 "Top Headlines: Govt asks P&W to supply engines, stricter Sebi norms & more")
Electric scooter companies divided on impact of FAME II subsidy cutback
Leading electric scooter companies are divided on the extent to which sales will be impacted on account of the reduction of the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME II) subsidy by a third on each scooter. However, many players concede that the decision will help them rejig their plans and cut costs in the next 12 months, and prepare for a world that will be without subsidy from April 2024. Read more...
Centre unlikely to undertake any new PSU disinvestment in 2023-24
The Union government is unlikely to undertake any new public-sector undertaking (PSU) disinvestment—including privatisation of public-sector banks—in 2023-24, said a senior official in the know. Any such stake sale might take place only after the general elections next year. Read more...
Cracking the whip: Stricter rules against suspicious trading on cards
The Securities and Exchange Board of India (Sebi) has proposed new regulations to deal with suspicious trading activities—a move that will empower the market watchdog to go after entities making unusual profits without any fundamental basis. Read more...
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Tax bodies must ensure fast closure under trader amnesty scheme: CBIC
Tax authorities will need to set up a mechanism to “closely supervise” and ensure speedy closure of old cases under the amnesty scheme for traders, where they have defaulted on export obligations, the Central Board of Indirect Taxes and Customs (CBIC) has said. Principal commissioners and commissioners under the CBIC have been asked to ensure that the exporters approaching for paying duties are registered with the Directorate General of Foreign Trade (DGFT), according to a circular by the tax body. Read more...
Govt plans to set up 8 new cities in country to ease population burden
A plan to develop eight new cities to alleviate population burden on the existing urban centres in the country is under consideration, a senior official said here on Thursday. The 15th Finance Commission in one of its reports had recommended that new cities should be developed, said M B Singh, director of the G20 unit of the Union Housing and Urban Affairs Department. Read more...
Govt tells Pratt & Whitney to get grounded planes 'up and running'
The government has told Pratt & Whitney (PW) to supply engines so that the grounded planes of Indian carriers are “up and running”, Aviation Minister Jyotiraditya Scindia said on Thursday.
“We cannot have multiple planes of one engine manufacturer on the ground in India, which is the case today, unfortunately,” Scindia told reporters after an event of industry body FICCI. Read more...