1. The Reserve Bank of India cut the Cash Reserve Ratio by 0.25%age point to 4.50%, pumping in Rs.17,000 crore into the banking system. Repo rate unchanged at 8% and Reverse repo rate at 7%. 2. Government allowed 51% foreign direct investment (FDI) in multi-brand retail with certain condition. a. Foreign company will have to take approval from Foreign Investment Promotion Board (FIPB) b. Foreign investor should make a minimum investment of $100 million c. 50% of which should be invested in back-end infrastructure within three years of the induction of FDI. d. 30% of the products must be procured from small-scale industries. e. Retail chains will be allowed only in cities (51 cities) with a population of more than 10 lakh as per 2011 Census. f. Retail outlets may be set up in those States which have agreed or will agree in future to allow FDI in multi-brand retail under this policy. 3. Government allowed 100% foreign direct investment (FDI) in single-brand retail sector. 4. Cabinet Committee on Economic Affairs approved 49% foreign direct investment (FDI) in the aviation sector, allowing foreign carriers to pick up stake in domestic airlines. 5. Government has raised the foreign investment cap for modernising cable networks, Direct to Home (DTH) and mobile television service providers to 74% from 49%. It will not bring any changes to broadcast content companies such as TV news channels and FM radio channels where the foreign investment cap remains at 26%. 6. The expert committee on GAAR (the General Anti- Avoidance Rules), headed by Parthasarathi Shome to address the concerns of foreign and domestic investors, has recommended postponement of the controversial tax provision by three years. 7. The senior most Supreme Court judge, Altamas Kabir, will become the 39th Chief Justice of India from September 29. Present Chief Justice of India, S.H. Kapadia will retire on September 28.
Posted on: Wed, 12 Jun 2013 14:14:03 +0000
Trending Topics
Recently Viewed Topics
© 2015