∆ Corporate Snippets on Nov 9 ∆
Ø Tata Motors aims to have widest portfolio of SUV in domestic market
Ø ONGC puts mature oil, gas fields on block
Ø GSTN infra upgraded to handle up to 3 lakh users concurrently
Ø Government eases claim criteria under unemployment scheme
Ø IRDAI issues exposure draft on compensating shareholder on merger of insurers
Ø Alpha Vector eyes Middles East, Europe as export markets for its e-bicycles
Ø Govt. may extend export subsidy for sugar to cash in on bumper production
Ø Major ports' cargo traffic falls for 7th month in Oct; 12% drop in Apr-Oct
Ø FPIs invest ₹8,381 Cr in first five trading sessions of November
Ø Sales of Indian-made foreign liquor slip 9% in the quarter: CIABC
Ø BigBasket faces potential data breach; details of 20 mn users put on sale
Ø Apple India net profit jumps 253% to ₹926 Cr; operating revenue up 29%
Ø Maruti Suzuki grabs more than 50% of PV retail pie in October
Ø Finance Commission to submit report to the President on Monday
Ø Amazon’s objection a breach of FDI rules, Future tells HC
Ø Ipca Labs Q2 profit up 38 per cent at ₹267 cr
Ø REC Limited reports
₹2,197.14 Cr consolidated net profit in Q2
Ø Elgi Equipments Q2 profit up at ₹29.8 Cr
Ø SAIL back in black in Q2; posts net profit of ₹393 Cr
Ø Industry urges FinMin to offer ECLGS scheme for stressed sectors
Ø MFs withdraw ₹14,300 Cr from equities in Oct, rebound least expected in 2020
Ø Merger of insurance: Pay adequate compensation to shareholders, says IRDAI
Ø Indian Overseas Bank seeks about ₹1,000 crore capital support from Govt.
Ø Adani Group takes over Ahmedabad airport operations
Ø India Inc looks forward to enhanced Indo-US ties as Biden wins
Ø Commerce Ministry asks Shipping Ministry to reduce quarantine period for vessels arriving from China
Ø Expect all approvals for Optotec buyout by Dec-Jan: STL Group CEO
Ø Mid sized banks report higher Q2 net profit as asset quality improves
Ø Amazon Web Services to set up data centre region in Hyderabad, invest ₹20,761 Cr
Ø RBI announces Co-lending scheme for banks, NBFCs for priority sector
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👉 Important Announcement November-2020 CA Examinations - (07-11-2020)
https://www.icai.org/post/imp-announcement-november-2020-ca-exam-7thnov2020
👉 MEF - Last date for filling the Multipurpose Empanelment Form for the year 2020-21 Extended for further 4 days, i.e., till 10th November 2020
👉 ICAI: Guidance Note on
Applicability of AS 25 and Measurement of Income Tax Expense for Interim Financial Reporting - (04-11-2020)
https://www.icai.org/resource/61671research50201gnas25.pdf
👉 Guidance Note on Accounting for Share-based Payments (Revised 2020) formulated by Research Committee - (04-11-2020)
https://www.icai.org/resource/61670research50201gn-sbp.pdf
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⚫As the world awaits the result of the American presidential election, India said the global strategic partnership between the two countries have a very strong bipartisan support in the US, suggesting that the bilateral ties will not be impacted by the poll outcome.
⚫Petroleum,textiles, steel & automobile are some of the key sectors that could be the focus areas under the Supply Chain Resilience Initiative, which was launched by India, Australia and Japan in September. While the broad objective of the initiative is to promote, expand and diversify trade and investment, the specific action plans include digitisation of trade documentation, activities for promotion of trade, investment & identification of sectors for cooperation, among others.
⚫FM said increased digitisation will help in making better assessment of the country's economic growth and nudged tax practitioners to suggest their clients to shift towards digital modes of payments.
⚫The country's foreign exchange reserves rose USD 183 million to touch a record high of USD 560.715 billion in the week ended October 30.
⚫India has reported nearly 50,000 fresh Covid-19 cases in the past 24 hours. Delhi logged the highest single day spike of 7,178 new cases.
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👉🏻WhatsApp starts payment service in India
(There is no fee, because it's WhatsApp, you know it's secure and private too. With UPI, India has created something truly special and is opening up a world of opportunities for micro and small businesses - Mark Zuckerberg said)
👇🏻 👇🏻 👇🏻
https://bit.ly/3l7rTEM
👉🏻Amount of fraud in GST needs cautious approach
(CGST department needs to take a cautious approach because of the amount of fraud happening in claiming input tax credit (ITC) by business entities)
👇🏻 👇🏻 👇🏻
https://bit.ly/38lrhb0
👉🏻VCM on Do's and Don't under Revised Code of Ethics
(Karnal Branch of NIRC of ICAI is inviting you to join 2 hrs Structured CPE Program on Do's & Don't under Revised Code of Ethics by *CA. Vivek Khurana* on *07/11/2020* from *3pm to 5pm*)
👇🏻 👇🏻 👇🏻
https://bit.ly/3eABoKj
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👉 MEF - 2020-21 extended till 10th November 2020 - (06-11-2020)
https://www.icai.org/post/mef-2020-21-extended-till-10thnov2020
👉 Co-Lending by Banks and NBFCs to Priority Sector
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11991&Mode=0
👉 RBI Announces Special Open Market Operations (OMO) of Simultaneous Purchase and Sale of Government of India Securities
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50624
👉 NBFC Regulation- Looking ahead – Shri M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India - November 6, 2020 - at the ‘National E-Summit on Non-Banking Finance Companies’ organized by ASSOCHAM
https://www.rbi.org.in/Scripts/BS_SpeechesView.aspx?Id=1101
👉 Option of repaying the funds availed under Targeted Long-Term Repo Operations (TLTRO and TLTRO 2.0) before maturity
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50632
👉 Central Bank of India Invites online Applications for Empanelment of Concurrent Auditors. Only Online Applications will be considered. Last Date for filing Online Applications: 21.11.2020 upto 6PM.
http://centralbankofindia.co.in/CBIAudit/welcome.aspx
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LEGAL-KNOWLEDGE CAPSULE
✒️ Supreme Court directed to issue necessary direction regarding ban/Regulation on usuage of disinfection tunnels/ human exposure to *Artificial UV-rays.
✒️ Supreme Court held retired person can file writ petition against Stoppage of Pension, at her residing place no need to approach the High Court Pension Authority's location.
✒️ Bombay High court issued notice to centre, in Arnab Goswami pleas seeking transfer of TRP Scam Probe from Mumbai Police to CBI.
✒️ Gujarat High Court issued notice, seeking grant of MBA degree, students pursuing PGP in Management from IIM Ahmedabad.
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⚫Joseph Robinette Biden Jr has defeated Donald Trump to become the 46th US President, unseating the incumbent with a pledge to unify and mend a nation reeling from a worsening pandemic, faltering economy and deep political divisions.
⚫Biden’s running mate, California Senator Kamala Harris, 56, becomes the first Black and Indian-American woman to serve as Vice President.
⚫PM Modi will flag off Ropax ferry services between Surat and Saurashtra on Sunday, which will reduce the distance between these two places from 317 kilometres to just 60 kilometres.
⚫Over 11 lakh MSMEs have registered on the newonline system of Udyam Registration launched in July. Out of these, 3.72 lakh enterprises have registered under manufacturing category whereas 6.31 lakh enterprises under service sector.
⚫Delhi's air quality deteriorated to 'severe' category on Saturday as Punjab and nearby regions recorded the highest number of stubble burning incidents this season.
⚫India's domestic passenger traffic has reached more than half of pre coronavirus pandemic level operations with the number of daily air travellers crossing over two lakh in November.
⚫Govt is reconsidering extension of sugar export subsidies as India has got good opportunity to sell the sweetener in the international market. Sugar mills exported 5.7 million tonnes of sugar against the mandatory quota of 6 million tonnes set for the season.
⚫India's top 12 ports registered a 12.43% decline in cargo traffic during the April-Oct period of the current fiscal to 354.81 million tonnes amid COVID 19 related disruptions.
⚫GSTN infrastructure has been upgraded to handle up to 300,000 logged in users at a time. Besides, the GSTN has introduced auto populated sales return form GSTR-3B in PDF form which will be available from Oct 2020 tax periods onwards.
⚫With economic activity gradually improving post lockdown, PNB Housing Finance is closely monitoring the inventory levels of builders and asking them to start selling as demand for home loans is nearly getting back to normal.
⚫Luxury apartment sales make a comeback in big cities, stamp duty cut helps. South-Central Mumbai localities in October had luxury home sales worth Rs 500 crore; demand grows for South Delhi properties
⚫India's COVID19 caseload went past 85 lakh, while the number of people who have recuperated from the disease surged to 7868968 pushing the national recovery rate to 92.49%.
⚫US President-elect Joe Biden will work towards providing a roadmap to American citizenship for nearly 11 million undocumented immigrants, including over 500,000 from India, and will also establish a minimum admission number of 95,000 refugees annually.
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👉🏻GST portal scaled up to handle 3 lakh taxpayers at a time
(GST portal has been enabled to handle double the taxpayer traffic for return filing after the GST infra was upgraded to handle up to three lakh concurrent users at a time)
👇🏻 👇🏻 👇🏻
https://bit.ly/3k9I6Yz
👉🏻Structured of Ind AS - List of Ind AS
(List of Indian Accounting Standards (Ind AS) along with comparative IFRS & Accounting Standard (AS)
👇🏻 👇🏻 👇🏻
https://bit.ly/32nhTzF
👉🏻GST authorities will soon be able to intercept transactions by dubious firms
(Fake invoicing, abuse of tax credits and frauds around export incentives have been a major headache for the indirect tax administration)
👇🏻 👇🏻 👇🏻
https://bit.ly/2JPxnpX
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