Here are the India Business News Headlines 15th September 2017:
- Having seen a 400 per cent growth in sale of large appliances in the past one year, Amazon India is expanding rapidly to fulfill the ever increasing demand. It has already commissioned 12 dedicated fulfillment centres in nine states to cater to the huge demand.
- To crack down on money laundering, black money and misuse of corporate structure through shell companies, IT department and Ministry of Corporate Affairs have agreed to regularly share data, including PAN and audit reports of firms. Apart from financial statements, returns of allotment of shares and statements of financial transactions received from banks will also be shared between the two departments.
- Aiming to curb corruption in the department, IT Department is launching a pilot project in Mumbai and Delhi to make assessment of taxpayers jurisdiction-free. After successful implementation, it will then cover 100 cities in the first phase of implementation. Under this project, a particular taxpayer’s profile could be allotted to any officer across the country via a special software compared to the existing system where taxpayers are assessed in the specific region where they are based.
- Taizo Son, the youngest brother of SoftBank founder Masayoshi Son, is also planning to enter India. Unlike his elder brother, who has investments in leading internet firms like Flipkart, Ola, Paytm, and OYO Rooms, Taizo Son, wants to invest in the agri-tech and food-tech startups to use technology to empower entrepreneurs and solve basic issues in growing and transporting food.
- Google is likely to announce its UPI-based payment solution called ‘Tez’ for India on 18th Sept. It’s waiting for an approval from RBI for the launch. The company is partnering with several banks to enable payments through UPI in India.
- Tata Sons now wants to go Private Limited from existing status of Public Limited. It has already sought approval from the shareholders. The company would also need an approval from the National Company Law Tribunal.
- Patanjali Ayurved will launch products in the dairy and apparel business this year. As per the statement issued by Baba Ramdev, the total market size of dairy and apparel business will be Rs20 trillion.
- Most cases on RBI’s second defaulter list may go to NCLT. Banks are unwilling to settle NPA accounts outside of NCLT as they wouldn’t qualify for an investment grade rating.
- Suzuki Motor shall pump in fresh investments of around Rs3,800 crore in Gujarat’s Hansalpur unit to add a third car production plant. The company with its partners Toshiba and Denso will also invest around Rs1,150 crore for a new unit to produce lithium ion batteries.
*News as published in Business Standard, Live Mint and Economic Times.