In a bid to deepen capital markets, Sebi notified new norms allowing Foreign Portfolio Investors (FPIs) to invest in unlisted corporate debt securities and securitised debt instruments.The Reserve Bank too relaxed its rules recently for allowing such investments by FPIs. Earlier, investment in unlisted debt securities was permitted only in the case of companies in the infrastructure sector. Further, investment by FPIs in securitised debt instruments was not permitted.

The Supreme Court permitted the Telecom Regulatory Authority of India (TRAI) to go ahead with draft tariff order and interconnect regulations to fix television prices for the Rs 54,220-crore Indian television industry. A bench led by Justice PC Gosh modified the Madras HC's status quo order of December 23 that essentially froze the Trai's powers to fix television prices. However, it said the final

regulations/tariff orders shall be submitted to the apex court.

India Post has received payments bank licence from Reserve Bank of India to start roll-out of banking operations commercially under the permit.

The Cabinet amended the Modified Special Incentive Package Scheme (M-SIPS) to boost electronic manufacturing. Under the amended rules, companies that invest in manufacturing would get up to Rs 10,000 crore as incentives. New investment proposals would be accepted till December 31, 2018. M-SIPS provides a subsidy for capital expenditure - 20 per cent for investments in Special Economic Zones (SEZs) and 25 per cent in non-SEZs. Under the amended rules, companies will receive ncentives within five years from the date of approval to ensure timebound delivery, now eligible proposals will be approved within 120 days of their complete submission. The units receiving incentives under the scheme will have to provide an undertaking to remain in commercial production for at least 3 years.

Under the Pradhan Mantri Awaas Yojana (Gramin) or PMAY, the Centre will directly transfer about Rs 1.30 lakh and Rs 1.50 lakh in accounts of the beneficiaries staying in plain areas and hilly areas respectively. This is in addition to 6.5% interest subsidy upto Rs. 6 lacs loan for 15 years to Economic Weaker Section (EWS) - income upto Rs. 3 lacs p.a. and Low Income Group (LIG) - income upto Rs. 6 lacs p.a.

The Reserve Bank of India allowed banks to issue Prepaid Payment Instruments (PPIs) to unlisted firms and public bodies. Only listed companies could avail this facility earlier. Banks can offer the PPI facility to only those organisation that have an account with them and after obtaining an undertaking that they are not availing of the facility from any other bank.

India's drug regulator has eased licencing norms for vaccine and recombinant-DNA manufacturers in a move expected to promote research and development of new drugs in the country. According to CDSCO's latest decision, State Licencing Authorities will issue 'Form 29' licences to vaccine and r-DNA makers within three working days of them submitting their application

A notification on RBI's website said, "Accordingly, banks are hereby advised that they may use the facility of providing above 'additional working capital limit' (approved by their boards as above) to their MSE borrowers, to overcome the difficulties arising out of such cash flow mismatches also." The notification states that this would be a onetime measure that will remain in force up to March 31, 2017. Thereafter, lending must be normalised in the subsequent working capital assessment cycle.

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