603

DoT asks telecom operators to speed up self-assessment of adjusted gross revenue-related dues

New Delhi: The department of telecommunications (DoT) has asked all telecom operators to speed up their self-assessment of adjusted gross revenue (AGR)-related dues and submit documents supporting their calculation, after Bharti Airtel, Tata Teleservices and Vodafone Idea made part payment of dues last week.

“The DoT has asked all private operators and public sector telecom companies to submit AGR self-assessment documents as soon as possible,” a person aware of the matter said on Monday, requesting anonymity. “The documents should justify their calculation of AGR,” the person said.

The Supreme Court had on February 14 pulled up telcos and government officials for failing to comply with its October 2019 verdict ordering telcos to pay up their dues to the government after a prolonged wrangle over the definition of AGR.

533

RBI under Das reiterates its intent to remain accommodative for as long as required

New Delhi: All eyes will be on Reserve Bank of India (RBI) governor Shaktikanta Das as he delivers the keynote address at the 13th Mint Annual Banking Conclave (ABC) on Monday and sets the tone for monetary policy in 2020-21.

The theme of this year’s ABC, “Indian Banking Sector: The $5-Trillion Challenge”, focuses on the financial sector’s role in helping the Indian economy realise its ambitions, despite myriad domestic hurdles and global uncertainties. Das and an ensemble of industry experts will discuss these issues threadbare.

The central bank has, under the leadership of Das, reiterated its intent to remain accommodative for as long as required and has lowered its key policy rates by 135 basis points between February and October last year. Even when the monetary policy committee (MPC) decided to hold rates in the last two bimonthly meetings, the central bank introduced direct measures to increase credit flow to certain sectors of the economy, apart from ensuring adequate liquidity in the system and hastening the pace of rate transmission to the eventual borrower.

503

China announces to cut interest rates in a bid to boost the economy as it battles economic fallout of coronavirus outbreak

New Delhi: China announced it would cut interest rates in a bid to boost the economy, as it battles the economic fallout of the new coronavirus outbreak.

The reduction in the loan prime rate (LPR) -- one of the preferential rates commercial banks impose on their best customers and which serves as a reference for other lending rates -is the latest measure to help companies struggling through the epidemic.

The one-year LPR was lowered to 4.05 per cent from 4.15 per cent, the People’s Bank of China (PBoC) said in a statement.

The five-year LPR -- on which many lenders base their mortgage rates -- was also lowered to 4.75 per cent from 4.8 per cent.

423

L&T opens a state-of-the-art, new-look and digitally transformed corporate museum at Manapakkam in Chennai

New Delhi: L&T Construction has opened its state-of-the-art, new-look and digitally transformed corporate museum at Manapakkam in Chennai. Christened HHL Centre, after L&T’s founding father Henning Holck-Larsen, the revamped museum is, the best example of immersive storytelling using latest digital technology andplatforms by a conglomerate in India.

Speaking on the occasion Mr SN Subrahmanyan, CEO & Managing Director, L&T, said: “We are delighted to present the digital avatar of L&T Construction’s museum, which is in line with our corporate strategy of digitalisation across the company. The museum is a manifestation of all the key milestones the company has achieved. We trust that this will go in the annals of the corporate history of India and will become an inspirational landmark for Chennai.”

403

India to switch to the world’s cleanest petrol and diesel from April 1, 2020

New Delhi: India will switch to the world’s cleanest petrol and diesel from April 1 as it leapfrogs straight to Euro-VI emission compliant fuels from Euro-IV grades now - a feat achieved in just three years and not seen in any of the large economies around the globe.

India will join the select league of nations using petrol and diesel containing just 10 parts per million of sulphur as it looks to cut vehicular emissions that are said to be one of the reasons for the choking pollution in major cities.

Sanjiv Singh, Chairman of Indian Oil Corp (IOC) - the firm that controls roughly half of the country’s fuel market, said almost all refineries began producing ultra-low sulphur BS-VI (equivalent to Euro-VI grade) petrol and diesel by the end of 2019 and oil companies have now undertaken the tedious task of replacing every drop of fuel in the country with the new one.