Latest India Business News Headlines 12th July 2018

Read latest India business news headlines 12th July 2018:

india business news headlines 12th july 2018

  • PE investments in India declined 29% in terms of deal value in the period Jan-Jun 2018. The period saw a 50% drop in deals valued under $10 million.

 

  • To get an increased sale of electric vehicles, the Government is considering a proposal to impose a marginally higher tax on conventional petrol and diesel cars to incentivize electric vehicle buyers through cross-subsidies.

 

  • Internet access in India will remain free and fair with the government accepting telecom regulator’s recommendations to introduce one of the strongest net neutrality protections in the world. Licence agreements with service providers will be immediately amended. Net neutrality requires service providers to treat all internet traffic equally and do not discriminate in the treatment of content, including practices such as slowing down, degrading, or granting preferential speeds.

 

  • Essar Steel creditors are seeking 40 days exemption in computation of the resolution process and have requested a quick debt resolution as lenders are incurring losses of around ₹17 crore daily due to pending litigation.

 

  • The government has sharply increased the monetary threshold for filing appeals in tax disputes in various courts. It has also decided to withdraw many pending appeals to cut down litigation as also improve ease of doing business. The monetary threshold for filing appeals in tribunals has been raised from Rs10 lakh to Rs20 lakh, for cases in high courts its now Rs50 lakh instead of Rs20 lakh and for cases in Supreme Court, it has been increased from Rs25 lakh to Rs 1 crore.

 

  • US will hold talks with India and other countries at WTO on July 20 over the unilateral increase in steel and aluminium tariffs that has set off a global trade war. India had dragged US to WTO over 25% steel and 10% aluminium tariff imposed on grounds of national security.

 

  • According to updated World Bank figures for 2017, India has become world’s sixth-biggest economy, pushing France into seventh place. India’s GDP amounted to $2.597 trillion at the end of last year as against $2.582 trillion for France.

 

  • DUSA Pharmaceuticals, a unit of Sun Pharmaceutical, has filed a claim against Biofrontera Inc. in the district court of Massachusetts for trade secret misappropriation and tortious interference, patent violation.

 

  • National Highways Authority of India will begin to invite bids for the second package of TOT auction within this week and is likely to set the base price at $1 billion (₹6,800 crore). The second bundle auction features seven stretches of operational toll roads across Rajasthan, Gujarat, Tamil Nadu and Telangana.

 

  • As part of a board-instituted probe into alleged wrongdoings by Bank’s top executives, ICICI Bank is preparing to submit details of around 1,000 loan accounts that turned sour since April 2010. The panel is headed by B.N. Srikrishna, former Supreme Court judge.

 

  • Nspira Management Services, an education services provider, has raised $75 million in a funding round led by Morgan Stanley Private Equity Asia and Banyan Tree Growth Capital II. Nspira designs and curates curriculum and examination content for around 500 educational institutions.

 

  • As per a Security report released by IBM, the average cost of data breach in India saw a 7.9% rise to ₹11.9 crore in 2017-18. Malicious or criminal attacks are said to be the root cause for 42% of data breaches, followed by glitches in the system at 30% and human error at 28%.

 

  • As per CBRE’s Global Prime Office Occupancy Costs report, Connaught Place of Delhi continues to be among the 10 most expensive office markets in the world. Mumbai’s Bandra Kurla Complex is at the 26th spot slipping by 10 places.

 

  • Paytm has launched forex services offering both forex card and cash. The Paytm forex card and forex cash can be ordered on a real-time basis and will be delivered at the doorstep within 48 hours.
  • Adani Group and GAIL are among the 400 bidders for city gas licenses that Indian government offered in its latest auction.

 

  • Nirav Modi case – ED has sought a special court’s permission to seize and sell assets of Nirav Modi and Mehul Choksi in India, UK and UAE under Fugitive Economic Offenders Ordinance.

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