Page 13 - Banking Finance November 2022

ROUNDUP

are clogging the legal system. The ease their pain, it would add pressure (IPOs) of new-age companies, the Busi-
other suggestions were treating to the government's coffers that are ness Standard reported on September
cheque bounce as default of loan and already strained by tax cuts on fuels 23 citing people aware of the matter.
thus reporting it to credit information and a higher fertilizer subsidy to tackle
The SEBI may also bring transactions
companies for necessary downgrade mounting inflationary pressures.
in mutual fund (MF) units under the
of score, the sources said, adding a
The government had earmarked oil purview of insider trading regulations,
proper legal view would be taken be-
subsidy at Rs 5,800 crore for the fiscal the report noted, adding that the de-
fore these proposals are accepted.
year ending March, while fertiliser sub- cisions could be taken at Sebi's board
If these suggestions are implemented, sidy was pegged at Rs 1.05 trillion. meeting scheduled for September 30.
it would help enforce cheque
Sebi is likely to mandate companies to
honouring by the payer without the
G20 meeting: FM calls for provide a relatively detailed explana-
matter going to court and compel him tion of how they price their IPOs, com-
effective tax reporting re-
or her to make payment by creating a
pare pricing to pre-IPO share sales,
deterrent through technology. These gime
and disclose all the presentations
measures would help promote ease of
Finance Minister Nirmala Sitharaman made to pre-IPO investors, it said.
doing business and dissuade people
called for an effective tax reporting
from wilfully indulging in issuance of The regulator may also ask companies
regime and information exchange be-
to provide key performance indicators
cheques even though their accounts
tween jurisdictions for crypto assets to
(KPIs) in their offer documents.
have insufficient funds.
combat offshore tax evasions.
Participating in the G20 Finance Min- India to become no. 3
Govt plans Rs. 20k crore
isters and Central Bank Governors
economy by FY28, says In-
aid to PSU oil cos meeting here on the sidelines of the
annual meetings of the IMF and the ternational Monetary
India plans to pay about Rs 20,000
World Bank, Sitharaman intervened on
crore ($2.5 billion) to the state-run fuel Fund
a number of critical issues, including
retailers, such as Indian Oil Corp., to
India failed to unseat the UK and
infrastructure, investments and inter-
partly compensate them for losses and
missed being the fifth-largest economy
national taxation.
keep a check on cooking gas prices,
by $10 billion in 2021-22. It'll have to
according to people familiar with the On scaling up sustainable and digital
wait another year before it gets that
matter. infrastructure investments, she high-
coveted spot in 2022-23, overtaking
lighted the need to leverage private
The oil ministry has sought a compen- the UK by $27 billion.
sector participation. She also spoke on
sation of Rs 28,000 crore, but the fi-
By 2025-26 (FY26), the Indian economy
mobilising finance at sub-national level
nance ministry is agreeing to only
would equal Germany's to be the
for inclusive and quality infrastructure.
about a Rs 20,000-crore cash payout,
fourth-largest. It would become the
the people said, asking not to be iden- The last session of the ongoing G20
third-largest by 2027-28 (FY28), when
tified as the discussions are private. meeting saw discussions on the
it is projected to grow bigger than Ja-
The talks are at an advanced stage but progress made on the agenda of inter-
pan, according to the International
a final decision is yet to be taken, the national taxation during this year.
Monetary Fund's (IMF's) World Eco-
people said.
nomic Outlook.
The three biggest state-run retailers, SEBI may step up disclo-
By 2026-27, India's economy would not
which together supply more than 90%
sure norms for IPOs of be $5 trillion as hoped by the finance
of India's petroleum fuels, have suf-
new-age cos ministry, but close enough. It would be
fered the worst quarterly losses in
$4.94 trillion that year.
years by absorbing record international Sebi is planning to step up disclosure
The following year, India's economy
crude prices. While the handout could requirements for initial public offerings
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