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By: FE Bureau, Aug 03, 2017 After Grofers and Amazon India, online grocery firm BigBasket on Wednesday received the government’s nod for foreign direct investment to undertake retailing of food products, which are manufactured or produced in India, Hari Menon, co-founder and CEO, told FE. The start-up, which applied for FDI in September last year, will have to spin off a new entity to start this business since 100% FDI is only applicable for food products manufactured or produced in India, whereas currently BigBasket sells other household products such as soap, shampoos etc through its e-commerce channel. At the time of applying, the company had committed an investment of around Rs 100 crore. Menon, however, said that the start-up is yet to begin the work on finer details of the business plan, which includes creating a new firm to start the business. Last year, three online commerce firms — Grofers, Amazon and Bigbasket — had applied seeking approval for FDI in food retail with

By:  FE Bureau  ,  August 3, 2017  The Reserve Bank of India (RBI) on Wednesday said Indian banks will be allowed to include in their level 1 assets reserves held with foreign central banks in excess of the reserve requirement in the host country, where a foreign sovereign has been assigned a 0% risk weight as per rating by an international rating agency. In cases where a foreign sovereign has been assigned a non-0% risk weight as per rating by an international rating agency, but a 0% risk weight has been assigned at national discretion under Basel II framework, reserves held with the central banks in excess of the reserve requirement will qualify as Level 1 assets only to the extent these balances cover the bank’s stressed net cash outflows in that specific currency. Reference http://www.financialexpress.com/industry/banking-finance/banks-can-include-reserves-held-abroad-in-level-1-assets/791792/

Kritika Banerjee, August 2, 2017 Income Tax department sleuths today swooped down at the residence of Karnataka Energy Minister D K Shivakumar and a luxury resort in Bengaluru where the minister was staying for the last few days. The resort from where the Karnataka minister was picked up for questioning was the one where 44 Gujarat Congress MLAs had been cooped up for the last few days ahead of the crucial Rajya Sabha polls. I-T officials, who also searched other properties linked to the minister, said that nearly Rs 10 crore in cash have been recovered so far. While the Income Tax department maintained that the search at the luxury resort was planned in advance and had nothing to do with Gujarat Congress MLAs staying there, the Congress called it "witch-hunt". Congress leader Ahmed Patel, who is seeking a re-election to Rajya Sabha from Gujarat, said, "BJP is on an unprecedented witch-hunt to win one Rajya Sabha seat". HERE IS ALL YOU N

Ajit Kumar Dubey, August 03, 2017 A coast guard investigation into a massive 1,500-kg heroin haul off Gujarat coast last week points to the involvement of Pakistani nationals in sending the shipment from the Chinese-controlled Gwadar port in Balochistan. Sources said authorities are also trying to ascertain if the consignment seized in the country's largest-ever drugs catch was part of a terror network and the money earned could have been used to fuel anti-India operations in the region. "Preliminary investigations suggest that narcotics were embarked off Gwadar (port in Pakistan) in about three boats. From there it proceeded to Abu Dhabi wherein extensive work was carried out in the engine room and the fittings to conceal the narcotics," Coast Guard's inspector general of operations S Parmesh told Mail Today. The Gwadar port in Pakistan has been built recently by the Chinese and is controlled and operated by Beijing for both military and merchant seafar

IANS, August 02, 2017 The Asia Africa Growth Corridor (AAGC) sponsored by India and Japan is welcome — as long as it does not try to trip China's Belt and Road initiative, a Chinese newspaper said on Wednesday.  Announced by Indian Prime Minister Narendra Modi in May, the AAGC, essentially a maritime corridor, was seen by some as a counterbalance to the Belt and Road initiative, the state-run Global Times said in a report.  "The new venture, jointly led by India and Japan - two countries that have so far opted not to join the B&R initiative - sets out a vision for the better integration of South Asia, Southeast Asia and East Asia with Africa and Oceania," it said.  The Times said the India-Japan vision indicates an overlap between the AAGC and the Belt and Road project "and invites controversy over the actual intentions behind the growth corridor.  It goes without saying that India and Japan could feel free to embark on a new connectivity

Ari Altstedter, Aug 03, 2017 First, foreign food brands flooded India with chips, cookies and soft drinks that fundamentally changed the nation’s eating habits. Now, Big Pharma wants to cash in on an upsurge in cases of diabetes and heart disease in the country’s most distant corners. Global pharmaceutical companies, from Indianapolis-based Eli Lilly & Co. to Switzerland’s Novartis AG, are heading into smaller cities and rural areas to learn about the healthcare needs of about 70% of the population. These remote regions of the developing world are the final frontier for the international drug industry. In the farming village of Thana Kalan outside New Delhi—where buffalo roam narrow streets and the scent of cowdung used for fuel hangs faintly in the air—Ajit Singh had never heard of diabetes. That was until community health workers showed up at the door and warned him and his wife they were at high risk of it. The Singhs were part of a free door-to-door screening progra