Sun, Jun 25, 2017 | updated 11:25 PM IST

Cabinet approves foreign investment in other Financial Services sector

Updated: Aug 10, 2016 17:51 IST      
Cabinet approves foreign investment in other Financial Services sector

New Delhi, Aug 10 (ANI): The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday gave its approval to amend regulation for foreign investment in the Non- Banking Finance Companies (NBFCs).

The amendment in the existing Foreign Exchange Management (Transfer or Issue of Security by the Person Resident Outside India) regulations on Non- Banking Finance Companies (NBFCs) will enable inflow of foreign investment in "Other Financial Services" on automatic route provided such services are regulated by any financial sector regulators.

Foreign investment in "Other Financial Services", which are not regulated by any regulators or Government Agency, can be made on approval route.

Further, minimum capitalisation norms as mandated under FDI policy have been eliminated as most of the regulators have already fixed minimum capitalisation norms.

This will induce FDI and spurt economic activities. It will cover whole India and is not limited to any State and Districts.

In the Budget 2016-17 Speech, Finance Minister Arun Jaitley had announced that "FDI will be allowed beyond the 18 specified NBFC activities in the automatic route in other activities which are regulated by financial sector regulators".

The present regulations on "Non-Banking Finance Companies" stipulates that FDI would be allowed on automatic route for only 18 specified NBFC activities after fulfilling prescribed minimum capitalisation norms mentioned therein. (ANI)

New Delhi [India], June 25 (ANI): Sikshana Foundation, a Karnataka-based NGO, in collaboration with Dell awarded scholarships for the education of 360 underprivileged girl children from rural Karnataka.

Full Story >>

ASSOCHAM-PwC report urges efficient waste disposal

Updated: Jun 25, 2017 09:27 IST     

New Delhi [India], June 25 (ANI): In the wake of an improper waste disposal system, with waste being dumped without sufficient treatment, an ASSOCHAM-PwC study revealed that an estimated 88 square kilometer (sq. km.) of precious land needs to be brought under waste disposal through land filling by 2050.

Full Story >>

New Delhi [India], June 24 (ANI): On the occasion of International Yoga Day on June 21 st, Ruchi Soya Industries Ltd. launched a pioneering initiative, the Ruchi 'Saral Yoga' Abhiyaan to integrate yoga in the corporate routine through daily yoga sessions for all employees.

Full Story >>

New Delhi [India], June 24 (ANI-BusinessWireIndia): The UN Summit of 2015 was indeed a historic one; the world leaders adopted 17 Sustainable Development Goals (SDGs) of the 2030 Agenda for Sustainable Development. However, the goals didn't come into force until 2016. With the aim of achieving these goals, member countries of UN will deploy efforts to put an end to poverty, eliminate inequalities, and curb climate change.

Full Story >>

Bajaj Electricals partners with IFSC as lead sponsor

Updated: Jun 24, 2017 14:11 IST     

New Delhi [India], June 24 (ANI): India's leading brand of kitchen and domestic appliances Bajaj Electricals has announced its partnership with The International Federation of Sport Climbing (IFSC) as a lead sponsor.

Full Story >>

New Delhi [India], June 24 (ANI-NewsVoir): KNOCKONWOOD, a leading furniture brand on Saturday announced that it has won the prestigious Best Stall Design Award for RR Decor, one of India's leading textile designers and exporters at the renowned Heimtextil 2017 held recently in Delhi from June 20-22, 2017 at Pragati Maidan, which saw over 180 companies participate from around the world.

Full Story >>

Spice GST Suvidha provider is all geared up for July 1st

Updated: Jun 24, 2017 13:10 IST     

New Delhi [India], June 24 (ANI): India is at the dawn of implementation of fair taxation, GST is all set to rollout on July 1st. The primary purpose of the Goods and Services Tax Network GSTN is to offer IT infrastructure and services to central and state governments, taxpayers and other stakeholders, to further facilitate the implementation of the GST.

Full Story >>

New Delhi [India], June 23 (ANI): India's first and largest marketplace ShopClues is introducing several merchant initiatives and workshops nationwide to have a smooth transition to the Goods and Services Tax (GST) framework.

Full Story >>

New Delhi [India], June 23 (ANI-NewsVoir): As many as 150 students have been awarded a free trip to Malaysia by Chennais Amirta International Institute of Hotel Management, a leading name in hospitality education and winner of `Award of Excellence' from the hands of President of India.

Full Story >>

BNI India spreads its wings to over seventy cities

Updated: Jun 23, 2017 16:54 IST     

New Delhi [India], June 23 (ANI-NewsVoir): US-based BNI, World's largest and most successful business networking organization widens its reach across the country, through its participation in Master Franchise Show 2017, taking place in New Delhi on June 24 and 25.

Full Story >>

New Delhi [India], June 23 (ANI): India's leading Ed-Tech firm Talentedge in association with Kantar TNS unveiled the results of their latest Young India study, which identified the emerging trends pertaining to 'career future' of Young India.

Full Story >>

New Delhi [India], June 23 (ANI): Flintobox has announced the launch of Flintoclass, a comprehensive product which aims to power the independent and unbranded preschools to deliver high quality early learning program for kids. Founded in 2013, the Chennai based startup turns profitable this year, registering a revenue of 13 crores.

Full Story >>

New Delhi [India], June 23 (ANI): BSE-NSE listed specialty cable company CMI on Friday bagged orders worth more than Rs. 30 crore from East Central Railways and Bharat Heavy Electricals Ltd. (BHEL) to provide railway signalling cables and HT XPLE cables, respectively.

Full Story >>

New Delhi [India], June 23 (ANI-BusinessWire India): This monsoon, offers just keep pouring in from Snapdeal as it announces a double sale bonanza on June 24 and 25, with the biggest yet Unbox Monsoon Sale plus Weekend special edition of the ongoing End-of-season-sale.

Full Story >>

New Delhi [India], June 23 (ANI): E-commerce giant Amazon India has announced its tie-up with NUOAURA (the B2B ecommerce platform that sells office supplies) for a period of three years for an undisclosed amount.

Full Story >>

New Delhi [India], June 23 (ANI): India's premier business software provider Tally Solutions has announced the launch of Tally.ERP 9 Release 6, its GST ready accounting and compliance software.

Full Story >>

New Delhi [India], June 23 (ANI): Online marketplace UrbanClap on Friday announced its partnership with Truecaller, a communication app, to enhance consumer experience by integrating Truecaller Priority in the company's IVR and its enlisted professional's numbers.

Full Story >>

New Delhi [India], June 23 (ANI): Comprehensive travel and leisure activities platform Cleartrip has launched the Arabic version of its desktop websites. The launch will make available Cleartrip's uncluttered and intuitive UI, seamless user experience, and hassle-free booking experience to Arabic audiences, particularly those in markets belonging to the Cooperation Council for the Arab States of the Gulf (formerly Gulf Cooperation Council).

Full Story >>

HDFC Bank to organise GST workshops across India

Updated: Jun 23, 2017 15:07 IST     

New Delhi [India], June 23 (ANI): HDFC Bank Ltd will be organising awareness workshops to educate traders, merchants, and businessmen on the forthcoming Goods and Services Tax (GST) Bill, which is slated to come into effect on July 1, 2017.

Full Story >>

Fintech firm LoanTap raises USD four million

Updated: Jun 23, 2017 14:56 IST     

New Delhi [India], June 23 (ANI): LoanTap Financial Technologies, an online personal loan company with in-house NBFC announced the closing of its second round funding at USD four million. The round comprises of a mix of equity and debt instruments from Kae Capital, India Quotient, IFMR and MAS Financial Services Ltd.

Full Story >>