Government sources said several regulators in other countries enjoyed such powers, which allowed them to tap phones and maintain a tighter vigil with an enforcement wing being part of the organisation set up.
“There is massive interest from investors and SBI will get some very good names," said an official.
The govt got suspicious of Kapoor after three potential investors walked away from YES Bank within months.
The proposal, which has already been approved by a group of ministers looking into the Companies Act, will be part of a bill that seeks to decriminalise over 40 sections of the law to ease the compliance burden on the corporate sector.
Nirmala Sitharaman in her Budget speech had offered incentives for sovereign wealth funds of foreign governments in the priority sectors. The government said it will grant 100% tax exemption to their interest, dividend and capital gains income on investment made in infrastructure and other 36 notified sectors before March 2024 and with a minimum lock-in period of 3 years.
RBI froze lender’s expansion as owners could not cut 61% stake further.
While imports from the US have grown faster than Indian exports to the US, President Donald Trump is not satisfied. He has slammed India, seeking to drive a better bargain to push American goods, while seeking to restrict the entry of goods and software professionals into the US.
The move follows a petition from some industry representatives to finance minister Nirmala Sitharaman to not just relax the norms but also ensure access to funds to tide over payment issues that may arise due to problems in accessing inputs and critical raw material.
These were some of the measures suggested by the representatives of India Inc in a meeting on Tuesday with the FM to address concerns regarding supply disruption caused by the coronavirus outbreak in China. At the meeting, the quarantine period as well as the paperwork for goods being shipped into the country was also flagged.
Multiple rates, exemptions and implementation challenges are affecting goods and services tax (GST) collections in India, an analysis by an International Monetary Fund (IMF) team has said.
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