India to set up national security panel on trusted telecom sources, devices

India will set up a national security committee to list “trusted and not trusted sources” of telecom vendors and devices, said union minister Ravi Shankar Prasad on Wednesday.

The committee will declare a list of trusted sources and products for telecom service providers; it will be headed by deputy National Security Advisor and comprise “all stakeholders”, he said.

“The cabinet committee on security gives approval for National Security Directive on Telecommunication Sector. Under this, in order to maintain integrity of supply chain security, government will declare a list of trusted sources/products for benefit of telecom service providers,” he said. “There may even be a second list of designated sources from whom no procurement can be done.”

Existing devices won’t be impacted, said Prasad.

ALSO READ: Next round of spectrum auction gets cabinet nod

Existing devices won’t be impacted, said Prasad about the

The cabinet also approved the next round of spectrum auction in March. The department of telecommunications (DoT) plans to sell 2,251 megahertz (MHz) of spectrum. It will sell spectrum in the 700MHz, 800MHz, 900MHz, 1,800MHz, 2,100MHz, 2,300MHz, 2,500MHz bands.

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Daimler Financial Services India recasts loans worth Rs 1,399 crore

India (DFSI), captive finance arm of Daimler AG, has restructured loans worth Rs 1,399 crore till September 2020, as certain accounts were under stress because of the economic slowdown.

Auto financier granted additional secured funding to certain accounts that were under stress and made changes to the terms of original sanction. Therefore, these restructured assets were classified as gross non-performing assets (GNPAs), according to India Ratings and Research (Ind-Ra).

These restructured assets are regular in repayments. The GNPAs are predominantly from exposure to dealers and retail commercial vehicle portfolio. The rating agency affirmed DFSI’s long-term issuer rating at ‘AAA’ with a stable outlook. The affirmation reflects continued support to DFSI from its parent DAG and Daimler Group.

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What do you need to know about tax evasion legislation?

A year on from the introduction of tax evasion laws Martin Griffiths, partner in the Tax & Structuring team at Addleshaw Goddard, warns a lack of awareness could be putting businesses at risk.

On 30 September 2017, a new corporate offence came into force to prevent the facilitation of tax evasion. It brought with it significant implications for businesses across the country.

The legislation introduced a law whereby any business can be prosecuted if its employees, agents or even contractors evade tax – and the business is deemed to have taken insufficient preventative measures.

While this new law could have profound consequences for businesses that contravene it, many have not taken action. This may be because, in a world where capacity and resource are constrained, the legislation has simply passed them by while they concentrated on other areas. It’s possible that those aware of the legislation are sitting back – awaiting the first major prosecution – before deciding to take action to protect themselves.

However, by failing to act businesses are putting themselves at risk. Falling foul of the rules is punishable by unlimited fine and potential criminal sanctions. As if this wasn’t enough, in our experience purchasers of companies

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