21 August 2020 News and Updates
Ø India's GDP to contract by 20%: CARE Ratings
Ø DoT opposes resolution plan of RCom
Ø SCRI: India, Japan, Australia joining hands to counter China's supply chain dominance
Ø Cabinet okays increase in sugarcane FRP by Rs 10 to Rs 285/qtl for 2020-21
Ø Bombay High Court sets aside Yes Bank petition in Zee Entertainment case
Ø India takes on Asia’s forex hubs
Ø Indians not just risk averse, stressed for income too, shows data
Ø National Payments Corp to take UPI, Rupay global through new subsidiary,
Ø Microfinance sector may see consolidation post Covid-19, say experts
Ø Banks may restructure Rs 8.4 tn loans as economy sputters: India Ratings
Ø Sistema Asia Fund sells its stake in Netmeds, exit is part of RIL deal
Ø World trade registers historic 18.5% fall in Q2 of 2020, but slight recovery possible in Q3: WTO
Ø Centre relaxes working capital norm for discoms
Ø DPIIT to review royalty payments made to firms abroad
Ø Cabinet approves leasing of 3 AAI airports to Adani Enterprises
Ø IEX gets regulator’s nod for ‘green market’
Ø Novigo Solutions buys stake in Bengaluru-based Nyletech
Ø Apple becomes first US company to be worth $2 trillion
Ø Airtel, Voda Idea may file additional applications for 5G trials without Chinese
Ø Fixed broadband, digital investments must for sustained, growth: TRAI chief
Ø SBI Prices the largest Tier 2 Bond offering; raises ₹8,931 Cr
Ø CCI clears Facebook’s WhatsApp for entering India’s payments space
Ø India can reach potential growth of 9% in 3 years: PwC India
Ø CSB Bank Q1 net more than doubles to Rs 53.6 cr
Ø L&T Finance exits CG Power and Industrial Solutions
Ø Dr Reddy's launches COVID-19 drug Avigan (Favipiravir)
Ø Reliance acquires majority stake in Online Pharmacy Netmeds
Ø China, US agree to hold trade talks
Ø EPFO records 6.55L net new enrolments in Jun
Ø Listed cos: Lowest growth in wages in 18 yrs
Ø NCLT decides to appoint IRP in a case filed by SBI against Anil Ambani
Ø Edible oil industry body SEA urges government to allow import of only crude palm oil
Ø India's dependence on thermal power will reduce to 50 per cent by FY22: Report
Ø India's rural economy on V-shaped recovery from June, helping GDP
Ø RBI governor for judicious use of monetary action in future: MPC minutes
Ø Tata Power looks to use preference share, divestment proceeds to cut debt
Ø Niti Aayog panel recommends linking sugarcane prices to sugar rates
Ø US jobless claims jump back above 1 mn as Covid-19 pulls down economy
Ø Offshore funds, ETFs pull out $1.5 b in June quarter on economy worry
Ø IOB posts profit for two quarters in a row
Ø CCI approves Siemens’ acquisition of C&S Electric
Ø Lincoln Pharma Q1 standalone net rises 25% to ₹15 crore
Ø Centum Electronics divests energy unit of its French arm for €9.8 million
Ø Small car buyers not likely to go for EVs: Maruti Suzuki head
Ø Central govt invites bids from merchant bankers to manage stake sale in IRCTC
Ø 'Indo-US current trade talk 1st step to a comprehensive bilateral trade pact'
Ø MSME credit guarantee scheme: Banks disbursement crosses ₹1 lakh crore-mark
Ø Cyril Amarchand Mangaldas advises Info Edge on raising ₹1,875Cr
Ø HFCs require ₹3.8-4.5 tn to meet refinancing requirements this fiscal: Report
Ø Retail inflation for farm, rural workers drops in July
Ø GAIL sees gas sales returning to pre-COVID-19 levels by quarter end
Ø Hindalco signs MoU with UltraTech Cement
Ø Sebi to relax public shareholding norms for firms under insolvency
Ø Wadhawan brothers granted bail in Yes Bank fraud case
Ø RBI releases strategy for financial education, aims to create empowered India
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⚫The World Bank said it was likely to project a steeper contraction in India’s economy than the 3.2% it had forecast for the current financial year, given the rising number of Covid-19 cases and the resultant regional lockdowns.
⚫The number of salaried people losing their jobs amid the pandemic has surged to 18.9 million since April, with around 5 million jobs lost last month, according to data from the Centre for Monitoring Indian Economy.
⚫The Govt has given its go-ahead to lease out Guwahati,Thiruvananthapuram and Jaipur airports through public-private partnership, what is to be seen is how effectively and efficiently would it be able to complete the process especially during the pandemic.
⚫The MCA has allowed more time for Co's that were unable to hold their AGM for the year ending March 31, 2020 despite earlier relaxations asking them to file an application with the ROC for the same.
⚫Indian banks may restructure loans worth Rs 8.4 trillion--about 7.7% of total credit in March 2020--to manage financial stress caused by the coronavirus pandemic. Almost 60% of Rs 8.4 trillion credit is already susceptible to slip into NPA category after lockdowns.
⚫A pan-India fake invoice racket involving transactions of about Rs 434 crore by 23 firms has been busted by the DG of GST Intelligence, Nagpur Probe revealed that 23 firms across India, from Tamil Nadu to New Delhi, were involved in issuance of fake invoices to get fraudulent 'Input Tax Credit' without supply of any goods.
⚫CBDT Chairman met income tax field units to appraise them of the new scheme and explained the nitty-gritty of its implementation. He explained the faceless assessment and taxpayers' charter and detailed the reallocation and reorganisation aspects of the dept's manpower.
⚫The approval of projects under the Govt's flagship PM Employment Generation Programme increased 44% between April and August 18 this year, theKhadi and Village Industries Commission said.
⚫Russia is looking for a partnership with India for producing Covid-19 vaccine Sputnik V, the CEO of the Russian Direct Investment Fund said.
⚫After hotels and monuments, banquet halls will soon be opened at half capacity, Union Tourism Minister said assuring the hospitality industry of his support to deal with the effects of the Covid-19 pandemic.
⚫The Govt is ensuring liquidity for the MSME sector under its Emergency Credit Line Guarantee Scheme. As of August 18, public sector and private banks have sanctioned loans worth over Rs 1.51 trillion of which close to Rs 1.02 trillion has already been disbursed.
⚫The Finance Ministry said banks have sanctioned over Rs 1 lakh crore concessional loans to Kisan Credit Card holders to help farmers meet financial requirements during the COVID-19 crisis.
⚫India has recorded over 68,500 coronavirus cases, taking its total past the 2.9-million mark to
2,904,329. With 54,975 fatalities reported on Thursday, the country's death toll has surged to 53,994.
⚫India for the first time conducted a record number of more than 9 lakh Covid tests in a span of 24-hours and it is poised to see an exponential increase towards its resolve of testing 10 lakh samples daily.
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✅ GST Updates
🎯New Registration Procedure in GST- Aadhaar Authentication w.e.f. 21st Aug, 2020.
1. w.e.f. 21st August, 2020, undergo authentication of Aadhaar number and the date of submission of the application in such cases shall be the date of authentication of the Aadhaar number, or 15 days from the submission of the application in Part B of FORM GST REG-01 whichever is earlier.”.
2. Fails to undergo authentication of Aadhaar number as or does not opt for authentication of Aadhaar number, the registration shall be granted only after physical verification of the place of business in the presence of the said person.
3. As per Point No. 2, Notice in FORM GST REG-03 may be issued not later than twenty one days from the date of submission of the application.
4. Registration deemed to be granted if proper officer fails to take any action in 3 days/15 days/21 days/7 days as the case may be.
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