Major News and Events of 22 October 2014
What Happened on 22 October 2014
Business Registration will take Just One day
Major Stocks including DLF Slump after Expectations of Tougher Penalties
Om Mathur dismisses Rumors of Gadkari Becoming Maha CM
Alliance between INC, Shiv Sena, and NCP likely?
Shiv Sena Leaders return to Maharashtra from Delhi without meeting BJP Leaders
Bad Loan Reporting Rules Revised by RBI
Rate Cut Possibility Next March
Foreign Companies can Mine and Sell Coal in India
While speaking at UN General Assembly Committee on Disarmament and International Peace, Indian Permanent Representative to the Conference on Disarmament, Ambassador DB Venkatesh Varma, reiterated India’s traditional stand that the country will never use nuclear weapons against such nations who have no nuclear weapons. However, India ruled out its possibilities of joining Non Proliferation Treaty.
Narendra Modi is determined to project India as the preferrable destination for global businesses. Average number of days required to register a business in India is 27 days now. With the new slew of measures the average time required to register a business will be just one day. Some of these measures will now include tax system overhaul, reduction in permit numbers, single registration requirement for all labour laws, ease in registration of properties, quicker electricity connection, and others.
The SEBI’s ban on the country's largest property developer, DLF, has fuelled speculations that tougher measures are in the offing for large companies, who are supposedly sheltered by political connections.On the expectation of stricter penalties, some of the hottest stocks started slumping . While DLF lost 17.4 per cent in the last one week, Sun TV Network lost 5 per cent stock price.
BJP's in-charge for Maharashtra’s assembly election, Om Thakur, has dismissed speculations that Nitin Gadkari may become the Maharashtra Chief Minister. Thakur specifically said that candidate for CM’s post will be decided from the existing MLAs only. However, the decision of CM and government formation will be taken after Diwali.
When BJP and Shiv Sena are locking horns with each other in forming the next government, possibility of a new government having three unlikely political parties have sprung up. NCP chief Sharad Pawar has recently revealed that he had approached INC leaders with the proposal of supporting Shiv Sena and thereby forming a government. However, senior INC leader Ajay Maken had rubbished the claim and called it preposterous.
On Tuesday evening senior Shiv Sena leaders Subhash Desai and Anil Desai were sent to the capital for discussing the issues related to post poll alliance between BJP and SS for government formation. However, the two member delegation returned to Maharashtra without meeting the BJP leadership, especially JP Nadda (BJP general secretary) and Rajnath Singh (Home Minister). This is a definite setback for the probable BJP-SS alliance and consequent government formation.
RBI has issued new set of guidelines on bad loan reporting, on one hand, and JLF (Joint Lenders' Forum) working on the other. Banks from now on will have to report about JLF formations as well as Special Mention Accounts on every Friday. With new regulations in place, there will be no requirement for crop loan reporting. However, banks have to report about other agricultural loans as they used to do earlier.
Reserve Bank of India’s technical advisory committee’s member Ashima Goyal has indicated that there could be possible interest rate cut during the coming March next year. This possibility arose due to the cooling of inflation after fall in global oil prices to 4-year low. It is reported that upgrade of sovereign credit outlook by S&P in September is certainly a boost in favour of India.
Sources have revealed that coal mining could be opened for business entities, indigenous as well as foreign. Possibility of this move may open the Indian coal mining market for global giants. Coal Ministry's executive order says that the companies incorporated in India can mine coal for either sale or own consumption.