* AGRICULTURE: The Commission of Agriculture Costs and Prices has recommended a 10-rupee-per-100-kg hike in the fair and remunerative price of cane for 2014-15 (Oct-Sep) marketing season.
* AVIATION: Directorate General of Civil Aviation has fast tracked its hiring process as it faces safety audits from international bodies.
* BANKING: RBI said access to finance is an important element of the Financial Inclusion Plan. RBI has imposed a penalty of 500,000 rupees on Nagrik Sahakari Bank for various violations.
-Monetary policy transmission in 2012-13 (Apr-Mar) slowed down, especially in Jan-Mar, reflecting the asymmetric response of banks to the hardening and the easing phases of policy cycles.
* COMMODITIES: World sugar surplus is likely to fall to 4.5 mln tn in 2013-14 (Oct-Sep), down 56% on year.
* CORPORATE: The number of defunct companies in India rose by nearly 34% to 235,000 in 2012.
* CURRENCY: Fitch Ratings said that the ongoing sharp depreciation of rupee does not call for rating action "at this point". RBI said central bank's measures to curb rupee volatility is important bring back rupee to its original level.
* DIVESTMENT: RBI said meeting the divestment target of 558 bln rupees in the current financial year would be challenging.
* ECONOMY: Finance Minister P. Chidambaram said the rupee is undervalued from its perceived reasonable level, and that the government has no particular target level for the currency. Finance Minister has said that India 's gross domestic product growth is likely to pick up from the Jul-Sep quarter. RBI reviewed its guidelines on credit default swaps and interest rate swap with a view to increase participation in the markets.
- RBI has said that pressure on food inflation is likely to be transitory because of good southwest monsoon rainfall this year. India 's current account gap is seen widening in Apr-Jun of the current financial year and may continue to remain above sustainable levels, RBI said. RBI said its study of long-term inter-linkages between onshore rupee market and overseas non-deliverable forwards market suggests the relationship turns unidirectional from NDF to the onshore market during periods of rupee depreciation.
- The government has notified three of its decisions on foreign direct investment policy, including revision in FDI limits in various sectors. Sharp fall in the rupee against dollar could put upward pressure on inflation, RBI said. Cabinet Committee on Economic Affairs cleared an amendment to National Food Security Ordinance.
* ENERGY: Power Minister Jyotiraditya Scindia said his ministry and the Central Electricity Authority were rigorously monitoring capacity addition of ongoing generation projects.
* EXCHANGES: Income Tax Department will probe the 24 defaulters of National Spot Exchanges.
* GOLD: Fall in international prices has pulled down the value of gold holdings with the RBI by 11% to 1.3 trln rupees as of Jun 30.
* INFRASTRUCTURE: Tata Projects's order book currently stands at 150 bln rupees, almost double that of last year. Finance Minister stressed the need to curb import of resources like coal and steel in order to kick-start stalled projects and bridge current account deficit.
* MARKETS: The mutual fund industry today saw major buying as the equity market ended up after four consecutive days of incurring losses. MAHINDRA & MAHINDRA FINANCIAL SERVICES will replace STERLITE INDUSTRIES (INDIA) on the S&P BSE 100 and S&P BSE Carbonex indices from Tuesday.
* MERGER AND ACQUISITION: International news agency Thomson Reuters is buying a majority stake in Omnesys Technologies, a Bengaluru-based software service provider for securities and currency trade.
* METALS: A consortium of Indian companies led by STEEL AUTHORITY OF INDIA is likely to sign a draft contract to develop iron ore mines in Afghanistan in the next few weeks.
* FAST MOVING CONSUMER GOODS: Beverage maker Coca-Cola will continue with its plan to invest $5 bln in India by 2020.
* INFRASTRUCTURE: National Highways Authority of India has decided to cancel three highway projects, with their developers failing to pay the performance guarantee amount after winning the project.
* REGULATORS: Reserve Bank of India said the government's decision to allow COAL INDIA to import coal on a "cost plus" basis could put pressure on prices of electricity.
-RBI said it would be difficult for the government to contain food subsidies within the budgeted amount in 2013-14 (Apr-Mar). Several recommendations of Financial Sector Legislative Reform Commission require careful examination in the context of global practices, RBI said.
- Competition Commission of India is probing the alleged anti-competitive practices of three state-owned oil-marketing companies. RBI addressed 95% of the 6,276 requests for information it received under the Right to Information Act in 2012-13 (Jul-Jun). RBI will withdraw from administration of retail cash services, but it will continue to manage the distribution of bank notes and coins through currency chests and bank branches.
-RBI's balance sheet rose 8.2% to 23.91 trln rupees during 2012-13 (Jul-Jun).
* RETAIL: US major Walmart is in talks with the Bharti group to exit their six-year-old joint venture in cash-and-carry wholesale business.
* STEEL: Many companies including Essar Steel, BHUSHAN STEEL and KALYANI STEEL are mulling price hike by 1,000-1,500 rupees per tn from Sep 1 to pass on higher input costs.
* TAXATION: The Cabinet has deferred the decision on the Direct Taxes Code Bill, which seeks to overhaul the over 50-year-old Income Tax Act.
* TELECOM: Reliance Group head Anil Ambani denied any knowledge about Swan Telecom, a company accused of securing 2G licence as a front company of Reliance Telecom.
-Telecom Regulator will levy a penalty of 5,000 rupees on telecom service providers for each complaint received on unsolicited communication with users.
-A Department of Telecommunications plan has said that the telecom regulator's views must be sought on a slew of issues including pricing of spectrum identified for auction, where market conditions have failed to discover the real price.
* AVIATION: Directorate General of Civil Aviation has fast tracked its hiring process as it faces safety audits from international bodies.
* BANKING: RBI said access to finance is an important element of the Financial Inclusion Plan. RBI has imposed a penalty of 500,000 rupees on Nagrik Sahakari Bank for various violations.
-Monetary policy transmission in 2012-13 (Apr-Mar) slowed down, especially in Jan-Mar, reflecting the asymmetric response of banks to the hardening and the easing phases of policy cycles.
* COMMODITIES: World sugar surplus is likely to fall to 4.5 mln tn in 2013-14 (Oct-Sep), down 56% on year.
* CORPORATE: The number of defunct companies in India rose by nearly 34% to 235,000 in 2012.
* CURRENCY: Fitch Ratings said that the ongoing sharp depreciation of rupee does not call for rating action "at this point". RBI said central bank's measures to curb rupee volatility is important bring back rupee to its original level.
* DIVESTMENT: RBI said meeting the divestment target of 558 bln rupees in the current financial year would be challenging.
* ECONOMY: Finance Minister P. Chidambaram said the rupee is undervalued from its perceived reasonable level, and that the government has no particular target level for the currency. Finance Minister has said that India 's gross domestic product growth is likely to pick up from the Jul-Sep quarter. RBI reviewed its guidelines on credit default swaps and interest rate swap with a view to increase participation in the markets.
- RBI has said that pressure on food inflation is likely to be transitory because of good southwest monsoon rainfall this year. India 's current account gap is seen widening in Apr-Jun of the current financial year and may continue to remain above sustainable levels, RBI said. RBI said its study of long-term inter-linkages between onshore rupee market and overseas non-deliverable forwards market suggests the relationship turns unidirectional from NDF to the onshore market during periods of rupee depreciation.
- The government has notified three of its decisions on foreign direct investment policy, including revision in FDI limits in various sectors. Sharp fall in the rupee against dollar could put upward pressure on inflation, RBI said. Cabinet Committee on Economic Affairs cleared an amendment to National Food Security Ordinance.
* ENERGY: Power Minister Jyotiraditya Scindia said his ministry and the Central Electricity Authority were rigorously monitoring capacity addition of ongoing generation projects.
* EXCHANGES: Income Tax Department will probe the 24 defaulters of National Spot Exchanges.
* GOLD: Fall in international prices has pulled down the value of gold holdings with the RBI by 11% to 1.3 trln rupees as of Jun 30.
* INFRASTRUCTURE: Tata Projects's order book currently stands at 150 bln rupees, almost double that of last year. Finance Minister stressed the need to curb import of resources like coal and steel in order to kick-start stalled projects and bridge current account deficit.
* MARKETS: The mutual fund industry today saw major buying as the equity market ended up after four consecutive days of incurring losses. MAHINDRA & MAHINDRA FINANCIAL SERVICES will replace STERLITE INDUSTRIES (INDIA) on the S&P BSE 100 and S&P BSE Carbonex indices from Tuesday.
* MERGER AND ACQUISITION: International news agency Thomson Reuters is buying a majority stake in Omnesys Technologies, a Bengaluru-based software service provider for securities and currency trade.
* METALS: A consortium of Indian companies led by STEEL AUTHORITY OF INDIA is likely to sign a draft contract to develop iron ore mines in Afghanistan in the next few weeks.
* FAST MOVING CONSUMER GOODS: Beverage maker Coca-Cola will continue with its plan to invest $5 bln in India by 2020.
* INFRASTRUCTURE: National Highways Authority of India has decided to cancel three highway projects, with their developers failing to pay the performance guarantee amount after winning the project.
* REGULATORS: Reserve Bank of India said the government's decision to allow COAL INDIA to import coal on a "cost plus" basis could put pressure on prices of electricity.
-RBI said it would be difficult for the government to contain food subsidies within the budgeted amount in 2013-14 (Apr-Mar). Several recommendations of Financial Sector Legislative Reform Commission require careful examination in the context of global practices, RBI said.
- Competition Commission of India is probing the alleged anti-competitive practices of three state-owned oil-marketing companies. RBI addressed 95% of the 6,276 requests for information it received under the Right to Information Act in 2012-13 (Jul-Jun). RBI will withdraw from administration of retail cash services, but it will continue to manage the distribution of bank notes and coins through currency chests and bank branches.
-RBI's balance sheet rose 8.2% to 23.91 trln rupees during 2012-13 (Jul-Jun).
* RETAIL: US major Walmart is in talks with the Bharti group to exit their six-year-old joint venture in cash-and-carry wholesale business.
* STEEL: Many companies including Essar Steel, BHUSHAN STEEL and KALYANI STEEL are mulling price hike by 1,000-1,500 rupees per tn from Sep 1 to pass on higher input costs.
* TAXATION: The Cabinet has deferred the decision on the Direct Taxes Code Bill, which seeks to overhaul the over 50-year-old Income Tax Act.
* TELECOM: Reliance Group head Anil Ambani denied any knowledge about Swan Telecom, a company accused of securing 2G licence as a front company of Reliance Telecom.
-Telecom Regulator will levy a penalty of 5,000 rupees on telecom service providers for each complaint received on unsolicited communication with users.
-A Department of Telecommunications plan has said that the telecom regulator's views must be sought on a slew of issues including pricing of spectrum identified for auction, where market conditions have failed to discover the real price.
