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NEW DELHI: The Society of Indian Automobile Manufacturers (SIAM) on Thursday said that it has approached the Supreme Court to plead for a review of its judgement issued over the BS III vehicles. In a statement, SIAM said that it has filed a review petition with the apex court to point out "certain facts" that were not covered in the judgment. The move comes after the apex court banned the sale and registration of non-BS IV compliant vehicles from April 1, 2017. According to the industry association, the Supreme Court has "erroneously construed" an office memorandum from the Ministry of Road Transport and Highways (dated March 3, 2017) to be an office memorandum dated March 3, 2015. This "erroneously construed" office memorandum led to the misunderstanding that the government had "sent a clear message" to the manufacturers to stop production of BS III vehicles before April 1, 2017, the industry association said.
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NEW DELHI: Alibaba-backed Paytm today said it will invest Rs 10,000 crore over the next three years to ramp up its banking and financial services business. The Noida-based company, which will soon offer payments bank services in the country, claims to have already pumped in over Rs 3,200 crore in the last two years for its operations. "We will invest Rs 10,000 crore in our banking and financial services in the next three years. We hope to get the final approval for our payments bank operations soon, so that we can roll out services," Paytm founder and CEO Vijay Shekhar Sharma told reporters here. At present, Paytm operates a mobile wallet and e-commerce marketplace. With over 1.5 billion transactions on its platform, the company now aims to cross the 4.5 billion mark this year. Payments banks can accept deposits from individuals and small businesses of up to Rs 1 lakh per account.
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IMAX has pacted with India's PVR for five theaters to be located in Delhi and other major metropolitan hubs around the country. The auditoriums will be in a combination of new and existing complexes slated to begin opening this year. This ups PVR's IMAX commitment to 10. The company currently operates a cinema circuit of 579 screens at 126 properties in 50 cities with four IMAX screens in Mumbai, Bengaluru and Noida. IMAX notably will release the anticipated sequel...
The Economic Times
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NEW DELHI: Telecom regulator TRAI plans to start by May this year industry-wide consultation on framing rules for new mobile operators testing their services prior to full-fledged commercial launch. The issue of specific framework for trial services had cropped-up last year after newcomer Reliance Jio's stormy entry into the telecom sector. The incumbent cellular operators had demanded that the dos and don'ts of such trial service needs to be clearly spelt out. The upcoming consultation paper is expected to address issues like the number of subscribers that can be on-boarded during the trial period by a new operator, as also the duration for such network and service testing. Other issues could be whether the services can be given free of charge or not. The consultation paper on the issue is likely to be issued by May, two people familiar with the matter told PTI.
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NEW DELHI: The opening up of commercial coal mining to private companies will bring in competition in the coal sector and reduce power tariff, a top official said today. "Let's begin by saying commercial coal mining is a very big reform in the coal sector and the idea is to bring in competition for the monopoly coal miner, which is a public sector company called Coal India (CIL)," Coal Secretary Susheel Kumar told PTI. India is in the process of throwing open commercial coal mining to private firms for the first time in four decades, with the aim of shifting the world's third-biggest coal importer towards energy self-sufficiency. "So, this is the intervention which the government wants to bring in. And what we wish to achieve ultimately in the coal sector is to reduce the prices of coal so that our ultimate end-use consumer who is a power consumer gets power at cheaper rates," the secretary explained.
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“If there is so much of anger, it actually adds to that anger, it does not help to recede (quell) that anger,” he said. Pointing to the presence of students in street protests, he said, “Every section of society has now got involved into that churning where people think that they dont have any allegiance to India, and they dont like the country.” More than a decade of relative peace began deteriorating last summer in Kashmir after security forces killed local militant leader Burhan Wani. Analysts say this summer promises to be no different. Colleges and schools in Kashmir have been shut for more than a week as India tries to quell the near daily protests. On Thursday, three Indian soldiers died and five others were injured in a pre-dawn attack on an army camp by militants in Kashmir’s Kupwara district. Two militants were also killed. Delhi takes a hard line Earlier this week, Chief Minister of Jammu and Kashmir, Mehbooba Mufti, visited New Delhi and urged Prime Minister Narendra Modi to open dialogue to contain the deteriorating situation in the state.
The Economic Times
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New Delhi: The Centre has extended the last date for filing service tax return by five days to April 30, in a relief to lakhs of service providers. "The CBEC hereby extends the date for submission of form ST-3 for the period from October 1 to March 31, 2017, from April 25 to April 30, 2017," the apex policy making body of the indirect tax department said in an office order. Every registered service tax assessee has to file service tax return in form ST-3 on a half-yearly basis before the due date to avoid penalty. For filing returns for the period April-September, the due date is October 25, while for October-March it is April 25. The Central Board of Excise and Customs (CBEC) said that the due date is being extended as the assessees faced "intermittent difficulties" in accessing the ACES (Automation of Central Excise and Service Tax) website on April 25.
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NEW DELHI: Maruti Suzuki on Thursday reported a 15.8 per cent YoY rise in profit after tax (PAT) at Rs 1,709 crore, slightly missing the Rs 1,715 crore profit estimated by analysts in an ET Now poll. The company said that growth in volumes, increase in share of the company’s higher segment models, benefits due to full capacity utilisation and cost reduction efforts contributed to rise in profit. That said, the gains were offset by hike in commodity prices and adverse forex movement. Sales for the quarter came in at Rs 18,005 crore, up 20.3 per cent on year-on-year basis. Profit before tax rose 9.3 per cent YoY to Rs 2282 crore, the company said in a filing to BSE. Material cost jumped 360 basis points to 70.8 per cent of total sales in the fourth quarter from 67.2 per cent of sales in the year-ago quarter. Margins expanded to 16.3 per cent, compared with ET Now poll of 14.
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Bangladesh, Nepal and India have already ratified BBIN-MVA and New Delhi and Dhaka have even gone ahead to conduct a dry run of cargo movement under it.
Variety
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PVR Cinemas, India’s largest multiplex theater operator, is to install an additional five IMAX theaters. The new, giant screens will go into complexes in Delhi and other cities. The agreement will eventually bring to 10 the total controlled by PVR. There are currently 11 IMAX screens in operation in India with a further 15 contracted... Read more »
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NEW DELHI: The finance ministry will set up a screening committee to prune the list of applicants for the top posts in Small Industries Development Bank of India (Sidbi) and IFCI Ltd, acting on a request from Banks Board Bureau, officials said. That is because more than 30 candidates have applied for each of the two posts, they said. Banks Board Bureau (BBB), headed by former Comptroller and Auditor General Vinod Rai, helps improve governance of state-run banks and in selection of their chiefs. “The BBB has suggested that the finance ministry should set up a screening committee and identify the most eligible six or seven candidates, who will be then called for interviews,” said a finance ministry official aware of the developments. “We will soon set up a screening committee and are hopeful that appointment to these financial institutions is over by the end of next month,” the official said.
The Economic Times
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NEW DELHI: Three out of every five mobile phone users who participated in a nation-wide feedback survey faced call drops with most of them facing problems indoors, the telecom department (DoT) has said. About 13% people who were contacted through an interactive voice response system (IVRS) across all states between December 2016 and March 2017 gave their feedback and 60% of them said they did not get quality service. “The feedback is shared with the TSPs (telecom service providers) to take corrective action in a time bound manner and submit the action taken report (ATR) to DoT Task Force every fortnight,” the department said in a statement on Wednesday. TSPs contact each subscriber who has reported frequent call drops through telephonic calls and SMS in English and local languages to collect further details required for resolution of the complaint.
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