MUMBAI: The Indian Banks’ Association (IBA) has suggested levying a fee on cash withdrawals from ATMs in cities by customers of other banks to help recover increasing costs. While there is no limit on customers who use their own bank’s ATMs, there is a cap of five free transactions for use of ATMs run by other banks. From the sixth transaction, they have to pay Rs 20 for every withdrawal.
Cipla inks pact to acquire 51% stake in Yemeni firm
NEW DELHI: Continuing its overseas acquisitions, pharma major Cipla has inked a pact with a Yemeni firm to acquire its majority stake for $21 million (over Rs 125 crore). The company has signed a definitive agreement to acquire a 51 percent stake in a pharmaceuticals manufacturing and distribution business in Yemen, it added. “The company will pay $21 million for this transaction, with additional considerations to be paid over the next 3 years on achievement of agreed milestones,” Cipla said.
Power Ministry may scrap proposed duty on solar gear
NEW DELHI: The Power Ministry may seek dropping of the proposal to levy anti-dumping duty on imported solar power equipment on the plea that the current manufacturing capacity is not sufficient to meet the requirements of electricity generating firms in the sector. “It’s a quasi-judicial process and we will respect the process and take adequate measures to get the support of the Finance Ministry and the Commerce Ministry in this regard,” Power Minister Piyush Goyal said. The Commerce Ministry has recommended levying anti-dumping duty on solar cells imported from the US, Malaysia, China and Chinese Taipei, a move that would provide relief to struggling domestic manufacturers.
India has potential to be largest economy: Facebook’s Sandberg
HYDERABAD: India, an emerging global economic power, has the potential to become the largest economy in the world, Facebook COO Sheryl Sandberg said today. Sandberg, who served as Chief of Staff for the US Treasury Department under President Bill Clinton, said the over USD 2 trillion Indian economy has immense potential to create jobs and drive growth, especially with its huge base of small and medium businesses.
