September 28, 2020

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IMC EVENTS

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1
Sep

International Buyer & Trade Visitor at MyAPEC2020 Virtual Exhibition

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22
Sep

CPAA's Colours of Life 2020: Online Art Exhibition & Sale in aid of underprivileged cancer patients-22 Sep-10 Oct '20

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Notifications

 
INCOME TAX

26
Sep

Notification No. 76/2020/F.No. 370142/33/2020-TPL (Delhi)
—In exercise of the powers conferred by sub-section (6B) of section 250 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following Scheme

24
Sep

Notification No. 75/2020 (Delhi)
G.S.R. 574(E).-In exercise of the powers conferred by section 295 read with section 195 and rule 5 of the First Schedule to the Income- tax Act, 1961

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INDIAN ECONOMY

India to see double digit growth: KV Kamath

Banker and former president of the New Development Bank of BRICS countries KV Kamath said on Friday that India would see a double digit growth between this financial year and the next. A greater clarity would emerge in a month, he said. “The second quarter numbers will indicate where we are going to be,” Kam...

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Covid-19 blues: S&P says India’s debt level to exceed 90% of GDP in FY21

Standard and Poor’s (S&P) on Friday forecast a spike in India’s debt levels to 90.6% of its gross domestic product (GDP) in FY21 from 73.4% a year before, although the global rating agency retained the country’s long-term sovereign rating at the lowest investment grade of ‘BBB-‘, with a stable outlook. With ...

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Farm sector to lead economy from front this fiscal; check where farmers may spend increased income

While the Indian economy is poised to face a severe contraction in the coming quarters, the agriculture sector is expected to lead the economy from the front. The agriculture and allied activities may grow at 3.8 per cent in the current fiscal year 2020-21, with buoyant Kharif and Rabi output, said a report b...

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Centre used GST compensation cess elsewhere, violated law: CAG

The CAG has found that the Union government in the very first two years of the GST implementation wrongly retained Rs 47,272 crore of GST compensation cess that was meant to be used specifically to compensate states for loss of revenue. In its audit report of government accounts, the Comptroller and Auditor ...

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India needs to copy China better when it comes to running successful SEZs

If India only reforms when under pressure, then now should be a moment for big changes: Gross domestic product contracted nearly 24% in the second quarter, more than any other large economy; tens of millions have lost jobs in the formal and informal sectors; and the country is adding over 85,000 confirmed cor...

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ADB approves Rs 2,200 crore loan to develop Rajasthan's secondary towns

The Asian Development Bank (ADB) has approved a 300 million dollar (about Rs 2,200 crore) loan to finance inclusive water supply and sanitation infrastructure and services in secondary towns of Rajasthan. The project is expected to build citywide access for improved water supply services for about 5.7 lakh...

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NCAER sees GDP shrinking by 12.6% in FY21, falling in three remaining qtrs

The National Council of Applied Economic Research (NCAER) has projected the economy to contract 12.6 per cent in the current financial year (FY21), with the remaining three quarters expected to witness a fall in gross domestic product (GDP). It pegged the GDP fall at 12.7 per cent in the second quarter, 8.6 ...

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MARKET & FINANCE

Forex reserves touch lifetime high at $545 bn; bank deposit rises faster than last year, shows RBI

India’s foreign exchange reserves surged to a lifetime high of $545.038 billion in the week ended September 18. The week saw a rise of $3.378 billion in forex reserves, according to the weekly publication of RBI. The reserves had fallen by $353 million to $541.660 billion in the previous week. A rise of $3.94...

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RBI devolves benchmark bonds for the 4th time in two months

A central bank auction of sovereign bonds Friday didn’t find buyers again for a chunk of the debt on offer at reasonable rates for the fourth time in past seven weeks, indicating that Mint Road wants rates to slide further in an economy buffeted by output shrinkage and bloated borrowing. Bond houses took ...

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Goldman Sachs picks the emerging market currencies to back when ‘the dust settles’

Goldman Sachs has marked out the Mexican peso as its top emerging market (EM) currency pick "once the dust settles" from the coronavirus pandemic. In a note Thursday, Goldman strategists suggested that while it may be too early to engage with high-yield EM bets, with risks still prevalent and the dollar on...

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GLOBAL CORPORATE

3,500 US firms sue Trump administration over tariffs on Chinese goods

About 3,500 U.S. companies, including Tesla Inc , Ford Motor Co , Target Corp , Walgreen Co and Home Depot have sued the Trump administration in the last two weeks over the imposition of tariffs on more than $300 billion (235.35 billion pounds) in Chinese-made goods. The suits, filed in the U.S. Court of I...

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INCOME TAX

Faceless I-T appeal system kicks off today, leaves out fraud and evasion

All appeals up to the level of commissioner of income tax (Appeals) — except for those relating to serious fraud, major tax evasion, sensitive search matters, and black money — went faceless from Friday. This is the first level of appeal in the income tax (I-T) system against orders of assessing officers. Th...

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Banking

Positive pay system for cheque payments to come into effect from January 1: RBI

In order to check banking fraud, the Reserve Bank of India has decided to introduce from January 1, 2021, the ‘positive pay system’ for cheque, under which re-confirmation of key details may be needed for payments beyond Rs 50,000. Availing of this facility would be at the discretion of the account holder....

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Bank credit up 5.26%, deposits by 11.98%: RBI data

Bank credit grew 5.26 per cent to Rs 102.24 lakh crore while deposits rose 11.98 per cent to Rs 142.48 lakh crore in the fortnight ended September 11, according to RBI data. In the fortnight ended September 13, 2019, bank credit was at Rs 97.13 lakh crore and deposits at Rs 127.22 lakh crore. In the pre...

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GLOBAL ECONOMY

Trade Report
Country Month Link
Switerzland July 2019 Click
UK borrowing soars in August as Covid costs mount

The figure - the difference between spending and tax income - was £30.5bn more than it borrowed in August last year. The increase meant that the borrowing figure hit its highest amount for August since records began in 1993. Bor...

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PM Modi-Yoshihide Suga talks: New supply chains central to free, open Indo-Pacific

Prime Minister Narendra Modi and newly elected Japanese Prime Minister Yoshihide Suga agreed at their first official conversation that the “economic architecture of a free, open and inclusive Indo-Pacific region must be premised o...

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G7 backs extension of G20 bilateral debt freeze, calls for more reforms

G7 finance ministers on Friday backed an extension of a G20 bilateral debt relief initiative for the world's poorest countries, but said it must be revised to address shortcomings hindering its implementation. In a lengthy join...

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Price of vice: Norway may cut in sin tax on alcohol, sugar to spur spending

HALDEN, Norway (Reuters) - Norway's tipplers and sweet tooths may no longer feel a need to leave the country to stock up on their favourite vices. The Nordic country's ruling party has proposed cutting its famously high "sin"...

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Red flag waves as demand wanes at Southeast Asia bond auctions

Waning demand at recent debt sales suggests next quarter is going to be a difficult one for Southeast Asian bonds. Bidding at Indonesian and Malaysian auctions has fallen to the lowest levels in at least five months, while the ...

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Global GDP shrinks 7.2% in Q2CY20; records worst fall since 1997

Global real gross domestic product (GDP) contracted 7.2 per cent in the second quarter of 2020 from year-ago period. This was the worst fall since 1997, shows an analysis of 39 nations by Motilal Oswal Financial Services. These in...

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China gets nod to join FTSE Russell's trillion-dollar WGBI club

FTSE Russell will add Chinese government bonds (CGBs) to its flagship World Government Bond Index (WGBI), the index provider said on Thursday, paving the way for billions of dollars of inflows into the world's second-largest econo...

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INDIAN CORPORATE

Anil Ambani lives a simple life, drives just one car and has sold all his jewellery to pay his legal fees

Indebted business tycoon Anil Ambani told a UK court on Friday that he lives a simple life, drives just one car and has sold his jewellery to pay his legal fees. He said he had received Rs 9.9 crore for all his jewellery betwee...

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International arbitration: Vodafone wins Rs 22,000-crore retrospective case against tax department

Vodafone Group has won a long pending arbitration case against the Indian government relating to retrospective taxation under which the income tax department had raised a demand of around Rs 22,000 crore on the British telecom maj...

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Shapoorji Pallonji Group to recast Rs 10,900 crore debt under COVID-19 resolution framework

The Shapoorji Pallonji Group, which has decided to exit the Tata group, will restructure Rs 10,900 crore of its debt under the resolution framework for pandemic-related stress, a group official said. The relief is being sought ...

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Harley in talks with Hero for sales tie-up

Harley-Davidson fans may still be able to buy the iconic bikes in India—their American maker is in advanced talks with Hero MotoCorp Ltd for sales, distribution and services in India, three people aware of the matter said. Acco...

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GST

GST E-invoicing Mandatory from October 1 for Firms with Annual Turnover of Over Rs 500 Crore

No further relaxation is likely in terms of e-invoicing as the Centre is set to go ahead with the decision to make GST e-invoicing mandatory for companies with annual turnover of over Rs 500 crore for their business-to-business transactions starting October 1. Industry representatives, however, have urged ...

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