Regulations
Rajasthan assembly passes SEZ bill

The bill offers many sops to the investors including exemption from size of land holding

 

The Rajasthan assembly on Monday passed a bill to set up special economic zones (SEZs) in the state.
 
Passed by voice vote, The Rajasthan Special Economic Zones Bill, 2015, seeks to provide for the establishment, maintenance, management and administration of SEZs, growth and development of enterprises and to attract investment in such zones.
 
Tabling the bill, Industry Minister Gajendra Singh said that in 2003, the state government had brought out the Rajasthan Special Economic Zones Development Act, 2003 for the purpose, but then the central government enacted the Special Economic Zones Act, 2005 which came into force with effect from February 10, 2006.
 
He said the state act needed to be aligned to the central act and this purpose would be met by the bill passed on Monday. 
 
"This Bill seeks to achieve the aforesaid objectives," he said.
 
The bill offers many sops to the investors including exemption from size of land holdings.
 
As per the bill, the provisions of the Rajasthan Imposition of Ceiling on Agriculture Holdings Act, 1973 shall not apply in respect of any land acquired by the developer for the purpose of setting up an SEZ after in-principle approval has been granted to him under rule 6 of the Central SEZ rules.
 
The bill also makes arrangement of land easy. The state government may transfer land owned or controlled by it to an SEZ.
 
The developer may acquire land, if so required, in accordance with the provisions of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (Central Act No. 30 of 2013) and the rules under it.
 
The developer may himself acquire land from any person by purchase, lease or allotment.
 
The bill also offers exemption from state taxes, duties, cess and other levies to developer, co-developer or a unit located in an SEZ.
 

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Nifty, Sensex still in a rallying mode – Monday closing report

Nifty may turn weak, if it closes below 8,559, while Bank Nifty will be weak below 18,445

 

Last week, we mentioned that Nifty is in a bullish mode and may be headed towards 8,700. Today the index opened marginally higher and moved sideways upto 12.30 pm finding support at Wednesday close. However, after this the benchmark gained momentum and made a gradual upmove and closed at its highest since 18 March 2015.
Sensex opened at 28,352 while Nifty opened at 8,616. Sensex hit its low at 28,222 and moved higher to the level of 28,531 and closed at 28,504 (up 244 points or 0.86%) while
 
Nifty hit its low at 8,574 and moved higher to the level of 8,668 and closed at 8,660 (up 74 points or 0.86%). Bank Nifty, ahead of the RBI first bi-monthly monetary policy for 2015-16 on Tuesday, witnessed a volatile session trading mostly in the red. Bank Nifty opened at 18,703 and moved in the range of 18,455 and 18,703 and closed at 18,605 (down 12 points or 0.07%). NSE recorded a volume of 86.11 crore shares. India VIX rose 6.64% to close at 14.5725.
 
Markit Economics will unveil monthly survey on the performance of India's services sector for March 2015 today.
 
Manufacturing activity in India witnessed an overall improvement last month, the outcome of a survey showed on Thursday. The headline HSBC India Purchasing Managers' Index (PMI) nudged higher at 52.1 in March 2015 from 51.2 in February 2015.
 
The government, after trading hours on Wednesday, announced the launch of a new Merchandise Exports from India Scheme (MEIS) for export of specified goods to specified markets. For grant of rewards under MEIS, the countries have been categorized into 3 groups whereas the rates of rewards under MEIS range from 2% to 5%. MEIS has replaced 5 different schemes of earlier Foreign Trade Policy.
 
RBI, on 1 April 2015, announced that the entire amount due to a bank in respect of fraud committed by borrowers shall be provided for over a period not exceeding four quarters commencing with the quarter in which the fraud has been detected. Among other things, it also said that in case of delay by the concerned bank in reporting the fraud to the RBI, the entire provisioning is required to be made at once.
 
Prime Minister Narendra Modi today launched a national air quality index to monitor pollution level in 10 cities, the first of its kind in the country.
 
SEBI will soon put in place new norms for changes in constituents of the key stock market indices, including Sensex and Nifty, as it frames a separate mechanism for regulating the index providers.
 
RBI executive director G Padmanabhan last week said that India needs to proceed cautiously in fully opening up its debt markets to foreign investors, given the need to first tackle issues such as the large government borrowing and capital controls. He also raised concerns over the unhedged foreign currency exposure by Indian borrowers in offshore debt, saying it raised "systemic concerns."
 
HDIL (24.25%) was the top gainer in the ‘A’ group on the BSE. The stock hit its 52-week high today. PMC Fincorp (9.93%) was the top loser in the group. It hits 52-week low today.
 
Sun Pharma (8.34%) was the top gainer in the Sensex 30 pack. Tata Steel (1.84%) was the top loser in the Sensex 30 stock. Tata Steel Minerals Canada (TSMC), through its subsidiary Howse Minerals acquired the remaining 49% stake in the Howse iron ore deposit by exercising its rights under the terms of the joint venture agreement entered in September 2013 with Labrador Iron Mine Holdings (LIM) for the exploration and development of the Howse iron ore deposit in the Schefferville region of the Labradon Trough in Canada.
 
On Thursday, US Indices closed in the green. US employers added the fewest number of jobs in more than a year in March. The Federal Reserve nonfarm payrolls rose 126,000 last month, less than half February's pace and the smallest gain since December 2013, the Labor Department said on Friday. Except for Nikkei 225 (0.19%) and Straits Times (0.02%) all other Asian indices which were trading today closed in the green. KLSE Composite (0.60%) was the top gainer. The Chinese markets were closed today.
 
On Friday, in China the data showed that a gauge of service sector activity, the HSBC China Services Purchasing Managers' Index, came in stronger at 52.3 in March 2015 from 52 in February 2015.
 
European stock markets are closed today for Easter holiday. US Futures were trading in the red.
 
Greek Finance Minister Yanis Varoufakis said that after holding bilateral talks with International Monetary Fund Managing (IMF) Director Christine Lagarde that Greece intends to meet all obligations to all its creditors.
 

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Smart cities' selection to start by month-end: Venkaiah Naidu

The key focus of the government would be to reinforce transparency and accountability in the system, the minister said

 

The Narendra Modi government's plan to set up smart cities in the country will get off the ground by the end of this month with the start of the selection process, Urban Development Minister M. Venkaiah Naidu said on Monday.
 
Observing that the smart cities are envisaged to be created under the public-private partnership (PPP) model, he told the national convention of the Confederation of Indian Industry that he looked forward to working with industry once the smart city concept was rolled out by next month.
 
"A Smart Cities Challenge system will be approved by the cabinet anytime this month. Cities must qualify themselves through city-challenge criteria like sanitation, clean water, power, greenery quotient and ratio between revenue and expenditure on municipal salaries," Naidu said.
 
Pointing to recent studies that showed urban local bodies to be spending up to 84 percent of revenues on employees' salaries, Naidu said the municipal corporations in Delhi have claimed they have no money to pay wages.
 
The key focus of the government would be to reinforce transparency and accountability in the system, the minister said.
 
"We'll go for open offer, technical and financial bids," he said, adding that many foreign companies are showing interest in the project.
 
He said the government's role will be that of facilitator or "handholding", for the project of regeneration of urban local bodies through the initiative.
 

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