Universal bank account: It’s time to reimagine beyond digital banking
All pathbreaking moves in history have taught us that transformational changes do not occur when we just try to optimise existing facilities. They occur only when we transcend to a level where we create customer value in completely new ways – when we reimagine things in entirety.
Pharma sector to remain a market favourite due to earnings visibility, say analysts
The healthcare index hit a record high on Friday led by a rally in sector majors Lupin, Dr Reddy’s Laboratories and Cipla on the back of positive news flow.
India plans to introduce law to ban cryptocurrency trading
India plans to introduce a new law banning trade in cryptocurrencies, placing it out of step with other Asian economies which have chosen to regulate the fledgling market.
CBDT deploys two-third of its workforce for faceless assessment scheme
The Central Board of Direct Taxes (CBDT) has deployed two-third of its workforce to deal with the faceless assessment scheme.
Reliance valuations not sustainable unless they generate cash flow: Sandip Sabharwal
Reliance’s ROE is in single digits and a story is getting built here because valuation is getting ascribed by private investors, says the analyst, asksandipsabharwal.com.
Don’t burden taxpayers and depositors for business failures
Hardly anyone is left without being disturbed one way or the other because of the Covid-19 pandemic. The impact is so wide that everyone — from elementary-school kids to the country’s Prime Minister — had to rework the way they functioned.
Japan to offer incentives to companies shifting base from China to India: Nikkei
Japan’s Ministry of Economy, Trade and Industry (METI) has added India and Bangladesh to the list of relocation destinations for companies which shift their manufacturing sites from China to ASEAN countries.
Garment companies shift base from China to India
When German leisure wear brand Marc O’Polo called its Indian vendor Warsaw International to place an order for supply of some jerseys, proprietor Raja Shanmugam knew this order was different. The same product was supplied by his competitor in China to Marc O’Polo all these years.
India's services activity shrinks for sixth straight month, but pace of decline slows
Services activity in India contracted for the sixth consecutive month in August though the pace of decline slowed as some firms gradually resumed operations with easing lockdown restrictions, a private survey showed on Thursday.
India's recovery to take time after economy shrinks 24% in June quarter
India’s economy shrank by nearly a quarter in April-June, much more than forecast and pointing to a longer than previously expected recovery with analysts calling for further stimulus.
Returning NRI: What will be the tax liability on interest earned on NRE, RFC and FCNR deposits?
A returning NRI who has opted to be Resident but Not Ordinarily Resident (RNOR), has earned the following types of income for a particular assessment year: interest from FCNR deposits, interest from resident foreign currency account and interest from NRE account. What will be the tax liability?
Look what Doctor RBI has just prescribed for the economy
A lot has been written from the RBI annual report – a lot of assumptions, deductions and expectations on the performance of the economy and banking in general. However, something very interesting has not been spoken of much, which is the set of initiatives advocated by RBI to revive the economy.
Future Enterprises board meets tomorrow to seal RIL deal
The board of Future Enterprises will meet on Saturday to finalise the sale of the group’s retail business to Reliance Retail. The all-cash deal will see the Mukesh Ambani company take on Future Group’s debt and liabilities, and pick up a minority stake in the latter’s FMCG arm.
Government interested in businesses not people, says SC, as Centre stays mum on moratorium
The Supreme Court said the government hadn’t addressed the “plight of the people due to the lockdown” and was only “interested in business” as it had failed to take a stand on waiving interest during the six-month loan moratorium that’s to end on August 31.
Bright spots amid gloom: Housing segment recovers after brutal April–May 2020
Housing sales and launches are seeing upward trends across top cities like Bangalore, Hyderabad and Mumbai with both demand and launches seeing higher growth.
Pharma euphoria may reverse soon, and how!
Ipca Laboratories NSE -1.28 %, Glenmark and Zydus Cadila, companies making drugs that are being used in the treatment of the pandemic, have seen sales increase in lockstep with the rising number of confirmed Covid cases in the country, although analysts expect a profitability squeeze when more drugmakers begin to produce the prescribed antivirals and prophylactics.
Taxpayers need not disclose high-value transactions in income tax return
Taxpayers would not need to mention their high-value transactions in their income tax returns, said officials in the know of the matter, but added that broadening the scope of reporting financial transactions by third parties had become vital since taxation was moving towards a faceless approach.
Daughters are special, and now they are equal too: Valli Arunachalam on SC judgement
Valli Arunachalam, who has been battling with Murugappa Group against alleged gender bias, welcomed the recent Supreme Court judgement clarifying the 2005 amendment to the Hindu Succession Act of 1956. She told Maulik Vyas in an email interview that she hopes the ruling will propel more women to business leadership positions. Arunachalam is daughter of former executive chairman MV Murugappan, who died in 2017. She says she was denied a board position in holding company Ambadi Investments Ltd (AIL), despite being heiress.
How RBI seeks to remove an NPA root by putting checks on leveraged equity
Whether it was the Global Financial Crisis of 2008, the infamous Harshad Mehta scam of 1992, the non-performing assets (NPAs) mess of Indian banks in early years of this decade, or the more recent IL&FS crisis — all of them were driven by dangerously excessive leverage. One of the main causes of the NPA challenges in our country has been due to very little real equity contribution from the promoters to various projects.
Guarantee scheme eases NBFC loan woes
A massive government-cum-Reserve Bank of India effort to increase loan flow to low-rated non-bank lenders appears to be paying off. Public sector banks are estimated to have disbursed ₹30,000 crore in the past few months to non-triple-A non-bank lenders under the second instalment of the Partial Credit Guarantee Scheme as risk aversion wanes and confidence returns.
Supreme Court to examine if reference to alleged corruption in judiciary would per se amount to contempt
The Supreme Court will examine if a mere reference to alleged corruption in the judiciary would per se amount to contempt of court, a bench led by Justice Arun Mishra ruled on Monday. The court has listed this for a detailed hearing on August 17.
5 things you should know about a standard health insurance product
1. As per Irdai guidelines, all general and health insurance companies, w.e.f. 1 April 2020 have to offer a Standard Health Insurance Product (SHIP) with standard benefits. 2. The product is named as Arogya Sanjeevani Policy, succeeded by the name of the insurance company.
Inflation is coming, and big tech won't protect you
Over the past decade, it’s almost been too easy for Americans to manage their wealth. A textbook 60/40 portfolio — in its simplest incarnation, exposure to the S&P 500 Index and Treasury bonds — was an effortless winner. The U.S. boasted the world’s best stock market, and bonds, apart from offering interest income, provided a nice hedge against equity risks.
CBDT issues norms for 'Mutual Agreement Procedure', an alternative dispute resolution process
The Central Board of Direct Taxes on Friday issued detailed guidelines for Mutual Agreement Procedure (MAP), an alternative dispute resolution procedure provided in tax treaties that India has with various countries.
Gold prices scale fresh record high, top Rs 56,000 mark
Gold prices extended gains on Friday to scale another peak, tracking the trend in the global market and on rising worries over fast spreading COVID-19 outbreaks. Silver also jumped to record highs crossing Rs 77,000 level. India has reported over 20 lakh coronavirus cases by now with more than 41,600 deaths. Gold tends to gain when interest rates are low and political and economic uncertainties are high.
Small and medium mithai shops closing down as packaged sweets preferred over traditional ones
New social distancing norms and habits brought in by the Covid-19 pandemic have taken a toll on traditional sweets shops with customers opting for packaged sweets from organised players.
Homebuyers back in realty market but plan to cut budgets by 10-30%: Survey
Online search for property is picking up around the country but buyers are not willing to spend too much, finds a Magicbricks survey. The Magicbricks Property Buyer’s Sentiment Survey 2nd Edition, was an online survey that was conducted from 20 June to 10 July and covered 3,045 participants.
Compute tax demand for all assessees by August 31, dispose of pending appeals: CBDT chief to taxmen
With tepid collections proving to be a challenge in meeting tax revenue goals, CBDT Chairman P C Mody has set monthly targets for field formations for disposing of appeals and asked them to compute taxes for all assesses by August-end. In a letter to Principal Chief Commissioners of Income Tax, Mody said that many taxpayers are waiting to file applications under ‘Vivad Se Vishwas’ scheme, but they are also waiting for correct demand to be intimated to them.
Indian Hotels to start home delivery of food in Kolkata
Indian Hotels Company Ltd on Friday said it is starting home delivery of dishes from its restaurants of Taj and Vivanta in the city in the wake of the coronavirus pandemic. In the first phase, guests can order from four iconic restaurants like the Chinoiserie, Sonargaon and Cal27 from Taj Bengal, Kolkata and Mynt from Vivanta Kolkata EM Bypass, a statement said on Friday.
India risks ‘Japanification’ as bad loans surge, says Viral Acharya
India is witnessing the return of a worrying trend of greater tolerance for loose lending and provisioning practices, which risks putting it on the same path that took Japan to the “lost decade” in the 1990s, former central banker Viral Acharya said.
HDFC chairman Deepak Parekh requests RBI Governor to not extend loan moratorium
HDFC chairman Deepak Parekh joined State Bank of India (SBI) Chairman Rajnish Kumar in demanding that the central bank not extend the payments moratorium beyond August 31 as even those who could afford to pay are exploiting the situation for financial gains which is straining lenders. But he suggested that Reserve Bank of India (RBI) permit loans restructuring failing which bad loans could surge.
Jewellery industry expects consumer gold demand to struggle on surging prices
The jewellery industry is expecting the consumer demand for gold to falter further amid surging prices of the precious metal and economic slowdown. Gold prices have been ruling at unprecedented highs in India and global bullion markets as investors are preferring safe haven assets amid economic uncertainty triggered by the COVID-19 pandemic.
Narasimha Rao can truly be called father of economic reforms in India: Manmohan Singh
New Delhi: Former prime minister P V Narasimha Rao was a “great son of the soil” and he can truly be called the father of economic reforms in India as he had both the vision and the courage to push them forward, Manmohan Singh, who was finance minister in his cabinet, said on Friday. Singh, while addressing the inaugural function of the year-long birth centenary celebrations of the late prime minister organised by the Congress’s Telangana unit, said he is particularly happy that the programme coincides with the presentation of the first budget of Rao’s government by him in 1991.
Indian economy set for strong farm-led revival, says Finance Minister Niramala Sitharaman
The Indian economy is set for a strong revival on the back of agriculture and allied sectors that are boosting the rural sector, finance minister Nirmala Sitharaman said. The government is closely monitoring the economy and is open to further interventions if warranted, she said. India is opening up all its sectors to investment, keeping public sector presence minimal, mandatory only in predetermined, strategic sectors, she said at the virtual India Ideas Summit organised by the US-India Business Council.
Tata family has no special right, a non-Tata may one day head the Trusts, says Ratan Tata
The future chairman of Tata Trusts could be a non-Tata, incumbent head of the trusts Ratan Tata has said in a recent submission to the Supreme Court. “I happen to be the current chairman of these trusts. It could be somebody else, not necessarily with the surname ‘Tata’, in the future. An individual’s life is finite, whereas these organisations will continue,” he said.
We were from middle-class backgrounds, wearing Bata shoes but wanting to create a world-class bank: Aditya Puri
Aditya Puri, the longest-serving chief of any commercial bank in India, reminisced about how it all started while addressing HDFC Bank shareholders in his last annual general meeting as CEO. Puri who is credited with setting up India’s biggest private bank, which with a market cap of Rs 6 lakh crore is also the most valuable, will step down after completing his term on October 2020 when he turns 70.
Savings disincentivised: Real interest rates slide into negative territory
A sharp fall in deposit rates due to aggressive rate cuts by banks in response to the Reserve Bank of India’s (RBI) reduction in the benchmark rates coupled with a rise in consumer prices have pulled real interest rates into negative territory, disincentivising savings.
Raghuram Rajan sounds a note of caution, says NPAs may see unprecedented rise in 6 months
Former RBI governor Raghuram Rajan on Tuesday said non-performing assets of the banking sector are likely to witness unprecedented increase in the next six months and the sooner the problem is recognised the better it would be.
China plans to use Bangladesh population to conduct Phase III Covid-19 vaccine trials
China in a startling move plans to use the population of Bangladesh as ‘guinea pigs’ to conduct Phase III trials of its Covid vaccine.
74% Chinese-owned Hyderabad pharma firm files for IPO
In what is one of the first Chinese majority owned companies to eye a listing on the Indian stock exchanges, Hyderabad-based Gland Pharma has filed a draft red herring prospectus (DRHP) with Sebi. The company wants to raise over Rs 1,250 crore through an initial public offering (IPO).
Boycott China: Display country of origin by August 1, ecommerce companies told
The govt has asked ecommerce platforms such as Amazon and Flipkart to display the country of origin on new products listed by sellers on their sites by August 1 and legacy items by October 1 without stipulating a deadline.
Aatmanirbhar package to have multiplier effect on economy: Anurag Singh Thakur
The Finance Ministry is swiftly implementing various schemes announced under the Rs 20.97 lakh crore Aatmanirbhar Bharat Abhiyan package which is going to have a multiplier effect on the Indian economy, Minister of State for Finance Anurag Singh Thakur said on Tuesday.
How to probate a will
A will is a declaration of the intent of the person making it with respect to his property, to take effect after his death. A probate is a certified copy of a will issued by the court that acts as a proof that it was the last will of the person who made it.
RBI may offer more relief to stressed sectors
The Reserve Bank of India (RBI) may unveil more relief measures for some of the stressed sectors of the economy, especially in the services segment, as efforts are stepped up to help them emerge from the bruising impact of the lockdown.
Chinese researchers warn of new virus in pigs with human pandemic risk
Researchers looked at influenza viruses found in pigs from 2011 to 2018 and found a “G4” strain of H1N1 that has “all the essential hallmarks of a pandemic”.
China passes Hong Kong security law: Reports
The National Standing Committee, unanimously approved the legislation on Tuesday morning, Now TV, RTHK and the South China Morning Post reported. Beijing says the law banning subversion, secession, terrorism and colluding with foreign forces is needed to return stability to Hong Kong after a year of angry pro-democracy protests.
View: It’s hard to be the next China, not impossible
The hour when China phase will end was foretold, and also that India will take its place in due time. Will it?
View: India’s aspirations of becoming a global supply chain player need more work
India must take into account the altered global economic landscape that may emerge in the post-Covid-19 era.
Australia's Qantas airline to cut 6,000 jobs as virus hits
Qantas announced a plan Thursday to reduce costs by billions of dollars and raise fresh capital. The plan includes grounding 100 planes for a year or more and immediately retiring its six remaining Boeing 747 planes.
This could be the best time to opt for teaching. Here's why
Online education has gained traction in the post-Covid period and most of the teachers with leading edtech platforms are getting lucrative packages.
Surge in deposits to put pressure on banks’ net interest margins
NIM, or the differential between interest earned and spent, may narrow 10-15 basis points in the April-June quarter, rating agency Icra’s estimates showed. The impact of deposit rate cuts since April is partially offset by higher savings mobilisation and slower credit growth.
India 'fast moving' economy, progressively taking steps to deepen trade ties: Australian trade minister
India is Australia’s eighth-largest trading partner and fifth-largest export market, with two-way goods and services trade valued at 30.3 billion Australian dollars in 2018-19. Birmingham said the government is also pursuing to strenghten its trade ties with India in the resources sector.
RIL becomes India's first $150 bn company; stock price doubles in 59 sessions
The oil-to-telecom behemoth has become the first Indian company to be valued at $150 billion.
Finance Ministry asks banks to cut costs
The finance ministry has issued a stern diktat to PSBs to defer ‘avoidable’ expenditure until next fiscal.
Depositors seek RBI protection against waiver of bank interest
The AIBDA has expressed apprehension that banks will stop paying interest on deposits if the Supreme Court allows complete waiver of interest due to Covid.
66% of household assets are kept as bank fixed deposits, cash: RBI bulletin
The surge in assets is the result of a fall in consumption due to the Covid-induced lockdown, reveals the latest RBI bulletin. Meanwhile, borrowings have slumped. The financial liabilities of households were primarily in the form of loans and borrowings.
The rainmaker behind Mukesh Ambani’s $13 billion deal spree
Manoj Modi is viewed by many insiders as the right hand of billionaire Mukesh Ambani.
Bank FDs now fetch less than savings accounts
The fall in returns may negatively impact savings generation, which is already at a 15-year low.
India’s biggest asset sale to attract China-wary oil majors
Nations, including the US are coming together to counter China’s growing threat to global trade.
India gold dealers offer big discounts as virus fears stifle demand
India’s gold imports plunged 99% in May from a year earlier.
Getting loans a tough ask for most MSMEs: GAME's Ravi Venkatesan
Venkatesan said most small firms are still “confused” about the government’s recent stimulus measures for the sector, such as the Rs 3 lakh-crore collateral-free loans and the Rs 10,000 core fund-of-funds for equity infusion into MSMEs.
Two investment options offering more than 7% for senior citizens
For senior citizen investors, safety and returns play an important role while choosing an investment product. For that, they can consider the Senior Citizen Savings Scheme (SCSS) and Pradhan Mantri Vaya Vandana Yojana (PMVVY).
Local Pharma API companies to gain from Rs 10,000 crore scheme
The incentive — part of a .`10,000-crore production-linked incentive scheme to boost domestic manufacturing of critical bulk drugs and APIs approved by the Cabinet in March — will be given to companies investing on greenfield plants to manufacture 53 crucial APIs.
Reasons why you should consider investing in the new Bharat Bond ETF series
The Bharat Bond ETF is a passively managed instrument with a fixed maturity date. It will invest only in AAA-rated bonds issued by public sector companies maturing on or before the maturity of the ETF.
Income tax return forms for FY 2020-21 notified
Taxpayers including individuals, Hindu undivided family, professionals and businesses, will be able to avail benefits of savings or investments made between April 1 and June 30, following the extension timelines provided by the finance ministry owing to Covid 19 pandemic.
India’s GDP growth in Q4 & FY20 sinks to 11-year low
The core sector contracted by a record 38% in April as the lockdown hit all eight infrastructure sectors, according to data released separately. Cement output fell 86% while fertilisers and crude oil shrank 4.5% and 6.4%, respectively, in April.
IBC deferral plan and absence of loan rejig put banks in a fix
Unlike the meltdown of 2008-09, Covid-19 has impacted a far higher number of industries.
Donald Trump threatens to shut social media companies after Twitter fact check
President Donald Trump threatened to regulate or shutter social media companies — a warning apparently aimed at Twitter Inc after it began fact-checking his tweets.
BDR Pharmaceuticals move on Remdesivir clone irks Gilead
The Indian company had submitted its application for manufacturing the Covid-19 drug to the Drug Controller General of India (DCGI) last week.
New rules of personal finance: How COVID has changed income, spending, saving, investing
In the new world, across segments, income has vanished, reduced or has settled at a new low. The risk to income means families have learned to cut back on spending. Saving and investing are in the background as activities that represent a forgotten luxury.
How RBI crack teams in isolation keeping financial system working
A team of officers and technical experts was moved into a hotel in Mumbai and another team was stationed in Khargar on the outskirts of Mumbai to work remotely and ensure that the wheels of the economy keep moving.
Mukesh Ambani has made over $10 billion in a month under lockdown
Ambani has been selling stakes in Jio to bring net debt of more than $20 billion to zero.
Safe harbour framework rates unchanged
Safe harbour margins for transactions involving software development services and ITeS, the rate will remain at 18%. For contract research and development services relating to generic pharmaceutical drugs, the rate will remain at 24%.
RIL rights entitlement price surges 40% on strong investor demand
The valuation process to arrive at the fair value of the RE involves several assumptions
Debt woes derail India’s plan to deliver stronger fiscal support
The actual fiscal cost of the stimulus released by the FM amounts to just about 1% of GDP.
World economy faces tough journey back from crisis: Reports
IHS Markit said that it expects the world economy to shrink 5.5% this year, triple the damage it sustained in the 2008 financial crisis, and then struggle to regain traction.
Mathematical modeling suggests containment of COVID-19 possible
The cluster containment strategy aims to contain the spread of the disease within a defined geographic area by early detection of cases, breaking the chain of transmission and thus preventing its spread to new areas.
Monetise fiscal deficit, financing not a problem: Economists
The Rs 20 lakh crore stimulus package will have a much more muted impact on the fiscal deficit.
Atmanirbhar Bharat not about India looking inwards, says Piyush Goyal
While the economic package provides a balanced approach to resolving the impact of the pandemic, it offers a clear vision of the future and what India should be.
Pharma, health, insurance & gold loan companies top picks of fund managers in April
Funds opted for cos with cheaper valuations, cost efficiency & resilience in these times.
I-T liability exists even when salaries, payments deferred
The situation may be more worrisome for service providers who have not received payments.
Pharma stocks are on a roll. Can they continue to outperform?
The sector is seen as among the few that will not witness any demand-side disruptions as a result of the pandemic. However, certain concerns regarding the sector remain.
COVID-19: India needs large fiscal stimulus, says Kaushik Basu
In an interview to PTI, Basu said inequality in India is already very high and coronavirus pandemic will make it rise further. He also suggested that the government may need monetisation by the Reserve Bank of India.
Indian economy to be in 'deep freeze': Moody’s
The agency says prospects of further reforms to support business have diminished.
Residential property prices down 2-9%: Magicbricks
The survey indicated that both these markets are likely to be slightly less affected by the lockdown when compared with cities like Ahmedabad and Kolkata.
Banks denying loans to MFIs, even for amounts sanctioned
While the denial of liquidity support from banks has already made life difficult for the MFIs, the refusal of even sanctioned loans is further crippling them. This could result in lower on-lending to end-borrowers leading to a surge in defaults by them, even after the moratorium is lifted. Many of the businesses dependent on MFIs can’t survive without the money flow.
What India should do after the Coronavirus lockdown ends
Post lockdown, the govt must focus on healthcare, municipal services including drinking water & sanitation.
Cryptocurrency exchanges approach RBI seeking clarity on status and taxability
The crypto exchanges have written to RBI and sought clarity on their status as lenders continue to deny banking services to them due to a lack of clear instructions from the regulator.
The new great depression is coming. Will there be a new new deal?
After the coronavirus, political transformation may be inevitable.
A golden opportunity in crisis? Decoding agri-tech post pandemic
Given that agriculture accounts for nearly 60% of aggregate employment in India, there’s a fair degree of concern over what will happen in the future, especially post this life-threatening disease.
View: Desperate India may now need Modi to do a Roosevelt
Every nudge by the Reserve Bank of India to make lenders take credit risk has fallen flat.
Bankers want govt guarantee on incremental loans to MSMEs
Banks are currently offering 10% of outstanding loans to MSMEs as additional working capital at a concessional rate to help them tide over the temporary liquidity crunch.
‘Hand-to-mouth’ crisis for MSMEs fuels calls for more fiscal aid in India
As the cash-flow for MSMEs dries up, and in the absence of any fiscal support, many will be forced to cut jobs to curb costs.
Trump says US may seek damages from China over virus
Trump may seek damages from China over the outbreak which began in Chinese city of Wuhan.
Oil prices tumble as world's storage tanks fill up amid demand shock
U.S. West Texas Intermediate (WTI) crude futures skidded by as much as 16% and were off 14.7%, or $1.88 cents, at $10.90 a barrel as of 0158 GMT.
RBI announces Rs 50,000-crore Special Liquidity Facility for mutual funds
The scheme is available from today, that is, April 27. It will be available until May 11 or up to utilization of the allocated amount, whichever is earlier. The Reserve Bank will review the timeline and amount, depending upon market conditions.
Japan's Mitsubishi bank plans more staff cuts: report
The banking arm of Mitsubishi UFJ Financial Group Inc to cut 8000 jobs by 2023.
View: To lock down any further will devastate the economy, almost to a point of no return
The lockdown was like the chakravyuh that you can enter, but never exit. So, cut the Gordian knot.
Franklin Templeton Mutual Fund winds up 6 debt schemes
Other funds – equity, debt and hybrid – are unaffected by Franklin Templeton’s decision.
Coronavirus second wave may be even worse: US health chief
The US has recorded more than 800,000 confirmed cases of COVID-19 since the start of the pandemic, according to a tally from Johns Hopkins University, with 44,845 deaths — the most reported of any country.
Rent-yielding assets may no longer be the cash cow for realty companies
Analysts turn cautious on players with significant exposure to office spaces.
Too much crude oil: How a barrel came to be worth less than nothing
At the start of the year, oil sold for over $60 a barrel but by Friday it hit about $20.
Seafood industry stares at huge loss due to lockdown
Frozen farmed shrimp account for close to 70% of the total earnings of around Rs 46,500 crore of seafood export from India. After the lockdown, import of Vannamei shrimp broodstock from the US has stopped causing a shortage in the industry.
Five important investment lessons from the Coronavirus crisis
Relax, all is not lost. Having fallen 40% in a short period, the markets went immediately into a “bull phase” recovering 20% from the bottom in a little more than a fortnight. Does it feel like a roller coaster ride?
Firewall for China: New rules cover foreign indirect investment as well
Indian government has not prohibited such investments but only seeks to regulate them.
Sebi digging deeper into FPI composition
Last Thursday, Sebi had sought details of FPIs having ‘beneficial ownership’ (BO) from jurisdictions like Pakistan, Taiwan, North Korea, Iran, Myanmar.
First sovereign gold bond of FY21 opens on Monday; should you buy?
Investors would get a 2.50 per cent interest on the amount of initial investment.
RBI Governor expects a V-shaped recovery for India in 2021-22
The RBI Governor expects a sharp V-shaped recovery for India as projected by the IMF in 2021-22.
RBI announces second tranche of liquidity boost; cuts reverse repo by 25 basis points, Rs 50,000 crore TLTRO 2.0 for NBFCs
The Governor announced a second tranche of liquidity for NBFCs, refinancing institutions.
Real return on money in SBI saving account is -3% per annum
The recent cut in the interest rate on savings accounts by leading banks has led to higher negative real returns on the accounts balances.
Why not have a bit of Wall Street in your portfolio
After the NFO, the fund will reopen for subscription on April 29.
Sebi seeks details of beneficiaries of FPIs from China, HK
Sebi has asked banks to disclose details of investors based in China and Hong Kong.
Depositors chase higher rates, prefer small-finance banks over big banks
Fincare Small Finance Bank has seen deposits grow nearly 50% as compared to March 2019 and 13% over December 2019. In actual terms, Fincare clocked deposits worth ₹4,606 crore at the end of March 2020. The figure was at ₹4,076 crore at the end of December and ₹2,043 crore at the end of March 2019. And 77% of its deposits are retail.
View: Investing in healthcare infrastructure can drive growth, prepare for next pandemic
For investment to drive economic recovery, the government should focus on healthcare.
Barclays cuts India's GDP forecast to zero for 2020
Barclays said earlier that the lockdown would likely to have an economic cost of $120 billion.
Ordinance to amend IBC likely this week
The ordinance will seek to suspend the relevant provisions of IBC Sections 7, 9 and 10, to provide relief to borrowers from being dragged into insolvency.
It'll take India 9 months to come out of virus crisis: Deepak Parekh
He said that even as equity markets were badly hit, they will make a return.
COVID-19: IMF anticipates sharply negative economic growth fallout since the Great Depression
Given the containment measures to slow the spread of the virus, the world economy is taking a substantial hit.
Pharma sector attractive again for investors
Valuations are at multi-year lows; sector’s expected to remain resilient amid current downturn.
Estate planning queries: How to get your share in ancestral property
If the ancestral property is undivided, you can file a suit to claim your share in consideration received from the sale of the property and also a stay application for preventing your brother from selling more.
IMF sees coronavirus-induced global downturn 'way worse' than financial crisis
IMF asked advanced economies to step up efforts to help emerging markets survive the impact of the pandemic.
Coronavirus attack to slow down IT growth
TCS, Infosys and HCL will be hit by the reduced technology spending by clients in the US and Europe.
India's property prices face steep falls as virus freezes market
“Property prices may come down by 10-20% across geographies, while land prices could see an even higher reduction of 30%,” said Pankaj Kapoor, chief executive of real estate consultancy firm Liases Foras, adding there hasn’t been such a correction since the global financial crisis.
Covid-19 impact: India's wealthy have started detailing bequests, worried about both mortality & wealth erosion
As the Covid crisis unfolds, legal firms are seeing a sharp rise in consultation on writing wills and estate planning. It’s not just intimations of mortality. The economic and market meltdown caused by the pandemic is also pushing the wealthy to make sure that those they want to take care of do not suffer.
Green shoots of recovery wither due to Covid: CLSA
Japanese brokerage firm Nomura also sees the lockdown impacting growth recovery.
How India can rise to the Covid challenge
India is in the middle of a calamity. An extraordinary challenge requires an extraordinary response.
Mega merger of state-run banks comes into force from April 1, says RBI
Govt notified the amalgamation of 10 state owned banks into four as part of its plan to create stronger PSBs.
View: Relief package is peanuts. India needs to triple it
The measures aimed at countering coronavirus are mostly in the right direction but hugely inadequate, he says.
After SC order, India's cryptocurrency space is whirring back into action
Even as Coronavirus spread, with sectors such as retail, travel, aviation, realty and others hunkering down to face prolonged economic pain, the small club of cryptocurrency players stood out. They are hiring and are witnessing customers, particularly millennials, flocking in to buy virtual money.
A US recession? Probably. Depression? Only if the virus is untamed
In the Great Depression for example, the United States shed 20% of its jobs over three years.
IMF says world already in recession, emerging markets need $2.5 trillion
Georgieva told a news conference that emerging market countries need at least $2.5 trillion in financial resources to get through the pandemic.
RBI's dim growth, inflation forecasts show really high degree of uncertainty: Jahangir Aziz
Only way to solve the virus crisis is through a global coordinated solution, says Head Economist of Emerging Markets, JP Morgan.
Bruised Indian economy to be battered further by coronavirus: Reuters poll
According to the Reuters poll of economists taken March 25-26, India’s economy will expand just 4.0% annually on a year ago in the quarter that ends on March 31, the weakest since comparable records began in early 2012. India’s informal sector, the backbone of the economy, will be hardest hit as economic activity comes to a standstill.
Current 'challenging time' in India can prove to be 'an opportunity': US business advocacy group
Prime Minister Narendra Modi on Tuesday announced a countrywide lockdown for three weeks, restricting a population of over 1.3 billion indoors, in an effort to contain the spread of the deadly coronavirus, which has infected over 870 people, including 19 deaths, in India.
No new business, little profit: Banks face the squeeze
Experts say banks will see a negative operating leverage due to less revenue.
RBI allows lenders to provide 3-month moratorium on loans
Banks will now have discretion in deciding the limits on working capital, with RBI saying that no payment miss should be considered a default and reported to credit information companies.
Many promoters lose pledged shares after market mayhem
Promoters of more than 50 cos were able to provide top-up in terms of additional securities.
India likely to unveil $20b-plus economic stimulus package
The stimulus plan could be as large as Rs 2.3 tn, but final numbers were still in discussion.
View: Modi's unprecedented gamble could change India irrevocably
The govt was too slow to roll out testing, and the self-quarantine system for travelers had giant holes in it.
US could be next 'virus epicentre', as India locks down, global recession looms
Confirmed coronavirus cases around the world exceeded 377,000 across 194 countries and territories as of early Tuesday, according to a Reuters tally, more than 16,500 of them fatal. In Geneva, WHO spokeswoman Margaret Harris said infections in the United States had greatly increased. Over the previous 24 hours, 85 percent of new cases were in Europe and the United States, and of those, 40 percent were in the United States.
FM Nirmala Sitharaman sets Rs 15 lakh income cap to tax NRIs
Govt has decided to tax only the income generated by NRIs from the biz in India, leaving their global incomes.
A coronavirus-led recession is coming. Brace yourselves: View
This won’t be a stop and start cycle, because the real economy is so interwoven and interdependent.
This economic crisis will be bigger than GFC 2008: Ross Cameron
The Head of Japan at Northcape Capital says unlike the GFC, with a pandemic, appropriate fiscal action and appropriate monetary action are much less clear, and the duration of the impact is likely to be much longer.
How the coronavirus has hit Indian and global markets
Coronavirus or COVID-19 has spooked not just the Indian stock market but global stock markets as well. ET wealth studies the impact of the pandemic virus.
Private, online and hi-tech: The coronavirus economy
As hundreds of millions of people worldwide are forced to stay in their homes and not travel abroad, the businesses that are helping them to adapt could lead to long-term changes in the economy.
Coronavirus impact: Over 50% of India Inc sees impact on ops, 80% witness fall in cash flow
The findings were based on interactive sessions and survey conducted by Ficci amongst the industry members.
Demonetisation, GST & liquidity crisis drove small businesses to the brink. Then came coronavirus
A string of economic, policy and structural changes over the last three years have dealt a hammer blow to millions of small businesses across the country. Coronavirus may be the death knell.
Australia declares emergency, warns coronavirus crisis could last six months
Australian Prime Minister Scott Morrison on Wednesday declared a “human biosecurity emergency” and said the country’s citizens should abandon all overseas travel because of the coronavirus epidemic that he warned could last at least six months.
Coronavirus death toll crosses 100 in USA as outbreak spreads to all 50 states
The number of deaths due to the new coronavirus in the US has reached 105, with the outbreak spreading to all 50 states, even as President Donald Trump mounted a warlike effort to contain the situation, including an economic stimulus package of USD1 trillion.
Companies Amendment Bill 2020 introduced in Lok Sabha
The government Tuesday introduced a bill in Lok Sabha to amend the Companies Act proposing 72 changes to removing criminality from host of offences under the act and paving the way for direct overseas listing of Indian companies.
India Inc fears coronavirus to pull down GDP by at least 50 bps
Care Ratings has conducted a survey on the impact of the coronavirus pandemic on the economy among over 150 CEOs, CFOs, investors, analysts and other stakeholders from manufacturing, financial services, infra, realty and services between March 5 and 12. According to the survey, the economic impact will be significant and long term if the virus continues for longer.
Coronavirus outbreak will set back India’s growth recovery
Government estimates up to 50-bps hit in FY21, economists see deeper impact caused by the coronavirus outbreak.
Cryptocurrency exchange Binance sets up $50 million Indian blockchain fund
The fund, which plans to invest upwards of $100,000 per startup, promises to open up direct access to Binance’s global blockchain ecosystem to India’s entrepreneurial community.
When a bank fails and your account is frozen, here's what will happen to your deposits, loans
All clearing activities are typically suspended during moratorium. Your cheques already issued will not be honoured till the clearing activities are restarted.
As virus takes over the globe, economic fightback begins
KfW, Germany’s state development bank, will lend $610 billion to ensure companies survive and shield workers. This is the biggest aid package in the country’s post-War history; no upper limit to credit offered by KfW. Financial support in the works for firms forced to halt work and send staff home.
View: Coronavirus threat could spark a mega recession
In the worst case, the virus will spread havoc for a year. In that extreme case, tens of millions may die.
All you need to know from the 39th GST Council meet
Addressing the media after the meeting, Finance Minister Nirmala Sitharaman also said that a better GSTN system to be ensured by Infosys by July 2020.
Direct banks to allow cryptocurrency trade: Firms to RBI
The request comes in the wake of the recent Supreme Court order that struck down the central bank’s April 2018 circular that disallowed banks and regulated entities from facilitating trade in cryptocurrencies.
Coronavirus may light fuse on ‘unexploded bomb’ of corporate debt
Something bad is now happening. As the coronavirus outbreak spreads, halting factories from China to Italy, sending stock markets plunging and prompting fears of a worldwide recession, historic levels of corporate debt threaten to intensify the economic damage.
State Bank of India reduces FD rates. Here are the latest ones
According to the newly effective interest rate, FD having tenor of 7 to 45 days will earn 4 per cent instead of 4.50 per cent earlier.
Chaos of 2020 can’t match 2008 but the gut punch feels familiar
That’s not to say today’s pain doesn’t cut deep.
View: India needs legal framework for cryptocurrencies
Greater transparency in law-making allows businesses to plan and be future-ready.
Wait for new cryptocurrency offerings as SC lifts ban
A number of startups are working on various innovative products for consumers.
Recession looms in Europe as French seek ‘call to arms’
The outbreak has disrupted companies’ supply chains, forced airlines to cut capacity and prompted shoppers in some countries to stockpile essential food items.
Rana Kapoor’s secretary negotiated ‘kickback’ with DHFL: ED
ED suspects that Rana Kapoor’s secretary had a role in negotiating with scam-tainted DHFL in a case of alleged kickback received by firms controlled by Kapoor’s daughters for a loan sanctioned by YES Bank to DHFL. Kapoor was arrested by the ED officials in the wee hours of Sunday and a court has granted the agency custody till March 11.
Default by some NBFCs on secured debentures pushes Sebi to introduce reforms
Sebi has proposed a detailed review of the regulatory framework for Corporate Bonds and Debenture Trustees.
Getting a loan? Your business should be attractive to finance
With the introduction of the Goods and Services Tax (GST) in 2017, banks have found another way to get a view of a business’s financial dealings.
Banking stocks buckle under contagion fears; SBI Slips 6.5%
Analysts said the moratorium imposed on Yes Bank could impact shares of smaller banks.
RBI to seek review of Supreme Court order on cryptocurrency
RBI is worried that the order could put the banking system at risk.
Now that crypto trade is legal in India, here's what happens next
Investors say peer to peer (P2P) cos will see inflow of capital, similar to what has been happening globally.
SC allows trade in cryptocurrency, quashes RBI curb
The Supreme court ruled that the curbs on cryptocurrency trading was illegal.
Slowdown in India is temporary, govt reforms will pay off: Mukesh Ambani
Mukesh Ambani said the country has reasons to be more optimistic for the next decade.
Why market crashed: It's not just coronavirus, there's more to it
India VIX, the barometer of fear in the markets, spiked nearly 20 per cent to top 21-mark.
Fragile economic recovery in India faces new risk from coronavirus
The pickup in India’s growth last quarter from 4.5% in the previous three months probably came from a rebound in farm output, an improving services industry and rising government spending. But the recovery remains uneven, with a slew of high-frequency indicators showing consumption — which accounts for 60% of gross domestic product — is still weak.
The $5-trillion milestone: How to unlock economy’s value
A $5-tn goal is indeed achievable. Here are 3 policy options that the government can unleash to attain it.
Indian economy may be set for the road to recovery in 2020
The central bank eased policy, while the government has widened budget deficit goals to spur economic growth.
Check the IRDAI death claim settlement ratio of life insurers for the year 2018-19
The main purpose of buying a life insurance policy is to make sure that after your death, your nominee or legal heir gets the sum assured. It should not be the case that after you die, the insurance company rejects the claim payable to the nominee. Therefore, it is important for you to know which insurer has maintained a good record in settling death claims.
Mega bank consolidation: Meeting April 1 deadline appears challenging
Last year, the government announced consolidation of ten PSBs into four mega state-owned lenders.
Japan suffers worst economic slump in five years
Japan has suffered its worst quarterly GDP contraction in more than five years. The quarter was marked by a rise in consumption tax from eight percent to 10 percent, as well as Typhoon Hagibis, which killed more than 100 people and caused widespread flooding. This was even before the novel coronavirus outbreak in China hit Japan.
View: Why the stimulus has failed to lift the economy
Failure of stimulus to stoke growth suggests India’s structural problems are too deep to be stimulated away.
Self-reliance a must to achieve $5 trillion GDP target: Piyush Goyal
Commerce and industry minister Piyush Goyal called on domestic industry to be more self-reliant and imbibe the spirit of nationalism in realising the country’s goal to become a $5 trillion economy.
Get ready for Libor phase-out: IBA
Following the Libor scandal, the financial conduct authority of the UK has decided to phase out the rate by the end of 2021.
When even a rich city like Mumbai is starved of funds
The federal government’s chronic deficits dominate discussions about India’s precarious public finances.
Hit by slump, Tata Steel posts Rs 1,229 crore loss
The company’s India business recorded a net profit of ₹1,194 crore in Q3FY20.
Indian consumers’ mood is worsening, slack building, says RBI survey
The current situation index fell to 83.7 in January, the lowest since March 2015, according to RBI.
Do not apply logic to market, it’s a different animal altogether: Shankar Sharma, First Global
The Dalal Street veteran says India is unlikely to go back a 7-8-9 per cent growth rate any time soon. “Probably not for a long-long-long time to come. That was the unstated but pretty clear message in this Budget,” he says.
Six income tax slabs in, 70 exemptions out: Impact on taxpayers
•The claim that taxpayers will save tax under the new regime raises questions. •Finance Minister Nirmala Sitharaman said in her budget speech that a taxpayer earning Rs 15 lakh will save Rs 78,000 in tax under the new regime.
Chit fund: How it works, red flags and your rights as an investor
Do not invest in chit funds without knowing how it works. Here is all you need to know about investing in them.
A new chapter on glocal education
While education kitty has got only 4% more, foreign universities can partner Indian institutes via ECBs & FDI.
Amended Chit Fund Act brings tighter norms, transparency. Should you use chit funds as savings tool?
Now chit funds are trying to carve out a cleaner identity, a campaign that culminated in a slew of amendments to the Chit Fund Act. These changes have become operative from the beginning of this year.
View: Making sure investors feel safe putting resources here
Boosting investor sentiment is something the government has been focusing on.
View: Boosting growth within fiscal consolidation framework
Total budgetary provision for the rural sector is poised to grow by 13.4% in FY21 after a significant jump of 34.8% in FY20.
View: High on rhetoric, with no hope for economic revival
With a crashing GDP, declining consumption and decreasing investments, the nation was expecting a visionary and futuristic budget that would revive business sentiment.
Budget 2020: NRIs to face more tax compliance issues
According to the proposal, income earned abroad will be exempt if any tax is paid in another country. The question that arises is what happens to Indian citizens who live in countries where there is no tax on individual incomes?
Big push for disinvestment likely to bridge fiscal deficit
Officials were hopeful of meeting the new target of Rs 2.1 lakh crore in the next financial year, which is double that of the current fiscal year, despite disinvestment proceeds for the current year languishing at Rs 18,094 crore.
Budget reforms will bring in new energy to financial system and credit flow: PM Modi
Modi says budget will bring pace to the economy, strengthen every citizen financially and solidify foundation of economy.
Let’s not pretend Nirmala Sitharaman’s Budget can solve our deep structural problems: Swaminathan Aiyar
If the world economy recovers next year, then we can do 6-6.5%, though it is a low base. But if the global economy continues to face problems, getting much above 5-5.5% would be difficult, says Swaminathan Aiyar, Consulting Editor, ET Now, after the Economic Survey was tabled in Parliament.
Budget likely to raise spending to revive economic growth
India is facing its worst economic slowdown in a decade. Growth slipped to 4.5% in the July-September quarter.
Forex reserve hits lifetime high of $462.16 billion
In the previous week, the reserves had increased by $58 million to $461.21 billion.
Bankruptcy board set to tackle group insolvency
Bringing entities on the basis of inter-connectedness or common assets into the group resolution framework may face challenges and lead banks to classify standard accounts as NPAs, dragging standard cases into insolvency because of non-recovery of dues after insolvency resolution.
RBI says crypto not banned, but don’t bank on it
The central bank said this in a response to a petition filed by the Internet and Mobile Association of India (IAMAI), which wanted it to reconsider a 2018 circular directing regulated entities not to deal in cryptocurrencies. RBI said it had not banned crypto but only ringfenced regulated entities like banks from risks associated.
Centre standing on brink of bankruptcy: Yashwant Sinha
Former BJP leader Yashwant Sinha asserted that the economy was passing through its “worst-ever crisis” due to the “death of demand” in sectors. He was speaking on the sidelines of his “Gandhi Shanti Yatra” against Citizenship Amendment Act (CAA) and National Register of Citizens (NRC). Sinha served as finance minister of India during 1998-2002.
Where is Amazon India investing its $1 billion? Gopal Pillai has some details
The brand has plans to establish Digital Haats to enable businesses to integrate into the digital economy.
USD 5 trillion economy goal difficult, not impossible: Gadkari
Union Road Transport and Highways Minister Nitin Gadkari said on Saturday that the goal of making India a USD 5 trillion economy by 2024 was “difficult but not impossible”.
Unitech promoters diverted money of home-buyers and banks to off-shore tax havens: Audit report
Forensic audit of Unitech, done on SC’s orders, reveal massive diversion of funds by the firm.
In relief for 30,000 homebuyers, Centre to take over Unitech
In a major relief to around 30,000 homebuyers, the Centre agreed to take over troubled real estate giant Unitech to streamline the management of the company which is in a financial mess caused by siphoning off of more than 50% of money deposited by individuals and financial institutions.
Oyo's layoffs have hotel partners worried
Hoteliers are unable to contact company representatives who were doing business with them.
Foreign companies will be taxed for money earned by Indian arms
Questioning has begun. The tax department has already issued notices to subsidiaries of several MNCs.
Economic slowdown hits jobs sector: SBI report
India is projected to create 16 lakh less jobs in FY20, according to a SBI research report.
Walmart India lets go of top executives across divisions
Walmart’s cutback comes as Flipkart has announced its entry into food retail in India.
How bad really is the fiscal situation?
At this point, it makes sense to bite the bullet. Govt can fret over deficit after growth has picked up.
Will Indian real estate bounce back in 2020?
In 2019, housing afforability showed a marked improvement. We also saw a plethora of launches in the market. In 2020, Knight Frank expects the GDP growth to touch 6-6.5% by next year. It also expects the real estate sector to maintain its momentum.
Bad loans may continue to stress banks
Some large corporate groups continue to remain stressed, including Essel Group and Coffee Day.
India to propose easing foreign investment rules further
The Finance Ministry has suggested increasing the limit on foreign direct investment in insurance and pension companies to 74% from the present 49% and allowing foreign airlines to own Indian carriers.
View: India is the most exposed major economy to turmoil in West Asia
The total impact of the Soleimani assassination on Indian economy at this stage can thus be conservatively put at a ball-park figure of $50 billion, or nearly 2% of India’s GDP.
Luxury car sales in 2019 see biggest drop in over a decade
Sales of luxury cars in India declined by about 15% last year — the steepest drop in more than a decade.
World Bank pegs India’s growth for FY20 at 5%
The World Bank on Wednesday cut India’s growth for financial year 2020 to 5% from 6% estimated earlier.
Indian real estate attracts $5 billion PE in 2019, commercial projects lead: Report
Indian commercial real estate retained its Numero Uno position and continued be a preferred destination for global institutional investors in the backdrop of robust office space take-up, falling vacancy levels and rising rentals.
IPC, CrPC in for change as Union home ministry tries to speed up justice
Union home ministry, in consultation with the Bureau of Police Research and Development (BPR&D), is considering amendments to the Indian Penal Code (IPC), Code of Criminal Procedure (CrPC) and Evidence Act, and these are among the proposals being looked into, officials in the know said.
View: Charitable trusts must not exert corporate control
A charitable trust cannot invest money in shares. But that privilege continues for the Tatas and Birlas.
We’ve cut rates but you mustn’t miss targets, Modi tells taxmen
Officials were exhorted to meet the direct tax mop-up target of $187 bn, despite $20 bn of corporate tax cuts.
GST rate hikes may come in phases to reduce price pains
A panel of officials looking at the option of small hikes in lower rates or moving up items in tranches.
Carmakers find growth hard to come by
Owing to the transition in Bharat Stage-VI emission norms, wholesale dispatches of passenger vehicles of leading carmakers including Maruti Suzuki, Hyundai and Toyota marginally fell last month due to sluggish demand. The companies adjusted the inventory to ensure that there is no pending BS-IV inventory at dealerships by March 30.
Turmoil in the banking landscape: Year of reckoning for PSU Banks
Goliaths of finance face the formidable task of remaining relevant and surviving change.
2019: The year Indian tycoons faced bankruptcies, jail and even death
Banks wrote off $39 billion loans in 18 months as they battled the world’s worst bad debt pile.
PM, Industry brainstorm on ways to revive growth
Prime Minister Narendra Modi has met with industry representatives and sought inputs on how to reverse the slowdown in the economy, boost exports and on ways to develop the 5G ecosystem. During 3-hour meeting, PM asked them to share details of obstacles they face and suggest ways to overcome them.
Questions for 2020: Can Economy recover from slowdown?
The expert view, as borne out by rapid dialling down of forecasts, is that consumption will remain tepid with concerns over the economy, low rise in incomes, rural stress, and lack of credit dragging down demand. In short, the economy may pick up from the lows, but just about.
Private equity funds go talent shopping for portfolio companies
Advent International, Blackstone, Carlyle, General Atlantic, SoftBank tapping managers for leadership roles. In the past few years, PE funds have preferred to invest in ventures where they get controlling stakes. This helps them to have greater control over operational aspects of the company.
Budget 2020: Income tax cuts, slab rejigs on FM's table
Govt is considering giving more money to people via schemes such as PM-KISAN, boosting infra spend.
Govt panel favours 2 GST slabs, rate rejig for some items
The panel suggested two slabs of 10% and 20%. Alternatively, some goods could be moved from the 18% slab back to 28%, the panel said in a presentation to Bihar deputy CM Sushil Modi in Bengaluru on Monday. The GST Council had, at its recent meeting, asked Modi to look into revenue augmentation measures.
Law firm’s role in PNB case under lens
CBI had seized documents related to the estimated Rs 13,570-crore scam from Lower Parel office of Cyril Amarchand Mangaldas (CAM) in February last year, and is probing if the law firm helped Modi hide key evidence related to the case.
Give spending agenda, ease fiscal deficit target: Economists
At the pre-budget consultation with finance minister Nirmala Sitharaman, some economists suggested relaxation in fiscal deficit target, pegged at 3.3% of GDP for FY20.
Economic revival unlikely soon: International Monetary Fund
Fund’s chief economist Gita Gopinath stresses need for ‘important reforms’ in land acquisition and labour laws
RoC may soon classify Tata Sons as ‘public company'
Registrar of Companies studying judgment; officials not keen to defy NCLAT directive, risk contempt.
It’s crunch time for Indian states’ finances as economy slows
The states have budgeted a consolidated fiscal deficit target of 2.6% of gross domestic product in the financial year ending March, a recent study by the Reserve Bank of India shows. Outstanding debt of states has risen over the last five years to 25% of GDP, posing medium-term challenges to its sustainability
Cyrus Mistry's ouster was a vindictive act of one person: Nusli Wadia
“I am proud that I was the only independent director who believed in Cyrus and was opposed to his unjust removal,” Wadia said.
Procedures not followed in Cyrus Mistry's ouster: NCLAT
Tata Sons did not follow the required procedures for the conversion, NCLAT said, adding that the process laid out under Section 14 of the Companies Act, which includes getting approval from the tribunal for conversion, was not followed.
9 major trends reshaping the world economy
Although goods are still traded in higher volumes, some services are growing up to 3X faster This changes the mix of industries and countries involved in this shift from goods to services.
Citizenship (Amendment) Act: Some facts vs Mythbusters
GoI has reached out to those opposed to the Citizenship (Amendment) Act (CAA) with a series of tweets, statements and declarations at political rallies.
Bengal FM cautions govt against reviewing exemptions under GST
West Bengal finance minister Amit Mitra, in his letter to Union finance minister Nirmala Sitharaman mentioned the exemptions to commodities from GST that were discussed in a meeting. He said the basic principle behind exempting these items was tha…
Core Sector puts up worst show in 14 years, shrinks 5.2% in September
Core Sector puts up worst show in 14 years, shrinks 5.2% in September
With no liquidity, liquor sales on the rocks
With no liquidity, liquor sales on the rocks Liquor trade’s hangover from the slowdown is similar to FMCG failing to take a bigger bite out of consumer spend, again thanks to liquidity issues. Hindustan Unilever had last month said trade was facing an acute liquidity crunch. Analysts expect …
Many companies in a fix as working capital may be stuck due to a GST regulation
Many companies could face a stress on their working after a Goods and Services Tax (GST) regulation may lead to hundreds of crores stuck in input tax credit claims.
PSUs unhappy with fines over corporate governance violations
Several government-owned companies are at loggerheads with domestic bourses over applicability of the capital market regulator’s new corporate governance laws. Stock exchanges have levied penalties on over a dozen public sector undertakings (PSUs) for not complying with the board and independent director requirements.
Government set to halve Air India baggage before selloff
Govt has raised Rs 22,000 crore through issue of bonds, as it looks to remove key hurdles in AI’s privatisation.
Economy in tailspin…doing very badly, says Nobel laureate Abhijit Banerjee
Abhijit Banerjee has repeatedly expressed concern over the slowing growth of the Indian economy, saying it was time India stopped worrying about monetary stability and started worrying a little more about demand.
Will meet tax targets: Ajay Bhushan Pandey, Revenue secretary
Revenue secretary Ajay Bhushan Pandey strongly refuted criticism that the goods and services tax was the cause of the current economic slowdown, saying it was a win-win for everyone, with the incidence of taxation coming down on every commodity.