Busniness News

Business News of the last week of June

• International Accounting Standards Board (IASB) has issued limited amendments to the International Financial Reporting Standards (IFRS) 2,Share-based Payment. IFRS 2 deals with the financial reporting of share-based payment transactions by an entity.

• A participatory note which is nothing but offshore derivative instruments (ODIs) is not illegal and is regulated in manner prescribed under SEBI (Foreign Portfolio Investors) Regulations. SEBI can asks FPI to specify its terms and parties.

• The Department of Revenue in stricter measures on tax defaulters has decided to block the Permanent Account Number, cancel their cooking gas subsidy and ensure non-sanction of loans by Banks, among others. The measures are contained in the Income Tax department’s Central Action Plan for 2016-17.

• Federal Reserve Chair Janet Yellen said on Tuesday the US economy faces “considerable uncertainty” from slower domestic acitivity and from a possible British vote to break with the European Union.

• ·   The Government of India on Monday morning swung into action to liberalise foreign investment rules in nine sectors-aviation, pharmaceutical, defence, food trading, retail and television broadcasting, animal husbandary, broadcasting carriage services and private security agencies, branding it as a gateway for job creation and Make in India. This announcement came two days after Reserve Bank of India (RBI) Governor Raghuram Rajan’s announced his decision not to seek a second term.
  
  
  ·    Merger talks between Reliance Communications (RCom) and Aircel will be extended by a couple of weeks, as both parties are thrashing out the final contours of the deal with their bankers.
  
  
  ·   The tenure of the Committee formed on implementation of One Rank, One Pension Scheme has been extended upto the middle of December this year.
  
  
  ·  The Jammu and Kashmir government on Monday introduced a Bill in the state Assembly, seeking taxes on goods entering the state through e-commerce portals, with the aim to safeguard local traders and the tax collection system.
  
  
  ·    Japan’s exports fell for an eight consecutive months in May as shipments to China, the US and Europe slumped, undermining Prime Minister Shinzo Abe’s efforts to revive the economy.

• ·   Sectoral regulator Telecom Regulatory Authority of India (Trai) will soon write to the Department of Telecommunications (DoT) proposing to set up an ombudsman to protect the rights of consumers and resolve their complaints.