RBI plans to collect information on loan to Videocon from ICICI Bank
The Reserve Bank of India (RBI) is planning to seek details from ICICI Bank on its Rs 32-billion loan exposure to the Videocon group. “The RBI will first ascertain the facts. We can expect some action after that,” said a source close to the development. The finance ministry had said on Monday that it was up to the RBI to take action in the ICICI Bank case. The RBI has a lot of information on Videocon Industries, which it had recommended sending to the National Company Law Tribunal (NCLT) in December last year, said a source.
Examine possibility of converting GSTN into govt-owned firm: FM to Adhia
Ten months into the goods and services tax (GST), the Centre is looking at converting GST Network (GSTN), a company managing the IT infrastructure of the indirect tax system, into a government-owned company to protect the sensitive data of companies. Finance Minister Arun Jaitley has asked Finance Secretary Hasmukh Adhia to “examine the possibility” of converting GSTN into a company in which the government holds a majority stake, which can go up to 100 per cent.
Trai may seek powers to regulate app data flow
The Telecom Regulatory Authority of India (Trai) is likely to seek more powers to regulate the flow of data from users to app makers, while defining what comprises personal information, as it finalizes recommendations on data ownership, privacy and security that are likely to be released this month. According to people aware of the discussions, the telecom regulator may suggest an amendment to the Trai Act or seek government intervention in getting the tools required to gain larger control on the data flowing through telecom networks, including that of apps riding on the networks.
Clause in Aadhaar act badly drafted, says Supreme Court
The Supreme Court on Tuesday faulted a clause in the Aadhaar Act, which validated all biometric enrolments even before the law was enacted with retrospective effect, as badly drafted and too wide in a prima facie observation. The Act came into effect only in 2016, though the government started enrolling people under its Aadhaar scheme in 2010. Should the court not accept the deemed valid clause, all pre-Act Aadhaar would become suspect in the eyes of the law.
Sebi issues framework to club investment limits of foreign govt, related entities
Markets regulator Sebi today said two or more foreign government and its related entities from the same jurisdiction will be considered a single FPI for the investment cap of 10 per cent in a listed Indian company. The move comes as various stakeholders have been seeking guidance on clubbing of investment limits to be applied to foreign government and its related entities. In case the same set of beneficial owner invests through multiple entities, such entities will be treated as part of same investor group and their investment limits will be clubbed as single foreign portfolio investor (FPI), Sebi said in detailed set of frequently asked questions (FAQs).
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