6th May 2K21
Ø RBI turns focus to small borrowers, allows another loan recast
Ø Cabinet approves strategic disinvestment in IDBI Bank
Ø Govt eases procedure for import of oxygen cylinders, cryogenic tankers
Ø CCI orders probe against Tata Motors for alleged unfair biz practices
Ø Andhra decides to sell stake in Gangavaram Port to Adani for Rs 645 cr
Ø Ceat to make a fresh investment of Rs 1200 crore in truck and bus plant
Ø India's services growth slowed to 3-month low in April, input costs soared
Ø RBI announces loan relief, Rs 50,000 cr liquidity to tide over Covid
Ø Saudi Arabia cuts oil prices for Asia as virus hits India demand
Ø Asian equities see foreign investment inflows for first time this year
Ø Tata Steel posts profit of Rs 6,644 cr in Q4; declares dividend of Rs 25
Ø Supreme Court defers hearing Amazon, Future case amid Covid-19 surge
Ø India will sail through the Covid storm, says Finance Minister
Ø Adani Airport becomes the largest airport company; caters 10% of India's traffic
Ø Income Tax department notifies exemption for four Canadian Funds
Ø Hikal in 10-year multi-product deal with global player
Ø Ease import of pharma inputs: AP Industries Min to Centre
Ø DoT clears 5G trials sans Chinese vendors
Ø Adani Green Energy Q4 net profit rises over 8% to ₹105 crore
Ø Canada authorizes Pfizer vaccine for for children from 12 to 15 age group
Ø Serum Institute of India leads cross-sector Indian investments into UK
Ø India accounts for 46% of world's new Covid-19 cases, 25% of deaths: WHO
Ø Galaxy Digital to buy BitGo in crypto sector’s first $1 billion deal
Ø S&P: Second COVID wave may derail India’s budding recovery; 8.2-9.8 pc GDP growth in diff scenarios
Ø Indian Bank declares Saravana Stores account as fraud
Ø Adani Enterprises Q4 Net Profit Up 282% To Rs 233.95 Cr
Ø Sensex Rallies 424 Pts On RBI Announcements; Financial Stocks Shine
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⚫S&P Global Ratings slashed India's GDP growth forecast for the current financial year to 9.8% saying the second COVID wave may derail the budding recovery in the economy and credit conditions.
⚫Demand from lenders for suspension of IBC grows amid 2nd Covid wave. As it is expected to impact mid-sized, small co's, lenders seek a breather.
⚫Drugmakers in India are warning that a halt on some cargo flights from China could imperil an important link in the global pharmaceutical supply chain. The US relies heavily on India to stock its medicine cabinets, and any slowdown in output could leave pharmacies short of drugs used regularly by millions of Americans.
⚫Markets may be ignoring banks' NPA risk from second coronavirus wave. New measures allow banks to defer full recognition of NPAs, encourage lending to areas having high probability of defaults.
⚫The Indian Navy has deployed ships from all three of its naval commands in Mumbai, Visakhapatnam and Kochi, to ferry liquid medical oxygen and other Covid-related items from friendly foreign countries in the Persian Gulf and South-East Asia.
⚫India on Wednesday reported 382315 cases.
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👉Waiver of interest and late fee to normal taxpayers (filing return on monthly or quarterly basis) and composition taxpayers, for the tax periods of March and April, 2021
https://www.gst.gov.in/newsandupdates/read/468
👉Extension in dates of various GST Compliances for GST Taxpayers
https://www.gst.gov.in/newsandupdates/read/469
👉Module wise new functionalities deployed on the GST Portal for taxpayers
https://www.gst.gov.in/newsandupdates/read/470
👉 Announcement of Online Examination of the 'Certificate Course on Ind AS' to be held on 27th June 2021 - (04-05-2021)
https://www.icai.org/post/online-examination-certificate-course-on-indas
👉 Extension of validity of Peer Review Certificate in the wake of COVID -19 spurt across the country - (04-05-2021)
https://www.icai.org/post/extension-of-validity-of-peer-review-certificate-in-the-wake-of-covid-19
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Income Tax Order passed by Assessing Oficer not in conformity with directions of DRP is Invalid. Case Name : Yokogawa India Ltd. Vs ACIT (ITAT Bnagalore). Appeal Number : ITA(TP)A No. 1715 & 692/Bang/2016
File GSTR-3B of May 2021 with cumulative adjustment of ITC of April-May 2021 as Rule 36(4) to apply cumulatively. Notification 13/2021 CT of 1.5.21.
Ministry has issued General Circular Number 06/2021 and Number 07/2021 on 3rd May, 2021 allowing stakeholders to file various forms due for filing during 01/4/2021 to 31/05/2021 under the Companies Act, 2013/LLP Act, 2008 by 31st July, 2021 without payment of additional fees.
RBI Announces New Measures Amid Covid Second Wave. On-tap liquidity of Rs 50,000 crore at repo rate is being opened till March 31, 2022.
Under the scheme banks can support entities including vaccine manufacturers, medical facilities, hospitals and also patients.Such lending will get priority sector classification till repayment or maturity.
Banks to create a Covid loan book under the scheme. Such banks can park liquidity equal to Covid loan book at 40 basis points above the reverse repo rate. The RBI has announced a targeted long term repo operation for small finance banks of upto Rs 10,000 crore. The funds can be used for lending of upto Rs 10 lakh per borrower. SFBs permitted to on-lend to smaller micro-finance institutions of asset size upto Rs 500 crore.
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