Govt. Approves 100% Foreign Investment in White-Label ATMs
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The Union Cabinet has approved a proposal to allow 100 percent foreign direct investment in white-label ATMs through the automatic route. The decision is likely to result in faster growth of the white-label ATMs - set up by non-banking entities - as flow of foreign funds will now get expedited.
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Govt. OKs Spectrum Trading Policy
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The Union Cabinet has approved a proposal to allow telecommunications companies to trade spectrum among each other. The decision is aimed to boost availability of frequencies to cellular companies to improve connectivity.
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Importers Can Raise Up to $20 Million from Overseas Lenders
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Relaxing the trade credit policy, the Reserve Bank of India said banks can permit resident importers to raise credit from overseas lenders up to $20 million per transaction for all items except gold. "With a view to providing greater flexibility for structuring of trade credit arrangements, it has been decided that the resident importer can raise trade credit in rupees after entering into a loan agreement with the overseas lender,"the Bank said.
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Govt. Launches Online Certificate Program for Traders
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The Commerce Ministry has launched an online certificate program for exporters and importers. The program, called "Niryat Bandhu @ Your Desktop," will enable exporters and importers to learn the essentials of trading, the Commerce Ministry said in a statement. The objective is to reach out to new and potential exporters.
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Soon, industrial units will no longer need separate permission from local bodies to set up in an industrial zone in Maharashtra if they already have MIDC permission. The Government has decided to amend two Acts to boost the ease of doing business initiative of Chief Minister Devendra Fadnavis.
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