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Lok Sabha sends national medical commission bill to parliamentary committee The Lok Sabha sent the National Medical Commission Bill to the Parliamentary standing committee on health for consideration and the panel's report is expected before the budget session.The bill, which is aimed at development and regulation of all aspects related to medical education, medical profession and medical institutions, will replace the much-criticised Medical Council of India with a new commission to ensure transparency and reform. The National Medical Commission Bill, 2017, was introduced in the Lok Sabha on December 29 and was expected to be debated on Tuesday.It spurred a nationwide protest by a doctor's body that led to several private hospitals shutting down their outpatient departments. The Indian Medical Association, a lobby group of 3 lakh doctors, called off the strike after the Lok Sabha referred the bill to the standing committee.After considering the bill and getting comment...

Sebi issues fresh consultation papers on investment advisers The Securities and Exchange Board of India (Sebi) on Tuesday proposed new norms for investment advisers, under which they will haveto segregate their advisory and product distribution businesses. However, mutual fund distributors, while distributing the investment product can explainits features to the client. The new proposals would help prevent the conflict of interest between´advising´and´selling´of investment products by the same entity or person."There should be clear segregation between the two activities of the entity providing investment advice and distribution of the investment products/ execution of investment transactions," Sebi said in a discussion paper. The Sebi has sought public comments on the fresh proposals till January23 and the final regulation will be put in place after taking into consideration, views of all the stakeholders. The Business Standard, New Delhi, 03rd January 2018

2017 produced largely satisfactory foreign policy outcomes for India We should look at our foreign policy options realistically and judge our successes and failures keeping in mind that we do not control the policies of other sovereign countries who may view their interests differently from ours, and that even small countries can be defiant. We cannot also put a limit on the presence of outside powers in our neighbourhood. Shaping our external environment as we like for realising our goals and priorities is not possible In the light of these caveats and limitations, our foreign policy in 2017 was largely successful in promoting our interests in an uncertain international environment. We have had to cope with the reality of US foreign policy becoming unpredictable and inconsistent under Trump. We have had to deal with China's growing ambitions in Asia and the expansion of its influence in our neighbourhood at our expense. We have had to cope with the reality of US foreign po...

Government to rope in banks, financial institutions to push Swachh Bharat The government is looking at roping in state-run banks and financial institutions to give a push to its Swachh Bharat campaign. The finance ministry will prod lenders to increase credit towards industries, especially small and medium enterprises, involved in sanitation products."DFS (department of financial services) & MDWS (ministry of drinking water and sanitation) join hands to increase rural sanitation credit," financial services secretary Rajiv Kumar stated in a tweet. The department held a video conference with all public sector banks and financial institutions to step up lending for rural sanitation under priority sector lending to households, self-help groups, and small and medium enterprises.State-run banks and financial institutions have been asked to use their corporate social responsibility (CSR) funds towards Swachh Bharat in the next financial year. The finance ministry has also ...

RBI bonds Scheme not closed :Finance Minister The Finance Ministry today said RBI Bonds Scheme has not been closed but the interest rate on such papers lowered to 7.75 per cent. Yesterday, the government notified that the 8 per cent GoI Savings (Taxable) Bonds, 2003 “shall cease for subscription with effect from the close of business on Tuesday, January 2, 2018.” “The 8 per cent Savings Bonds Scheme, also known as RBI Bonds Scheme, is not being closed. 8 per cent Scheme is being replaced by 7.75 per cent Savings Bonds Scheme,” Economic Affairs Secretary SC Garg said in a tweet. These taxable bonds are meant for individual other than Non-Resident Indians with no maximum limit for investment. In 2003, the government came out with bonds offering 8 per cent interest to encourage retail investors to invest. The bond was open for subscription from April 21, 2003, and had a fixed tenure of six years. There was no upper limit for investment. The Mint, New Delhi, 03rd January 2018

IBBI amends rules, drops need to disclose liquidation value of asset The Insolvency and Bankruptcy Board of India (IBBI) has done away with the requirement for disclosing the liquidation value of an asset undergoing resolution—a move that is expected to help better price discovery for stressed assets under the bankruptcy framework. IBBI amended its regulations on 31 December and the changes took effect from Monday. The regulator also said that a resolution plan needs to identify the specific sources of funds that will be used to pay the liquidation value to creditors who don’t agree to the plan. “Since the liquidation value was previously included in the information memorandum, prospective bidders who had access to the same were providing bids which were closer to the liquidation value rather than a value (based) on a going concern basis. This amendment was necessary and will help in optimal price discovery for assets and reduce haircuts for lenders,” said Aashit Shah, a partne...

Govt to classify shell firms by month-end The government will come up with a proper definition of what a shell company is by the end of this month. According to sources, the Prime Minister’s Office (PMO) had in February last year constituted a special task force to tackle malpractices by shell companies. The task force will lay down specific guidelines to validate the clampdown on shell companies. The definition of shell firms is expected to be inserted in the Companies Act, securities laws, and also in the Income-Tax (I-T) Act, wherever applicable. The Centre is working on recommendations from multiple enforcement agencies and regulatory bodies, sources said. “We have received a lot of suggestions in this regard as there is no law that defines the subject and related parameters,” said an official privy to the development. According to the official, the special task force had directed all enforcement agencies concerned, including the Central Board of Direct Taxes, Enforcement...

SBI surprises with 30 bp base rate cut In a surprising move at the start of the year, State Bank of India (SBI) reduced its base rate and benchmark prime lending rates (BPLR) for existing customers by 30 basis points each effective from January 1. One basis point is a hundredth of a percentage point.The bank said it would also extend its on going waiver on home loan processing fee till March 31 for new customers and for customers switching their loans from other banks to SBI. Though all new customers are offered the marginal cost based lending rate (MCLR),alarge chunk of retail customers —especially on the home loan side —as well as old corporate loans, are still in the base rate system.About 8 million customers would benefit from this move, said PKGupta, managing director (retail and digital banking), SBI. The revised base rate for the bank is now 8.65 per cent, while the BPLR is 13.40 per cent.The base rate is the minimum a bank can offer to its customers“The reduction in t...

Bankruptcy will dictate M& Atrend in 2018 On the first day of the year when most holiday, Sourav Mallik, joint managing director at Kotak Mahindra Capital, is chalking out his mergers and acquisitions (M&A) strategy sitting at his BandraKurla Complex office in Mumbai.“We expect domestic consolidation to be the larger M&Atheme this year Especially with the new legal process for bankruptcy, home grown firms are better placed to deal with it,” he said.According to the data available with Thomson Reuters for deals up to December 12, 2017, India had M&Aworth Rs 55.9 billion last year.Of this 33 per cent, worth Rs 18.4 billion, was in the telecom sector as the launch of Reliance Jio services at a record low price disrupted the industry. This includes the proposed merger of Vodafone India and Idea Cellular that is valued at Rs 11.6 billion.Besides, last week Reliance Jio also announced the acquisition of Anil Ambaniled RCom´s wireless assets for an undisclosed amount.B...

GST: Centre relaxes norms for rectification of tax returns The finance ministry has permitted businesses to rectify mistakes in their monthly returns —GSTR3B —and adjust tax liability,amove that will help them file correct returns without fear of penalty.This relaxation will give an opportunity to businesses to claim tax credit correctly by rectifying the mistakes made initially while computing the goods and services tax (GST) liability. Businesses have been finding it difficult to assess tax liability correctly after India moved to the GST regime with effect from July 1, 2017.Industry bodies have been demanding relaxation of norms and easier compliance provisions to help businesses adapt to the new system of filing tax returns online. The Business Standard, New Delhi, 2nd January 2018

Govt closes subscription for 8% savings bonds from today The government savings bonds, 2003, one of the most sought after investment instruments among the middle class, particularly senior citizens, which gave an assured return of 8 per cent per annum, will be closed for subscription from January 2.“The eight per cent GOI Savings (Taxable) Bonds, 2003, shall cease for subscription with effect from the close of banking business on Tuesday, January 2, 2018,” the Ministry of Finance said in a statement on Monday. The bond, which the Reserve Bank of India (RBI) started issuing on the behalf of the Union government in 2003, was considered to be one of the safest savings instruments for retail investors.It got more traction in recent years as interest rates on bank fixed deposits and small savings schemes gradually declined The bond had alockin period of six years and was available for purchase by individuals on tap.Former finance minister PChidambaram said the move to scrap the bond...