Top headlines: I-T to share PAN data with Sebi; auto output may dip 8.3%

From Fitch Solutions expecting vehicle production in India to contract by 8.3% in 2020 to Bharti Airtel subsidiary planning for fundraising, here are the day's top headlines

Cabinet nod to changes in Vivad se Vishwas Bill

The Union Cabinet on Wednesday approved changes in the 'Direct Tax Vivad se Vishwas Bill, 2020' with a view to increase its scope to cover litigations pending in various debt recovery tribunals (DRTs). The Bill was introduced in the Lok Sabha earlier this month with the aim of reducing litigations related to direct taxes. It was proposed to cover tax disputes pending at the level of commissioner (appeals), Income Tax Appellate Tribunals (ITAT), high courts and the Supreme Court. Read more...

I-T Dept to share taxpayers' PAN, other data with Sebi

The Income Tax Department will share all taxpayers' data like PAN information with Sebi in order to help the capital market regulator in its probe against various entities, including those involved in 'stock market manipulation', an official order has said. The Central Board of Direct Taxes (CBDT), which frames policy for the tax department, had issued an order in this context on February 10 under section 138 (1) of the I-T Act. Read more...

Capital infusion of Rs 2,500 cr in 3 general insurance cos gets Cabinet nod

The Union Cabinet on Wednesday approved a proposal for capital infusion and immediate release of Rs 2,500 crore for three public sector companies on account of their critical financial conditions.

The decision came after United India Insurance, National Insurance Company and Oriental Insurance Company breached the regulatory solvency requirements. Read more...

Auto production to slide 8.3% in 2020; coronavirus may hit supply: Fitch

Fitch Solutions on Wednesday said it expects vehicle production in India to contract by 8.3 per cent in 2020 as the auto industry faces increasing risk of supply shortage due to China's coronavirus outbreak, possibly hitting domestic output if the virus spreads in the country. 
 

In China, where the virus originated, automotive manufacturers have halted production in order to limit the congregation of people and reduce the exposure of its population to possible infection and "we see India adopting similar policies if the virus spreads throughout the country," it said. Read more...
 

Dr Reddy's to acquire part of Wockhardt's India business for Rs 1,850 crore

Dr Reddy's Laboratories on Wednesday announced an agreement with Wockhardt Ltd. to acquire select divisions of its branded generics business in India, Nepal, Sri Lanka, Bhutan and Maldives for a consideration of Rs 1,850 crore.

The agreement comprises a portfolio of 62 brands in multiple therapy areas such as respiratory, neurology, VMS, dermatology, gastroenterology, pain and vaccines. Wockhardt will transfer Dr Reddy's related sales and marketing teams; and the manufacturing plant located in Baddi, Himachal Pradesh with all plant employees. Read more...
 

India is a developed economy and ineligible for GSP benefits: US

The United States Trade Representative’s (USTR’s) office has classified India as a developed economy, ineligible for benefits given by Washington DC to developing countries. This is expected to stop all chances of India reclaiming its benefits under the US’ Generalized System of Preferences (GSP) scheme.

The GSP is America’s oldest preferential trade scheme, which offered Indian exporters tariff-free access to the US until June, when all benefits were suspended. The USTR considers a country’s per capita gross national income (GNI) and share of world trade to designate its level of economic development. Read more...
 

LPG cylinder prices hiked sharply from today, to cost Rs 858.5 in Delhi

The price of non-subsidised liquefied petroleum gas (LPG) cylinders were hiked by Rs 144.50 on Wednesday, the sixth hike in as many months. State-run oil marketing companies hiked the price of non-subsidised LPG cylinders across metro cities. A 14.2 kg non-subsidised LPG cylinder will now cost Rs 858.50 in the national capital. Read more...
 

Assam NRC data vanishes from website, home ministry says it is safe

The Centre on Wednesday said the NRC data in Assam is safe even though some technical issues were visible and that will be resolved soon. The Union Home Ministry clarification came in view of reports that data of the final list of the National Register of Citizens has been made offline from its official website. Read more...
 

Bharti Airtel subsidiary to raise additional $250 mn via perpetual bonds

Bharti Airtel on Wednesday said its wholly-owned subsidiary Network i2i plans to raise funds worth up to $250 million (approximately Rs 1,780 crore) through perpetual bonds. This amount will be in addition to existing securities of $750 million (around Rs 5,343 crore) that the company has raised recently. Read more...