 "News Digest")
GST Council meet: Diwali comes early for SMEs, exporters
The Goods and Services Tax (GST) Council on Friday took major decisions to prevent working capital of exporters from getting locked up and reduce the compliance burden on small and medium enterprises, while reducing rates on 27 items of daily use, including khakhra, which may help the ruling party, the BJP, in poll-bound Gujarat. Read more
Governance code impact: 40% of NSE-listed firms will have to split CMD post
The proposed corporate governance code framework is expected to have a significant impact, forcing companies, including several blue-chip names, to reconstitute their boards, rope in more directors, and seek shareholders’ blessings on big pay packets for top executives and royalty payouts. Read more
Noose tightens around 5,800 shell firms
The government has collected startling data on multiple accounts of 5,800 shell companies out of the over 200,000 that were struck off by the registrar of companies (RoC). Some of these companies operated accounts even after their names were taken off the rolls. The companies deposited and withdrew huge amounts from banks post-demonetisation, while they had meagre deposits before November 8, 2016. Read more
Coal stocks at power plants down to six days
Coal stocks at power plants across the country have declined to a point where they can meet the requirement for an average of only six days. Read more
KYC not needed for buying jewellery above Rs 50,000
In a major relief for bullion dealers and jewellery retailers, the government has rescinded applicability of the Prevention of Money Laundering Act (PMLA) on purchases of precious ornaments above of Rs 50,000. Read more
