News Podcast: India urges IMF to implement quota reforms : Bulletin: Business Today
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News Podcast: India urges IMF to implement quota reforms

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October 15, 2018

RBI's local data storage norms kick in today; foreign firms seek more time

The RBI's deadline for global financial technology (fintech) companies to comply with its data localisation norms kicks in today. Senior officials said the deadline will not be deferred despite requests from foreign companies as they have already been given six months to prepare their systems for local storage of data. Mastercard, Visa, PayPal, Google, Amazon and Facebook are reported to have met Finance Minister Arun Jaitley earlier this month to secure an extension of the deadline for local storage of payments data. Foreign payment companies were caught off guard in April by RBI's one-page directive that said all payments data should, within six months, be stored only in the country for "unfettered supervisory access"

Expect three more quarters of losses for telecom industry: COAI

The telecom sector is likely to experience three more quarters of losses, hurt by high levies and "unsustainable tariffs", a top official of industry body COAI has said. Stating that the high incidence of levies -- licence fee and spectrum usage charges -- compounded by upfront payment for radio-waves have added to the operators' woes, COAI Director General Rajan Mathews noted that 2018-19 will certainly be a "tough year" in terms of financial performance of the industry.

Govt invites bids for international Udan flights

The central government has invited proposals from interested air operators for the international version of its 'Udan' (Ude Desk Ka Aam Nagrik) scheme as it seeks to enhance air connectivity from India to select overseas destinations. This is despite the domestic format of the scheme failing to yield desired results with almost half of the routes approved in the first phase of the bidding for the scheme still to be launched.
Total in talks to buy stake in Adani's LNG, city gas projects

French energy giant Total SA is in talks to buy up to half of Adani Group's stake in LNG projects in Gujarat and Odisha, an under-construction LPG import facility and in its city gas projects, sources privy to the development said. The French firm is keen on investing in fast growing gas market in India and finds Adani a suitable vehicle as it owns the crucial downstream infrastructure, they said. Adani holds 25 per cent stake in just-completed 5 million tonnes a year liquefied natural gas (LNG) import terminal at Mundra.
Govt policy on anvil to extend 'courtesies' to honest, consistent taxpayers

The government is working on an ambitious policy proposal to "facilitate" honest and consistent taxpayers in availing a variety of public services and tax-related works on priority. They said that a committee under the Central Board of Direct Taxes, the policy-making body for the Income Tax Department (ITD), is working to chalk out the broad parameters for extending such "courtesies" and benefits to taxpayers who pay their taxes on time and in full.
The proposal will be vetted by the Finance Ministry and sent for final approval to the Prime Ministers Office (PMO) before it is cleared by the Union cabinet.
India urges IMF to implement quota reforms  

Stressing on the need to strengthen institutions like IMF to tackle financial crisis, Economic Affairs Secretary S C Garg called for quota reforms so that share of emerging nations increases in line with their growing economic position. He also pointed out that protectionism, trade tensions and tightening of financial conditions are challenges for the world. In the context of these challenges, he said the time for building buffer and policy action by the emerging market economies is not there.
Trade talks with China unsatisfactory: Kudlow  

 The ongoing trade talks with China are unsatisfactory, the White House said Sunday, alleging that China is not playing by the rules. A trade conflict between Washington and Beijing has escalated as the countries slap mounting tariffs on imports. The Trump administration imposed duties on USD 200 billion worth of goods from China, prompting Beijing to put tariffs on USD 60 billion worth of US goods.

Compiled by Rashi Bisaria

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