29th October 2K18
Economic Times
Ø SBI to revamp credit policy for the jewellery sector
Ø Oil regulator approves sale of Mukesh Ambani's pipeline
Ø IBC bonanza for banks could exceed Rs 1.8 lakh crore in FY19
Ø Essar sweetens offer to retain family silver
Ø Urjit Patel to brief parl panel on note-ban on Nov 12
Ø Local pharma formulators to benefit from USFDA
Ø Govt plans global ETF in FY20 to tap overseas funds
Business Standard
Ø India's first inland waterways shipment to start with PepsiCo on Tuesday
Ø Iran starts oil sales to private exporters to beat approaching US sanctions
Ø India Cements to buy Springway Mining for Rs 1.82 bn to set up a MP plant
Ø Flipkart's FY18 losses narrow 29% to Rs 11.6 bn, revenues grow 48%
Ø Ruias to deleverage Rs 1.25 trn of their debt if Essar Steel offer accepted
Business Line
Ø Bharat Petroleum to invest $800-m equity in Mozambique LNG project
Ø Consumer groups oppose Gujarat govt’s plan to bailout Adani, Tata, Essar’s ailing power
Ø Centre expects recoveries to exceed ₹1.80 lakh cr in FY19
Ø Cochin Shipyard embarks on biggest expansion with Rs 1,799-cr dry dock
Mint
Ø FPIs stay bearish on India; pull out $5 billion in October so far
Ø Paytm losses swell 69% to Rs1,490 crore in FY18
Ø Government plans global ETF in FY20 to tap overseas pension funds
Ø ZipGo acquires Supreme Transport to create presence in Mumbai, Pune
Financial Express
Ø New MSME package: Banks to clear 90% of CPSEs’ dues on receipt of purchase
Ø Smart electricity meters in rural India a win-win, says ADB
Ø HSIL eyes revenue of over Rs 500 crore from consumer business in FY20
Ø No-deal Brexit may prolong UK austerity, says Philip Hammond
Financial Chronicle
Ø FinMin studying DoT plea for 4G spectrum to BSNL, MTNL
Ø WTO panel to examine US stand on Indian subsidies
Ø Big pharma firms set to return to double-digit growth
Ø GST council met 30 times, took 918 decisions in 2 years
Ø Telecom vednors commit Rs 4000cr investment in India over 2 years: Govt
29.10.18 Economic News
👉GST officers will study the behavioural pattern of certain taxpayers to nudge them to comply with tax laws, in a departure from the current practice of focussing only on deterrent action to check evasion. The Central Board of Indirect Taxes and Customs CBIC has set up a 'Nudge Team' to formulate a strategy on studying behavioural patterns of taxpayers and use segmented approach to encourage them to pay taxes.
👉Enthused by the impact of new insolvency and bankruptcy law, the government expects bad loan recoveries to exceed Rs1.80 trillion target for the current financial year, an official said.
👉The government is planning to link up the databases of various tax and regulatory authorities to spot signs of growing stress before they blow up like in the case of IL&FS, a government official said. According to the plan, the databases of income tax department, goods and services tax (GST) Network, Central Board of Indirect Taxes and Customs, Financial Intelligence Unit, Registrars of Companies, the Reserve Bank of India and the Securities and Exchange Board of India will be linked through an application programming interface (API), the official cited above said on condition of anonymity. API is a software interface that facilitates communication among various databases.
👉The World Trade Organisation’s dispute settlement body has set up a panel to examine the US complaint against certain export-subsidy measures by India as both the sides failed to resolve the issue at consultation level, an official said.
👉Commerce and Industry Minister Suresh Prabhu has said India and the US have exchanged offers for a possible trade deal with a view to resolving issues related to bilateral commerce. India had announced hiking customs duty on 29 products, including pulses and iron and steel items, imported from the US as a retaliatory action against the tariff hike by Washington. The duty hike would come into effect from November 2.
👉FinMin starts budget 2019 preparation, seeks input from central ministries
👉For SBI account holders, new ATM cash withdrawal rules kick in from October 31. SBI, the country’s largest bank, will reduce the daily cash withdrawal limit for Classic and Maestro debit cards to Rs 20,000 per day, from Rs 40,000, with effect from 31 October 2018.
