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Future Enterprises standalone net profit rises 615.37% in the June 2016 quarter

Future Enterprises standalone net profit rises 615.37% in the June 2016 quarter

Sep 14,2016

Net profit of Future Enterprises rose 615.37% to Rs 315.48 crore in the quarter ended June 2016 as against Rs 44.10 crore during the previous quarter ended June 2015. Sales declined 67.64% to Rs 921.19 crore in the quarter ended June 2016 as against Rs 2846.84 crore during the previous quarter ended June 2015.

ParticularsQuarter Ended
n++Jun. 2016Jun. 2015% Var.
Sales921.192846.84-68
OPM %24.969.91-
PBDT295.07184.1360
PBT142.3249.92185
NP315.4844.10615

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Transport Corporation of India to hold board meeting
Mar 18,2017

Transport Corporation of India will hold a meeting of the Board of Directors of the Company on 17 May 2017, to consider/approve the Audited Financial Results for the 4th Quarter/FY ending 31 March 2017.

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IDBI Bank to hold board meeting
Mar 18,2017

IDBI Bank will hold a meeting of the Board of Directors of the Company on 21 March 2017.

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Number of e-filed Income Tax Returns in Financial Year 2016-17 (till 28 February 2017) was 4.21 Cr
Mar 18,2017

The number of e-filed Income Tax Returns in Financial Year 2016-17(till 28 February 2017) was 4.21 Cr. which represented an increase of twenty-one percent over the number filed during the corresponding period of last financial year.

The number of e-returns processed in Financial Year 2016-17 (till 28 February 2017) was 4.30 Cr.(this included the returns filed during Financial Year 2016-17 as well as backlog for earlier years).

The total amount of refund issued in the current fiscal (including refund arising out of rectification, appeal effect etc.) is Rs. 1,48,459 crore (till 28 February 2017).

The Government accords high priority to expeditious issue of refunds, particularly to small taxpayers. During Financial Year 2016-17, as on 10 February 2017, 98% of the refunds of less than Rs. 50,000/- have been issued and only 2% remain to be issued. Majority of these cases relate to recently filed tax returns or where the taxpayers response to the Department is awaited.

Further, to ensure expeditious disposal of backlog of refunds upto Rs. 5,000/- in non scrutiny cases pertaining to Assessment Years 2013-14, 2014-15 and 2015-16, instructions have been issued to field units to issue refunds in these cases without adjustment against the outstanding demand.

The law provides that income-tax returns are to be processed within a period of one year from the end of the financial year in which the return is made. Efforts have been made to shorten the timeframe over the years through greater thrust on automation, smoothening the process for e-filing, and proactive monitoring. During the current fiscal, 90% of the refunds have been issued within 60 days and 67% within 30 days of filing of return

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Welspun India inaugurates Needle Entangled Advance Textile Plant
Mar 18,2017

Welspun India has forayed into new technologies in its Technical Textile Business with its state-of-the-art Needle Entangled Advance Textile Plant in Anjar. The plant was inaugurated by Minister of Textiles, Smriti Irani on 18 March 2017.

The Rs 150 crore facility, will have unique capabilities of Spun Lace and Needle Punch lines which can manufacture multilayer composites for various applications. This advanced and innovative technology will provide non-woven solutions for high-end industrial applicationssuch as Filtration, Acoustics, Automotive, Fire Safety, Thermal insulation, Vibration control, Noise control, Aero-Space, Defence and Mass Transportation. The initial capacity of the manufacturing unit will be 2,400 MT per annum. With this facility, Welspun has also investedin a wide range of finishing technologies which include Coating, Laminating, Dyeing, and Printing to provide innovative solutions; all under one roof.

Further, Welspun has invested Rs 00 crore to set up a fresh state- of- the-art fully automated cut and sew unit in the made-ups segment with a capacity of 10 mn units per annum.

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GI Engineering Solutions provides update on US subsidiary
Mar 18,2017

GI Engineering Solutions announced that the wholly owned subsidiary of the Company viz. Genesys Enterprises Inc., USA has filed for voluntary dissolution with the Secretary of State of New York.

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Sangal Papers gets upgradation in credit ratings
Mar 18,2017

Sangal Papers announced that Brickwork Ratings India has upgraded the rating from BWR BB to BWR BB+ for cash credit and term loan and BWR A4 to BWR A4+ for non fund based: BG and ILC/ FLC.

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Fedders Lloyd Corporation intimates of listing of 32 lakh shares on exchanges
Mar 18,2017

Fedders Lloyd Corporation has issued and allotted 32,00,000 equity shares subsequent upon conversion of warrants into equivalent number of equity shares. The aforesaid equity shares are duly listed and admitted to dealings on all the Stock Exchanges.

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Ajanta Pharma fixes record date for 2nd interim dividend
Mar 18,2017

Ajanta Pharma has fixed 25 March 2017 as record date for payment of second interim dividend. The dividend would be paid on or after 27 March 2017.

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Board of Ajanta Pharma approves scheme of amalgamation
Mar 18,2017

The Board of Directors of Ajanta Pharma at its meeting held on 18 March 2017 has considered and approved the amalgamation of Gabs Investments (Gabs) with Ajanta Pharma (APL) in consideration for Equity shares of APL.

The proposed amalgamation would be carried out vide a Scheme of Amalgamation and Arrangement between Gabs Investments and Ajanta Pharma and their respective Shareholders (the Scheme) under Sections 230-232 read with Section 52 and Section 66 of the Companies Act, 2013 and other applicable provisions of the Companies Act, 1956 / Companies Act, 2013.

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Asahi Songwon Colors fixes record date for interim dividend
Mar 18,2017

Asahi Songwon Colors has fixed 25 March 2017 as record date for payment of interim dividend for FY 2017.

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Insurance Laws (Amendment) Act, 2015 empowers IRDAI to initiate prosecution with fine & imprisonment for violation of insurance related legislations
Mar 18,2017

As per Insurance regulatory and Development Authority of India (IRDAI), the performance of private insurance companies are assessed through the following: -

i.) Analysis of the financial statements and corporate governance report of the insurance companies on annual basis.

ii.) Analysis of the statement of expenses of management and payment of commission on an annual basis.

iii.) Analysis of the unclaimed amount of policyholders on half-yearly basis.

iv.) Monitoring/review of the various returns filed by the insurance companies under the Public Disclosures.

v.) Compliance of the returns regarding the statutory auditors on an annual basis.

vi.) Analysis of the solvency returns filed by the non-life insurance companies on a quarterly basis.

vii.) Offsite monitoring is done on an ongoing basis, which includes review of various returns / reports filed Monthly, Quarterly, Half-yearly and Annually by all the insurance companies as per the provisions of the statute and the regulations. This includes among others, New Business Performance, Claims performance and Grievance Redressal.

viii.) The Authority carries out periodical onsite inspection of the insurers to examine the compliance of the insurers to various statutory and regulatory provisions. In case of any deviations / violations are noticed, appropriate regulatory actions are taken including directing the insurers to initiate corrective actions, wherever necessary.

ix.) The Authority also takes into cognizance any violations observed during the course of reviewing the complaints received from the customers and initiates suitable corrective measures wherever required.

Further, IRDAI publishes a comprehensive Annual Report containing the performance of both public and private sector insurance companies, various regulatory initiatives taken and the major trends of the Insurance Sector. This report is placed on the table of the Parliament every year. This report also contains the Regulatory actions taken against insurance companies.

The Insurance Laws (Amendment) Act, 2015 empowers IRDAI to initiate prosecution with fine and imprisonment upto 10 years for violation of insurance related legislations and also to initiate adjudication proceedings and levy penalties upto Rs.25 crore.

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Small Finance and Payment banks have to comply with all regulatory and supervisory frameworks that are applicable to commercial banks
Mar 18,2017

Reserve Bank of India (RBI) issued guidelines for licensing of small finance banks and payments banks on November 27, 2014 and granted in-principle approvals to 10 applicants to set up small finance banks and to 11 applicants to set up payments banks.

The guidelines for small finance banks provide inter-alia that (i) eligible promoters could be resident individuals/professionals with 10 years of banking and finance experience including companies controlled by them etc. (ii) shall primarily undertake basic banking activities of acceptance of deposits and lending to unserved and underserved sections (iii) The minimum paid-up equity capital for small finance banks shall be Rs. 100 crore and (iv) all prudential norms and regulations of RBI as applicable to existing commercial banks including requirement of maintenance of Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR).

The guidelines for payment banks provide inter-alia that (i) eligible promoters can be non-bank Pre-paid Payment Instrument (PPI) issuers; and other entities like mobile telephone companies etc. (ii) shall primarily accept demand deposits upto maximum balance of Rs. 1,00,000 per individual customer. (iii) Issue ATM/debit cards, payments and remittance services. (iv) maintain CRR with the Reserve Bank on its outside demand and time liabilities and invest at least 75 per cent of its n++demand deposit balancesn++ in SLR eligible Government securities/treasury bills.

Licensed under Section 22 (1) of the Banking Regulation Act, 1949, Small Finance and Payment banks have to comply with all regulatory and supervisory frameworks that are applicable to commercial banks with suitable calibrations in view of the differentiated scope of such banks.

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Government to conduct field trial with plastic banknotes at five locations of the country
Mar 18,2017

It has been decided to conduct a field trial with plastic banknotes at five locations of the country. Approval for procurement of plastic substrate and printing of bank notes of Rs.10 denomination on plastic banknote substrates has been conveyed to RBI.

Plastic banknotes are expected to last longer than cotton substrate based banknotes. Over the years, central banks across the world have been exploring different solutions for extending the lifecycle of banknotes. These include introduction of plastic banknotes and other developments in banknote substrates for enhancing durability including use of natural fibre blends, varnish of banknotes etc.

The following actions have been taken by RBI to focus on the need to discourage people from inscription, scrawling or scribbling on any part of the notes:

i. Vide its Directive dated November 07, 2001 under Section 35 ( A) of B. R. Act, 1935 advised all banks not to write anything on watermark window of banknotes.

ii. RBI has also issued a Press Release on December 31, 2013 on n++RBIs clarification on scribbling on Banknotesn++.

iii. RBI has advised all the bank branches to display at their branch premises at prominent place, a board indicating the availability of notes exchange facility for information of general public.

iv. RBI from time to time issues instructions to banks to organize exchange melas to mop up soiled and mutilated banknotes from circulation.

v. RBI periodically issues Press Releases appealing to the members of public not to inscribe anything on banknotes as it damages the notes and poses difficulty in identifying the features of genuine banknotes.

An inter-disciplinary Standing Committee on Cyber Security has been constituted to review the threats inherent in the existing/ emerging technology and suggest appropriate policy interventions to strengthen cyber security and resilience.

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Dispensing of fake currency notes through Automated Teller Machines (ATMs)
Mar 18,2017

There have been media reports regarding dispensation of Rs 2000 notes resembling a genuine note but bearing the legend n++Children Bank of Indian++ in place of n++Reserve Bank of Indian++ from Delhi, Meerut (Uttar Pradesh), Sitamarhi (Bihar) and a few other places.

State Bank of India (SBI) has reported one such case from its ATM in SangamVihar, New Delhi on 06.02.2017. One person, working with the cash replenishment agency and responsible for placing the cash in ATMs, has been arrested.

RBI vide Master Circular 01 July 2015 has issued instructions on n++Detection and Impounding of Counterfeit Notesn++.

To keep a check on circulation of fake currency, RBI has taken the following steps:

1. Incorporating new security features /new designs in the banknotes to stay ahead of the counterfeiters is an ongoing process. New security features were added to banknotes in all denominations during the year 2005-2006. Government of India, in consultation with RBI, has initiated the process for introduction of new security features in Indian banknotes.

2. RBI regularly conducts training programmes on detection of counterfeit notes for employees / officers of banks and other organisations handling large amount of cash. RBIs website provides information to the public on security features of banknotes. Posters on Know Your Banknotes are also displayed at bank branches. Regional Offices of RBI participate in various awareness programmes where the members of public are made aware of the features of Indian banknotes and ways to identify genuine Indian banknotes. Posters, leaflets, etc. are also distributed in such awareness programmes. The contents pertaining to awareness on Indian banknotes are available in www.paisaboltahai.rbi.org.in.

3. Instructions have been issued by RBI to banks that banknotes in denominations of Rs.100/- and above should be re-issued by banks over their counters or through ATMs only if these banknotes are duly checked for authenticity/genuineness and fitness by machines. The banks should re-align their cash management in such a manner so as to ensure that cash receipts in denomination of Rs.100 and above are not put into re-circulation without the notes being machine processed for authenticity. A directive in this regard under Section 35A of Banking Regulation Act, 1949 has also been issued to all scheduled banks. In order to obviate complaints regarding receipt of counterfeit notes through ATMs and to curb circulation of counterfeit notes, it is imperative for banks to put in place adequate safeguards/checks before loading ATMs with notes. Dispensation of counterfeit notes through the ATMs would be construed as an attempt to circulate the counterfeit notes by the bank concerned. The responsibility of ensuring the quality and genuineness of cash loaded at White Label ATMs is that of Sponsor Bank.

4. The process of reporting and detection of counterfeit notes, by banks, has also been rationalized in order to safeguard the interests of common man, coming across such counterfeit notes unknowingly and bringing in improvement in reporting. Under the revised procedure, all cases of detection of counterfeit notes at the bank branches / treasuries are required to be promptly reported to Police Authorities in the following manner:

(i) For cases of detection of counterfeit notes upto 4 pieces, in a single transaction, a consolidated report as per the format prescribed should be sent to the police authorities at the end of the month.

(ii) For cases of detection of counterfeit notes of 5 or more pieces, in a single transaction, FIRs should be lodged with the Nodal Police Station / Police Authorities as per jurisdiction.

5. In order to train bank staff engaged in cash handling on features of Indian banknotes, RBI has advised Indian Banks Association to ensure, in consultation with the banks, that all bank personnel handling cash are trained on features of genuine Indian bank notes with the objective to train all such personnel. RBI will also provide faculty support and training materials.

6. The banks have been advised by RBI that wherever counterfeit notes are detected but not impounded and reported, it will be construed as wilful involvement of the bank concerned in circulating counterfeit notes and may attract penal measures.

7. RBI has issued banknotes, in all denominations in Mahatma Gandhi Series - 2005, with a new numbering pattern. Now the numerals in both the number panels of these banknotes are in ascending size from left to right, while the first three alphanumeric characters (prefix) remain constant in size. Printing the numerals in ascending size is a visible security feature in the banknotes so that the general public can easily distinguish a counterfeit note from a genuine one.

8. Government of India in consultation with RBI has withdrawn legal tender character of banknotes in the denomination of Rs.500 and Rs.1000 issued till November 8, 2016, inter alia, to reduce the incidence of Fake Indian currency Notes. RBI has issued Rs.500 and Rs.2000 denomination banknotes in Mahatma Gandhi (New) Series. Details of the same are displayed on the RBI website for the general public. A mobile app has also been launched for creating awareness among the members of public.

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The existing customers of Subsidiary Banks will have access to SBI global network which has presence in all the time zones
Mar 18,2017

The Cabinet in its meeting on 15th February, 2017 has approved the proposal of acquisition of subsidiary banks of State Bank of India (SBI) i.e. State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore with State Bank of India. It shall come into effect on 1st April, 2017. The merger is aimed at economies of scale and operational efficiency leading to improved supervision process, compliance and productivity in addition to better risk management.

Detailed plans have been chalked out for re-organisation of SBI network including branches of the Associate Banks.

The aggregation of credit exposures by six entities and its oversight by one entity, post merger, imparts focus and helps in better management of the overall credit portfolio especially stressed assets.

Unified operations and efficiency improves productivity, customer service and profitability.

The existing customers of Subsidiary Banks will have access to SBI global network which has presence in all the time zones.

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