Page 11 - Banking Finance July 2017

ROUNDUP

INDUSTRY

NEWS
NEWS
NEWS
NEWS
NEWS

Defence FDI limited to Furfold increase in import of Gold
India saw a fourfold increase in imports of the precious
49%
metal in May as traders stocked up fearing that the
The Centre has capped at 49 % FDI government would fix a higher rate for jewellery un-
for setting der GST. Overseas purchases advanced to 126 metric
up ventures tonnes in May from 31.5 tonnes in last year.
under the
strategic Centre allocates Rs. 16,000-cr bailout on hydro power
partnership The Centre has decided to provide a Rs 16,000-crore bailout package to the
model to hydropower sector, drowning under a spate of stalled
manufacture defence equipment. and stressed projects. This is the first package for the
The defence ministry said the man- power sector provided by the current government
agement of the applicant companies and includes a 4 % interest subvention to projects
should be in "Indian hands". with total capacity of 11,639 Mw and the creation
of a Hydro Power Development Fund. The fund
Daily fluctutations is fuel would be financed with either coal cess, or from the National Clean Energy Fund
or the pool for the Development of North Eastern Region.
prices
State-run oil companies, Indian Oil FDI in services sector up by 26%
Corp. (IOC) With the government taking steps to improve the ease of doing business and
Ltd, Bharat attracting foreign investments, the Foreign direct investment (FDI) inflows into
Petroleum the services sector rose by about 26% to $8.68 billion in 2016- 17. The service
Corp. Ltd sector includes banking, insurance, outsourcing, research and development,
(BPCL) and courier and technology testing and had received FDI worth $6.89 billion in 2015-
Hindustan Petroleum Corp. Ltd 16, according to data of the Department of Industrial Policy and Promotion.
(HPCL), will revise petrol and diesel
prices every day in sync with interna- Uday Kotak to head SEBI's 21 member governance panel
tional rates, with effect from 16 June. The Securities and Exchange Board of India (SEBI) has set up a committee to
The companies have adopted the recommend on better corporate governance standards at listed companies. The
new pricing model after trying it out 21-member panel is to give its report in 4 months. It will be chaired by Uday
Kotak, executive vice-chairman and managing director of Kotak Mahindra Bank.
at Udaipur, Jamshedpur, Puducherry,
There will be representatives from corporate India, stock exchanges, legal firms,
Chandigarh and Visakhapatnam.
SEBI and proxy advisory firms.
BANKING FINANCE | JULY | 2017 | 11

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