20 years ago today

BusinessLine 20 years ago today: US ‘entities list’ spoils industry party

NOVEMBER 15 | Updated on November 14, 2018 Published on November 14, 2018



The mood of the Indian industry, which was on the upswing in the wake of the country's economic stability despite the Asian recession, the recent booster package by the Government and the partial lifting of sanctions by the US last week, came crashing down today on news of the US issuing the "entities list". The Clinton Administration released a list of 40 Indian entities and 200 subsidiaries late on Friday night which have been barred from trade with American companies. .

Daimler allowed to raise stake in Mercedes Benz India

Daimler Benz AG is increasing its stake in Mercedes Benz India Ltd from the existing 81.33 per cent to 86 per cent through an infusion of Rs. 150 crores in the equity share capital of the joint venture. The equity capital of the car manufacturing company would, in the process, increase from ₹450 crores to Rs. 600 crores. The Mercedes proposal and 29 others — including the Ispat group's Rs. 674.24-crore foray into the satellite-aided telecom services sector — were given the go-ahead by the Foreign Investment Promotion Board. These proposals envisage FDI worth around Rs. 1,500 crores.

‘Samadhan rules not to be eased’

The Chairman of the Central Board of Excise and Customs, Mr. S.D. Mobile, today ruled out major relaxations in rules covering the Samadhan scheme, even as he appealed to trade and industry to come under the ambit of the scheme at the earliest. "Since the scheme has been approved by Parliament, the Government cannot flex rules at this stage," he said. Only last month, the Board in its clarifications, had said the redemption fine on seized goods would be waived once the disputed duty was settled under the Samadhan scheme.

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Published on November 14, 2018
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