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Centre launches scheme to solarise Konark town

New Delhi: The Ministry of New and Renewable Energy on Wednesday said the central government has launched a scheme for solarisation of Konark Sun Temple and Konark town in Odisha. “The Government of India has launched scheme for 100 per cent solarisation of Konark sun temple and Konark town,” a statement by the ministry said. The scheme envisages a 10-megawatt …

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Ministry of Defence Inks MoU with eGov Foundation

Bangalore: The joint initiative sees Directorate General Defence Estates (DGDE), Ministry of Defence and eGov Foundation working together to drive e-governance and improved citizen services across all 62 cantonment boards in the country. A memorandum of understanding was signed between DGDE and eGov Foundation on May 8, 2020 to implement a cloud-based platform to deliver various citizen services under the …

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SEBI allows listing of MF schemes in process of winding up

Mumbai: SEBI on Thursday allowed the listing of mutual fund schemes which are in the process of winding up. In a circular, the securities market regulator noted that as per mutual fund regulations, there are several steps with respect to winding up of mutual fund schemes before the scheme ceases to exist. During this process, such units can be listed …

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Govt may raise FDI cap in insurance companies to 74%

IANS New Delhi In yet another big reform initiative aimed at bringing more capital into the insurance business, the government may soon open the sector to 74 per cent foreign direct investment (FDI) under the approval route to bring parity with the banking sector. The proposed changes in the FDI limit for insurance is part of another round of overhaul …

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Govt implements cut in EPF contribution

PTI New Delhi The ministry of labour and employment has implemented the decision to cut employees’ provident fund (EPF) contributions to 10 per cent from the existing 12 per cent for three months till July. This would increase 4.3 crore organised sector employees’ take home pay and reduce the liability of 6.5 lakh employees reeling under liquidity crunch under lockdown …

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Covid-19 to accelerate deterioration in NBFIs’ asset quality: Moody’s

IANS Mumbai Moody’s Investors Service on Tuesday said the Covid-19 outbreak will accelerate the deterioration in asset quality of non-bank financial institutions (NBFIs). The investor service said that weakening solvency at NFBIs will, in turn, pose risks to the stability of the broader financial system, given banks’ large exposures to NBFIs. At present, NBFIs are more exposed than banks to …

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M&A activity to remain slow

IANS New Delhi Mergers and acquisitions (M&A) activity will continue to be slow as there has been a dip in overall market confidence since the outbreak of the coronavirus. According to the quarterly investment banking update (Q1 2020) by Evalueserve, M&A advisory has been Impacted by low market confidence.  Since the outbreak of the novel coronavirus, there has been a …

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Govt revenue can rise by Rs 30,000 cr by regulating non-Virginia tobacco: forum

New Delhi: Government revenue collections can increase by Rs 30,000 crore through regulation of non-Virginia tobacco and these funds can be used by the government for Covid-19 relief efforts, according to the National Health Forum (NHF). NHF has written to the ministry of finance and ministry of health for regulating the sale of non-Virginia tobacco by ensuring that the sale …

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Consolidation in public sector oil firms back on table

New Delhi: Government may revive plan for further consolidation in the public sector oil companies by allowing mergers between producing, marketing gas transportation and consultancy companies leaving just few large integrated entities in operation. The expected move is in line with Finance Minister Nirmala Sitharaman’s announcement on Sunday to privatise most non-core public sector enterprises while leaving just one or …

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