* AUTOMOTIVE: Honda Cars India locally sold 6,242 units of its recently-launched Amaze compact sedan in August, increasing the company's total domestic volumes by 63% on year to 8,913 units. General Motors India will recall over 4,000 units of the diesel variant of Sail compact and sedan models for a potential problem with the engine.
* BANKING: Banks can open non-resident ordinary bank account of foreign students accepting passport as an identity proof, the Reserve Bank of India has said.
The RBI has said Unique Identification Authority of India's electronic-know your customer service will be accepted as a valid process for know your customer verification for banks.
Banks that will start operations will be allowed to revise their Base Rate methodology within a year of commencing business, RBI has said.
The RBI governor designate Rajan acknowledged that the economy is facing challenges but said he will handle the issues "one step at a time"..
As part of India 's engagement with the 54-member grouping of Commonwealth countries, Export and Import Bank of India is helping set up a Commonwealth
Bank to tackle the banking challenges in African and Caribbean countries.
* COMMODITIES: Economic Affairs Secretary Arvind Mayaram is likely to hold a meeting on the payment default crisis at the National Spot Exchange today.
The board of National Spot Exchange has all but washed its hands of the 56-bln-rupee payments crisis on the bourse and has sought to pin the blame on former CEO Sinha and its management team.
A reports submitted by SGS, the Swiss firm hired by the National Spot Exchange to audit stocks in the warehouses, has found that the exchange over-stated the availability by 85%.
* ENERGY: State-owned oil marketing companies are estimated to incur daily revenue losses of 4.61 bln rupees in the first half of September on sale of subsidised fuels, an 18% rise from the 3.89 bln rupees in the previous fortnight.
Oil minister Moily has proposed 10 options for fuel pricing to the prime minister, including a suggestion for a sharp increase in rates followed by a weekly 0.50 rupee rise in diesel prices and a monthly 0.50 rupee hike in cooking gas.
* EXCHANGES: National Stock Exchange has proposed to the SEBI to make it mandatory for brokers to collect upfront margin money for trading in shares
or cash segment. Currently, clients mandatorily deposit money in advance only in futures and options trading.
* FINANCE: Finance Minister Chidambaram has flagged the idea that a separate bankruptcy law or code and efficient bankruptcy courts would help fast-track
restructuring/winding up of indebted companies.
* INFORMATION TECHNOLOGY: Kotak Private Equity is in talks to pick up an over 20% stake in Hyderabad-based SemanticSpace Technologies.
* REGULATORY: The regulatory and supervisory regime for securities markets in India "is well developed and largely in compliance with international stand", a
team of officials from the World Bank and International Monetary Fund said.
The two Sahara group companies, which are facing contempt of court action in the Supreme Court for failing to pay up 240-odd bln rupees to Sebi have
argued they could not be penalised for making direct payments to investors since it was done with Sebi's knowledge.
Sebi has clamped down on new launches of gold exchange traded funds as the product is seen to be fuelling demand for the yellow metal and contributing significantly to the current account deficit.
The income tax department has resumed "normal refund payments" for 2011-12 after an informal go-slow advisory was reversed.
* TELECOM: The Central Bureau of Investigation has alleged in the 2G special court that DB REALTY promoter Shahid Balwa, being tried in the spectrum
allocation case, is travelling abroad without prior permission of the court.
The trial court hearing 2G spectrum cases rejected Essar Teleholdings' plea seeking restart of trials in the spectrum case by clubbing their trial with the other set of accused in which former Telecom Minister A. Raja is the prime accused.
The telecom department is planning to ask the finance ministry to offer a tax holiday for 10 years without a sunset clause and make viability gap funding available for the telecom infrastructure sector.
Bharti Airtel, Vodafone India , and smaller peer Aircel may soon have to pay a market price for airwaves they hold in the Tamil Nadu circle and also
surrender a portion of their total holding, according to internal DoT documents.
Vodafone India 's proposed amalgamation of its operating subsidiaries has hit a roadblock with the department of telecommunications ruling that the
merged entity would have to sign an undertaking to migrate to the new unified licence notified by the government last week.
* BANKING: Banks can open non-resident ordinary bank account of foreign students accepting passport as an identity proof, the Reserve Bank of India has said.
The RBI has said Unique Identification Authority of India's electronic-know your customer service will be accepted as a valid process for know your customer verification for banks.
Banks that will start operations will be allowed to revise their Base Rate methodology within a year of commencing business, RBI has said.
The RBI governor designate Rajan acknowledged that the economy is facing challenges but said he will handle the issues "one step at a time"..
As part of India 's engagement with the 54-member grouping of Commonwealth countries, Export and Import Bank of India is helping set up a Commonwealth
Bank to tackle the banking challenges in African and Caribbean countries.
* COMMODITIES: Economic Affairs Secretary Arvind Mayaram is likely to hold a meeting on the payment default crisis at the National Spot Exchange today.
The board of National Spot Exchange has all but washed its hands of the 56-bln-rupee payments crisis on the bourse and has sought to pin the blame on former CEO Sinha and its management team.
A reports submitted by SGS, the Swiss firm hired by the National Spot Exchange to audit stocks in the warehouses, has found that the exchange over-stated the availability by 85%.
* ENERGY: State-owned oil marketing companies are estimated to incur daily revenue losses of 4.61 bln rupees in the first half of September on sale of subsidised fuels, an 18% rise from the 3.89 bln rupees in the previous fortnight.
Oil minister Moily has proposed 10 options for fuel pricing to the prime minister, including a suggestion for a sharp increase in rates followed by a weekly 0.50 rupee rise in diesel prices and a monthly 0.50 rupee hike in cooking gas.
* EXCHANGES: National Stock Exchange has proposed to the SEBI to make it mandatory for brokers to collect upfront margin money for trading in shares
or cash segment. Currently, clients mandatorily deposit money in advance only in futures and options trading.
* FINANCE: Finance Minister Chidambaram has flagged the idea that a separate bankruptcy law or code and efficient bankruptcy courts would help fast-track
restructuring/winding up of indebted companies.
* INFORMATION TECHNOLOGY: Kotak Private Equity is in talks to pick up an over 20% stake in Hyderabad-based SemanticSpace Technologies.
* REGULATORY: The regulatory and supervisory regime for securities markets in India "is well developed and largely in compliance with international stand", a
team of officials from the World Bank and International Monetary Fund said.
The two Sahara group companies, which are facing contempt of court action in the Supreme Court for failing to pay up 240-odd bln rupees to Sebi have
argued they could not be penalised for making direct payments to investors since it was done with Sebi's knowledge.
Sebi has clamped down on new launches of gold exchange traded funds as the product is seen to be fuelling demand for the yellow metal and contributing significantly to the current account deficit.
The income tax department has resumed "normal refund payments" for 2011-12 after an informal go-slow advisory was reversed.
* TELECOM: The Central Bureau of Investigation has alleged in the 2G special court that DB REALTY promoter Shahid Balwa, being tried in the spectrum
allocation case, is travelling abroad without prior permission of the court.
The trial court hearing 2G spectrum cases rejected Essar Teleholdings' plea seeking restart of trials in the spectrum case by clubbing their trial with the other set of accused in which former Telecom Minister A. Raja is the prime accused.
The telecom department is planning to ask the finance ministry to offer a tax holiday for 10 years without a sunset clause and make viability gap funding available for the telecom infrastructure sector.
Bharti Airtel, Vodafone India , and smaller peer Aircel may soon have to pay a market price for airwaves they hold in the Tamil Nadu circle and also
surrender a portion of their total holding, according to internal DoT documents.
Vodafone India 's proposed amalgamation of its operating subsidiaries has hit a roadblock with the department of telecommunications ruling that the
merged entity would have to sign an undertaking to migrate to the new unified licence notified by the government last week.
