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| IMC Digital Processes have changed with online features, to experience the new processes visit us at https://www.imcnet.org
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17
Aug
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Notification No. 68/2022
(Delhi)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.
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17
Aug
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Circular No. 12/2022
(Delhi)
Guidelines for launching of Prosecution in relation to offences punishable under the Customs Act, 1962-reg
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17
Aug
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Circular No. 13/2022
(Delhi)
Revised Guidelines for Arrest and Bail in relation to offences punishable under Customs Act, 1962-reg
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RBI
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16
Aug
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RBI/2022-23/108
(Delhi)
Outsourcing of Financial Services - Responsibilities of regulated entities employing Recovery Agents
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LIVE MARKET
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NSE (NIFTY)
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BSE (SENSEX)
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NASDAQ
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FTSE 100
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USD
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EURO
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GBP
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GOLD
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SILVER
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INDIAN ECONOMY
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The EU wants India to prohibit what it calls “discriminatory ‘buy national’ practices”, including some relating to the Make in India and Atmanirbhar Bharat initiatives, claiming that they aim to favour domestic manufacturing, discourage imports and thus “significantly affect market access for EU firms”, accor...
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India imported goods worth $4.23 billion in June from sanctions-hit Russia, up 6.8 times as compared to last year, as demand for shipments of crude oil grew at the fastest pace during the month.
Crude oil worth $3.02 billion was imported in June, which translates into a share of 71 per cent of the total im...
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The Covid-19 pandemic brought India’s economy to a grinding halt, and, although the centre was overstretched financially, so were the states, with many reeling under increasing debt.
The matter again picked up heat, when Finance Minister of Kerala KN Balagopal wrote a letter to Union Finance Minister, Nir...
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India’s trade deficit widened further by $4 billion to a touch a new all-time high of $30 billion for the month of July, driven by elevated commodity imports (petroleum, coal, etc) and slowing exports. Oil exports fell – primarily owing to the government’s windfall tax – and the core deficit rose owing to hig...
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With RBI hiking the lending rate, the Union Cabinet on Wednesday earmarked Rs 34,856 crore towards the interest subvention scheme to help banks provide short term agriculture loans of up to Rs 3 lakh at a rate of 7 per cent.
Information and Broadcasting Minister Anurag Singh Thakur said the Cabinet has dec...
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Former deputy chairman of the erstwhile Planning Commission Montek Singh Ahluwalia on Wednesday said it would be unrealistic to assume that India would record a sustained growth of 8 per cent, which is needed to become a 'developed nation' by 2047. Participating in a panel discussion organised by the Centre f...
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The country's oil meal exports increased 19 per cent to 2,27,247 tonnes in July this year due to rise in shipments of rapeseed meals, according to Solvent Extractors' Association (SEA) of India. Oil meal exports during July 2021 stood at 1,91,663 tonnes, SEA data said.
The overall export of oil meals durin...
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MARKET & FINANCE
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What do you think about the FOMC minutes? We do not know what the next rate hike is going to be but we do know there will be one.
Yes I think it is a 50-50; whether it will be 50 basis points or 75 basis points but clearly not only is the next rate hike coming but I believe there are three rate hikes coming ...
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The benchmark Sensex at the BSE reclaimed the 60,000 mark after over four months on the back of moderating inflation, decline in global commodity prices and inflow of foreign portfolio investors (FPIs) into the Indian markets. The broader Nifty at National Stock Exchange (NSE) too crossed 17,900 on Wednesday....
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Indian government bonds may be added to a global index next year, triggering passive inflows of about $30 billion that will help the country to finance its current account and fiscal deficits, according to Goldman Sachs Group Inc.
The nation’s sovereign bonds may be added to JPMorgan’s GBI-EM Global Divers...
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For Indian corporations it’s back to borrowing in India as overseas borrowings via ECBs was down Q2’22 by 20 % as global liquidity tightening and volatile foreign money made exterior industrial borrowings (ECB) costly. This additionally explains the pick-up in domestic credit score.
Borrowers throughout se...
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GLOBAL CORPORATE
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Apple Inc‘s suppliers are in talks to produce Apple Watch and MacBook in Vietnam for the first time, Nikkei Asia reported on Tuesday, citing people familiar matter. Apple’s Chinese suppliers Luxshare Precision Industry and iPhone assembler Foxconn have started test production of Apple Watch and MacBook in Nor...
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China’s military drills after US House Speaker Nancy Pelosi visited Taiwan sparked alarm around the region, although its trade retaliation barely made a dent -- mostly because Beijing doesn’t want to hurt itself.
The value of trade targeted by China’s sanctions contributes a tiny amount of less than 1% to ...
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Asia’s export boom is showing signs of slipping into a deeper than expected downturn, HSBC Holdings Plc. and Nomura Holdings Inc. both warned in research notes published Tuesday.
The warnings from both lenders suggests the trade surge that powered Asia through the pandemic is at a turning point, matching s...
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Banking
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Banks are looking at transferring newer nonperforming assets (NPAs) to the National Asset Reconstruction Company (NARCL). But the provision requirement is set to rise as the sale price is likely to be lower than the value of the loans on their books. At the same time, banks may not realise the proceeds from t...
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The government’s ceding of ownership and control of public sector banks (PSBs) could have significant implications for their credit profile, rating agency India Ratings and Research said on Wednesday. In the event of government ceding control of state-owned banks, the agency would reassess the government’s su...
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April-June quarter earnings of the banking sector failed to meet expectations pinned by analysts at ICICI Securities owing to the MTM hit and elevated opex. “For April-June quarter, banks under our coverage reported ~16% YoY / 2% QoQ growth in NII. Core operating profit grew 17% YoY while treasury loss dragge...
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SBI has raised its marginal cost of lending rate (MCLR) on loans by 20 basis points or 0.2 per cent. The higher MCLR is effective from August 15, 2022. Loans linked to an external benchmark (EBLR) and repo linked (RLLR) have also been hiked. According to the public sector lender’s website, the one-year MCLR r...
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About 12% of the overall microfinance loans of Rs 2.76 lakh crore have remained non-performing assets (NPA) at the end of June despite improvement in overall repayment collection, microfinance industry body Sa-Dhan said.
This translates into Rs 33,000 crore of NPA.
"Recovery has improved compared to the...
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The central bank on Wednesday released a discussion paper on all charges levied on various payment systems like RTGS, NEFT, UPI, IMPS, Credit and debit cards among others. The regulator has asked all payment system stakeholders to submit feedback on whether it should introduce charges on UPI or it should be m...
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Custom
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The Central Board of Indirect Taxes and Customs (CBIC) on Wednesday increased the threshold monetary limit for prosecution and arrest for customs violations. In baggage and outright smuggling cases, the threshold market value of goods or foreign currency has been increased from over Rs 20 lakh to over Rs 50 l...
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GLOBAL ECONOMY
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Goldman Sachs Group Inc. and Nomura Holdings Inc. downgraded their forecasts for China’s economic growth further, with a power supply crunch adding more uncertainty to the outlook.
Goldman Sachs lowered its projection for gross d...
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Federal Reserve officials saw "little evidence" late last month that US inflation pressures were easing, and steeled themselves to force the economy to slow down to control an ongoing surge in prices, according to the minutes of t...
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Humanitarian aid to Afghanistan is not enough to sustain its economy and more investments are needed to support the country’s development, according to the United Nations.
“You can’t use humanitarian relief to patch up what ha...
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China’s state media said local governments could sell more than $229 billion of bonds to fund infrastructure investment and plug budget gaps, a further move by Beijing to shore-up an economy hit by worsening coronavirus outbreaks ...
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Industrial China is alive and well despite concerns of an economic slowdown. It just doesn’t look like it did before — or at least, what everyone is used to.
Data this past week showed a dismal picture: Industrial output rose 3.8...
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Chinese Premier Li Keqiang has urged China's wealthiest provinces to "bravely take the lead" to bolster growth and employment, a day after official data painted a gloomy picture for the world's second largest economy.
Li — the ...
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China will step up macro-economic policy support for the economy, state media quoted Premier Li Keqiang as saying on Tuesday, after data showed growth unexpectedly slowed last month.
China's economy continued to recover in July...
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President Joe Biden on Tuesday signed into law a $430 billion bill that is seen as the biggest climate package in US history, designed to cut domestic greenhouse gas emissions as well as lower prescription drug prices and high inf...
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Weak worldwide economic growth looks likely for the rest of 2022, according to the latest edition of the Global Economic Conditions Survey (GECS) from ACCA (the Association of Chartered Certified Accountants) and Institute of Mana...
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Dubai International Airport saw a surge in passengers over the first half of 2022 as pandemic restrictions eased and the upcoming FIFA World Cup in Qatar will further boost traffic to the city-state's second airfield, its chief ex...
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Higher oil export volumes, coupled with rising gas prices, will boost Russia's earnings from energy exports to $337.5 billion this year, a 38% rise on 2021, according to an economy ministry document seen by Reuters.
The jump in...
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Euro zone government bond yields rose on Wednesday as double-digit UK inflation data shifted investors’ focus back to potential further monetary tightening in the euro area.
Investors were also awaiting minutes of the U.S. Fede...
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U.S. retail sales were unexpectedly unchanged in July as falling gasoline prices weighed on receipts at service stations, but consumer spending appeared to pick up at the start of the third quarter, further assuaging fears the eco...
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Britain’s rate of inflation has surged to a new 40-year high as the Consumer Prices Index (CPI) rose to 10.1 per cent on Wednesday, with increasing food costs the biggest driver of the latest hike.
According to the Office for N...
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INDIAN CORPORATE
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ReNew Power has tied up USD 1 billion loan with a consortium of 12 international lenders led by Rabobank. The loan has been tied up through a special purpose vehicle and will be deployed for its hybrid Round-the-Clock (RTC) batter...
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Akasa Air may in the next 18 months place an aircraft order that’s “significantly larger” than its first purchase of 72 Boeing planes.
“Akasa Air is a well-capitalized airline with the financial means to induct 72 aircraft over...
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Bharti Airtel has paid Rs 8312.4 crore to the Department of Telecom towards dues for spectrum acquired in the recently concluded 5G auctions. With this payment, Sunil Bharti-led Bharti Airtel has paid four years of 2022 spectrum d...
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