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News digest: PMLA rules, spectrum holding limit, H1B visa rules, and more

From govt discussing to set up sovereign wealth fund to market trading sessions, BS brings you up to date with the latest news

BS Web Team  |  New Delhi 

News digest

PMLA rules: Cash deal limit may be reduced to curb money laundering

The Centre is planning to tighten the anti-money laundering rules pertaining to the “reporting and maintenance of record” by mandating reporting entities to furnish information of entities dealing in cash above a certain amount, a move to curb money laundering. Under the current (PMLA) rules, such reporting is required for all cash transactions of value exceeding Rs 1 million, all cross-border wire transfers of more than Rs 500,000, and all purchase and sale of immovable property of Rs 5 million or more. (More details)

panel for higher limit on spectrum holding for mobile operators

In a move that will boost consolidation and help stressed companies exit the sector, the Commission (TC) has approved the recommendations of the Regulatory Authority of India (Trai) on relaxing spectrum-holding caps for mobile operators.
The move will help telcos, including Reliance Jio, Vodafone, and Idea Cellular. (Full report)

No disruption in lives of Indian holders, clarifies US govt

The information technology (IT) sector is relieved that there will be no disruption in projects for clients and the movement of people back to India, after the US government clarified that it didn’t intend to bring any regulatory changes to force holders out of the country. (Read more)

Sovereign wealth fund proposal back; may become holding company for assets

The Union government is holding discussions to set up a sovereign wealth fund that might be structured on the lines of funds set up by non-oil exporting nations such as Singapore, Vietnam, and Malaysia. Tentatively named ‘Investment Management Company’, the sovereign wealth fund may also become a holding company for assets in all public sector undertakings, including nationalised banks, government sources, on the conditions of anonymity, said. (Click here to know more)

Markets welcome 2018 with a smart rally; BSE SmallCap up 3.5% so far

The first seven trading sessions of 2018 saw 296 stocks from the broad-based BSE 500 index gain more than the Sensex, which was up 1.1 per cent. Even as the benchmark indices make new highs, the party on Dalal Street is going strong in the mid- and small-cap stocks. Of the BSE 500 shares, 139 have posted gains of over five per cent. (More details)

First Published: Wed, January 10 2018. 02:15 IST