RBI extends period of enhanced Prepaid Payment Instruments limit
The Reserve Bank of India (RBI) has extended the period of enhanced Prepaid Payment Instruments (PPI) limit of Rs 20,000 as part of efforts to promote digital payments. The limit has been extended till the completion of review of the PPI guidelines. However, the balance in such PPIs cannot exceed Rs 20,000 at any point of time and the merchants can transfer funds from such PPIs to their own linked bank accounts up to Rs 50,000 per month, without any limit per transaction.
CSL completes delivery of 20 FPVs to India Coast Guard
The Cochin Shipyard Limited (CSL) has delivered ICGS AYUSH, the 20th Fast Patrol Vessel (FPV) to the Indian Coast Guard. With this, CSL has completed construction of 20 FPVs for the Indian Coast Guard. ICGS Ayush will be operated from the Coast Guard Station at Krishnapatanam. It is last in the series (CSL Yard No BY 520) and was delivered three months ahead of schedule. Cochin Shipyard Limited was awarded the contract of constructing 20 FPVs in October 2010.
CBDT extends deadline of Direct Tax Dispute Resolution Scheme
The Central Board of Direct Taxes (CBDT) has extended the last date for availing the Direct Tax Dispute Resolution Scheme to January 31, 2017 from the earlier deadline of December 31, 2016. This extension aims to give companies one more month to accept its offer to settle retro tax disputes with Government. It comes against the backdrop of tepid response from companies to the scheme.
China to build $1.5 billion Matiari-Lahore power line across Pakistan
China’s State Grid Corporation is set to build a $1.5- billion power line across Pakistan to enable the transmission of 4,000 megawatts (MW) of electricity from the country’s north to south. In this regard both countries have signed an investment agreement in Beijing. The power transmission line will link the national grid between the southern Pakistani town of Matiari and easternmost city of Lahore, located 1,000km apart. It will be Pakistan’s first high-voltage, direct current line.
Sorin Grindeanu named as New Prime Minister of Romania
Romania’s President Klaus Iohannis has named socialdemocrat Sorin Grindeanu (43) as the new Prime Minister. Grindeanu is a member of the Social Democratic Party and former communications minister. He now faces a confidence vote in parliament on his programme and cabinet nominees. Earlier centre-right President Iohannis had rejected Social Democratic Party’s first choice economist Sevil Shhaideh for PM post, who would have been the country’s first female and first Muslim government leader.