Consumer Issues
Govt to launch modified DBT for LPG in 54 districts from 15th November

Modi government is launching the direct benefits transfer for LPG on test basis in 54 districts with some modification. This includes giving subsidy directly in consumer’s bank account even if they do not have Aadhaar number


The Narendra Modi government is re-launching its modified direct benefits transfer for LPG (MDBTL) scheme in pilot basis in 54 districts across the country. The main feature of this modified scheme is LPG consumers will be able to get subsidy directly in their bank accounts from 15th November even if they do not have Aadhaar numbers.


The previous DBTL scheme launched by the Congress-led United Progressive Alliance (UPA) government failed due to its linkage with Aadhaar numbers with bank accounts. Most people did not have either Aadhaar number or a bank account. Now with a push for opening bank accounts, the MDBTL has been linked to both, Aadhaar numbers and bank accounts.


Dharmendra Pradhan, the minister of state for Petroleum and Natural Gas, on Thursday reviewed the preparations for the launch of the MDBTL scheme in 54 districts.


As of now, the MDBTL is being launched in 54 districts to test how it goes, and it is expected to be launched countrywide by 1st January.


The officials of the oil marketing companies, nationalised banks (who have been pushing on the bank accounts front) and district authorities took part in today's call with the Minister. This is Pradhan's second such conference in the last couple of weeks. The limited rollout is slated for 15th November and the final rollout will come with the New Year.


Last month, finance minister Arun Jaitley had said, “Those who are still left outside the scheme, those who are neither have an Aadhaar identity or a bank account...the cylinder system will be still available for them for some time.”


All LPG consumers, who had already joined the scheme solely based on Aadhaar number, will start getting subsidy in their Aadhaar-linked bank accounts after scheme is launched.


LPG consumers will get a grace period of three months during which consumers who have joined the scheme will get subsidy in bank accounts and others will continue to get cylinders at subsidised price.


Market cap of BSE listed companies nears Rs100 lakh crore mark

BSE’s 30-share benchmark Sensex has gained 6,745 points, or 31.86%, so far this year taking the market capitalisation or m-cap of listed companies to Rs97.13 lakh crore


As the benchmark S&P BSE Sensex is witnessing a dream-rally, the total market valuation of Exchange-listed companies has inched closer to the Rs100 lakh crore mark.


At present, the total market capitalisation (m-cap) of BSE-listed companies stands at Rs97.13 lakh crore, which is just Rs2.86 lakh crore short of the Rs100 lakh crore milestone.


In terms of the US dollar, the total market valuation of BSE-listed companies has surged to $1.58 trillion at the current rupee rate of 61.41 against the Greenback.


India first entered the trillion-dollar club in June 2007, but moved out in September 2008 after a global meltdown.


It again got back into the elite league in May 2009 and largely remained there except for some brief time, including once in 2012. In August 2013, it had again slipped out of the list.


The Sensex has gained 6,745.2 points, or 31.86%, so far this year. The index had hit its all-time high of 28,010.39 on Wednesday.


Experts said expectations of more reforms by the Narendra Modi-led government and a rate cut by the Reserve Bank of India (RBI) has helped markets scale new heights.


The Sensex blue-chips whose market valuation is more than Rs1 lakh crore include Tata Consultancy Services (TCS), ONGC, Reliance Industries Ltd (RIL), ITC, Infosys, HDFC Bank, Coal India, State Bank of India (SBI), ICICI Bank, Sun Pharma, HDFC, Hindustan Unilever Ltd (HUL), L&T, Bharti Airtel, Tata Motors, Wipro, NTPC, HCL Tech and Axis Bank.


Outsourcing giant TCS is the most valued Indian company with a market cap of around Rs5.1 lakh crore.


Marketmen said Indian markets are also making merry, helped by smart foreign fund inflows.


Since the beginning of this year, overseas investors have infused a net amount of Rs82,266 crore ($13.7 billion) into the equities, while they invested a net of Rs1.36 lakh crore into the debt market ($22.5 billion) taking the total to Rs2.18 lakh crore ($36 billion).


Financial Technologies to get Rs576 crore from IEX stake sale

Financial Technologies is selling its 25.64% stake in IEX, which provides a power trading platform, to a group of investors for about Rs576.84 crore


Financial Technologies (India) Ltd said it would offload its entire 25.64% stake in Indian Energy Exchange Ltd (IEX), which provides a power trading platform, to a group of investors for about Rs576.84 crore.


FTIL, in a regulatory filings, said that on 5th November, it had entered into a share purchase agreement (SPA) with TVS Shriram Growth Fund 1, S Gopalkrishnan, Lakshmi Narayanan, Rajeev Gupta, Dalmia Cement Bharat Power Ventures Ltd, Kiran Vyapar Ltd, TVS Capital Funds Ltd and Agri Power and Engineering Solutions Pvt Ltd and would sale its 25.64% stake in IEX for around Rs576.84 crore.


The company said the transaction was subject to fulfilment of certain condition precedents including buyout of the application software and other technology for its own use only by IEX and regulatory approvals, if any.


Under the SPA, the transaction would close within 30 days unless all parties extended it. After the transaction was completed, FTIL would have completely exited IEX, the statement said.


IEX offers a demutualised and automated platform for physical delivery of electricity. The exchange also facilitated “efficient price discovery and price risk management” for those who took part in the electricity market that included industries which were eligible for open access.


IEX said nearly 3,000 participants from 29 states, five union territories (UTs), more than 800 private generators (both commercial and renewable energy), and over 2,800 open access consumers benefited by participating in the exchange.


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