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Chinese firms raise interest in Indian durables

Chinese firms raise interest in Indian durables Chinese appliances maker Haier on Thursday inaugurateda Rs 600crore industrial park in Pune, becoming the second Chinese company after the Guangdongbased Midea Group to increase its India bet in the sector. In June, Midea, which hasajoint venture with air conditioning major Carrier in India since 2012, had announced an investment of Rs 800 crore for the domestic market. This included setting upamanufacturing plant in Pune, which would come up by the end of 2018, to produce refrigerators, washing machines, andwaterheaters. WhileHaieralreadyhadaplant in Pune producing mainly refrigerators, the latest investment would allow the firm to increase capacity from 0.8 million units to 3.8 million units, covering not only refrigerators but also washing machines, air conditioners, water heaters, and LED TVs, said Eric Braganza, president, Haier India. The current round of investment also supported the firm´s growth plans, he said. The Qingdaobased firm e…

Tepid GST receipts may not impact fiscal math

Tepid GST receipts may not impact fiscal math All states barring Delhi reported revenue losses in October on account of the goods and services tax (GST), requiring Rs 7,500-crore compensation from the Centre during the month. This may not affect the Centre’s fiscal deficit as it will be taken care of by Rs 8,000 crore collected as compensation cess in October. The tax revenue was collected in the month of October and not for October, for which the last date for paying tax is November 20. The Centre’s revenue collection target may come under slight strain after the GST Council last Friday decided to lower rates on over 200 items. Besides, revenue collected from the Integrated GST (IGST) may be used as credit for paying tax later. “It is early to predict the impact on the fiscal deficit. Looking at the trend so far, the compensation cess collected is more than the revenue loss of states. Once the GST stabilises, states’ collections will improve," an official said. Consuming states have …

SEBI probing into sharing of listed companies info on social media

SEBI probing into sharing of listed companies info on social media Markets regulator Sebi will look into the complaints of some individuals allegedly circulating key financial details and other information about listed companies on social media groups before they are made public, an official said. Sebi will also seek clarification from brokerages and listed firms if such individuals are found to be associated with them, the official said on the condition of anonymity. The information about the listed companies are mostly being made through SMSes, WhatsApp and various social media platforms, wherein names of some established brokerage houses and exchanges are also being misused. While the Securities and Exchange Board of India (Sebi) has already taken action in several such cases so far, it is investigating a number of others involving similar activities, the official said. Citing an investigation, Reuters reported today that messages are being circulated on private WhatsApp group disclosin…

RBI Likely to Zero In on 50 More Stressed A/Cs

RBI Likely to Zero In on 50 More Stressed A/Cs The Reserve Bank of India is likely to come up with a fresh list of around 50 loan accounts that are either under stress or close to being classified as nonperforming assets. The regulator may set a March 31 deadline for banks to find a resolution on these or commence bankruptcy proceedings against the borrowers, a finance ministry official said. These accounts are in addition to the 41 that the central bank has already identified, including several against which banks have now started bankruptcy proceedings. This new list of accounts had come up during discussions on the recapitalisation of state-run banks. These assets identified by the RBI have been accounted for in the ? 2.1-lakh crore bank recap ? plan announced last month, and so will not bloat the capital requirement of lenders beyond what has been estimated, the official said. But classifying the loans as NPA will dent the profitability of banks, as they must set aside more funds aga…

Cabinet clears setting up of GST anti profiteering body

Cabinet clears setting up of GST anti profiteering body The Cabinet on Thursday set the ball rolling for establishment ofanational antiprofiteering authority amid reports that restaurants were not passing on the benefits of reduced goods and services tax (GST) rates to consumers. The Cabinet cleared the creation of the posts of chairman and members of the authority, which will ensure consumers receive the benefits of reduced prices in the new indirect tax regime. “This paves the way for immediate establishment of this apex body,” said Union law minister Ravi Shankar Prasad. “The National AntiProfiteering Authority is an assurance to consumers. If any consumer feels the benefit of tax rate cuts is not being passed on, he can complain to the authority,” the minister added. The GST Council had last week decided to lower rates on about 200 items. It had also reduced the rate on restaurants to five per cent. There have been complaints that some restaurants are not passing on the benefits because i…

Sebi Attaches UBHL Bank Accounts, MF Units and Securities

Sebi Attaches UBHL Bank Accounts, MF Units and Securities Says Mallya-owned co defaulted on ?15 L penalty imposed by regulator in 2015

The Securities and Exchange Board of India has attached all bank accounts, securities and mutual fund units held by Vijay Mallya-owned United Breweries Holdings Limited (UBHL).The regulator said UBHL has defaulted on the payment of a penalty imposed by it in 2015. It has directed banks, depositories and mutual funds not to allow any debit in their accounts. However, credits have been allowed.

Sebi had imposed a penalty of ?15 lakh in 2015 for disclosure lapses by United Breweries Holdings. The regulator said United Breweries is liable to pay the amount along with an interest of 12% per annum (from Nov 27, 2015 to Nov 13, 2017), which adds up to ?3.5 lakh, and a recovery cost of ?1,000, a total of ?18.5 lakh.

“There is sufficient reason to believe that the defaulter may dispose of the amounts in the bank accounts/securities in the demat accounts held with y…

Govt finds 130,000 firms without PAN

Govt finds 130,000 firms without PAN An investigation the Ministry Affairs (MCA) more than 130,000 out of 224,000 taken did not have a permanent account number (PAN) even as they transacted crores of rupees.Sources said the probe indicated only 93,000 firms off by the Registrar of Companies had PAN, which is mandatory transaction above Rs 50,000.

The findings showed these firms did not pay taxes and made it difficult for the authorities to track their transactions, sources said. Absence of statutory filings was cited as a reason for deregistering the firms.

It is learnt that the Ministry of Corporate Affairs is now likely to examine whether all active companies have PAN or not. After the recent rounds of deregistration by RoC, 1.13 million companies remain active.The PAN issue adds to the concerns of the ministry over many banks failing to submit post demonetisation transaction details of companies which were deregistered recently.

State Bank of India (SBI), for instance, has not provided…