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Friday, August 11, 2017

All households to be electrified before 2022: Goyal
All households in the country will be electrified before August 15, 2022 and all villages before May next year, the Lok Sabha was informed yesterday. Power minister Piyush Goyal said the government has set a deadline of August 15, 2022 for electrification of all households in the country and May 2018 for the electrification of all villages. Goyal said he was happy to announce that the government will complete the task much before the deadlines set. The minister said during Question Hour that the accumulated loss of DISCOMs has increased from Rs 2,53,700 crore in 2012-13 to Rs 3,60,736 crore in 2014-15.

Govt sets up mechanisms to tap full potential of textiles
The government yesterday said it has set up institutional mechanisms including a task force, an inter-ministerial synergy group and a steering committee to realise the full potential of textile sector. The inter-ministerial synergy group on man-made fibre (MMF) chaired by the textiles secretary will formulate policy interventions to enhance the growth and competitiveness of MMF industry in the country. The group comprises senior officers from ministry of petrochemicals, department of heavy industries and Association of Synthetic Fibre Industry, among others.

Govt launches e-RaKAM portal for selling agri produce
The government has launched a portal, e-RaKAM, to provide a platform to sell agricultural produce. The portal is a joint initiative by state-run-auctioneer MSTC and Central Warehousing Corporation arm CRWC. Launching the portal with Steel Minister Chaudhary Birender Singh, Consumer Affairs, Food & Public Distribution Minister Ram Vilas Paswan said the effort should be to auction 20 lakh tonnes of pulses in the first phase through the platform. "I personally feel that we should start with auctioning of pulses as we have them in abundance. Twenty lakh tonnes of pulses were lying idle at warehouse and it still has no buyers. E-RaKAM will help us and farmers hugely," Paswan said.

Dena Bank inaugurates new branch at Calangute, Goa
Dena Bank has inaugurated its 18th Branch in Goa state at Calangute. The branch was inaugurated by the Bank’s CMD Ashwani Kumar, who presided over the Credit camp and handed over sanction letters to customers from branches in Goa. As a part of Home Happiness Campaign, Bank is offering Housing loans to customers at an attractive rate of Interest with 50% Concession in processing fees up to 31.10.2017.  

SoftBank Vision makes big investment in Flipkart
Flipkart yesterday said SoftBank Vision Fund, the world's largest technology-focused fund, has invested in the e-commerce company to become one of its largest shareholder. Without disclosing the amount invested, the company said: "This is the biggest ever private investment in an Indian technology company." In a statement, it said: "The investment is part of the previously announced financing round, where Flipkart had raised capital from three of the world's premier technology companies - Tencent, eBay and Microsoft. "After this financing round, Flipkart will have in excess of USD 4 billion of cash on balance sheet."

‘Casual Taxpayer’ registration goes live on GSTN portal
GST Network yesterday said it has started the facility for registration of casual taxpayers -- those who conduct businesses occasionally. A casual taxpayer is a person who occasionally undertakes business transactions in a state/Union Territory where he/she has no place of business. Goods & Services Tax Network (GSTN) Chairman Navin Kumar said that the registration as 'casual taxpayer' will be valid for 90 days. A tax payer will also have the option to extend the registration duration once for a maximum of 90 days before the expiry of the initial period for which registration was granted.

SAT stays trading curbs on JKumar, Prakash Industries
The Securities Appellate Tribunal yesterday stayed trading restrictions imposed on JKumar Infraprojects and Prakash Industries, which are among the 331 suspected shell companies identified by the government. Markets regulator Sebi had asked the stock exchanges to restrict trading in shares of 331 "suspected shell companies", some of which have investments by several well-known domestic and foreign investors.  

Tata Motors, Skoda call off partnership plan
Tata Motors yesterday said it has ended talks with Volkswagen group's auto maker Skoda on their proposed partnership following feasibility issues, a move that comes just over four months after they had entering into the agreement. The company said a joint technical feasibility study has found that strategic benefits for both parties are below the desired levels, although it has kept the doors open for future collaborations with the VW group.

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