http://www.pdicai.orgThe latest news and journals from all over the world.Copyright 2005 - 2006 Feedpedia.com. All rights reserved.The method of calculating ceiling prices of essential drugs has kicked up a row even as the National Pharmaceutical Pricing Authority (NPPA) on Monday notified maximum retail prices of 151 packs of medicines covered under the Drug Price Control Order (DPCO) 2013. Industry sources told FE that the NPPA has deviated from the formula set for calculating drug prices to pull down the overall ceiling prices of essential medicines. As per DPCO 2013, a drug maker selling an essential medicine as listed under the National List of Essential Medicines 2011 is expected to fix the price of the formulation equal to or below the ceiling price fixed for that formulation by the government.http://www.financialexpress.com/news/method-to-fix-drug-price-cap-kicks-up-controversy/113040118 Jun 2013 00:00:00 GMTIndia and Chile have finalised plans to expand the bilateral Preferential Trade Agreement (PTA) giving nearly all Chilean products access to the Indian market. The expanded agreement, which will take effect in 2014, is expected to be inked next month when Chilean President Sebastian Pinera visits India. The trade agreement will aim to minimise trade fees and eliminate double taxation of Indian and Chilean businesses.Though negotiations for expanding the PTA between the two countries had been going on for a while now, the decision was firmed up when external affairs minister Salman Khurshid met his Chilean counterpart Alfred Moreno in Santiago to discuss the accord earlier this year.http://www.financialexpress.com/news/expansion-of-trade-pact-to-boost-chile-s-access-to-indian-mkt/113040618 Jun 2013 00:00:00 GMTForeign companies may not need government approval to hold up to 49% equity in Indian arms in most sectors, with the Manmohan Singh administration planning an overhaul of the foreign investment regime to attract overseas capital.A senior official said the government was considering raising the minimum foreign investment cap to 49% for all sectors, including defence production, except pension and insurance sectors, which will require legislative amendments. It also plans to do away with the requirement of mandatory approval from the Foreign Investment Promotion Board if foreign holding does not exceed 49%.http://economictimes.indiatimes.com/news/economy/policy/foreign-companies-may-not-need-fipb-nod-for-minority-stake-in-indian-arms-govt-to-raise-fdi-cap/articleshow/20622488.cms17 Jun 2013 00:00:00 GMTCentral government employees are in for a disappointment as the Centre is at present not considering any move to raise the retirement age to 62 years. A senior official in the Ministry of Personnel, Public Grievances and Pensions, which acts as nodal department for personnel matters, said there was no such proposal to increase the age for superannuation of government employees.http://economictimes.indiatimes.com/news/economy/policy/no-change-in-retirement-age-of-government-employees-centre/articleshow/20623090.cms17 Jun 2013 00:00:00 GMTThe government is considering relaxing investment norms for public sector units and may allow them to park their surplus funds in private sector mutual funds. Currently, PSUs are allowed to park their funds only in public sector mutual funds. "Now, the government wants to give some flexibility to PSUs and provide them level-playing field vis-a-vis private companies," an official told PTI.http://economictimes.indiatimes.com/news/economy/policy/govt-likely-to-relax-investment-norms-for-public-sector-units/articleshow/20623536.cms17 Jun 2013 00:00:00 GMTThe government is considering banning non-financial companies from running deposit schemes as part of a move to strengthen the financial sector and protect millions of low-income investors who often get duped into buying unlicensed products promising unrealistic returns. "It is being discussed if outright banning of such companies can be easily implemented," a senior official, who did not wish to be named, said, referring to regulations being deliberated upon by an inter-ministerial group. http://economictimes.indiatimes.com/news/economy/policy/government-may-ban-nbfcs-from-running-deposit-schemes-to-protect-investors/articleshow/20623620.cms17 Jun 2013 00:00:00 GMTTelecom and IT hardware suppliers such as Cisco and Hewlett Packard will have to set up a full-fledged manufacturing facility in India if they want to get Government contracts.The Ministry of IT and Communications has notified the guidelines under which 30 per cent of all equipment supply contract will be reserved for companies with manufacturing base in the country.The quota for locally made goods will increase over the next few years.The IT Ministry had announced its policy to bring preferential market access for domestic products in February.This was opposed to by both American and European manufacturers.http://www.thehindubusinessline.com/todays-paper/it-ministry-goes-ahead-with-go-local-policy-in-govt-procurement/article4815259.ece15 Jun 2013 00:00:00 GMTAiming to promote industrial development in Jammu & Kashmir, the Centre has extended the special package, under which subsidy on investment and interest rate is offered to business units, to the state for five years till 2017.The total outlay for the period of the new package is Rs 295 crore, the Commerce Ministry said on Friday.?In order to provide continuity and to maintain the enabling environment for ongoing industrial development of the state of Jammu & Kashmir, it has been decided to extend the incentives under the special package for a further period of five years from June 15, 2012 to June 14, 2017,? it said.The incentives under the special package include a capital investment subsidy at the rate of 15 per cent of investment in plant and machinery subject to ceiling of Rs 30 lakh.http://www.thehindu.com/news/national/other-states/centre-extends-special-industrial-package-to-jk-for-5-years/article4814532.ece15 Jun 2013 00:00:00 GMT The Cabinet on Thursday kept away from its plan to promulgate an Ordinance for rolling out the vote-catcher food security programme, following pressure from within and outside the ruling alliance. Prime Minister Manmohan Singh said at the meeting that the government should make another attempt to bring the Opposition on board for passing the legislation in Parliament, a person familiar with the matter told ET. The decision to shun the Ordinance was prompted by resistance from Union agriculture minister Sharad Pawar and the Samajwadi Party, which lends outside support to the Congressled coalition, said the person, who did not wish to be named.http://economictimes.indiatimes.com/news/politics-and-nation/no-ordinance-on-food-security-bill/articleshow/20581908.cms14 Jun 2013 00:00:00 GMTTelecom Commission, the highest decision-making body in the telecom ministry, will meet next month to discuss divestment of government equity in Telecommunications Consultants India Ltd (TCIL) and forming a "finance corporation" for the telecom sector, among other issues. The seven-member commission will meet on July 2 to also evaluate the progress of the Rs 21,000-crore national optic fibre network (NOFN) venture, under which the government intends to roll out broadband to over 250,000 panchayats. TCIL has also prepared the consultancy blueprint for the NOFN project, which will take high-speed internet to the hinterlands. The apex policy making body will take stock of the telecom department's action on decisions taken by the body from January 2010 onwards.http://economictimes.indiatimes.com/news/news-by-industry/telecom/telecom-panel-to-meet-on-july-2-to-decide-on-tcil-divestment/articleshow/20582046.cms14 Jun 2013 00:00:00 GMTIndia has allowed export of imported products to sanction-hit Iran under the rupee payment mechanism provided 15 per cent value addition takes place in the country.The move is aimed at fuller utilisation of the rupee payments accumulated in India?s UCO Bank for oil purchased from Iran.?Exports of such goods to Iran which have been imported against payment in freely convertible currency would be permitted against payment in Indian Rupees also, subject to at least 15 per cent value addition,? a notification by the Directorate General of Foreign Trade said.?Now that the entire payment to Iran for its oil is being made by India in rupee, it is much more than what can be paid to our exporters for the merchandise exports being made to Iran. By allowing imported items to be re-exported, the Rupee balance could be used up substantially,? a Commerce Department official told Business Line.http://www.thehindubusinessline.com/todays-paper/tp-economy/govt-allows-exports-of-imported-products-to-iran-against-rupee-payment/article4804790.ece12 Jun 2013 00:00:00 GMTThe finance ministry on Monday held a meeting to discuss sovereign wealth funds in India and to ease norms for further investments by such funds, including creating a separate window for them. The aim is to attract inflows to strengthen the rupee, fund a bloated current account deficit and pour in financing into the infrastructure sector. The meeting on such funds, which are investment vehicles for governments, was chaired by economic affairs secretary Arvind Mayaram and was attended by officials from the ministry, RBI, and Sebi. It follows the recent discussions the government has had with long-term funds such as including overseas government pension funds to find out the problems that they have regarding investing in India. It is estimated that globally, SWFs have funds of around $20 trillion. ?Even if we can direct just 1% of that into India, it will have a big impact on inflows and solve some financing issues,? an official in the finance ministry said.http://www.financialexpress.com/news/govt-may-ease-norms-for-sovereign-wealth-funds/112739911 Jun 2013 00:00:00 GMTThe government is set to change the mining law to allow time-bound clearances for pending projects as it looks to improve the investment climate in the sector badly hit by delays and sluggish economic conditions. Sources privy to the development told FE that the mining ministry may introduce changes in the draft Mines and Mineral (Development and Regulation) Bill, 2011, which would put the responsibility on government agencies to clear all pending applications for prospecting and mining lease from companies within a period of one year from the passage of the Bill. In case of applications involved in legal disputes, the zero date (one-year period) will start from the day of the outcome of such a litigation. The standing committee on coal and steel has already approved the proposal in its final report submitted to the government. The Bill could now be taken up in the monsoon session.http://www.financialexpress.com/news/mining-law-change-may-help-clear-backlog/112614107 Jun 2013 00:00:00 GMTA committee of ministers (CoM) has endorsed the plan to allow easy exit options to concessionaires in the road sector. According to sources, the CoM, which met on Monday, decided to allow the developer to make a 100% exit immediately after financial closure is achieved. Currently, developers are required to hold at least 26% of equity up to two years after the date of commercial operations (CoD). The easier exit policy is expected to release funds stuck in projects awarded before 2009. The CoM meeting was attended by finance minister P Chidambaram, road minister CP Joshi and deputy chairman of Planning Commission Montek Singh Ahluwalia. With the CoM giving its nod, it is likely that the Cabinet will clear the norms soon. As per the decision, a concessionaire who would want to make an exit after financial closure has to approach the lenders with a letter of consent and, once the lenders and the concessionaire reach an agreement, the lenders can find a new developer and approach the NHAI board for a final approval.http://www.financialexpress.com/news/govt-may-open-exit-option-for-concessionaires-in-road-sector-after-financial-closure/112614207 Jun 2013 00:00:00 GMTIn what would be a setback for the fair trade regulator, the amendments to the competition law ? aimed at enhancing its powers ? may not go through even in the coming monsoon session of Parliament due to stiff opposition from industry bodies and legal experts. The amendments to the Competition Act, 2002, were moved in the Lok Sabha in December and were referred to the House panel thereafter. Sources said the panel is divided over the matter, and is therefore yet to take a call on meeting and pursuing it.The parliamentary standing committee on finance, headed by former finance minister Yashwant Sinha, only met once in February to discuss the amendments and has not taken a call on its next meeting. ?There is no meeting planned regarding the amendments to the competition law,? said a senior official involved with the panel's functioning. The official added that the panel is going about its other business, according to schedule.http://www.financialexpress.com/news/changes-to-competition-law-likely-to-get-delayed/112614707 Jun 2013 00:00:00 GMTThe telecom department is likely to finalise the unified licensing regime within a month, telecom secretary MF Farooqui said even as reports of changing several clauses in the final document keep arising. Mobile phone companies have to mandatorily move to the unified licensing regime under which they will be allowed to offer all forms of communication under a single permit. At present, companies need to get different licences for different types of services such as the internet, mobile and long distance calls. The final guideline was scheduled to be released by December but was pushed back several times. http://economictimes.indiatimes.com/news/news-by-industry/telecom/unified-licensing-regime-likely-in-a-month-telecom-secretary/articleshow/20452480.cms06 Jun 2013 00:00:00 GMTThe finance ministry has eased the cap on state-run general insurers' acquisition cost of new health business and the commission paid to brokers for selling motor cover, according to a senior official. As per the ministry's new directive, PSU general insurers can determine the acquisition cost on their own for each of the age groups, provided the combined ratio does not exceed 100% and the management expenses are within prescribed limits. The ministry had put stringent regulations in place in September last year as part of measures to help staterun insurers pare losses. Insurance companies had complained that they were losing business to private players.http://economictimes.indiatimes.com/news/news-by-industry/banking/finance/finance/now-psu-general-insurers-can-determine-the-acquisition-cost-on-their-own/articleshow/20453625.cms06 Jun 2013 00:00:00 GMTThe department of telecom (DoT) may offer to reduce penalties on erring telecom companies and would hold talks to settle other outstanding issues in a bid to ease tensions between service providers and the government. "Trust deficit between the two sides has emerged. We wish to restore trust and take this sector forward together," a senior official, who did not wish to be named, told ET. As part of the "healing touch" policy, the DoT plans to take these tension-reducing steps, the official added.http://economictimes.indiatimes.com/news/news-by-industry/telecom/dot-may-reduce-penalties-on-erring-telecom-companies-hold-talks-to-settle-other-issues/articleshow/20434917.cms05 Jun 2013 00:00:00 GMT The Cabinet on Tuesday cleared the Real Estate (Regulation and Development) Bill that provides for the creation of a regulator for the sector and tighter norms for selling housing projects.The bill seeks to provide a uniform regulatory environment to the real estate sector in the country. Builders will have to now register all projects on plots measuring 4,000 sq metres or more with a regulatory authority.They can launch projects only after acquiring all the statutory clearances from relevant authorities. http://economictimes.indiatimes.com/markets/real-estate/news/cabinet-clears-real-estate-bill-repeat-offences-may-land-developers-in-jail/articleshow/20435090.cms05 Jun 2013 00:00:00 GMTIn an attempt to plug loopholes in the current crossholding norms of the telecom industry, a department of telecom ( DoT) committee has proposed that a more holistic threshold for determining the cross-holding limit should be adopted, one which bars a mobile phone operator from having any 'beneficial' interest in its competitor in the same circle. The current cross-holding norms bar a telecom operator from holding more than 10% in its competitor in the same circle. http://economictimes.indiatimes.com/news/news-by-industry/telecom/dot-panel-moots-new-definition-for-cross-holding/articleshow/20419782.cms04 Jun 2013 00:00:00 GMT