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Major News and Events of 17 September 2014

What Happened on 17 September 2014


Minimum Alternate Tax Slapped on FPIs

The Tax department sent Minimum Alternate Tax (MAT) notice to Foreign Portfolio Investors (FPIs) asking them to pay MAT on the gains they earned in Indian markets. These notices were for 2008, 2009 and 2010 assessment years. Some people like Bijal Ajinkya, Partner of Khaitan & Co., is apprehensive that slapping MAT notices may make Indian financial market less attractive to FPIs.

RBI Governor Cautions on Foreign Capital for Financing CAD

RBI Governor Raghuram Rajan has flagged the risks posed by too much reliance on foreign capital flows for financing Current Account Deficit (CAD). So far in 2014, $32 billion funds have made way to Indian markets. Though it has helped finance CAD, Rajan cautioned they can’t be taken for granted. Foreign Capital can exit Indian shores anytime to be invested in their home countries for better use, whenever it suits them best.

MCF's Minority Shareholder Nagreeka Foils Writes to SEBI

Nagreeka Foils is a minority shareholder (holds 350,000 stocks) in Mangalore Chemicals and Fertilizers (MCF). They have written to the SEBI, seeking protection of minority shareholders’ interests. They have sent the letter after Competition Commission of India had approved joint open offer of Vijay Malya’s UB Group and Saroj Poddar’s Zuari to acquire additional 26 per cent stake in (MCF) .

GMR Infra Plans Raising Rs 1,500 crore

Through a rights issue, GMR Infrastructure plans of raising Rs 1,500 crore in equity. After the rights issues, which will be issued by the month of November, the net worth of GMR will rise to Rs 14,000 crore. This will result in bringing down the leverage from 4 times to 2.85 times.

Chinese President Arrives in India

Chinese President Xi Jinping arrived in India on PM Narendra Modi’s 64th birthday to build closer ties with India. He not only downplayed the environment of mistrust between the two countries on border issues but also referred the combination of 'factory China' and 'back office India' to drive the global economic growth. China is expected to announce billions of dollars of investment in roads, industrial parks, and railways in India. While Xi Jinping visits India, the Chinese and Indian soldiers are scheduled to meet to resolve a face-off on the border issue.

Shiv Sena Reacts Sharply to BJP's Poor Performnce during By-elections

The dismal performance of BJP in the by-elections drew sharp criticism from its Maharashtra ally Shiv Sena. In an article in Shiv Sena’s mouthpiece Saamna, the party reminded BJP not to get carried away by the emphatic Lok Sabha win and also asked them to keep their feet on ground to succeed in the upcoming October 15 Maharashtra Assembly election. Nitin Gadkari and Amit Shah will meet BJP core committee to discuss the seat-sharing issue.

Home Minister Inaugurates New facility at Gurgaon NSG Camp

Home Minister Rajnath Singh inaugurated the new Diving Training Tank at NSG Camp in Manesar, Gurgaon. This facility will be used to train commandos to perform underwater operations. Rajnath Singh visited the NSG camp for the first time after assuming Home Minister’s office.  While the minister saw NSG commandos perform various skills, he assured the senior officers of looking into the various issues raised by them.

 

PM Modi's 64th Birthday

Narendra Modi celebrated his 64th birthday in Gujarat today. He started the day by visiting his mother, who in turn donated a sum of Rs. 5000 to PM’s Relief Fund for J&K. Modi was not only called up and wished by President Pranab Mukherjee and Vice President Hamid Ansari but also by Japanese PM Shinzo Abe and Chinese President Xi Jinping. 'Swalambhan Abhiyan Yojana' of Gujarat government was e-launched by the PM today.

J&K Flood Situation Update

Till date more than 2.37 lakh people have been rescued and around 75,000 victims provided medical treatment in J&K flood hit areas. The Indian Air Force has ferried around 3,887 tonnes of relief material. More than 50,000 blankets and over 2000 tents have been distributed till now. Many water filtration plants and 13 tonnes of water purifying tablets have been sent. J&K CM Omar Abdullah thanked the Union Government for the support extended. Sitaram Yechury said CPI-M MPs will donate Rs 10 crore from their MPLAD funds.

Saradha Ponzi Scam Pushes Former Assam DGP to Suicide

Former Assam DGP Shankar Baruah commited suicide after CBI raided his house in connection with multi-crore Saradha Ponzi scam. The 1974 batch Indian Police Service officer was suffering from depression and was admitted to hospital for the last three days. According to the police, the former DGP used a revolver to shoot himself dead.

Boxer Manoj Kumar to finally get Arjuna Award

Boxer and 2010 Commonwealth Games gold medallist Manoj Kumar will finally be given Arjuna Award by the Sports Ministry after the award committee led by Kapil Dev earlier refused to oblige. The boxer had filed a case in Delhi High Court earlier. The Sports Ministry told the  Court that the award committee denied award to Manoj Kumar as it mistakenly believed that he was involved in a doping case.

 



Another Flash Sale of Xiaomi Redmi 1S in India

 

40,000 units of Redmi 1S, popular budget smart phone of Xiaomi, got sold in just 3.4 seconds in India. It is the third flash sale of Redmi 1S in this country. The next date of sale for Redmi 1S on Flipkart will be September 23, 2014. This budget smart phone is available in India through Flipkart at Rs 5,999.




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