Indian banks may bind with Russian lenders who are not affected by sanctions
Indian banks such as the Bank Canara, Bank of Maharashtra, and UCO Bank can hold hands with Russian banks that are not under Western sanctions to facilitate bilateral payments. These banks are likely to open accounts at their Russian colleagues and vice versa, as decided last week at a meeting held in New Delhi.
Why is it important: bilateral trade between India and Russia has been affected by the Ukraine war. Interbank partnerships will ensure the smooth flow of trade without violating economic sanctions imposed by Western countries.
Apollo Global Management is in advanced talks with L&T Finance Holdings to obtain Realty loans worth RS 8,000-9,000 Crore. The agreement, pegged on $ 1 billion, will also help L&T get cash in advance instead of staggering payments, allowing it to remove the balance sheet, while the private equity group will get a real estate asset portfolio with the first loss protection.
Why is it important: L&T Finance wants to focus on the retail segment by cutting its infrastructure and real estate exposure. This agreement will help to achieve that.
Indian insurance regulation and development authority is considering proposals to make insurance fraud a parameter to calculate credit scores to withstand the increase in illegal activities. The proposal is being considered by the insurance regulator because the fraud is estimated to cost more than the 450 billion hospital every year.
Why is it important: if the proposal is approved, insurance fraud will be displayed when the individual risk profile is evaluated, which will reflect their credit score. Poor credit scores can prevent individuals from financial services that use loans and credit cards.
Ministry of Finance to re -launch a bank council bureau with an expanded mandate
The Ministry of Finance will expand and re -launch a bank council bureau by bringing more representatives from the insurance sector. This development aims to empower legally for the Agency to recommend candidates for public sector insurance companies and accelerate the recruitment of the top level in all financial institutions managed by the government.
Why is this important: reshuffle will allow the bureau to recommend the peak executive at financial institutions. This will also discuss the orders of the judiciary that has held the bureau is not a competent authority to recommend the appointment in general insurance companies managed by the government.
Bad Bank India rushed to complete the first transaction to avoid the missing deadline
Bad Bank India competed against time to complete its first transaction on June 30, failed who had to find an extension of the Reserve Bank of India. National asset reconstruction company, a turnaround asset company supported by the government, previously set a deadline for March 31 to acquire bad assets worth 500 billion RS, but failed to meet procedural reasons.
Why is it important: the norms of the central bank license say NARCL must start the operation and complete the transaction on June 30. However, it still assesses the proposed assets to be sold by the lender. It is impossible for the agency to be able to meet the deadline.
LIC assessment will reflect the inherent strength after the market is stable
The stock price of Indian state -owned life insurance companies has been eroded as much as 25 percent since the inaugural public offering. Chairman M R Kumar said that once the market was stable, the strength and performance that was inherent would be recognized.
Why is this important: investors who want to order fast profits from the sale of initial shares have been disappointed. LIC stocks now tend to take reasonable returns in only the medium to long term.
Payment of employees in virtual digital assets to collect 30 percent tax
Employers must pay 30 percent tax on virtual digital assets such as cryptocurrency they offer to employees as compensation or vice versa. Taxes will be imposed on the difference between asset acquisition costs and transfer prices to employees. In the case of employees, the transfer price will be considered an acquisition fee.
Why important: Cryptocurrency value has fallen in recent weeks. Companies that want to pay employees in virtual digital assets are not possible to find many takers, more than that they are subject to tax at a high level.
Reliance Industries is likely to make an important announcement in the GMS
The 45th Annual General Meeting Reliance Industries can be held in the next few weeks. Some experts said they could revive the oil-to-chemical demerger plan, which was suspended last year. The company can also explain its future plans for retail and telecommunications businesses that operate as separate units. It can also make further announcements in the green energy sector.
Why is it important: Reliance gets almost 60 percent of its income and nearly 50 percent of the income before tax from the purification business, petrochemicals, and retail fuels. Retail and telecommunications accounts for 34 percent of income and almost 45 percent of the profit before tax. The ratio may change because the conglomerate focuses more on the business of its consumers.
Telecommunications operator calls for harder norms for personal prisoner networks
The Indian cellular operator association, which calculates Bharti Airtel, the idea of Vodafone and Reliance Jio as a member, has demanded difficult conditions to enable companies to establish a captivated non-public network. The request came a few days after the cabinet, despite the opposition from telecommunications, the company was permitted to establish a private network, with the telecommunications department assigning them to spectrum directly.
Why is this important: telecommunications is very contrary to personal networks, which they fear may erode their business feasibility. Technology companies, which will benefit, are very supportive. It is unclear how this will be played, given the high floor price for G Spectrum.
India’s victory over fishing subsidies in WTO is the beginning of a long battle
The success of India’s defense of the rights of developing countries to subsidize fisheries at the conference of the Minister of World Trade Organization is only the beginning of a long battle. Small molds indicate this problem will require further negotiations. Members need to announce a comprehensive guideline within four years, or the current agreement will be ended.
Why is it important: developing countries led by India will require a stronger negotiation position to get what they want in fisheries subsidies. India provides a subsidy of $ 15 per fisherman per year, while the number in Denmark, Sweden and the Netherlands respectively $ 42,000, $ 65,000, and $ 75,000.