New Delhi: Japanese automaker Suzuki Motor Corp. plans to invest Rs2,600 crore through its unit Suzuki Motor Gujarat (SMG), to build its second assembly plant in India and an engine and transmission unit.

The units, in Mehsana in Gujarat, will become operational in 2019 and serve Indian and export markets.

ICICI Bank on Monday announced an initiative to digitise 100 villages in as many days to enable smoother commercial transactions in the wake of demonetisation of high-value currency notes.

Managing director and chief executive Chanda Kochhar said, “This encompasses digitisation of transactions and commercial activities in the villages. It includes vocational training and formation of sustainable livelihood groups in the villages.

L&T Technology Services Limited (NSE: LTTS), a leading global pure-play Engineering R&D Services company, announced a partnership with the Centre for Nano Science and Engineering (CeNSE), Indian Institute of Science (IISc), Bangalore to jointly work towards innovations in the areas of Sensors and Energy Efficient Systems based on Nanotechnology.

The agreement was signed between CeNSE, IISc and L&T Technology Services at the IISc campus in Bangalore.

India’s fastest growing digital payments platform FreeCharge has announced that it has partnered with all the three Oil Marketing Companies in India and will soon be available at all petrol pumps of IOCL, BPCL and HPCL across the country. The list includes nearly 26,000 petrol pumps of IOCL, nearly 13,500 petrol pumps of HPCL and nearly 13,800 petrol pumps of BPCL.

Markets regulator Securities and Exchange Board of India (Sebi) on Monday issued a new framework for functioning of stock exchanges and clearing corporations that are setting up their operations in international financial services centres (IFSCs).

The Securities and Exchange Board of India (Sebi) said all categories of exchange-traded products currently available for trading in stock exchanges will be eligible for trading in bourses operating in IFSCs. However, this is subject to prior approval of the market watchdog.

New Delhi: The Employees’ Provident Fund Organisation (EPFO) will mandatorily seed all 81 million provident fund (PF) accounts with Aadhaar by 31 December to make its online transactions smoother and help track an employee if he/she switches jobs.

The move comes after Prime Minister Narendra Modi reviewed the functioning of EPFO sometime ago and asked it to become more user-friendly and make its online interface more robust.

NEW DELHI: The Centre on Monday tabled amendments to the Income Tax Amendment Bill in its bid to check large, unaccounted cash deposits post demonetisation.

According to reports, the government has proposed 30% tax on undisclosed income, along with 10% penalty and 33% surcharge.

Mumbai: Shares of banking stocks on Monday fell after the Reserve Bank of India (RBI) ordered banks to deposit extra cash with it. The move came in order to absorb over Rs5 trillion excess liquidity generated by the banks due to the government’s demonetisation scheme to curb black money and circulation of fake currency.

On Saturday, the RBI said that the banks need to transfer 100% of their cash under its cash reserve ratio (CRR) from deposits generated between 16 September to 11 November.

Air India will get less than half of the equity support it wanted from the government this fiscal. Against the demand of Rs 3,900 crore, the state-owned airline will get only Rs 1,713 crore in FY17, official sources told FE. The capital infusion is part of the Rs 30,000-crore bailout package for Air India in the form of equity support by the government. So far, Rs 23,933 crore has been released to the company in several tranches.

Hardening their position against Tata Sons, ousted chairman Cyrus Mistry and independent director Nusli Wadia, who has been backing him, will contest the proposal to remove them from the board of Tata Motors by making separate representation to "members of the company".

In a regulatory filing, Tata Motors said it has called extraordinary general meeting (EGM) on December 22 to consider resolutions moved by their holding company, Tata Sons, seeking removal of Mistry and Wadia.

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