28th January 2K21
Ø Government plans $41 billion reform to revive ailing power utilities
Ø India's new farm laws have potential to raise farm income: IMF
Ø Fertiliser sales up 12% year-on-year in April-December period
Ø Indian e-commerce industry poised to touch $90-100 billion in 3-4 years: Flipkart Group CEO
Ø Reliance signs USD 15 million deal with Israeli firm to distribute COVID-19 breath test kit
Ø No change in CRISIL rating grades for banks: RBI
Ø HUL Q3 profit jumps 19% YoY to Rs 1,921 crore; revenue rises 20%
Ø Axis Bank's net profit drops 36% in Q3 due to higher provisions
Ø India inks MoU with IEA for global energy security, sustainability
Ø China says Indian ban on apps violates WTO fair rules of business
Ø Private placement of debt hits all-time high of Rs 7.77 trn in 2020
Ø AT&T takes $15.5 billion charge on DirecTV, adds more phone customers
Ø ICICI Pru Life Insurance Q3 net profit up 1%
Ø Marico Q3 net profit rises 13 per cent to ₹312 cr
Ø Emami reports 37% rise in Q3 profit to ₹202 cr; revenue grows 13%
Ø Dr Reddy’s, GRA terminate Avigan study on hospitalised Covid cases in Kuwait
Ø Microsoft’s gaming revenue grew 51% in Q2 2021
Ø Twitter acquires newsletter service Revue
Ø One out of every five in informal sector are out of work during Oct-Dec: Survey
Ø Investors' wealth plunge over ₹8 lakh cr in four days
Ø Aditya Birla Fashion to acquire 51% in designer brand Sabyasachi
Ø GHIL enters into agreement to raise $300 million bond issue
Ø PNB Housing Finance Q3 result: Net profit nearly flat at ₹232 cr
Ø FinMin releases Rs 12,351 cr to 18 states for RLB grant
Ø Disinvestment: FY22 target to be around Rs 2 lakh crore
Ø Bank of Baroda Q3 profit at Rs 1,159 cr
Ø S&P revises Vedanta Resources outlook from ‘negative’ to ‘stable’
Ø PIL in Delhi HC seeks direction to e-commerce websites to display MRP, seller details
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⚫The Minister for Road Transport said dept has approved a proposal to levy a “Green Tax” on old vehicles. According to the proposal, transport vehicles older than 8 years could be charged Green Tax at the time of renewal of fitness certificate, at the rate of 10-25% of road tax and personal vehicles to also be charged the same levy at the time of renewal of Registration Certification after 15 years.
⚫The RBI said it is examining if there is a need to introduce central bank digital currency in the country and, if yes, how to operationalise it.
The RBI's statement comes against the backdrop of private digital currencies, virtual & crypto currencies gaining popularity in recent years. The RBI is exploring the possibility as to whether there is a need for a digital version of fiat currency and in case there is, then how to operationalise it,” the RBI said, releasing a booklet of payment systems in India.
⚫Capitalise PSBs, create bad bank to absorb NPAs, CARE Ratings said, given that bank credit growth would be higher in FY22 than in FY21, incremental credit would be Rs 10-11 trillion
⚫Govt missing the perfect opportunity for PSU privatisation: Centre should push PSU share sale as markets hit record high.
⚫Direct tax compliance set to be made easier in upcoming Budget. Budget may resolve issues related to administration.
⚫Delhi conducted its fifth sero-prevalence survey in January and the results have revealed that the Capital is inching closer towards attaining herd immunity against COVID-19.The latest survey has found that every second person in Delhi has developed antibodies against the novel coronavirus.
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Trusts and societies have till April 1 to register with MCA under CSR rules
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Each CSR project would be given a unique registration number upon submission of the Form CSR-1 which can be used to track the project
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➡️“It is a one-time registration in a simple single-page form where details of the members, PAN number etc has to be provided which can help us identify the implementing agencies on the MCA21 portal,” a senior government official told Business Standard.
➡️ this will also serve as a database of authentic implementation agencies and promote transparency in implementation of CSR activities, the senior official said.
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➡️company having average CSR obligation of Rs 10 crore or more in the three preceding financial years, will have to undertake an impact assessment study of its projects, through an independent agency.
➡️Such as study has to be done for projects with an outlay of Rs 1 crore or more, and which have been completed not less than one year before the impact study.
➡️The board has to ensure that the administrative overheads of CSR activity do not exceed five percent of total CSR expenditure of the company for the financial year.
➡️ Any surplus arising out of the CSR activities will also not form part of the business profit of a company and be ploughed back into the same project or transferred to the Unspent CSR Account.
Companies are also allowed to create or acquire capital assets through CSR in the name of beneficiaries or a public authority or registered trust, society or section 8 company.
➡️This has been done in line with sustainable development goals which talk about building partnerships.
➡️The company’s board has to mandatorily disclose the composition of the CSR Committee, and CSR policy and projects on their website for public access.
➡️Companies with CSR liability of less than Rs 50 lakh will not have to form a CSR committee. “For smaller companies we want to ease the burden of CSR compliances.”
https://www.google.com/amp/s/wap.business-standard.com/article-amp/companies/trusts-and-societies-have-till-april-1-to-register-with-mca-under-csr-rules-121012201321_1.html
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⚫India is considering easing foreign investment rules for sectors ranging from construction to animation to lure overseas capital needed to create jobs in an economy cratered by the pandemic
⚫Govt mulls revenue dept restructuring; CBIC, CBDT to focus on collection. Govt examining measures like the strengthening of the Central Economic Intelligence Bureau.
⚫The Indian Railways has done away with additional charges it levies on larger goods consignments moving through the dedicated freight corridors. This is being done to aid infrastructure projects and encourage more transport through the DFC.
⚫Home Minister had a high-level meeting of officials to assess the situation. After this 15 companies of central armed forces were deployed across the city while the Delhi Police commissioner has been asked to deal with the protesters strictly.
⚫Farmers breaking their commitment to a peaceful rally on the outskirts of the capital and rioting in the capital may have sealed the fate of their cause with this unacceptable breach of protocol on Republic Day. They may need to introspect on their endgame now.
⚫86 policemen have reported injured & several public & private properties have been damaged in this act of vandalism by the rioting mob. Delhi Police are keeping a close watch on the situation and also registering cases of violation of lawful directions, rioting, damage to public property & assault on police with deadly weapons.
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RBI predicts a disastrous GDP fall of 7.5%, yet the stock market has soared. The Sensex crossed 50,000 last week, up from 40,000 a year ago. Is this a bubble about to burst? Yes, it is a bubble. But it may last some time since it is part of a global bubble blown by major central banks printing money massively to combat the Covid-induced recession.
Compounding of Contraventions under the FEMA, 1999 in India. Now most of the contraventions under the FEMA, 1999 except sensitive or serious can be compounded by RBI without levying a maximum penalty @300%.
However Director of Enforcement (DOE) is permitted to initiate for
persecution where an imprisonment of maximum 7 years can be imposed
against sensitive or serious contravention. Read more: http://femainindia.com/Image/Compounding_15.pdf
Ministry of Finance has issued a Press Release dated January 15, 2021 regarding One held by CGST Delhi officials for fraudulently passing on fake ITC of Rs 14.30 crore. In the ongoing campaign against fake/bogus invoices and resultant availment of inadmissible ITC, officers of Central Goods and Service Tax (CGST) Commissionerate, Delhi (East) have detected a case of issue of fake bills of Rs. 79.5 crore (approx).
Ministry of commerce and Industry has issued Trade Notice No. 36/2020-21 – dated January 4, 2021 Regarding Cyber fraud complaints from Indian Exporters - Trade Advisory.
UCO Bank invites bids for the appointment of consultant for the implementation of Internal Financial Controls over Financial Reporting for the FY 2020-21 onwards. Last date of bid submission: 27.01.2021 up to 04.00 PM
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⚫The Union Cabinet has paved the way for the much awaited policy on the privatisation of PSUs, and its details are expected to be announced in the Union Budget.
⚫India’s consumption economy will be the third largest globally by 2030, and it would scale to about $5 trillion, said CEO Flipkart Group. He expects that 75% of this consumption will be led by the middle-income segment.
⚫In 2006, less than 3% of people were shopping online. In 2019, about half of the population was online and more than 10% were shopping online.
⚫Amazon under ED lens over FDI rule breach. The action follows certain observations made by a Delhi High Court bench last month about Amazon in the Reliance Future Retail acquisition case.
⚫Farmer unions cancelled their planned foot march to Parliament on February 1 when the Budget would be presented in the House.
⚫The Delhi police have booked farmer leader Rakesh Tikait and 36 others, and also detained around 200 people in connection with incidents of violence and vandalism in various parts of Delhi.The Bharatiya Kisan Union (Bhanu) and the All India Kisan Sangharsh Coordination Committee have decided to withdraw from the ongoing agitation.
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Finance Minister launches “Union Budget Mobile App”
Union Budget 2021-22 which will be presented on 1st February 2021 will be the first budget in the history of India in the paperless form. Union Finance Minister Nirmala Sitharaman has launched a mobile application named “Union Budget Mobile App” which will provide quick easy and hassle-free access to Union Budget information to all stakeholders.
Union Budget Mobile App:-
- To download the App go to the Union Budget Web Portal (www.indiabudget.gov.in).
- The App has been developed by the NIC (National Informatics Centre)
- The App will be available on both Android and iOS platforms.
- The App will be available in English as well as Hindi language
- The App will have features of downloading, printing, searching, zooming in and out, bidirectional scrolling, table of contents and external links, etc.
- The App will provide complete access to 14 Union Budget documents including the Annual Financial Statement (commonly known as Budget), Demand for Grants (DG), Finance Bill etc. as prescribed by the Constitution.
- The Budget documents will be made available on the Mobile App after the Finance Minister completes the Budget Speech in the Parliament.
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