November 29, 2020

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1
Sep

International Buyer & Trade Visitor at MyAPEC2020 Virtual Exhibition- 01 Sep. to 31 Dec.

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Notifications

 
CUSTOMS

24
Nov

Circular No.51/2020-Customs (Delhi)
Clarifications regarding availment of exemption on temporary import of durable Containers - reg.

RBI

24
Nov

RBI/2020-21/67 (Delhi)
Foreign Exchange Management Act, 1999 (FEMA)- Compounding of Contraventions under FEMA, 1999

24
Nov

RBI/2020-21/68 (Delhi)
Maintenance of Escrow Account with a Scheduled Commercial Bank

24
Nov

RBI/2020-21/69 (Delhi)
Establishment of Branch Office (BO) / Liaison Office (LO) / Project Office (PO) or any other place of business in India by foreign law firms

EXCISE

24
Nov

Circular No. 1076/02/2020-CX (Delhi)
Clarification on holding of Pre-Show Cause Notice Consultation -reg.

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LIVE MARKET

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INDIAN ECONOMY

Downside risks to growth still persist amid uncertainty around COVID-19 vaccine availability: D&B

The downside risks to growth still persist in view of a possible second wave of COVID-19 and an uncertainty over vaccine availability, even though the latest data points suggest that economic activity has gathered pace, says a report. According to Dun & Bradstreet’s latest Economy Forecast, a second wave o...

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Budget to unveil large DFI for infrastructure

A new, large development financial institution (DFI) is being born under the partial ownership of the government and with considerably higher risk-tolerance than banks or even state-run, sector-specific lenders like PFC-REC or IRFC. An announcement in this regard is likely in the Budget FY22. The proposed ...

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View: How India can be a ‘Plus One’ manufacturing destination while reducing dependence on China

Global companies have stepped up efforts to implement the ‘China Plus One’ strategy, of diversifying their supply chains in the wake of the Covid-19-induced disruptions and US-China trade tensions. This provides a second chance for India to emerge as a global manufacturing hub. While India has managed to c...

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Q2 GDP: Indian economy to continue on recovery mode, say experts, India Inc

With India's GDP clocking a lower contraction of 7.5 per cent in the September quarter, industry and experts expressed confidence of further recovery in the coming months and said the government's actions are bearing fruit. In a tweet, Vedanta Chairman Anil Agarwal said, "Q2 #GDP numbers show that economy is ...

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Manufacturing GVA rises in Q2; still a long way to go for turnaround

Gross value added (GVA) in manufacturing grew by a marginal 0.6 per cent in the second quarter of financial year 2020-21 (Q2FY21), after declining for four consecutive quarters. However, experts said this did not indicate that there was a turnaround in manufacturing, as it continued to contract in volume term...

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Farm sector maintains robust growth in Q2, GVA up 7.7% at current prices

Gross value added for agriculture and allied activities clocked a growth of 3.4 per cent during the second quarter of 2020-21 at constant prices maintaining the robust performance that started from the lockdown months. At current prices, GVA for the sector was estimated at 7.7 per cent, thus translating in...

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Back on track? At minus 7.5%, economy looks better than expected

India’s gross domestic product (GDP) shrank at 7.5% in September quarter, a contraction much narrower than feared by many, including the Reserve Bank of India (RBI), official data showed, as resilient consumers kept producers on their toes and let the economy claw its way out of the pandemic’s deep pit. The e...

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States to get loan from agriculture infrastructure fund for Kusum scheme

States have the option to get funding at discounted interest rate through the Rs 1-lakh-crore Agriculture Infrastructure Fund (AIF) if they want to implement the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-Kusum) scheme which aims to remove the use of diesel in irrigation and promote solar ...

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FY21 GDP: Q2 data signal ‘upside potential’ to forecasts, says CEA KV Subramanian

Encouraged by a lower-than-expected slide of 7.5% year-on-year in real GDP in the September quarter, chief economic adviser KV Subramanian on Friday spoke of an “upside potential” to the GDP estimates firmed up by the central bank and other agencies if the country doesn’t go through a second wave of Covid-19....

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India enters unprecedented recession with two consecutive quarters of GDP fall

India entered an unprecedented recession with the economy contracting in the three months through September due to the lingering effects of lockdowns to contain the Covid-19 outbreak. Gross domestic product declined 7.5% last quarter from a year ago, the Statistics Ministry said in a report Friday. That co...

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Eight core industries’ output contracts 2.5 pc in October

Contracting for the eighth consecutive month, the output of eight core infrastructure sectors dropped by 2.5 per cent in October, mainly due to decline in production of crude oil, natural gas, refinery products and steel. The production of eight core sectors had contracted 5.5 per cent in October 2019, dat...

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MARKET & FINANCE

Forex reserves climb $2.518 billion to record $575.29 billion

The country’s foreign exchange reserves rose by USD 2.518 billion to touch a lifetime high of USD 575.29 billion in the week ended November 20, RBI data showed on Friday. In the previous week ended November 13, the reserves had surged by USD 4.277 billion to USD 572.771 billion. In the reporting week, t...

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GLOBAL CORPORATE

Sino-US trade war: Foxconn to shift some Apple production from China to Vietnam

Apple is planning to diversify its location of facilities to reduce the impact of Sino-U.S trade war. Hence Foxconn that manufactures iPads and other Apple devices is planning to shift its assembling facilities from China to Vietnam at Apple Inc request, said a person close to the development. According to...

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UK creates new digital regulator to impose code of conduct on tech giants

Global tech giants will be subject to a new regime under the UK's Digital Markets Unit to give people more choice and control over their data and to ensure news outlets are not forced out by their bigger rivals, the government announced on Friday. The new unit, which will be set up within the Competition a...

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INCOME TAX

Income Tax Dept to validate UDIN given by chartered accountants in tax audit reports

The income tax department will validate with the Institute of Chartered Accountants of India (ICAI) the unique document identification number (UDIN) of chartered accountants when they upload tax audit reports, the finance ministry said on Thursday. To curb fake certifications by non-CAs misrepresenting the...

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Money received from tenant as part of compensation, damages should be taxable, says Delhi HC

Money received by property owner from the tenant after termination of a lease agreement either as part of compensation, damages or ‘mesne’ profits should be treated as his income and subjected to tax, a Delhi High Court has ruled. As per the detail of the case a property owner had entered into an agreement w...

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RBI

RBI Governor Shaktikanta Das says capital account convertibility will continue to be a process, rather than an event

India will continue to approach capital account convertibility as a process rather an event, Reserve Bank of India (RBI) Governor Shaktikanta Das said on Thursday. The central bank chief said the capital account is convertible to a great extent at present and enumerated the specifics on both inward and outwar...

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Banking

Let us declare NPAs, banks to Supreme Court; govt pleads against sector-specific relief

The Indian Banks’ Association on Friday made a strong case for vacation of the Supreme Court order that restrained banks from classifying accounts as NPA. Senior counsel Harish Salve, appearing for IBA, vehemently urged a Bench led by justice Ashok Bhushan to vacate its order of September 3 that directed bank...

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Lakshmi Vilas Bank becomes DBS India; 94-year old bank part of history now

Tamil Nadu-based Lakshmi Vilas Bank (LVB) with pre-independence lineage on Friday lost its identity after its merger with the Indian subsidiary of Singapore's DBS Bank. The debt-ridden 94-year old old bank's fate was sealed with Union Cabinet headed by Prime Minister Narendra Modi approving Scheme of Amalagam...

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Bankers hope retail, SME segment will sustain credit offtake in H2

Bankers are optimistic about tempo of credit offtake and some easing of risk of slippages in current fiscal on the back of the narrower GDP contraction in the second quarter. Ashwani Bhatia, Managing Director (MD), State Bank of India (SBI) said things do not look bad so far. "With the (Q2 GDP) numbers, th...

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Custom

Government cuts import duty on crude palm oil to 27.5 pc effective November 27

The government on Thursday reduced the basic customs duty on crude palm oil to 27.5 per cent, a move that would increase availability of the commodity in the domestic market. The duty cut would also help cool off rising edible oil prices in domestic markets. The Central Board of Indirect Taxes and Customs ...

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GLOBAL ECONOMY

Trade Report
Country Month Link
Switerzland July 2019 Click
Fitch downgrades Sri Lanka's sovereign credit rating on rising default risk

Fitch downgraded Sri Lanka's sovereign credit rating to "CCC" on Friday, warning the country's debt levels were set to soar past 100% of GDP and that it was increasingly at risk of default. Sri Lanka relies on tourism and garme...

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Tokyo core consumer prices post biggest annual drop in over eight years

Core consumer prices in Tokyo fell 0.7% in November from a year earlier, marking the biggest annual drop in more than eight years, a sign the hit to consumption from the coronavirus crisis was heightening deflationary pressure on...

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Chinese factory activity growth likely expanded at faster pace in November

China's factory activity likely expanded at a slightly faster pace in November, a Reuters poll showed on Friday, as the world's second-largest economy steadily recovers from the coronavirus crisis. The official manufacturing Pu...

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INDIAN CORPORATE

Flipkart in final stages of consolidating Walmart India within its wholesale business

Flipkart Wholesale on Thursday said it is in final stages of consolidating Walmart India within its operations, and has extended offers to all employees of Walmart India’s Home Office to join the digital business-to-business (B2B)...

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Adani tops DHFL bid, says its bid gives maximum to lenders; rivals want it out of race

Billionaire Gautam Adani’s roads-to-mining group outbid US-based Oaktree with a Rs 33,000 crore bid for collapsed housing lender, DHFL, but rival bidders want it out of the race for allegedly missing the deadline – a charge Adani ...

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Future group, Amazon pick legal nominees for Singapore Arbitration Panel

The Singapore International Arbitration Centre (SIAC) will consider next week the nominees proposed by Amazon and Future Group for the panel that will adjudicate the dispute between them. Amazon has suggested Brussels-based Albert...

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Google India revenue grew 35% to Rs 5,594 crore in FY20, profit rose 24%

Google India Private Limited, the Indian arm of the tech giant that gets most of its revenue from paid advertising, reported Rs 5,594 crore in revenues for 2019-20. This was 35 per cent higher than the previous year, show regulato...

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Reduced dumping of batteries from China turns game-changer for Eveready

Reduced dumping of batteries from China with the implementation of quality standards by the Bureau of Indian Standards (BIS) is turning out to be a game-changer for Eveready Industries India. Batteries as a category was stagnatin...

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COMMERCIAL LAW

FDI up 15% to $30 billion during April-September 2020: Government data

Foreign direct investment (FDI) into India grew by 15 per cent to USD 30 billion during the first half of the current fiscal, according to official data. Inflow of FDI during April-September 2019-20 stood at USD 26 billion, as per...

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GST

GST: CBIC notifies SOP for Verification of Taxpayers granted Deemed Registration [Read Instructions]

The Central Board of Indirect Taxes and Customs (CBIC) notified the Standard Operating Procedure (SOP) for verification of taxpayers granted deemed registration. From August 21, 2020, rule 9 of the Central Goods and Services Tax Rules, 2017 provide that in cases where Aadhaar authentication has either not bee...

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