25th February 2K21
Ø Cabinet approves PLI scheme for pharma
Ø Mexico's Grupo Bimbo buys iconic bread brand Modern Foods
Ø Reliance prices coal gas from Madhya Pradesh at minimum USD 6
Ø Nirav Modi extradition case to come up on Thursday
Ø Number of ultra-high networth individuals to rise 63% to 11,198 in 5 years in India: Report
Ø Power Ministry reduces discom penalties to 5% over SBI lending rate
Ø Sebi, Finmin seek detailed report from NSE as trading halts due to glitch
Ø PM Modi says govt committed to selling non-strategic PSUs
Ø India's foodgrain production to rise 2% in 2020-21: Government
Ø Indian corporate bond market can double March 2025 : Crisil
Ø SoftBank-backed Berkshire Grey to go public via $2.7 bn SPAC deal
Ø Piramal Enterprises sets up new alternative fund management business
Ø Cabinet approves PLI scheme worth ₹7,350 cr for laptops, tablets, servers
Ø IOC to set up fuel ethanol, EV battery plants
Ø ReNew Power inks pact to merge with RMG Acquisition Corp II
Ø Strides gets USFDA nod for Ibuprofen OTC oral suspension
Ø NMPT signs 7 MoUs with stakeholders
Ø NTPC inks pact to buy GAIL's 25.1 per cent stake in RGPPL
Ø NSE halts trade for 4 hrs due to tech snag, markets rise 2% in extended session
Ø Govt allows private sector banks to participate in all govt businesses
Ø Govt to set up national asset monetization pipeline for sale of CPSE assets
Ø CBDT issues refunds of over 1.95 cr to more than 1.93 cr taxpayers in FY21
Ø Bidders for PSBs should have deep pockets: RBI
Ø India’s foodgrain output to rise 2% in 2020-21 to record 303.34 million tonnes: Govt
Ø Hong Kong to spend $15.4 billion to stabilise coronavirus-ravaged economy
Ø German economy grew 0.3% in Q4, better than thought
Ø IT sector continues to see sequential growth in hiring in January: Report
Ø Govt to bring amendments to two Acts to enable privatisation of PSU banks
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⚫PM said that many countries in the world have joined the International Solar Alliance initiative started by the country. India has placed the idea before the world & embodied it.
⚫India's GDP may turn positive at 1.3% in the third quarter of 2020-21, having witnessed contraction in the previous two quarters due to the coronavirus, as the number of cases is falling and public spending has started rising.The Govt will release the GDP numbers for the Oct-Dec quarter of the current fiscal on Friday.
⚫Petroleum Minister has urged GST Council to bring petroleum products under GST purview as early as possible.
⚫Govt expect high GST collections in Feb as well, due to anti evasion measures undertaken.
⚫State OMCs spent Rs 1.96 trillion in excise duty in April-Dec FY21. Excise duty payment by OMCs rises 66% YoY, despite 30% decline in net sales.
⚫The demand for smartphones and rising device costs may push the local smartphone market beyond the record Rs 2-trillion mark in 2021.
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LEGAL-KNOWLEDGE CAPSULE
✒ Supreme Court held that sale of defective car due to dealer's default will not make car manufacturer liable unless knowledge can be proved.
✒ Supreme Court held that giving *extra chance in UPSC exams to a few will have a cascading effect to other examinations.
✒ Supreme Court held* that the *pledge holder is not a financial creditor.
✒ Calcutta High Court held that removal of a blind person from the job solely on the ground of disability violative of the rights undrer PwD Act, 2016.
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⚫PM said, The Govt has vision to support the country's enterprise and business, but the Govt itself running the enterprise or continue to be its owner is something that is not needed in this age. Neither it is possible. He further added that the Govt has no business to be in business and should focus on welfare scheme & developmental projects.
⚫The Centre has lifted the restrictions on the grant of Govt businesses to private banks. All private sector banks now will be allowed to conduct govt-related banking transactions, such as tax and pension payments. FM said that private banks can now be equal partners in the development of the economy, furthering Govt social sector initiatives, and enhancing customer convenience.
⚫The Centre said it has transferred over Rs 1.15 lakh crore directly to bank accounts of more than 10.75 crore farmers under the PM-KISAN scheme and asked states to ensure that all eligible beneficiaries are covered in this flagship programme.
⚫The Cabinet approved the Production Linked Incentive Scheme worth Rs 15,000 crore in pharmaceuticals & about Rs 7,350 crore over four years for information technology hardware products.
⚫IIFL Securities has won the bid to acquire about 1.1 million demat accounts held by Karvy Stock Broking, while Axis Securities has emerged as the successful bidder for trading accounts held by Karvy.
⚫Delhi recorded 200 fresh COVID-19 cases on Wednesday, the highest number of single-day incidences in February
⚫Delhi Govt is likely to ask travellers from Maharashtra, Kerala and Punjab, to show negative COVID-19 test report before entering the national capital.
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👉🏻Gujarat High Court reprieve for exporters on GST exemptions
(DRI had begun issuing notices to exporters in the last few months, raising questions around benefits claimed under the GST framework for advance authorisation scheme)
👇🏻 👇🏻 👇🏻
http://bit.ly/3qWCWDM
👉🏻Applicability of Dynamic QR Code on B2C invoices & compliance
(CBIC clarify in respect of applicability of Dynamic Quick Response (QR) Code on B2C invoices and compliance)
👇🏻 👇🏻 👇🏻
http://bit.ly/301tB1H
👉🏻GST Latest Updates for Taxpayers
(Opt in Composition Scheme | Payment through GST Challan | Due Dates for GSTR-3B | Furnish LUT | Levy of Handling Fees)
👇🏻 👇🏻 👇🏻
https://bit.ly/3qRpAII
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👉Advisory on Annual Return (GSTR-9)
https://www.gst.gov.in/newsandupdates/read/454
👉Tax saving: How section 80C of the Income-tax Act works
https://economictimes.indiatimes.com/wealth/tax/tax-saving-how-section-80c-of-the-income-tax-act-works/articleshow/81150504.cms
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