Economy
India eases norms for FDI in 15 sectors
The government eased FDI norms in 15 major sectors, including mining, defence, civil aviation and broadcasting, in a bid to drum up investment and speed up growth
 
The Indian government on Tuesday relaxed norms for foreign direct investment  (FDI) in 15 sectors, including mining, defence, civil aviation and broadcasting, in order to increase investment and speed up growth. In the normal course, the policy corrections in 16 areas would have taken at least one year to process and get approvals.  
 
Foreign Investment Promotion Board (FIPB)'s sanctioning power is also enhanced under the single window clearance to Rs5,000 crore from Rs3,000 crore, a release from the government says.
 
It said, "The crux of these reforms is to further ease, rationalise and simplify the process of foreign investments in the country and to put more and more FDI proposals on automatic route instead of government route where time and energy of the investors is wasted. It is one more proof of minimum government and maximum governance."
 
Within defence manufacturing, firms can automatically increase foreign ownership to 49%, without seeking government approval. The government said it was also easing manufacturing rules to enable firms to move from assembling products to making them in India.
 
The statement listed the sectors for which investment norms have been eased, but did not specify the precise steps. Here are the sectors...
  1. Limited Liability Partnerships, downstream investment and approval conditions.
  2. Investment by companies owned and controlled by Non-Resident Indians (NRIs)
  3. Establishment and transfer of ownership and control of Indian companies
  4. Agriculture and Animal Husbandry
  5. Plantation
  6. Mining and mineral separation of titanium bearing minerals and ores, its value addition and integrated activities
  7. Defence
  8. Broadcasting Sector
  9. Civil Aviation
  10. Increase of sectoral cap
  11. Construction development sector
  12. Cash and Carry Wholesale Trading / Wholesale Trading (including sourcing from MSEs)
  13. Single Brand Retail Trading and Duty free shops
  14. Banking-Private Sector; and
  15. Manufacturing Sector
Along with these sectoral reforms, DIPP has also been advised to consolidate all FDI related instructions contained in various notifications & press notes and prepare a booklet so that the investors don't have to refer to several documents of different timeframes.  

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58 percent of new Bihar MLAs have criminal background
As many as 142 -- or 58 percent -- of the newly-elected 243 Bihar legislators have criminal cases registered against them, a study said.
 
Of the total assembly members with criminal background, 98 (40 percent) have serious charges, including murder, attempt to murder, communal disharmony, kidnapping and crimes against women, says the study by the Bihar Election Watch and Association for Democratic Reforms (ADR).
 
Charges have been framed against 70 members with criminal background, it said.
 
"Out of the 142 MLAs who have declared pending criminal cases against them, 70 (49 percent) have declared that the charges for these cases have already been framed by the court of law," the study said.
 
Eleven MLAs have cases related to murder and attempt to murder. Of these, four MLAs are from the Rashtriya Janata Dal (RJD).
 
During the 2010 Bihar assembly elections, of 228 MLAs analysed, 76 (33 percent) had serious criminal cases against them, it said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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SEBI impounds financial assets of 8 entities including Blue Chip Corp

SEBI also directed banks and depositories not to make any debits in the bank accounts, demat accounts, held jointly or severally, by Blue Chip Corp except after confirmation from the concerned stock exchange

 

Market regulator Securities and Exchange Board of India (SEBI) impounded the financial assets of Blue Chip Corporation, Nitin Rajaram Narke, Pravin B Darawade, Bhavana Chadha, Milestone Investment, Nitin Narke Investment, Blue Cheap Investment and Blue Chip Investment and directed them not to dispose off or alienate any of their assets.
 
According to the SEBI Order, banks and depositories are directed that no debits shall be made in their bank accounts/demat accounts, held jointly or severally, by these eight entities except after confirmation from the concerned stock exchange.
 
The SEBI order adds, the eight entities are directed to provide a full inventory of all their assets whether movable or immovable, or any interest or investment or charge in any of such assets, including details of their all their bank and demat accounts immediately but not later than 7 working days from the date of receipt of these directions.
 
The eight entities are restrained from accessing the securities market, according to the SEBI Order. They are also directed not to mobilise funds from investors in any manner. They are also directed to immediately withdraw and remove all advertisements, representations, literatures, brochures, materials, publications, documents, websites, etc. and any unregistered activity in the securities market.
 
SEBI had investigated the entities for their unregistered activity with respect to investors in the stock market.

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