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30 July 2016 Current Events PM Modi meets Cabinet Ministers on GST Bill

In an effort to firm up strategy for passing the long awaited Goods and Services Tax (GST) Bill, Prime Minister Narendra Modi met Union Finance Minister Arun Jaitley, Union Home Minister Rajnath Singh, and BJP chief Amit Shah late last night at his residence. Jaitley, while speaking to the press, said that they are keeping their fingers crossed. Reports say 30 out of the 32 parties are in favour of the bill. GST bill will be taken up in parliament for consideration and passage next week, likely on Tuesday.


Vedanta-Cairn India Merger Deal Sweetened to appease Minority Shareholders

Boards of Vedanta and Cairn India met yesterday to revise final terms for their merger deal to make it more attractive for the minority stakeholders, who termed the earlier deal unfair. The merger terms have been sweetened by promising each minority stakeholders of Cairn India 1 equity share along with 4 redeemable preference shares (having face value of Rs 10) in Vedanta. The preference shares can be redeemed after 18 months with an option of redeeming them within 30 days of allotment.


PM Modi meets Cabinet Ministers on GST Bill

In an effort to firm up strategy for passing the long awaited Goods and Services Tax (GST) Bill, Prime Minister Narendra Modi met Union Finance Minister Arun Jaitley, Union Home Minister Rajnath Singh, and BJP chief Amit Shah late last night at his residence. Jaitley, while speaking to the press, said that they are keeping their fingers crossed. Reports say 30 out of the 32 parties are in favour of the bill. GST bill will be taken up in parliament for consideration and passage next week, likely on Tuesday.

Vedanta-Cairn India Merger Deal Sweetened to appease Minority Shareholders

Boards of Vedanta and Cairn India met yesterday to revise final terms for their merger deal to make it more attractive for the minority stakeholders, who termed the earlier deal unfair. The merger terms have been sweetened by promising each minority stakeholders of Cairn India 1 equity share along with 4 redeemable preference shares (having face value of Rs 10) in Vedanta. The preference shares can be redeemed after 18 months with an option of redeeming them within 30 days of allotment.

Gadkari offers Tesla Land near major Indian ports to Make in India

Transport Minister Nitin Gadkari has wooed US-based electric car major Tesla to set up its Asia manufacturing hub in India by offering land near major Indian ports so that they can export manufactured cars easily to South and South East Asian countries. With a view to introduce pollution-free road transport in India, Road Transport and Highways Minister Gadkari offered to promote joint ventures between Tesla and Indian automobile companies. Senior Tesla executive said that the Indian government’s offer will be considered at an appropriate time.

Jet Airways to Charge Money for Extra Cabin Bags

Jet Airways is going to charge Rupees Nine Hundred on every extra cabin bag carried by the passengers. Every passenger will be allowed to carry 10 kgs of cabin bag, depending on the type, whether the ticket is of business class or economy. This is going to be implemented from Friday.

United Spirit accuses Liquor Baron Mallya for Rs. 1,225 Crore Diversion

Liquor Baron Vijay Mallya’s erstwhile group firm United Spirits Limited (USL) has accused in a filing to BSE that Mallya diverted funds (of Rs. 913.5 crore) and carried out improper transactions (of Rs. 311.8 crore) with entities (including Kingfisher Airlines and Formula One team) associated with him. Per USL, the gross violations came to light during an additional prima facie inquiry between October 2010 and July 2014. While hearing a plea of Enforcement Directorate, a Delhi court asked Mallya to appear before it on September 9.

US introduces H-1B and L-1 Visa Reform Act, Likely to Affect Indian IT Companies if Passed

Democratic Congressman Bill Pascrell from New Jersey and Republican Dana Rohrabacher from California have introduced H-1B and L-1 Visa Reform Act of 2016 in the House of Representatives. If the legislation is passed by the Senate, it may adversely affect revenue model of major big IT companies from India. The bill proposes to prohibit companies (employing more than 50 employees) from hiring H-1B employees if over 50 per cent of their employees are holders of H-1B and L-1 visas.

UK Business Secretary Sajid Javid talks to Sitharaman on Possible UK-India FTA Post-Brexit

Just a fortnight after people of UK voted in favour of Britain’s exit from the European Union, UK Business Secretary Sajid Javid started dialogue with India’s Commerce & Industry Minister Nirmala Sitharaman to explore the possibility of inking a separate Free Trade Agreement (FTA) between India and UK. When asked about the issue, Sitharaman said that the informal talks will transform into a formal framework but didn’t divulge whether the agreement will be FTA or a preferential one.

Morgan Stanley's Ruchir Sharma believes India's GDP Overstated, Needs more Private Investment

Ruchir Sharma, Chief Global Strategist of Morgan Stanley, has called GDP number of India “overstated” and emphasised on the need of increasing private investment so that Indian economy gets back on track. He emphasised on the linkage between low sustainable inflation rate with very high investment level and gave examples of emerging economies including China, Korea, and Taiwan. He appreciated RBI’s decision of keeping inflation within 5 per cent. Though Sharma was fine with overall investment in India, he reminded that most of the investments are government supported.

Tax Department unearths Rs. 43,000 Crore Undisclosed Income in Last 2 Years

Union Revenue Secretary Hasmukh Adhia has said that undisclosed income to the tune of Rs. 43,000 crore has been unearthed by Income Tax Department in the last two fiscal years. Though he didn’t disclose whether the money unearthed belonged to corporate entities or individuals, Adhia categorically mentioned that Rs. 21,000 crore has been unearthed from the searches done by the department and the rest Rs. 22,000 crore “from various surveys”.  He also said that his department is working on the tax amount to be levied on this undisclosed income.

India to seek $3 Billion Infra Funds from Asian Infrastructure Investment Bank

Union Finance Minister Arun Jaitley, during his third day of China visit, addressed board of governor’s session of Asian Infrastructure Investment Bank’s annual general meeting and urged them to set up an office in New Delhi. He also asked the China-backed bank to finance infrastructural investments in India to the tune of US$ 2 to 3 Billion. The infrastructural projects to be involved here would include urban development, railways, energy, water supply, inland waterways, and urban transport.

Tata Group's Bloodbath and Fear of Job Loss among Indian Diaspora looms large after Brexit

With UK embracing Brexit, Indian multinational Tata Group (salt-to-software conglomerate having 19 operating companies in UK employing 60,000 people) witnessed jittery investors dumping its stocks, leading to an aggregate market capitalisation loss of around Rs. 30,000 crore in a single trading day. Indian diaspora is also apprehensive of job loss. India’s travel companies, however, believe that free fall of British Pound after Brexit will help surge total number of Indian leisure travellers to Britain. RBI Governor Raghuram Rajan said fundamentals of Indian economy including low short-term external debt and sizeable foreign exchange reserves will help India cushion itself from Brexit ripples. Economic Affairs Secretary Shaktikanta Das assured India will not have long-term impact of Brexit because of strong domestic fundamentals.

India can Bear Brexit Effects, Says Finance Minister Arun Jaitley

Arun Jaitley, the Finance Minister of India has mentioned that Britain's decision of leaving the European Union will not affect Indian economy as the country is prepared for it. Though India's Sensex dropped by 3.4% to 26, 022.60 points after the Brexit results came, but Mr. Jaitley said that the market fundamentals of the country are strong enough to take care of this volatility.

Raghuram Rajan's Exit Makes Banks, Markets Edgy

Market regulator SEBI and stock exchanges are bracing themselves for possible shocks that may arise following RBI governor Raghuram Rajan’s decision to step down and not return for a second term on September 4. The onus is now on Securities and Exchange Board of India and stock exchanges to keep an equilibrium and protect capital markets from any excessive volatility on Monday.

RBI Guv Raghuram Rajan not to go for Second Term, Leaves Market Dumbstruck

In a sudden and surprise move, incumbent RBI Governor Raghuram Rajan told RBI colleagues and employees in a communication that he’s not going to serve a second term and will return to academia after his tenure ends on September 4, 2016. In his 888-word email Dr. Rajan said that he took the decision after watching the ongoing developments, due reflection, and consultation with government. Finance Minster Arun Jaitley appreciated Rajan’s efforts and said that a decision on appointing the 24th RBI governor will be done soon. While Infosys founder NR Narayana Murthy called Rajan’s exit as “very sad”, Noble Laureate Amartya Sen said India lost the most skillful economic thinkers of the world.

SEBI approves relaxed norms for Real Estate Investment Trusts and Foreign Fund Managers

SEBI (Securities and Exchange Board of India) board has cleared proposals of floating consultation papers on amending rules that govern activities of Real Estate Investment Trusts (REITs) and foreign fund managers for making domestic capital markets more attractive. One of the proposed relaxations is allowing REITs of investing larger portion of funds in under-construction assets. Reports say two separate draft papers on the matter will be placed in public domain soon for seeking response of stakeholders.

ED attaches Rs. 1411 Crore Property of Vijay Mallya on Loan Default Case

To recover Rs. 950 crore loan default case of liquor baron and owner of now defunct Kingfisher Airlines Vijay Mallya, Enforcement Directorate (ED) has attached his properties worth over Rs. 1411 crore. The move comes after a day ED moved to Mumbai court for declaring the business tycoon a proclaimed offender. Properties attached include Coorg’s 27 acre coffee plantation, Bangalore’s UB Towers, and others in Chennai and Mumbai. Banks are now trying to recover around Rs. 9000 crore loaned to Mallya for his collapsed venture Kingfisher Airlines.

Manufacturing Sector drags Down Industrial IIP by -0.8 Per Cent

After improving IIP (Index of Industrial Production) for two consecutive months (February and March 2016), the same witnessed a sluggish growth (-0.8 in April 2016) in April 2016 mainly due to contracting manufacturing sector (witnessing a contraction of 3.1 per cent in April 2016 over same period last year). Industrial output growth decelerated in 2015-16 fiscal (2.4 per cent) in comparison to 2.8 per cent during 2014-15. However, in April 2016, growth posted by industry groups in manufacturing increased from 12 (in March 2016) to 14 (in April 2016).

India becomes world's third largest oil consumer

India has beat Japan in oil consumption and now ranks next only to US and China, according to a BP Statistical Review of World Energy release. While India's oil demand is 4.1 million barrels per day, leading consumer US' demand is 19.39 million bpd and China 11.96 million bpd). India's share in world's total oil consumption is 4.5 per cent.

Status quo in RBI policy rates

RBI Governor Raghuram Rajan announced that key policy rates will be kept unchanged in view of rising inflationary pressure. Rajan said that a rate cut could be possible later in 2016 if a good monsoon helps in easing inflation. The RBI chief urged banks to pass on the benefits of previous rate cuts. He stressed on the importance of a better transmission of policy easing as it is critical to support growth.

SEBI Chairman says Sensex giving Annualised return of 15.5 Per Cent

Security watchdog SEBI’s (Security and Exchange Board of India) Chairman UK Sinha has told a renowned media channel in San Francisco that Indian market is ahead of others because of better corporate earning as well as heady mix of policy measures. While stressing on over 7.5 per cent growth forecast of Indian economy, Sinha said that the Indian portfolio market is giving large returns in the long run (with compound annualised growth rate of 15.5 per cent over the years).




FAQs and Answers on Indian History and Geography
Which States Share Boundary with China?India, in total, shares land borders with 6 sovereign countries. China is one of those. Below are the Indian states which share borders with the country. 1. Jammu and Kashmir This northern state of India is mostly located in the Himalayan mountains. It shares a… Read More...
Which States Share Boundaries with Pakistan? There are four states that share a border with Pakistan, namely, Jammu and Kashmir, Punjab, Rajasthan, and Gujarat. The India Pakistan Border is quite intriguing. Since India has installed 1,50,000 flood lights on… Read More...
Which Places in India Still Largely Speak Sanskrit?Sanskrit is considered as Dev Bhasha, the language of Gods. It has a history of around 3500 years. It used to be a primary language of ancient India. Its earliest form Vedic Sanskrit, was prevalent from 1500 500 BCE. However, it is fading… Read More...



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