Page 12 - Banking Finance July 2017

ROUNDUP

FM launches DoE website Rs 5,000 crore unaccounted income declared under
Finance Minister Arun PMGKY
Jaitley launched a re- Response to the Pradhan Mantri Garib Kalyan Yojana (PMGKY) has "not been so
furbished mobile good", with only Rs 5,000 crore unaccounted in-
friendly website of the come being declared under the amnesty scheme.
ministry acting as a "The response (to the PMGKY) has not been so
single point access for good... about Rs 5,000 crores of income was de-
information. Jaitely also launched the clared under the PMGKY. There are mainly two fac-
new website of the Department of
tors for it. One, even before the scheme was announced, people had tried to
Expenditure - www.doe.gov.in.
put their cash into different accounts. Second, was the (tax and penalty) rate,"
Revenue Secretary Hasmukh Adhia said. The scheme was launched in Decem-
Murthy suggests solution
ber last year to enable people with black money to come clean by paying tax
to problem of layoffs and penalty of 50 %.
Infosys co-founder N.R. Narayana
Murthy expresses Saurabh Agrawal as new CFO of Tata Sons
his view that IT In his first major appointment since taking charge as Tata Sons Chairman, N
companies can Chandrasekaran has roped in Saurabh Agrawal as the group
protect the jobs of Chief Financial Officer. Agrawal is an investment banker and
youngsters if se- was Head of Strategy at the Aditya Birla Group. He will join
nior executives the Tata group in July. Before joining the Aditya Birla Group,
take pay cuts. he led the Corporate Finance Unit at Standard Chartered
Bank in India and South Asia, and the Investment Banking
He added that the industry has dealt
with the issue several times in the division at DSP Merrill Lynch.
past. Mr. Murthy said he has no He will be the first CFO of the salt to steel conglomerate.
doubt that all industry leaders have Until now Tata Sons' finances were managed by Ratan Tata's close associate
good intentions to solve the problem Ishaat Hussain, who was Director of Finance till 2012. Since then, Hussain has
of layoffs. been overseeing financial affairs but as a non-executive director. Hussain turns
70 this year and may step down from the Tata board. "He brings deep capital
"There are a lot of smart leaders in
the industry, but I have no doubt at markets knowledge and valuable cross-industry experience to this critical lead-
all that they are all well-intentioned ership role," said Chandrasekaran.
people. It is possible for us to protect
the jobs of youngsters if the senior Country becomes 2nd biggest stainless steel producer
management - adjustment of taking India overtook Japan as the second-largest producer in 2016, according to data
salary cuts," he added. released by the International Stainless Steel Fo-
rum (ISSF) at their annual conference held in To-
Govt examines IFCI-IIFCL kyo, Japan, ISSDA. ISSF is a nonprofit research and
development organisation founded in 1996 &
merger serves as the focal point for the international

The govern- stainless steel industry. India's stainless steel pro-
ment may duction rose to 3.32 million tonne for 2016 show-
explore ing an impressive growth of about 9 % over 3 million tonnes in 2015.
merger be- "National Steel Policy released by the Ministry of Steel will give long term
tween two benefits. Increase in exports of stainless steel from India, has established
state-run financial institutions India
Indian producers capable of producing quality material from their latest state
infrastructure Finance Company Ltd of the art mills meeting stringent quality parameters," said ISSDA president
and IFCI Ltd.
K K Pahuja.

12 | 2017 | JULY | BANKING FINANCE

Sashi Publications Pvt Ltd Call 8443808873/ 8232083010