Money & Banking
RBI scraps curbs on buying of Kotak Mahindra Bank shares
Chennai : India's central bank, the RBI on Wednesday said that the restrictions placed on the purchase of Kotak Mahindra Bank Ltd's shares are withdrawn immediately.
 
The Reserve Bank of India (RBI), in a statement, said the aggregate share holdings by global depository receipts (GDR)/American depository receipts (ADR)/foreign direct investment (FDI)/foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs)/NRIs/Persons of Indian Origin (PIOs) under portfolio investment scheme in Kotak Mahindra Bank Ltd. has gone below the prescribed limit.
 
The Reserve Bank has notified this under the Foreign Exchange Management Act (FEMA).
 
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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90 percent of FDI inflows in 9 months through automatic route
New Delhi : Over 90 percent of the total foreign direct investment (FDI) received during the first nine months (April-December) of this fiscal came through the automatic route, parliament was informed on Wednesday.
 
"FDI equity inflow received through automatic route and approval route during the current financial year (up to December 2015) is 90.24 percent and 9.76 percent respectively," Commerce Minister Nirmala Sitharaman said in a written reply to the Rajya Sabha.
 
She said the government had put in place a liberal and transparent policy under which most sectors have been opened to FDI under the automatic route.
 
In reply to a separate question, Sitharaman said: "The demand for electronics in the Indian market is expected to reach $400 billion by 2020."
 
"Without intervention, at the current rate of growth, domestic production can cater to a demand of about $100 billion by 2020," she said.
 
"While the future is difficult to predict, the value of imports of electronics goods during April-December 2015 was $31.06 billion, which is less than the value of imports of petroleum products during the same period, which were $68.2 billion during the period," she added.
 
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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Navi Mumbai International Airport to be operational in 2019
Mumbai : The proposed Navi Mumbai International Airport is expected to be operational in three years and the first flight is targeted to take off from there in 2019, Maharashtra Governor C.V. Rao said here on Wednesday.
 
"The Navi Mumbai International Airport has received excellent response in the qualifying round of global tenders. It is targeted that the first flight take off from there in 2019," Rao announced in his address to a joint sessesion of Maharashtra legislature at the beginning of the budget session which began on Wednesday.
 
In preparation for the new international airport, the CIDCO will develop a Smart City, NAINA, which comprises of 30 towns around the airport, he said, adding this will focus on work areas pertaining to education, medical, entertainment, logistics, commerce, science, industry, etc, and the government has already notified an area of 600 square km. for it.
 
Simultaneously, CIDCO will invest Rs.35,000 crores to develop the South Navi Mumbai as a brownfield Smart City covering seven towns over an area of around 7,700 hectares.
 
In this, the main focus would be on projects like affordable housing, metro corridors, economic and infrastructure development projects along with Port City Development, scheduled for completion by 2019, Rao said.
 
Supplementing these would be other major infrastructure projects in and around Mumbai and elsewhere in the state, including construction of the new bridge across Thane Creek to ease congestion between Mumbai-Navi Mumbai, will be taken up this year.
 
The proposed coastal highway project in Maharashtra will promote industries, tourism and defence requirements, and this year work will start on the ambitious Mumbai-Nagpur Super Communication Expressway which will be the longest Greenfield expressway in India, said Rao.
 
Maharashtra State Road Development Corporation (MSRDC) will be the implementing agency for the Thane-Borivali Tunnel Road, Thane-Ghodbunder Road, Kon-Kalyan-Dombivali-Shilphata elevated road, four-laning of Wakan-Pali-Khopoli Road and 27 railway overbridges in Vidarbha.
 
Elsewhere in the state, the government has completed over 263,000 kms out of a targeted 337,000 kms of roads under the development programme of 2001-20021, including converting 6,800 kms of state highways into national highways, he said.
 
The government plans to form "Maharashtra Railway Infrastructure Development Company" as a JV with the railways ministry to expedite implementation of railway projects in the state.
 
The government will participate by way of equity in port-rail connectivity projects for Jaigad Port and Dighi Port and also buy 26 percent shares in satellite port project of Jawaharlal Nehru Port Trust at Wadhwan.
 
While the Belapur-Pendar Metro Project, 11 kms in Navi Mumbai will be completed in July 2017, and work on the Mumbai Metro Rail Line 3, Nagpur Metro and Pune Metro projects will commence soon, he said.
 
Out of 118 km Metro Rail Project planned for next 3-4 years, the Dahisar to Dadabhai Nauroji Nagar route of 18.5 km and the Dahisar (East) to Andheri (East) route of 16.5 km with an estimated cost of Rs.12,000 crore have been approved, the governor 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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