22.10.18 Economic News
👉The Finance Ministry extended the deadline for filing summary sales return GSTR-3B for the month of September by five days to October 25.With this extension, businesses which wish to claim Input Tax Credit (ITC) benefit for July 2017-March 2018 period can do so till October 25.
👉The government is considering a purge of company board rooms to remove independent directors who haven’t played the oversight role required of them, the latest instance being the debacle at Infrastructure Leasing & Financial Services (IL&FS). The recommendation emerged from an internal review of the Companies Act by the ministry of corporate affairs.
👉Lenders for Essar Steel India Ltd., the biggest steel mill on the block under India’s new bankruptcy law, have selected ArcelorMittal as the preferred bidder for the asset, bringing the world’s largest steel maker a step closer to gaining a foothold in India’s growing market for the alloy.
👉The GST Council Secretariat has asked six states, including Delhi, Madhya Pradesh and Punjab, and the Union Territory of Puducherry, to expeditiously set up appellate authorities to enable aggrieved entities to file appeals against orders of the Authority for Advance Rulings (AAR).
👉Mutual funds’ holding of banking stocks declined by over Rs 21,600 crore to Rs 1.88 lakh crore in September, driven by the correction in equity markets. The fall in mutual fund (MF) exposure to banks is more driven by market correction than by any significant reduction by mutual funds. In fact MFs have more or less maintained their exposure in banks compared with six months ago (19.78 per cent in April).
👉As more and more small and medium enterprises adopt technologies, digital lending to the sector can become a Rs 15-trillion opportunity for the lenders over the next five years, says a survey. According to a study jointly conducted by BCG, Ficci and IBA, currently, digital lending to MSMEs accounts for only 5 per cent of total lending to the sector and can increase to 21 per cent over the next five years.
22nd October, 2018
*Business Standard*
Ø MFs' exposure to banks plunges even lower
Ø JNPT mulls acquisition of 3 ports in Maharashtra; aims at doubling
Ø NTPC to use biomass to co-fire coal-based power plants, cut emissions
Ø Harder for Iran oil importers to get waivers: Mnuchin
Ø India sells over $15 bn US govt bonds amid rising rates
Ø Panel to suggest UN model for cross-border insolvency
Ø Piramal Enterprises refutes rumour of realty firms' default to lending arms
Ø Rs 350 bn plan to electrify all railway lines across India: Railway Board
Ø Lupin to develop Brazil as Latin American manufacturing, export hub
Ø JSW Steel emerges as preferred bidder for iron ore mine in Karnataka
Ø Finance Ministry extends deadline for filing Sep GST returns to Oct 25
*Mint*
Ø ICF expects cotton quality to be much better in 2018-19 season
Ø Anti-dumping duty levied on ‘flax yarn’ imports from China
Ø Air India calls off plan to sell Mumbai tower to JNPT
Ø Bhushan Power deal: JSW Steel scouts for PE funding
Ø India to establish a technology demo centre in Tanzania
Ø RIL to replicate Reliance Jio model for Jio GigaFiber
Ø Govt, board eye asset sales to turn IL&FS around in six months
Ø NBFC liquidity crisis set to worsen real estate sector woes
Ø UltraTech’s dismal Q2 results darken outlook on cement sector
*Financial Chronicle*
Ø Japan’s biggest bank CEO joins exodus from Saudi business forum
Ø Ex-Deutsche trader charged by UK in Euribor manipulation case
Ø Most firms claim to be well-equipped to deal with rising cyberattacks: Survey
Ø Strides Pharma Science receives USFDA approval for Gabapentin Capsules
Ø FPIs pull out over Rs 32k cr in three weeks
Ø OMCs raking in profit as refining margins rise
Ø Centre notifies special courts for benami transaction cases
