* AUTOMOBILE: General Motors India may have to take a hit of around 5 bln rupees as a result of its recent move to recall 114,000 Chevrolet Tavera MPVs to align them with statutory emission norms.
-The government is planning to hold annual 'surprise checks' at auto makers' facilities across the country to ensure that all statutory norms under the Central Motor Vehicle Rules are met for all vehicles produced in India .
* AVIATION: West Bengal government has cut taxes on aviation turbine fuel at four airports in the state.
* BANKING: The RBI has directed all state and central co-operative banks to ensure that they are members of at least one credit information company and share loan data with them in the prescribed format. Loan and deposit growth for scheduled commercial banks in India continued to lag behind the Reserve Bank of India 's indicative growth projections.
* COMMODITY: 21 buyers have an outstanding liability of 55.80 bln rupees, against which stocks tendered by them in exchange warehouses are worth 60.63 bln rupees, according to a National Spot Exchange list.
* ECONOMY: The finance ministry expects the RBI to transfer about 250 bln rupees to the government as surplus profit for the year ended June compared with 160 bln rupees a year ago.
*Finance ministry wants highway developers, who are keen to reschedule premium payments worth over 980 bln rupees during the project implementation period, to approach India Infrastructure Finance Co for financing the premium amount.
-Finance ministry is finalising the modalities of a feeder fund that will
be listed on the London Stock Exchange and be a source of long-term financing for Indian infrastructure debt funds by attracting overseas investments.
* ENERGY: Upstream companies Oil and NATURAL GAS CORP and OIL INDIA , along with GAIL (INDIA), have to bear 60% of the total petroleum subsidy in Apr-Jun, nearly double from 32% a year ago.
- The Directorate General of Hydrocarbon has said there are technical problems in the suggestion that RELIANCE INDUSTRIES should not be allowed to raise gas prices until additional output makes up for the shortfall in supplies at old rate.
- Companies like TATA POWER and RELIANCE POWER have voiced concerns over key provisions of CASE-II draft bidding guidelines ahead of the meeting of the ministerial panel to approve the norms on ultra mega power projects.
* EXPORTS: The government has revised downward its exports target for the current financial year to $325 bln.
* FMCG: Cadbury India is planning to invest more than 10 bln rupees to set up the first phase of its manufacturing plant in Andhra Pradesh's Sri City .
* INFORMATION TECHNOLOGY: India appears set to get its first chip-making facility, with at least two global players-IBM and STMicroelectronics-in advanced stages of talks with the government for an investment of over 500 bln rupees.
* INVESTMENT: Private equity funds, such as Tata Capital's PE fund and Morgan Stanley Global Private Equity, will buy a significant minority stake in Janalakshmi Financial Services for close to 3.50 bln rupees.
* RAILWAYS: Indian Railways has floated a fresh request for proposal for the 63-km elevated rail corridor between Churchgate and Virar, making some minor changes in the original proposal and extending the last date of submitting applications to Sep 20.
* REGULATORY: The Ministry of Consumer Affairs issued a notification barring the National Spot Exchange from launching one-day forward contracts or e-series contracts without prior approval from the government. India could reimpose restrictions on royalty payments to foreigners for transfer of technology and brand fees after a sudden surge in outflows after the limits on such payments were revised in 2009.
- The Central Board of Direct Taxes has instructed that entities that have received donations from abroad in excess of 10 mln rupees during 2011-12 (Apr-Mar) should be scrutinized by the income-tax department.
* TELECOM: The Supreme Court has directed Ministry of Finance to give to Janata Party Chief Subramanian Swamy the minutes of a meeting of Foreign Investment Promotion Board in which the Aircel-Maxis deal was cleared.
-The Supreme Court will on Aug 14 continue hearing the plea of Reliance Telecom Ltd, an accused in the 2G-spectrum case, seeking lifting of the apex court's order of stay on proceedings of all 2G related cases in Delhi High Court.
- The Central Bureau of Investigation has arrested the co-founder and managing director of Micromax Informatics, Rajesh Agarwal, and partner Manish Tuli, after catching them redhanded in a bribery case. Department of Telecom is considering doing away with the blanket 500,000 rupees fine on violations related to cell tower radiation, including lapses related to procedural aspects.
- Telecom Regulatory Authority of India is working to get at least three carriers of spectrum in 2.1 GHz (3G band) vacated by the defence forces by offering them the 1,900 Mhz band in lieu of it.
* TRADE: India may suggest a compromise formula on insurance to the EU for inclusion in the proposed bilateral Free Trade Agreement in case there is further delay in getting Parliament's approval for the Insurance Bill.
-The government is planning to hold annual 'surprise checks' at auto makers' facilities across the country to ensure that all statutory norms under the Central Motor Vehicle Rules are met for all vehicles produced in India .
* AVIATION: West Bengal government has cut taxes on aviation turbine fuel at four airports in the state.
* BANKING: The RBI has directed all state and central co-operative banks to ensure that they are members of at least one credit information company and share loan data with them in the prescribed format. Loan and deposit growth for scheduled commercial banks in India continued to lag behind the Reserve Bank of India 's indicative growth projections.
* COMMODITY: 21 buyers have an outstanding liability of 55.80 bln rupees, against which stocks tendered by them in exchange warehouses are worth 60.63 bln rupees, according to a National Spot Exchange list.
* ECONOMY: The finance ministry expects the RBI to transfer about 250 bln rupees to the government as surplus profit for the year ended June compared with 160 bln rupees a year ago.
*Finance ministry wants highway developers, who are keen to reschedule premium payments worth over 980 bln rupees during the project implementation period, to approach India Infrastructure Finance Co for financing the premium amount.
-Finance ministry is finalising the modalities of a feeder fund that will
be listed on the London Stock Exchange and be a source of long-term financing for Indian infrastructure debt funds by attracting overseas investments.
* ENERGY: Upstream companies Oil and NATURAL GAS CORP and OIL INDIA , along with GAIL (INDIA), have to bear 60% of the total petroleum subsidy in Apr-Jun, nearly double from 32% a year ago.
- The Directorate General of Hydrocarbon has said there are technical problems in the suggestion that RELIANCE INDUSTRIES should not be allowed to raise gas prices until additional output makes up for the shortfall in supplies at old rate.
- Companies like TATA POWER and RELIANCE POWER have voiced concerns over key provisions of CASE-II draft bidding guidelines ahead of the meeting of the ministerial panel to approve the norms on ultra mega power projects.
* EXPORTS: The government has revised downward its exports target for the current financial year to $325 bln.
* FMCG: Cadbury India is planning to invest more than 10 bln rupees to set up the first phase of its manufacturing plant in Andhra Pradesh's Sri City .
* INFORMATION TECHNOLOGY: India appears set to get its first chip-making facility, with at least two global players-IBM and STMicroelectronics-in advanced stages of talks with the government for an investment of over 500 bln rupees.
* INVESTMENT: Private equity funds, such as Tata Capital's PE fund and Morgan Stanley Global Private Equity, will buy a significant minority stake in Janalakshmi Financial Services for close to 3.50 bln rupees.
* RAILWAYS: Indian Railways has floated a fresh request for proposal for the 63-km elevated rail corridor between Churchgate and Virar, making some minor changes in the original proposal and extending the last date of submitting applications to Sep 20.
* REGULATORY: The Ministry of Consumer Affairs issued a notification barring the National Spot Exchange from launching one-day forward contracts or e-series contracts without prior approval from the government. India could reimpose restrictions on royalty payments to foreigners for transfer of technology and brand fees after a sudden surge in outflows after the limits on such payments were revised in 2009.
- The Central Board of Direct Taxes has instructed that entities that have received donations from abroad in excess of 10 mln rupees during 2011-12 (Apr-Mar) should be scrutinized by the income-tax department.
* TELECOM: The Supreme Court has directed Ministry of Finance to give to Janata Party Chief Subramanian Swamy the minutes of a meeting of Foreign Investment Promotion Board in which the Aircel-Maxis deal was cleared.
-The Supreme Court will on Aug 14 continue hearing the plea of Reliance Telecom Ltd, an accused in the 2G-spectrum case, seeking lifting of the apex court's order of stay on proceedings of all 2G related cases in Delhi High Court.
- The Central Bureau of Investigation has arrested the co-founder and managing director of Micromax Informatics, Rajesh Agarwal, and partner Manish Tuli, after catching them redhanded in a bribery case. Department of Telecom is considering doing away with the blanket 500,000 rupees fine on violations related to cell tower radiation, including lapses related to procedural aspects.
- Telecom Regulatory Authority of India is working to get at least three carriers of spectrum in 2.1 GHz (3G band) vacated by the defence forces by offering them the 1,900 Mhz band in lieu of it.
* TRADE: India may suggest a compromise formula on insurance to the EU for inclusion in the proposed bilateral Free Trade Agreement in case there is further delay in getting Parliament's approval for the Insurance Bill.
