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Firstpost  April 04, 2019 he Prime Minister's Office is learnt to have agreed in principle to bail out loss-making public sector telecom firms MTNL and BSNL by addressing their three key pain points. In a meeting held a couple of days back with representatives of telecom and finance ministries and NITI Ayog, the PMO asked the Department of Telecom to send expeditiously a roadmap for allocation of 4G spectrum to both the firms, voluntary retirement scheme and grant of immediate financial aid, according to an official source. The troubled PSUs have been seeking these three measures to stay afloat amid cut-throat competition in the telecom sector. "The government has taken a decision that both MTNL and BSNL have to be revived and sustained in a healthy manner. Senior officer from PMO held a meeting with DoT, finance ministry and Niti Aayog in which it has been decided that DoT will submit a detailed roadmap at the earliest to concerned authorities for the revi...

Economic Times April 05, 2019 Sachin Dave India has started a major crackdown on online purchases of goods from Chinese eCommerce platforms that were escaping  customs duty and goods and services tax, two  people with direct knowledge of the matter  said. After shooting letters to the tax officers  and customs officers, the government is now  asking the post office and courier companies  to monitor shipments from China. “Up until now, customs department was asked to undertake strict action, now even post office would be asked to scrutinize such purchases,” said a person aware of the development. The Department for Promotion of Industry and Internal Trade (DPIIT) through a written communication had directed that all ports across India to see if the shipments were genuine gifts. The government had stopped import of goods through Mumbai and is now looking to start similar crackdown across I...

Firstpost April 05, 2019 Amid uncertainty over future of Jet Airways, the consortium of SBI-led lenders on Thursday said bids for selling stake would be invited on 6 April and other options would be explored in case the stake sale efforts does not result in an “acceptable outcome”. After taking stock of the current situation at cash-strapped Jet Airways, which is currently operating less than 30 planes, the lenders said they would pursue resolution plan for the carrier in a time-bound manner under the present legal and regulatory framework. The expressions of interest for selling stake in the ailing airline would be invited on April 6 and the last date for submission of bids would be 9 April, a statement issued by the SBI on behalf of 26 lenders said. SBI is the lead lender to Jet Airways, which has a debt burden of more than Rs 8,000 crore. “The lenders are cognisant that the outcome of the efforts of the lenders will depend on the interest shown by the parties...

Dailyhunt April 04, 2019 Mumbai, April 4 (IANS) The powers of RBI under 35AA and other sections of the Banking Regulation Act are not under doubt at all, Governor Shaktikanta Das said on the Supreme Court decision to quash RBI's February 12 circular on the resolution of stressed assets."In light of SC order, the RBI will take necessary steps including the issuance of a revised circular as may be necessary for the effective resolution of stressed assets," the Reserve Bank of India chief told the media."What the Supreme Court basically said is that the powers of the RBI under Section 35AA of the Banking Regulation Act has to be exercised in a particular manner."The validity of the section stands and henceforth we have to comply with the direction of the Supreme Court." Ref:- https://m.dailyhunt.in/news/india/english/the+quint-epaper-quint/rbi+powers+under+35aa+not+in+doubt+governor+das-newsid-112844783?ss=wsp&s=a

India.com April 05, 2019 The Enforcement Directorate (ED) has named senior Congress leaders in the chargesheet against Christian Michel, who is the key accused in the AgustaWestland VVIP chopper deal scam. Some reports say that as per the supplementary chargesheet, Michel said that 'AP' stood for Ahmed Patel and 'Fam' stood for Family. Abbreviations were used to record kickbacks of 30 million euros to 'Air Force officials', 'bureaucrats' and even 'top leaders of the (then) ruling party'. However, sources said the leaders were not named as accused. The Patiala House Court will be hearing the matter next on April 6. According to the chargesheet, these payments were withdrawn through 'hawala'. Former IAF chief S P Tyagi is also an accused in the case. Michel was extradited from Dubai only last year. The 52-page supplementary chargesheet has mentioned three more names Michel's business partner David Syms and two compan...

The Indian Express April 05, 2019 Express News Service To achieve development goals, Asia-Pacific countries need to spend .5 tn/yr: UN report A new report by a regional arm of the United Nations says that an additional annual investment of $1.5 trillion — equivalent to a dollar per person per day — would allow countries in the Asia-Pacific region to achieve the Sustainable Development Goals (SDGs) by 2030. Survey 2019: Ambitions Beyond Growth, is the latest edition of an annual report by the Economic and Social Commission for Asia and the Pacific (UNESCAP). It finds that the price tag for achieving the SDGs is within reach for many countries, given their fiscal space and potential to leverage private investment. The UN defines 17 SDGs as a universal call to action to end poverty, protect the planet and ensure that all people enjoy peace and prosperity. These include targets such as “No poverty”, “Zero hunger”, “Good health and well-being”, “Quality education” and “Gen...