Business Updates dated 16th April, 2016

News Updates dated 16th April, 2016

• Financial leaders from the Group of 20 major economies scrambled on Friday for a way to keep global growth from stalling amid concerns about a drop-off in international trade and the waning effectiveness of loose monetary policy.

• The Reserve Bank of India may have room to further cut policy rates if inflation continues to ease and monsoon rainfall is in line with the forecast, Governor Raghuram Rajan told The Wall Street Journal in an interview in Washington. Rajan and Union Finance Minister Arun Jaitley are currently in Washington for the spring meeting of the International Monetary Fund and the World Bank.

• The government-owned oil marketing companies on Friday cut the price of petrol by 74 paise a litre and that of diesel by Rs 1.3 to align the domestic rates of the fuels with global benchmarks.

• The centre has firmed up a comprehensive plan to increase India's port capacity to 3,000 million tonnes by 2025 fromt he present level of 1,400 million tonne. The government envisages an investment of Rs. 1 lakh crore to meet this target.

• The Department of Financial Services (DFS), which functions under the finance ministry, is examining a proposal to bring all unregulated retirement funds under the purview of the Pension Fund Regulatory and Development Authority (PFRDA).

• India's decision to put minimum prices on imported iron and steel and to impose emergency "safeguard" tariffs on some steel imports drew wide criticism at a meeting of the World Trade Organization's Goods Council on Friday.

• Adjudication must be completed within 6 months if assessee waives notice at the time of seizure of goods: Delhi High Court.

• A magnitude 7.3 earthquake struck southern Japan early on Saturday, killing at least 11 people, injuring hundreds more and trapping people in collapsed buildings, media reported, just over a day after a quake killed nine people in the same region.

• Carry forward of losses couldn't be denied if return wasn't filed in time due to technical snags in dept.'s website: Madras High Court.

• RBI vide Circular No. 59 dated 13th April, 2016 has clarified that keeping deposits with an Indian company by persons resident outside India, in accordance with section 160 of the Companies Act, 2013, is a current account (payment) transaction and, as such, does not require any approval from Reserve Bank. All refunds of such deposits, arising in the event of selection of the person as director or getting more than twenty five percent votes, shall be treated similarly.

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