New Scheme For Electric 2-Wheelers, 3-Wheelers; PM Lays Foundation Stone For Semiconductor Plant

Centre Launches New EV Scheme For Bikes, Scooters An Auto Rickshaws

With the Faster Adoption and Manufacturing Electric Vehicles Phase-II initiative coming to an end on March 31, the Union government has announced a new scheme to promote the sale of electric 2-wheelers (e2w) and three-wheelers (e3w), the Business Standard reported. The scheme, the Electric Mobility Promotion Scheme (EMPS), 2024, will come into effect from April 1 this year.

The centre has allocated Rs 500 crore for the new scheme, which will be valid for four months from now. Heavy Industries Minister Mahendra Nath Pandey said the Rs 500 crore will be utilised to support around 400,000 e2W and e3W over a span of four months. The Lok Sabha elections are round the corner. Here’s more

15 Days After Cabinet Okay, PM Lays Foundation Stone For Tata Semiconductor Plant

Prime Minister Narendra Modi laid the foundation stone for the Tata Group’s commercial semiconductor chip manufacturing foundry in Dholera, Gujarat, the Economic Times reported. The PM said the plant along with two other chip manufacturing and assembly facilities will help make India a global semiconductor hub. 

He laid the foundation stone for semiconductor and assembly testing units at Sanand in Gujarat and Jagiroad in Assam. The Tata-Powerchip Semiconductor Corp’s semiconductor fabrication unit at Dholera, the Tata group’s OSAT unit in Assam and the CG Power-Renesas Group combine’s OSAT unit at Sanand were approved by the cabinet on February 29. Here’s more

NHAI Advisory On PayTm FASTags, A Day Before Deadline To Switch Ends 

The National Highways Authority of India has advised PayTm FASTag users to get new ones from a different issuing bank before March 15 to ensure seamless travel experience and avoid inconvenience at toll plazas, the Economic Times reported. 

The advisory comes a day before restrictions imposed by the RBI on all PayTm Payments Bank transactions will kick in. PayTm FASTags users will not be able to recharge or top-up the balance post March 15, 2024, the ministry of road transport and highways said. More here

Don’t Get Fresh Customers Onto Co-branded Credit Cards: RBI To South Indian Bank, Federal Bank

The Reserve Bank of India has asked South Indian Bank and Federal Bank not to add new customers to their co-branded credit cards, a Business Standard report said, quoting the banks’ separate stock exchange filings. The banks did not disclose reasons cited by the RBI but said the directive follows a recent change in rules for credit and debit cards.

As part of those rules, the central bank reiterated co-branding partners of credit cards cannot access customer data or be involved in any of the processes after card issuance. The central bank has been tracking several firms across sectors for violation of norms. More here

Sebi Board Meeting On March 15 To Ease Norms For IPOs, FPIs 

Sebi may approve easier norms for initial public offerings, exclude more foreign portfolio investors from additional disclosure norms, give a nod to same-day settlement framework, and grant relief to alternative investment funds (AIFs) and mutual funds, the Business Standard reported ahead of a Sebi board meeting due on March 15. 

Sebi may allow shareholding of private equity and other non-individual shareholders to qualify as MPC without being classified as “promoters”. Listed companies have to maintain at least 20 per cent of the post-offer equity share capital as Minimum Promoter Contribution. Further, Sebi may do away with the 1 per cent security deposit for public issues or rights issues. Here’s more 

No More Tasting The Spirit Of Freedom In Surrogate Ads

Companies pushing surrogate advertisements of products they are not allowed to promote are likely to face stiffer penalties to be specified in upcoming consumer protection guidelines, Livemint reported quoting officials. The liquor industry, cigarettes and gutkhas predominantly use ads such as soda ads for liquor brands etc. 

Promotional activities must be genuine, and companies should not misuse legal provisions for brand extension, officials said. The new guidelines will be governed by the Consumer Protection Act and will list the dos and don’ts. Violations can lead to fines up to Rs 50 lakh. More here