RESERVE BANK OF INDIA
SRBI cancels the licence of The Laxmi Co-operative Bank Limited, Solapur, Maharashtra
The Reserve Bank of India (RBI) has cancelled the licence of & The Laxmi Co-operative Bank Limited, Solapur, Maharashtra & Consequently, the bank ceases to carry on banking business with effect from the close of business on September 22, 2022.
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=54412
State of the Economy
The Indian economy is poised to shrug off the modest tapering of growth momentum in the first quarter of 2022-23, according to the World Bank. Aggregate demand is firm and poised to expand further as the festival season sets in. Domestic financial conditions remain supportive of growth impulses.
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=54380
SECURITIES EXCHANGE BOARD OF INDIA
SEBI issues circular on Performance / return claimed by unregulated platformsoffering algorithmic strategies for trading
SEBI has cautioned investors against dealing with unregulated platforms offering algorithmic trading services and strategies. It has come to the notice of SEBI that stock brokers provide algorithmic trading facilities to investors through such platforms.
https://www.sebi.gov.in/media/press-releases/sep-2022/sebi-issues-circular-on-performance-return-claimed-by-unregulated-platforms-offering-algorithmic-strategies-for-trading_62629.html
MINISTRY OF CORPORATE AFFAIRS (MCA)
Ministry of Corporate Affairs searches 300 entities with Chinese nationals on board
The Ministry of Corporate Affairs (MCA) carried out searches on 300 entities having Chinese nationals on board at various locations, including in Delhi, Hyderabad and Bengaluru. The searches were conducted after the MCA’s probe found that many of these were “shell entities” formed by forging credentials and subsequently had Chinese nationals on board who controlled the affairs of the companies.
Govt amends rules governing corporate social responsibility (CSR)
The government has asked companies having any amount in their unspent corporate social responsibility accounts to set up a CSR committee. To this effect, the Ministry of Corporate Affairs has amended rules governing CSR.
Tweak in compliance rules to aid over 1.2 million firms
On 22 September, the ministry of corporate affairs issued an order stating that a business with up to ₹4 crore paid up capital and ₹40 crore sales will be classified as a small company, compared to the earlier ₹2 crore and ₹20 crore in paid up capital and sales, respectively.
FOREIGN DIRECT INVESTMENT
Trade Pact Between India and United Kingdom to Accelerate Foreign Trade
A free trade pact to be signed between the United Kingdom and India should have better relations than the ones of Yesteryear. The agreement, likely to be signed by next month’s end, could accelerate joint ventures and boost bilateral investments.
GAMING AND CRYPTOCURRENCY
Tamil Nadu cabinet approves ordinance to ban online gaming
The Tamil Nadu government appealed to the Supreme Court after the Madras High Court struck down the ban, stating that rummy could be considered a game with skills, but by placing stakes, it had turned into gambling. It also states that minors were losing their entire earnings and savings through such games.
Netflix doubles down on gaming efforts, sets up game studio in Helsinki
The company is setting up its in-house gaming studio in Helsinki, Finland to create “original games with no ads and no in-app purchases”. The company doesn’t only want to offer games by third-party companies, but it also plans to offer new games that are native to its own platform.
INFORMATION AND TECHNOLOGY
Indian government issues advisory for smartphone users: Things to do & not to do
The Indian Computer Emergency Response Team (CERT-In) under the Ministry of Electronics and Information Technology has issued an advisory on ‘Best Practices’ that smartphone users can follow to stay safe online.
Government issues advisory for Mozilla Firefox users:
In its latest advisory, the Indian Computer Emergency Response Team (CERT-In) warns against multiple vulnerabilities in the Mozilla Firefox browser. Vulnerabilities can be exploited by attackers to persuade victims to visit a specially crafted website. Users are advised to update Mozilla Firefox to version 105 and Mozilla Firefox ESR to version 102.3.
REAL ESTATE
MahaRERA brings in more checks to register projects
Builders registering their projects with MahaRERA will now have to go through stricter scrutiny for consumer benefits. Currently, the state has 37,823 Real Estate (Regulation and Development) Act-registered projects. However, applications for 1,096 projects are in the process of finalization, an official from MahaRERA said.
TCP act amendments scrapped along with clearances under section 16B: Goa minister
The Goa government has announced the scrapping of amendments to the Town and Country Planning Act. The move is being seen as a victory for environmental activists and some political outfits. The Town and Country Planning Minister said that the amendments were being scrapped as even keeping them in abeyance would have caused more doubts amongst the people about the intention of the government.
Ministry of home affairs seeks property details from the Chandigarh administration
The ministry of home affairs (MHA) has sought details of all industrial and commercial properties in the city from the UT administration. The administration has issued directions to the estate office, municipal corporation and Chandigarh Housing Board to prepare data for the MHA’s inspection following a letter received from MHA.
INFRASTRUCTURE AND CONSTRUCTION
Govt to restructure subsidy for EV charging infra under FAME-II
The Centre is planning to change the subsidy structure for setting up EV charging infrastructure under the FAME-II scheme. The move is a bid to provide more support to companies setting up charging stations. There will be no licensing for public charging infrastructure, union power secretary said.
India’s ethanol production capacity jumps to 923 cr litres p.a.
The diversion of excess feedstock for ethanol production has led to a jump in production capacity to 923 crore litres per annum. The ministry of consumer affairs, food & public distribution said that low-carbon innovative technologies are helping India progress towards Net Zero goals, assisting in obtaining COP26 goals for the country while facilitating Atmanirbhar Bharat Abhiyaan by meeting 20% petrol requirements.
Highway construction lags FY23 target
The pace of building highways in India fell by 13.2% in April-August compared with the same period a year ago. Construction in the first five months of FY23 stood at 2,912 km, far lower than the 3,355 km built even during the peak of the pandemic in 2021.
ARBITRATION
Delhi HC Dismisses Petition U/S 9 of Arbitration Act, Observes That MoU Between Parties Is Not Specifically Enforceable
The Delhi High Court, on August 23, observed that when the petitioner was barred from seeking specific performance of the MOU between the two parties, he could not be held entitled to relief under Section 9 of the Arbitration and Conciliation Act 1996. The instant petition was preferred under Section 9 of the Arbitration Act to preserve the property which is the subject matter of the dispute.
Gazprom issue: India won’t seek arbitration or penalty
The failure of Russian government-owned Gazprom, the world’s largest explorer of natural gas, to honor a deal to supply gas to GAIL (India) Ltd is being dealt with bilaterally. India may neither pursue arbitration with Gazprom nor accept a penalty from the company, officials said. Rather, bilateral efforts are underway to resolve the vexed issue, they added.
FOOD AND BEVERAGE
APEDA facilitates India’s first plant-based meat shipment to the US
APEDA has announced that Greenest, India’s pioneering plant protein food brand, has shipped India’s first plant-based meat export consignment of 5,000 kg to the USA from Gujarat.
Fi India & ProPak India opens door to $535 bn ingredients, pkg, and processing industry
The Indian food ingredients market is currently estimated at $1584.08 million. Increasing use of food ingredients coupled with growing ready-to-eat foods & convenience foods has surged its demand. Owing to the rising popularity and demand, there is a huge opportunity for the food ingredient market to expand in India.