QUICK UPDATES MAY 2016
- Chhattisgarh Govt. mandates 90% of VAT payments within 15 days of expiry of quarter vide Notification No.F1017/2016/CT/V (28), dated 31/3/2016.
- The central government will make compulsory the hallmarking of gold jewellery by Diwali.
- The Ministry of New and Renewable Energy (MNRE) has set up three committees to improve quality control of solar modules and products.
- The government has granted infrastructure status to the shipyard industry, a move that will help the sectoral players get long-term financing at cheaper rates.
- The Reserve Bank of India came out with master direction for merger of private sector banks and also between NBFCs and banks.
- The Supreme Court on Tuesday asked the government to come up with a proposal for appointment of a committee to look into the issues raised regarding bad loans and huge write-offs by public sector banks.
- To deal more effectively with bad issue, the finance ministry has sent a draft note for the cabinet to amend the relevant laws including SARFAESI law to help banks recover dues faster in wilful defaults.
- The Securities and Exchange Board of India (Sebi) might allow new participants such as Banks, Mutual Funds and Foreign Portfolio Investors in the commodity market.
- The High Court in Kolkata has ruled in favour of market regulator Securities and Exchange Board of India (SEBI) in the matter of de-recognition and exit of the Calcutta Stock Exchange (CSE).