Doklam standoff ends; India, China agree to disengage
India and China have agreed to a speedy disengagement on the Doklam plateau in Bhutan, ending a military standoff lasting more than two months. It comes days before Prime Minister Narendra Modi’s scheduled to visit to China for the Brazil-Russia-India-China-South Africa (BRICS) summit in Xiamen city. That the Doklam standoff ended the way it did is being seen as a diplomatic victory for India and the Modi government. More importantly, it has initiated recalibration of the terms of engagement between the two neighbours who have always shared an uneasy relationship.
SBI gears up for expected surge in affordable housing loan demand
State Bank of India (SBI), the country’s largest lender, is gearing up to meet an expected rise in demand for affordable home loans across India by deploying additional resources and rolling out a quick approval process, according to two senior executives of the bank. “If you go by PMAY (Pradhan Mantri Awas Yojana) eligibility, we feel that more action is expected in smaller cities. In that direction, we are training our people across the country, on explaining the scheme and how the bank can create awareness and tap potential customers,” said Vaijinath M.G., chief general manager real estate and housing business unit.
FDI in Retail: Panel on waiver of local sourcing norms set up
The government has set up a committee under department of industrial policy and promotion (DIPP) secretary Ramesh Abhishek to decide on requests for waiver of 30% local sourcing norms by foreign single brand retail companies planning to set up branded stores in India and claiming to have products with state-of-the-art and cutting-edge technology. The committee will comprise representatives of NITI Aayog, officials from the concerned ministries and independent technical experts.
Trai starts exercise for next spectrum auction across 9 bands
The Telecom Regulatory Authority of India (Trai) has begun the exercise for conducting the next round of spectrum auction in nine bands, including two bands that can be used for deploying 5G services, as well unsold air waves from the previous sale. The department of telecommunications (DoT) had in April sought recommendations from Trai for the reserve price and the quantum of air waves to be sold in 2017.
Infosys founders will participate in Rs 13,000-crore share buyback
Infosys on Monday said some of its founders would participate in the company’s share buyback, a disclosure that comes after Nandan Nilekani became chairman of the firm to stem the crisis that emerged after Vishal Sikka’s exit as chief executive officer (CEO). Sikka was the first non-promoter CEO in the company. The founders, who, along with their family members, are categorised as the promoter group, hold 12.74 per cent or a little more than 292 million equity shares in the information technology (IT) services major.
Nagpur-Mumbai Duronto Express derails near Titwala
At least five coaches of the Nagpur-Mumbai Duronto Express derailed in Maharashtra’s Thane district on Tuesday, officials said. According to the Central Railway, there were no reports of any casualties or injuries so far in the incident which occurred at around 6.30 a.m., between the Asangaon and Vashind stations.
Raymond chairman Gautam Singhania says father gave him 37% of company as per family understanding
Gautam Singhania, who is fighting a legal battle with father Vijaypat Singhania, said he is the only legitimate heir to Raymond Ltd, refuting the family patriarch’s stand that he made a mistake by gifting his 37.17% stake in the company worth over Rs 1,000 crore to his son. Gautam Singhania said the transfer — in February 2015 — was agreed upon long ago as he was the only son of the senior Singhania in the business and had worked for it. Giving the stake to someone else would have caused disruption to the group, said the Raymond chairman and managing director.
Source: Economics Times
In a first, DIPP includes startups in FDI policy; benefits to be derived; see how
The Department of Industrial Policy and Promotion (DIPP) on Monday included a chapter on start-ups for the first time in its consolidated foreign direct investment (FDI) policy and spelt out “competent authority” for FDI approvals, delegating powers to mainly administrative departments in the absence of the Foreign Investment Promotion Board. The latest consolidated FDI policy, which usually factors in various changes over the past one year to make it easier for foreign investors to get informed of various rules, also formally clarified that restriction of 25% on sales of one vendor through an e-commerce marketplace will be computed on a financial year basis. The period to be considered for compliance wasn’t mentioned earlier.
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