RBI asks cos to have director to ensure AMl norms compliance
The RBI has tightened the anti-money laundering (AMl) norms by asking companies to appoint a designated director who can impose fines of up to Rs one lakh if an employee is found guilty of violation.”If the director, in the course of any inquiry, finds that a reporting entity or its designated director on the Board or any of its employees has failed to comply with the obligations... He may by an order, levy a fine on such reporting entity or its designated director on the Board or any of its employees, which shall not be less than Rs 10,000 but may extend to Rs 1 lakh for each failure,” RBI said in a notification on Monday.
Diesel sales losses hit new low of ` 1.62 per litre
Sales of diesel have recorded the lowest ever losses, dipping to Rs 1.62 per litre, thus raising the possibilities of the 'aam admi' fuel being deregulated in the near future.The NDA Government has continued with the monthly hike of 50 paise per litre in diesel prices and according to an official statement, the difference between the cost of diesel production and the retail selling price has narrowed to Rs 1.62 a litre from Rs 2.80 in the first fortnight of June.
Rupee breaches 60-mark, ends at six-week low of Rs 60.16 per $
Dented by heavy dollar demand from oil importers and rising oil prices, the rupee slipped below Rs 60 per dollar mark and closed sharply down by 39 paise at a six-week low of Rs 60.16 per dollar. Also weak equity markets added presser on the currency. Increase in global crude oil prices to nine-month highs on escalating Iraq crisis compelled importers, mainly oil refiners, to buy more dollars to meet their requirements, a forex dealer said.
Commerce Minister meets auto industry representatives
Commerce and Industry Minister Nirmala Sitharaman on Monday met representatives of automobile industry body SIAM and discussed challenges faced by the sector that is reeling under a prolonged demand slump.
“Discussed issues facing automobile industry with representatives of Society of Indian Automobile Manufacturers (SIAM),” Sitharaman tweeted.
While comments from SIAM officials could not be immediately obtained, the industry body has been asking the new government to retain the current excise rate beyond June 30 deadline.
SEBI to conduct nationwide investors survey
Capital markets regulator Sebi has decided to conduct a nationwide survey to take stock of the savings and investment trends among the Indian households and ascertain the impact and changing dynamics of securities market.
The proposed 'Investor Survey' would cover the entire country -- 29 states and 7 union territories -- and would have a sample size of approximately 50,000 households and 1000 market participants.
ONGC to hike stake in Cairn block
State-owned ONGC may raise its stake in Cairn India's prolific Rajasthan oil fields as a condition for agreeing to allow the Anil Agarwal-group firm operate the block after expiry of contractual period.Cairn's contractual term for exploring and producing oil from the Rajasthan Block RJ-ON-90/2 expires in 2020 and the area is to return to the block licensee, Oil and Natural Gas Corp (ONGC). ONGC, which currently holds 30 per cent stake in the block, has told the Oil Ministry that the Production Sharing Contract (PSC) can be extended beyond 2020 if all parties to the contract agree on mutually agreeable terms.
PE investment activity in May halves to$904 mn
Private equity investment activity in India remained muted in the month of May as there were 43 deals worth $904 million, registering a decline of over 53 per cent over the corresponding period last year.
“PE has been a bit subdued but we expect significant uptick in that area also,” Grant Thornton India llP Partner Harish HV said.