QBiz: Jio Claims Record 16 Mn Users; Army Disability Pension Cut
Read The Quint’s compilation of top business stories from dailies across the country.
advertisement
1. Reliance Jio Claims 'World Record', Enrols 16 Million Users in First Month
Reliance Jio on Sunday claimed that it has created "a world record" by crossing the 16 million subscriber mark in its first month of operations.
Jio, a new entrant in the 4G market, has achieved this growth faster than any other telecom operator or start-up in the world, including the likes of Facebook, WhatsApp and Skype, Reliance Jio Infocomm said in a release.
"We are delighted and humbled by the overwhelming response across India to the Jio Welcome Offer. Jio is built to empower every Indian with the power of data," said Mukesh Ambani, Chairman, Reliance Industries.
(Source: BloombergQuint)
2. Government Slashes Army's Disability Pensions
The government has quietly put the finishing touches on a plan to slash disability pensions for injuries incurred in the line of duty.
On 30 September, the day after India began celebrating the successful “surgical strikes”, the Ministry of Defence (MoD) issued a letter that dramatically reduced pensions for soldiers invalided out from the army after being crippled by battle injuries, or by injuries directly attributable to hazardous military service.
If a young soldier with severe injuries — what cold medical jargon terms “100 per cent disability” — from that operation had been invalided out from service, he would have found his monthly pension slashed from Rs 45,200 to just Rs 27,200 — down by Rs 18,000 a month.
(Source: Business Standard)
3. iPhone 7 Receives Good Response in India
Positive consumer sentiment, coupled with aggressive offers by Apple’s trade partners in India, appears to have lured many to buy the new iPhone 7 and 7 Plus, launched on Friday.
Conversations with general, modern and online trade across cities such as Mumbai, Delhi and Bengaluru — where long queues were seen on the day of the launch — reveal that around 100,000 units of the new phones were sold in the opening weekend, double of what was sold last year.
The excitement visible this year was lacking last year when Apple launched its iPhone 6s and 6s Plus, said informed sources.
(Source: Business Standard)
4. Jan-Dhan Yojana Is a Model Worth Emulating Across Emerging Economies: World Bank
World Bank's Jim Yong Kim believes India's Pradhan Mantri Jan-Dhan Yojana is a model worth emulating across emerging economies. Speaking at a panel discussion on financial inclusion and the challenges of de-risking it Kim praised the government's flagship programme.
The panel included a host of dignitaries besides the World Bank President, the U.S. Treasury Secretary Jacob Lew, the governor of the People's Bank of China, the finance ministers of India and Indonesia as well as the UN Secretary-General's Special Advocate for Inclusive Finance for Development, Queen Maxima of the Netherlands, and the Financial Action Task Force President.
(Source: BloombergQuint)
5. Non-Compete Fees in Mergers Under Sebi Lens
The Securities and Exchange Board of India (Sebi) is reviewing the concept of non-compete fees paid to promoters selling stakes in mergers after the issue flared up in the HDFC Life-Max Life deal. The promoter of Max Life is getting an additional Rs 850 crore in the form of non-compete fees as part of the merger.
Currently , in case of takeovers, regulations do not allow non-compete fees to be paid to exiting promoters. Sebi now wants to address the exemption given to such fees in case of merger schemes.
In the case of the HDFC Life-Max Life merger, it had sparked an uproar with proxy advisory firms and the mutual fund body voicing concerns that it was against the interests of minority shareholders.
(Source: The Economic Times)
6. At Rwanda Meet, India to Help Seal Global Climate Deal on Refrigeration Gases
On Monday, another round of the Montreal Protocol talks will kick off in Kigali, Rwanda, with 191 countries negotiating a global deal to replace heat-trapping refrigerant gases with climate-friendly alternatives. India, one of the most rapidly growing markets for refrigeration and air-conditioning, enters the talks with an early gambit, hoping to get a better bargain to protect the interests of its growing refrigeration industry and keeping the cost of technology transition as low as possible for its citizens.
India has demanded that the US and other rich countries reduce their climate harming refrigerant gases far faster than the transition speed offered by them so far. A study estimates that the cost of transition for Indian economy could range between $13.4 billion and $38.1 billion between now and 2050.
(Source: Business Standard)
7. RBI Approves Restructuring of Rs 30,000 Crore in Food Credit to Punjab
The Reserve Bank of India (RBI) has approved a proposal to restructure around Rs 30,000 crore of food credit given to Punjab state agencies, said two bankers with direct knowledge of the development.
The Rs 30,000-crore amount is the mismatch between food stocks available in Punjab warehouses and loans granted over the past decade.
According to the proposal, a State Bank of India-led consortium of 68 banks will convert the cash credit limit worth Rs 30,000 crore into a 20-year term loan at a lower interest rate of 8.25 percent. Cash credit is a short-term cash loan to a company and typically attracts higher interest rates.
(Source: Livemint)
8. Singapore Wants to Delay Revision of Tax Treaty with India
Singapore is seeking more time to revise the two-decade-old tax treaty with India, saying its investors need more time to shift to source-based taxation.
India has, however, rejected any deferment in the revision of the treaty that will help prevent Singapore, which is the top source of FDI into India, from being used as a shelter to avoid taxes.
The redrawing of the tax agreement between India and Mauritius in May this year to close a popular loophole, that allowed investors to skirt levies on capital gains made in India, has triggered a similar revision in the pact with Singapore.
India is keen to rework the treaty before April 2017 - when its revised tax pact with Mauritius will come into effect.
(Source: BloombergQuint)
9. Global Gold Prices Set to Get Indian Festive Season Boost
Gold prices are tumbling worldwide, but demand during the festive season in India may soon come to their rescue, as the festival of Diwali is set to prompt investors to take advantage of the recent correction.
Dhanteras, the first day of Diwali, falls on 28 October this year.
Gold prices have slumped sharply in recent times, and this may augur well for the Indian buyers.
Gold futures for December delivery dropped for eight out of nine sessions, slumping 6.86% and traded at four-month low of $1,253 an ounce on Thursday on Comex in New York, and fell below their 200-day moving average as odds turned in favour of US Federal Reserve hiking interest rates. On Friday, gold futures snapped its losing streak and edged 0.20 percent higher.
(Source: Livemint)
(At The Quint, we question everything. Play an active role in shaping our journalism by becoming a member today.)