India plans to lessen its drug reliance on China
The recent tension between India and China has prompted the government here to think of measures to reduce its dependence on China for pharmaceutical products. The health ministry along with drug regulators is planning to take a series of measures to limit reliance on China as well as tighten the regulatory checks and balances to ensure only good quality supplies are entering the Indian market.
New limit for reporting gold transactions soon: Government
The government will soon notify a new threshold for reporting to authorities about transactions in gold and other precious metals and stones with a view to curb parking of black money in bullion, Revenue Secretary Hasmukh Adhia said. The government had on Friday reversed its August order of bringing gems and jewellery dealers under the purview of the reporting requirement of the Prevention of Money Laundering Act (PMLA).
160 companies to face penal action for CSR violations
Penal action will be initiated against 160 firms for failing to comply with CSR norms under the companies law, according to Union minister P P Chaudhary. The minister of state for corporate affairs also asserted that the government does not interfere with regard to allocation of CSR funds by firms while compliance is monitored by way of mandatory disclosure requirements under the Companies Act, 2013
Jio Payments Bank likely to launch in December
Jio Payments Bank, a 70:30 joint venture between Mukesh Ambani-owned Reliance Industries Ltd (RIL) and State Bank of India (SBI), will begin operations in December, three people aware of the plans said. “The payments bank was expected to launch its operations in October. The launch got delayed as the RBI had asked them (Jio Payments Bank) to demonstrate its capabilities to ensure it is ready for a glitch-free launch. The launch will now be in December,” said the first of the three persons cited above on condition of anonymity.
Over 54,000 petrol dealers on nationwide strike on 13 October
The United Petroleum Front (UPF) on Saturday announced nationwide strike of dealers on 13 October to press for various demands including better margins and inclusion of petroleum products under the goods and services tax (GST) regime.
It warned that if the demands were not met at the earliest, fuel dealers will be forced to stop, indefinitely, purchase and sale operations from 27 October. UPF represents over 54,000 dealers from the Federation of All-India Petroleum Traders, the All-India Petroleum Dealers Association and the Consortium of Indian Petroleum Dealers.
Insolvency row: UltraTech files petition against Lavasa Corporation
Aditya Birla group company UltraTech Cement has filed an insolvency petition against HCC’s Lavasa Corporation at the Mumbai bench of the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code (IBC). The case was listed for hearing last week and will be heard again on November 16, according to the Mumbai NCLT’s cause list. However, it was not immediately possible to ascertain in what capacity UltraTech has filed the petition. Under the IBC, apart from lenders, creditors can also seek insolvency action against a company.
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