpress.com/article/industry/companies/with-rs-2400-crore-tag-ruias-business-park-seen-as-a-steal/206900/ (2016-02-08)
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  • Non-power coal mines to be auctioned | The Financial Express
    be renewed on expiry while CPSEs will have to participate in auction for additional linkages To start with in the first tranche the quantities corresponding to FSAs of non regulated sector maturing in 2015 16 onwards and 25 of incremental Coal India Limited CIL Singareni Collieries Company Limited SCCL production during 2015 16 over 2014 15 will be put up for auction the government said in a statement First Published on February 4 2016 12 57 am Please Wait while comments are loading Calculators Tax Calculator House Loan Calculator Financial Planner Inflation Planner Pension Calculator Employee PF Calculator Equity Screener Auto Loan Retirement Plan Savings Investment Guidance Videos BMW 7 series Merc S600 showcased at Auto Expo 2016 Auto Expo 2016 Maruti Suzuki Ignis Baleno RS unveiled Auto Expo 2016 Toyota Innova Crysta MPV makes its India debut Auto Expo 2016 New Hyundai Tucson SUV revealed Galleries IPL 9 auction Market Capitalisation Employment index Vegetable oil import BSE Sensex more PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 New Mahindra cars at the Delhi Auto Expo 2016 In the news PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 India s biotech moment A made in India Zika virus vaccine Sanam Teri Kasam collections at Rs 1 25 cr Valentine s Day booster shot missing New Mahindra cars at the Delhi Auto Expo 2016 From Real Madrid to Chelsea Know the top 10 richest clubs Earthquake in Taiwan Magnitude 6 4 quake kills 14 over 100 missing scores injured in Tainan Real Madrid s Cristiano Ronaldo 31 soccer star and entrepreneur

    Original URL path: http://www.financialexpress.com/article/economy/non-power-coal-mines-to-be-auctioned/206899/ (2016-02-08)
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  • Raghuram Rajan holds rates, lobs ball to government | The Financial Express
    bank lowered its growth projection for FY17 to 7 6 noting private sector investment could stay subdued as balance sheets remain highly leveraged The RBI noted concerns relating to stalled projects had resurfaced as had those on surplus capacity and weak global conditions that could continue to further hurt exports State Bank of India chairman Arundhati Bhattacharya observed liquidity remained a concern with systemic liquidity deficit well in excess of the prescribed 1 net demand and time liabilities or NDTL currently With the revised liquidity coverage ratio kicking in and deposit growth lagging the RBI may have to be proactive in managing the liquidity deficit through tools available at its disposal Bhattacharya added Later in the day the RBI announced a premature buyback of gilts using the government s cash surplus which is expected to infuse Rs 20 000 crore of liquidity The central bank left the projection for inflation untouched at 5 by the end of 2016 17 cautioning that while goods inflation declined services inflation had been sticky since September 2015 across housing transport and communication medical and other services The impact of the pay revision recommended by the Seventh Pay Commission had not been factored into the projections and would impact inflation for a couple of years the central bank noted We have to see how it is implemented and who implements it including the Centre and the state and the timings There are some aspects of the pay commission that we can look through some we cannot Rajan said The central bank continues to maintain the repo rate the rate at which the RBI lends overnight money to banks at 6 75 and the cash reserve ratio at 4 The reverse repo rate continues to be at 5 75 while the marginal standing facility rate and the bank rate stand at 7 75 In calendar year 2015 the RBI reduced the repo rate by 125 basis points with the last rate cut happening in September at 50 basis points First Published on February 3 2016 1 46 am Please Wait while comments are loading Calculators Tax Calculator House Loan Calculator Financial Planner Inflation Planner Pension Calculator Employee PF Calculator Equity Screener Auto Loan Retirement Plan Savings Investment Guidance Videos BMW 7 series Merc S600 showcased at Auto Expo 2016 Auto Expo 2016 Maruti Suzuki Ignis Baleno RS unveiled Auto Expo 2016 Toyota Innova Crysta MPV makes its India debut Auto Expo 2016 New Hyundai Tucson SUV revealed Galleries IPL 9 auction Market Capitalisation Employment index Vegetable oil import BSE Sensex more PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 New Mahindra cars at the Delhi Auto Expo 2016 In the news PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 India s biotech moment A made in

    Original URL path: http://www.financialexpress.com/article/economy/raghuram-rajan-holds-rates-lobs-ball-to-government/206278/ (2016-02-08)
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  • Panel suggests sweeping changes to Companies Act | The Financial Express
    sought to be reduced The committee held extensive consultations with stakeholders before making its recommendations and received more than 2 000 suggestions during the process The stakeholders consulted included all industry chambers professional institutes law firms financial sector entities and other regulators The panel said that its endeavour has been to address difficulties and challenges expressed by various stakeholders and also to further the government s objective of improving ease of doing business encouraging start ups and the need for harmonising various laws The suggestions also include measures to bring in greater clarity in the Act and Rules and harmonising the various provisions thereof while making its recommendations The panel has proposed changes in 78 sections of the Companies Act 2013 which along with consequential changes would result in about 100 amendments to the Act Approximately 50 amendments to the Rules have also been proposed The recommendations cover significant areas of the Act including definitions raising of capital accounts and audit corporate governance managerial remuneration companies incorporated outside India and offences penalties It wants no filing fees if financial statements and annual returns filed within prescribed time Also it has been suggested that auditors can report on internal financial controls with regard to financial statements Frauds less than Rs 10 lakh have been sought to be made compoundable offences while bigger frauds can continue to be non compoundable The panel has suggested reducing requirement for maintaining deposit repayment reserve account from 15 each for last two years to 20 during maturing year Foreign companies having insignificant incidental transactions through electronic mode should be exempted from registering and compliance regime under the Act the panel said It also wants disclosures in the directors report to be simplified while duplications with Sebi s disclosure requirements and financial statements can be removed while retaining the informative content for shareholders It has also recommended increased threshold for unlisted companies for compliance in context of requirement for independent directors audit committee and nomination and remuneration committee A test of materiality can be introduced for pecuniary interest for testing independence of independent directors while thresholds for relatives pecuniary interest can be revised to make it more practical it said Another suggestion involves doing away with the requirement for a managerial person to be resident in India for 12 months prior to appointment The panel also wants disclosures in the prospectus required under the Act and Sebi regulations to be aligned with a view to make these simpler by allowing prescriptions to be as per Sebi regulations It has also suggested allowing ESOPs to promoters working as employees directors The sweat equity limit has been proposed to be hiked from 25 of paid up capital to 50 for start ups Proposing a new section the panel wants recognition of the concept of beneficial owner of a company and also a new clause for the need for a register of beneficial owners to be maintained by a company and and filed with the registrar Removing irritants Ease regulations

    Original URL path: http://www.financialexpress.com/article/industry/companies/panel-suggests-sweeping-changes-to-companies-act/205559/ (2016-02-08)
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