22 October 2020 News and Updates
Ø IMF slashes Asia's growth forecast
Ø UNCTAD sees 7-9% dip in 2020 global trade
Ø India at the cusp of economic recovery: RBI Governor
Ø Cabinet to soon consider new PSE policy: DEA Secretary
Ø Government pushes strategic PSU sales, 4 companies may net Rs 49,000 crore
Ø World trade rebounds slowly in Sept quarter, outlook uncertain
Ø Purdue Pharma to plead guilty and pay $8.3 billion over opioids
Ø India receives highest ever FDI in Apr-Aug FY21: Government
Ø MFs, alternative investment funds may come under ambit of new tax norms
Ø Govt open to further stimulus to lift economy, says DEA Secretary
Ø Hindustan Copper board to consider raising funds by issue of shares via QIP
Ø RBI to release on-tap TLTRO funds every Monday, scheme to run till Mar 31
Ø Modi to meet 15 global funds as India seeks investment to lift economy
Ø Fin sector must reduce reliance on banking system for fundraise: Sebi chief
Ø Canada's annual inflation rate accelerates to 0.5% in September
Ø Aatmanirbhar Bharat: Raghuram Rajan cautions against import substitution by erecting tariffs
Ø USAID announces $5 m to support India’s initiatives
Ø India opposes US, Brazil push for fast implementation of trade facilitation measures at WTO
Ø India posted strong mid single-digit growth: Nestle
Ø UltraTech Q2 net more than doubles to ₹1,235 cr
Ø JK Tyre Q2 net down 34% at ₹110 crore
Ø Sebi penalises Kirloskar brothers on charges of fraud
Ø Bajaj Finance Q2 net profit drops 36% on higher provisioning
Ø Equitas Small Finance Bank IPO subscribed 67 pc on second day of bidding
Ø Brexit talks set to restart with aim of deal by mid-November
Ø ReNew Power’s $325 million dollar bond offering sees strong demand
Ø Commerce ministry recommends continuation of anti-dumping duty on Chinese Synthetic Rubber
Ø Neutralising negative growth, Coal India poised for output ramp-up
Ø E-tailing to become USD 200-billion opportunity by 2025: Report
Ø India receives $35 billion FDI in first five months of the fiscal
Ø Pharma sector may post Covid-induced rise in Q2 earnings
Ø EPFO records 10.05 lakh new enrolments in August
Ø Govt. procures 98.19 lakh ton paddy at MSP for ₹18,540 crore
Ø Govt. working on giving flexibility to Air India bidders to decide on debt: DIPAM Secy
Ø PFC to fund Vapi project, extends ₹ 2,070 Cr to Sterlite Power
Ø verdict on Amazon arbitration plea over ₹24,713 Cr Future - RIL deal expected in few days
Ø MSSL signs strategic agreement to acquire Bombardier’s Electrical Wiring Interconnection Systems
Ø Modi Govt. to ask Coal India, NTPC among others for cash via buybacks
Ø InvITs to acquire over
₹ 4 trillion of infra assets in five years: ICRA
Ø Recovery on Indian economy 'strengthened, broadened' in September: ICRA
Ø Govt. bans natural gas, coal-bed methane producers from buying own produce
Ø Moody's places Vedanta Resources CFR under review for downgrade
Ø IRDAI panel to examine need for standard cyber liability insurance product
Ø HUL’s net profit jumps 8.58% to ₹1,974 Cr in Q2
Ø IEX Q2 profit falls 9% to ₹44 Cr
Ø DCM Shriram’s Q2 revenue increases 17% at INR 2,047 crore
Ø RMZ group sells 12.5-m sq ft real estate assets to Brookfield for $2 billion
Ø MRPL board approves acquisition of OMPL’s shares from ONGC
Ø FDI up 16% to $27 billion in April-August, highest ever: Govt. data
Ø Tesla to export cars made in China to Europe
Ø SEBI revamp makes AT1 perpetual bonds suitable only for QIBs, savvy investors
Ø Low risk premium has fuelled equity returns: RBI paper
Ø HC restrains Canara Bank from taking coercive action against a MSME
Ø Indians invest primarily in life insurance, FDs for retirement: Survey
Ø Steel Minister asks CII to identify areas of steel usage
Ø Siemens Healthineers to invest EUR 160 million to set up innovation hub in Bengaluru
Ø Govt. asks at least 8 state-run firms to consider buybacks: Report
Ø Vietnam invites India for 37th ASEAN virtual summit in November
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LEGAL-KNOWLEGE CAPSULE
✒️ Supreme Court has dismissed a husband plea against Patna High Court direction to pay Rs. 20,000 /- per month to his wife as a condition for grant of anticipatory bail.
✒️ Delhi High Court has stayed Criminal Proceeding against Congress Leader "Shastri Tharoor" in a defamation complaint over his alleged scorpion on shivling.
✒️ Madras High Court has observed that charges on online booking is not subject to entertainment tax.
✒️ Bombay High Court has observed that due to lack of regulations on the electronic media and urged by the Central Government to think upon the appropriate measures to control the problems of " Trial by Media ".
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CBDT revises guidelines for intrusive or coercive tax recovery. Corrigendum to Order under section 119 of the Income-tax Act, 1961 dated 16.10.2020 for exercising power of intrusive or coercive action for recovery of tax demand by Assessing Officers or Tax Recovery Officers.
CBDT reiterated tolerance range of 1-3% under transfer pricing rules for the current financial year even though experts said it was expected that the tax department would provide concession given the Covid-19 pandemic. India’s transfer pricing rules, which apply to the transaction among subsidiaries of multinational companies, set an acceptable tolerance range for the variation between arm’s length price and the transaction price, failing which the department adjusts the pricing leading to tax implication.
CBIC Notification No 74/2020-Central Tax : This notification revised the due date for filing of GSTR-1 for small taxpayer who files GSTR 1 Quarterly. Registered person whose aggregate turnover in preceding financial year or current year up to 1.5 Crore, will file GSTR 1 Quarterly within 13th Day of succeeding month for the tax period October 2020 to March 2021.
CBIC Notification No 75/20200-Central Tax : The Registered person whose aggregate turnover in preceding financial year or current year exceeds 1.5 Crore, are required to file GSTR 1 monthly within 11th of month succeeding the quarter for the tax period from October 2020 to March 2021.
ICAI MEF-2021 the last date for filing Multipurpose Empanelment Form for the year 2020-21 (available at https://meficai.org) is 23rdOctober 2020.
State Bank of India, New Delhi, from Chartered Accountants for Empanelment Of Stock & Receivable Auditors, Address : New Delhi, Delhi Phone : 011-23743852 Email : sbi.03973@sbi.co.in Last date is Nov, 05 2020.
👉 ICAI MEF - the last date for filing Multipurpose Empanelment Form for the year 2020-21 (available at https://meficai.org) is 23rdOctober 2020.
👉 The Faceless appeal Scheme has been challenged before the Delhi High Court being against the principles of natural justice . The order of HC is being sent. Lakshya Budhiraja Vs. UOI and others. W.P No. 8044/2020.
👉 Programmes by IIM Ahmedabad Under MoU with ICAI - (20-10-2020)
https://www.icai.org/post/programmes-by-iim-ahmedabad-under-mou-with-icai
👉 Reopening of Empanelment of Members to act as Observers for November, 2020 Examinations. - (21-10-2020)
https://www.icai.org/post/reopening-empanelment-members-to-act-as-observers-nov2020-exam
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✒️ Supreme Court has issued notice to the Union of India on a Public Interest Litigation (PIL) seeking for inclusion of the enumeration of Other Backward Classes (OBCs) in the country in the Census to be conducted in 2021.
✒️ Supreme Court has observed that the breach of the audi alteram partem rule cannot by itself, without more, lead to the conclusion that prejudice is thereby caused. The Court has said that the "prejudice" exception must be more than a mere apprehension or even a reasonable suspicion of a litigant.
✒️ Supreme Court has observed that there can be a conviction based on the sole testimony of the sexual assault victim if she is found to be reliable and trustworthy.
✒️ Punjab and Haryana High Court observed that statements recorded before court hold equal sanctity as a Written Instrument Of Compromise.
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👉 Memorandum of Understanding between the Institute of Chartered Accounts of India (ICAI) and the Certified Practising Accountants, Papua New Guinea (CPA PNG) - (21-10-2020)
https://resource.cdn.icai.org/61580icai50100pib2.pdf
👉 Mutual Recognition Agreement (MRA) between ICAI and Malaysian Institute of Certified Public Accountants (MICPA) - (21-10-2020)
https://resource.cdn.icai.org/61581icai50100pib8.pdf
👉 Reopening of Empanelment of Members to act as Observers for November, 2020 Examinations. - (21-10-2020)
https://www.icai.org/category/announcements
👉 Reserve Bank announces On Tap Targeted Long-Term Repo Operations
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50547
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