UN publishes study on impact of demonetisation in India
The Dollar Business Bureau It has been six months since the Modi-led government decided to invalidate more than 85% of cash in circulation. Curbing terror funding, boosting cashless economy and cracking down on counterfeit currency were among a host of reasons cited, the most critical one being elimination of black money from circulation. The UN recently released a study titled ‘Potential Impact of Demonetisation in India’, which stated that demonetisation alone will not be able to uproot the seeds of black money. To prevent future flow of black money, the study said, other complementary measures would be required. The Goods and Services Tax reform, voluntary disclosure of income scheme, the linking of taxation with unique identification numbers, were among the other supporting steps ...
India to clock 7.1% GDP this year, 7.5% in 2018: UN report
PTI India is expected to clock 7.1% growth this year before edging up to 7.5% in 2018, according to a UN report, which warned that the country faces heightened risks related to the concentration of bad loans in the public sector banks. The UN Economic and Social Commission for Asia and the Pacific (ESCAP) said in its annual flagship report 'The Economic and Social Survey of Asia and the Pacific 2017' launched yesterday that the economic growth for India is projected to be stable at 7.1% in 2017 before edging up to 7.5% in 2018, underpinned by higher private and public consumption and increased infrastructure spending. Growth in India is forecast at 7.1% this year as "re-monetisation restores consumption, ...
Insolvency and Bankruptcy Board notifies two regulations
The Dollar Business Bureau The Insolvency and Bankruptcy Board of India (IBBI) on Wednesday notified two regulations; one of them will allow not-for-profit companies having a minimum net worth of Rs 10 crore to act as an insolvency professional agency under the Insolvency and Bankruptcy Code. The IBBI has notified two sets of regulation. These regulations will come into effect from November 29, 2016. Under the Insolvency and Bankruptcy law, advocates, chartered accountants, company secretaries and cost accountants with 10 years’ of post-membership experience (practice or employment) or a Graduate with 15 years’ of post-qualification managerial experience, on passing the limited insolvency examination, or any other individual on passing the national insolvency examination will be eligible for registration as an insolvency professional. Such registration ...
Canadas CDPQ to acquire 20% stake in Edelweiss ARC
The Dollar Business Bureau Caisse de Dépôt et Placement du Québec (CDPQ) on Monday said it plans to invest Rs.5,000 crores over the four years to acquire 20% stake in Edelweiss Asset Reconstruction Company (EARC). The announced sum will provide Edelweiss Group with capital to invest in stressed assets and private debt opportunities in India. This will make it the single largest investment by an institutional investor in this sector. CDPQ targets annual investments of Rs.1250 crores in stressed assets and specialised corporate credit, totaling Rs.5000 crores over a four-year period. Their joint collaboration aims to channel between Rs.12,000-14,000 crores into private debt and restructuring of stressed assets in the country. “Edelweiss is not your typical financial institution. It has a strong entrepreneurial culture and ...
Bankruptcy code to enhance ease of doing business
The Dollar Business Bureau The bankruptcy code was cleared by the Rajya Sabha on Thursday while the Lok Sabha had cleared the Insolvency and Bankruptcy Code last week. Clearing of these codes is likely to promote jobs, increase the availability of credit and identify the financial distress of companies, the Finance Ministry said on Friday. Hailing the bankruptcy code as the next "biggest economic reform" after yet-to-be- cleared Goods and Services Tax (GST), the Finance Ministry said, “The objective of the new law is to promote entrepreneurship, availability of credit, and balance the interests of all stakeholders by consolidating and amending the laws relating to reorganisation and insolvency resolution in a time bound manner.” The new arrangement will enable information utilities to collect, ...
Govt clears Bankruptcy Law: Jaitley
The Dollar Business Bureau The Bankruptcy Law has been passed by the Joint Parliament Standing Committee, and is expected to be discussed in the current budget session of the Parliament, Finance Minister Arun Jaitley said on Wednesday.Speaking at the second meeting of the MoF’s Consultative Committee, Jaitley said the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI) and the Debts Recovery Tribunal Act (DRT) have also been amended to make the recovery process efficient. Giving out further information on this announcement, the Finance minister said the government has taken an array of measures to deal with the Non Performing Assets (NPAs) in the banking sector, especially in the case of public sector banks (PSBs). The Ministry ...
Bankrupt SunEdison aims to grow in India
The Dollar Business Bureau Hours after filing for bankruptcy protection, US-based renewable energy firm SunEdison Inc is expecting partners for 1.7 gigawatts of projects planned in India. The head of SunEdison’s Asian zone business stated that the company aims to obtain partners within two months. Pashupathy Gopalan, while talking to certain media on Friday, stated that the firm excluded India, SunEdison’s largest market outside United States-its base, from the bankruptcy process. Apart from looking out for partners for specific projects in India, SunEdison is also aiming to secure equity partner for India business’. The buzz is that the company is planning to sell stakes in planned projects to Adani Group of India and Fortum of Finland. Gopalan, however, did not reveal onto why India was ...
Ease of doing business still work in progress: FM
Source: PTI Confident of pushing GDP growth higher and continuing the reforms agenda, Finance Minister Arun Jaitley on Saturday said one main reform which is still work in progress is ‘ease of doing business’ in India and steps are under way on that front. Jaitley also said the political opposition is unlikely to obstruct the reform process, including on the direct and indirect tax reforms, and he was hopeful about the GST getting through as well which is one of the few reforms that has been held up. He said India’s ranking has improved on ease of doing business in the last one year, but more needs to be done on that front and necessary steps are being undertaken. Speaking ...
