21.09.18 Economic News
👉In a recent circular, CBIC also authorizes the Cost Accountants(CWA) to certify the ‘IGST Refund Claims’ of Exporters whose records were not transmitted from GSTN to Customs due to the mismatch in GSTR 1 and GSTR 3B. With this, the Cost Accountants are also empowered to issue requisite certificates at par with the Chartered Accountants.
👉Gurugram Zonal Unit of the Directorate General of GST Intelligence (DGGI) arrestes 2 Businessmen in a case of fraudulent issuance of (ITC) invoices without actual supply of goods, involving evasion of approximately Rs. 79.21 crore.
👉Failure to Fill Part-B of E-Way Bill: While passing an interim relief against a Special Leave Appeal filed against the order of the Madhya Pradesh High Court in Gati Kintetsu Express Pvt. Ltd, the Supreme Court orders the department to release the goods
👉Govt hikes interest rates of various small savings schemes for the third quarter (October 1 to December 31) by up to 40 bps (0.4%). These schemes include the Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), National Savings Certificate (NSC), and Post Office Time Deposits.
👉After deciding to merge Bank of Baroda (BoB), Vijaya Bank and Dena Bank, Govt considering merger of PNB, OBC and Andhra Bank
👉CCI approves acquisition of debt-ridden Essar Steel by a consortium of ArcelorMittal and Japan’s Nippon Steel & Sumitomo Metal Corporation. ArcelorMittal has offered Rs 42,000 crore for Essar Steel, upstaging a Rs 37,000 crore bid by Russia’s VTB Group-backed Numetal
👉Government is planning to give 15 days more to Directors to comply with DIR-3 KYC requirements by paying reduced fee of Rs 500.
👉Bank of India puts 45 Bad Loan Accounts worth Rs 8800 crore on sale. The lender is looking to sell these to Asset Reconstruction Companies even though Bankruptcy Proceedings are currently underway, because it believes the process wouldn't conclude before the end of the current quarter. Having these assets out of the books will help the bank show better earnings.
21st September 2K18
Economic Times
Ø Government appoints 14 executive directors in banks
Ø SBI hopes to resolve 7-8 stressed assets by Nov 11
Ø Emirates, Etihad airlines deny report they may merge
Ø Infosys launches next-gen learning solution Wingspan
Ø Tata Steel celebrates its 100 years in the Netherlands
Ø BRICS bank approves $525-mn for infra projects in MP
Business Standard
Ø India's economy to double in size to $5 tn by 2022:PM Modi
Ø Sebi norms for corporate bonds could boost issuances by Rs 500 bn: Crisil
Ø TVS Logistics Services buys 51% stake in Chola's WDSI for Rs 422 mn
Ø India to settle payments for Iranian oil using rupees starting November
Ø Sebi announces changes to the composition of credit rating agencies
Business Line
Ø Govt hikes interest rate on small savings by up to 0.4%
Ø NITI Aayog to make recommendations on proposed agriculture
Ø USGC asks India to allow ethanol imports to lower crude oil
Ø Chennai Petroleum cancels Iran oil imports
Ø SBI gets tough with ArcelorMittal over Uttam Galva dues
Ø E-commerce cos to deduct 1 pc TCS under GST from Oct 1
Mint
Ø ‘SBI not the right candidate to take over more banks’
Ø PowerGrid gets shareholders’ nod to raise up to ₹20,000 crore via bonds in FY20
Ø Petroleum products may not be brought under GST soon
Ø India considers raising steel import duty to support rupee
Ø Airtel, Reliance Jio, Sterlite Tech among bidders for Aircel assets
Financial Express
Ø Preventive vigilance better governance tool for public institutions, says RBI Governor Urjit Patel
Ø NCLAT wrongly allowed ArcelorMittal to pay dues after bidding for Essar Steel, NuMetal tells SC
Ø Steel import duty hike may widen CAD, hit engineering exports: EEPC India
Ø India Post invites proposal for consultancy on setting up insurance arm
Financial Chronicle
Ø Asian firms’ confidence sinks to near 3-year low: Poll
Ø Fitch revises Tata Motors outlook to negative
Ø Global meet on sustainable trade and standards
Ø ITC Hotels acquires Park Hyatt Goa Resort
Ø SEBI passes on economies of scale of increasing asset size to investors
