13th October 2K20
Ø No deal on global digital tax this year, says OECD
Ø Oman to impose value-added tax amid pandemic fallout
Ø GST Council meet ends without conclusion on compensation
Ø Businessman BR Shetty seeks India probe of NMC, Finablr ex-CEOs over $6 bln scandal
Ø RBI remains net purchaser of US dollar in August, buys $5.30 bn
Ø Fresh stimulus to push economic activity: Niti Aayog vice-chairman Rajiv Kumar
Ø Industrial recovery slow as manufacturing leads 8% fall in August IIP
Ø Food prices push retail inflation to 8-month high of 7.34% in Sept
Ø Blackstone refinances Rs 2,500-cr lease rental discounting loans with SBI
Ø Jio adds 3.5 million customers in July, Voda Idea loses 3.7 million: Trai
Ø Rs 11.1 trillion: Amount RBI pumped into banking system to boost liquidity
Ø Saudi's largest lender NCB agrees to buy rival Samba for $15 billion
Ø Shipping Corp, BEML’s non-core assets to be hived off ahead of sale: DIPAM Secretary
Ø ONGC aims to merge OMPL with MRPL by June 2021
Ø Navy scraps ₹20,000-crore tender torpedoing local shipyards’ hopes
Ø India bucks global cotton trend with production set to rise to 6.2 mt
Ø Jindal Aluminium seeks govt support for downstream industry
Ø Reliance Jio becomes first telco to cross 40 crore subscribers mark: Trai data
Ø India Inc welcomes Nirmala Sitharaman's announcement to boost demand
Ø WHO expects to see Covid-19 vaccine by end of 2020 at earliest
Ø Australia seeks clarity from Beijing on coal import ban
Ø Oil prices fall 3% as US, Libyan, Norwegian supplies resume
Ø Jio, Airtel add users while Voda Idea continues to lose
Ø Domestic natural gas output falls 13% in April-September
Ø TN signs 14 MoUs worth Rs 10000 cr, generate 7000 jobs
Ø ADB, govt ink USD 570 million loan agreement
Ø Power demand up 4.6% in September
Ø IRDAI proposes lower capital, liberal norms to float micro-insurance companies
Ø Pharma market reports growth in September
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LEGAL KNOWLEDGE CAPSULE
✒️ Karnataka High Court has observed that "A tender student, even when the delinquency is established, cannot be treated as the offender of the war crime; it hardly needs to be mentioned that all this has entered the framing of this judgment."
✒️ NCLT has further extended the date of hearing in pending matters at Delhi benches. The next date of hearings shall be from 2nd November, 2020.
✒️ National Consumer Disputes Redressal Commission held that an intentional self-injury cannot be inferred in a case where a person rides a high-end motorcycle without the necessary orientation.
✒️ Delhi High Court has restrained an ex-employee of Air India from directly or indirectly, publishing and/or commenting or communicating or issuing any video, tweet, article, interview containing or referring to the allegations against Air India (in any manner).
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Flipkart acquires 140-acre land at Manesar for Rs.432-Cr for logistics park
Flipkart has acquired a 140-acre land parcel at Manesar, Haryana near Gurugram to set up its largest fulfilling centre in Asia for INR 432 crore.
The Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) has approved the allotment. Property consultant Knight Frank was the advisor to Flipkart for this project.
Flipkart will set up a logistics park over the next 3-5 years, with a potential total built up area of 5 million square feet, to be developed in 2-3 phases.
The development is expected to cost INR 3,500 crore and will create over 12,000 jobs.
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✍️ KEY UPDATES: From FM Nirmala Sitharaman’s press conference:-
1. FM Sitharaman introduced proposals to stimulate consumer spending. It included the LTC Cash Voucher Scheme and Special Festival Advance Scheme.
2. Under LTC Cash Voucher Scheme, the government employees can opt to receive cash amounting to leave encashment along with 3 times ticket fare, to buy items that attract a GST of 12 percent or more.
3. The finance minister announced a one-time Rs 10,000 interest-free festival advance to all its officers and employees as part of plans to increase consumer spending to spur demand in the economy.
This Rs 10,000 advance will come as a pre-paid RuPay card, which can be availed and spent by March 31, 2021.
4. The repayment of the interest-free festival advance will be in 10 installments. Rs 4,000 crore is likely to be spent on this.
5. A special interest-free 50-year loan to states for Rs 12,000 crore capital expenditure to be issued.
6. Out of the Rs 12,000 crore, Rs 1,600 crore will be given to north-eastern states and Rs 900 crore will be for Uttarakhand and Himachal Pradesh. Rs 7,500 crore will be for the remaining states. The remaining Rs 2,000 crore will be given to states that fulfill pre-stated reforms.
7. The Rs 12,000 crore loan is over and above borrowing ceilings of the states and the repayment will be one bullet payment after 50 years.
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⚫Consumer price index based inflation for September came in at 7.34%, from 6.69% in the previous month on account of rising food prices. This marks the highest level recorded in eight months, and well above the RBI’s target range of 2-6%.
⚫The Index of Industrial Production declined 8% in August. Industrial activity bore the brunt of localised lockdowns and work restrictions in August, chipping away nearly a tenth of the factory output.
⚫Zero cash flows during Corona time spark fire sale of India Inc's assets. Not just mid & small sized firms, even big ones will either sell group co's or stakes in their listed entities to tide over crisis; more sell-offs seen in coming months.
⚫The GST Council meeting remained inconclusive for the second time after the Centre offered two options to states for compensating them for the loss of revenue under the indirect tax regime as there was no consensus on the issue.FM appealed to the Council and the states to quickly decide on the states which want to borrow.
⚫In a bid to increase credit flow to small businesses, the RBI raised banks maximum aggregate retail exposure limit to entities with turnover up to Rs 50 crore to Rs 7.5 crore, up from Rs 5 crore.The risk weight of 75% will apply to all fresh exposures and also to existing exposures where incremental exposure may be taken by the banks up to the revised limit of Rs 7.5
⚫Power supply was restored in most parts of India’s financial capital after its worst blackout in decades disrupted transport networks and briefly hit trading volume in bond markets.
⚫ NCLT has further extended the date of hearing in pending matters at Delhi benches. *The next date of hearings shall be from 2nd November, 2020.
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Additional claim can be made before ITAT despite no such claim in Return of Income. Case Name : Bector Food Specialties Ltd Vs JCIT (ITAT Chandigarh) Appeal Number : ITA No. 396/CHD /2013
Government may consider allowing India Inc to deposit GST on cash basis to help them tide over the liquidity woes during the COVID-19 pandemic, a PwC report said. It said while formalising its support strategy for the industry in the next phase, the government could also consider suspending GST payments for select sectors during the COVID-19 period.
All The MSME Industries Need to Get Registered Under UDYAM REGISTRATION. The validity of UAM/EM PART II is till 31.03.2021 so it is advised to get the new registration should be done before 31.03.2021.
NCLT has further notified that the Regular Proceedings at NCLT shall now start from 02-11-2020 instead of 12-10-2020. The regular proceedings at NCLT Delhi were stopped immediately after the lockdown was announced on 24-03-2020.
Reserve Bank has decided to move to the Next Generation Treasury Application (NGTA) for managing the country’s foreign exchange and gold reserves. The NGTA, according to the RBI, would be a web-based application providing scalability, maneuverability and flexibility to introduce new products and securities, besides supporting multi-currency transactions and settlements.
SEBI has issued a Circular to extend the facility for conducting extraordinary meetings of unit holders INVIT’s and REIT’s through video conferencing or other audio-visual means under the InvIT Regulations and REIT Regulations.
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