October 05, 2023

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IMC EVENTS

NOTICE

OTHER EVENTS

 

13
Oct

Sri Lanka Digital Investment Summit – 2023

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17
Oct

AGRITECH Israel 2023, an international professional agriculture exhibition and conference

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18
Oct

38th Trade Expo Indonesia (TEI) 2023 (18-22 October 2023)

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Notifications

 
CUSTOMS

3
Oct

Notification No. 71/2023 (Delhi)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold, and Silver- Reg.

3
Oct

Notification No. 72/2023 (Delhi)
amendment in the First Schedule to the Customs Tariff Act, 1975.

3
Oct

Circular No. 23/2023 (Delhi)
Mandatory additional qualifiers in import/export declarations in respect of certain products-reg.

3
Oct

Circular No. 24 /2023 (Delhi)
Implementation of Section 16 4 of IGST Act related to restriction on export of certain goods on payment of IGST and coverage under refund mechanism- reg.

INCOME TAX

3
Oct

Notification No. 83/2023 (Delhi)
In exercise of the powers conferred by sub-section (5) of section 115BAE, read with section 295 of the Income-tax Act, 1961

3
Oct

Notification No. 84/2023 (Delhi)
In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961

3
Oct

Notification No. 85/2023 (Delhi)
In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961

RBI

3
Oct

RBI/2023-24/64 (Delhi)
2000 Denomination Banknotes – Withdrawal from Circulation – Review

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LIVE MARKET

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

Consumption story drives India Inc's credit quality even before the festive season

India Inc's credit quality strengthened in the first half of the current financial year (FY24) owing to robust domestic consumption and investment-focused sectors, said ICRA in a report on Tuesday. "Both the investment grade as well as the non-investment grade categories showed a net improvement in their c...

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States' borrowing cost soars to 23-week high of 7.56%

States' borrowing cost jumped 10 basis points to 7.56 per cent at the first weekly debt auction of the third quarter on Tuesday and is the highest in the the past 23 weeks. Fourteen states raised Rs 22,500 crore through the issuance of state government securities in line with the indicated amount for this wee...

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India services exports rise 8.4% to $28.72 billion in August

India's services exports climbed 8.4% year-on-year to $28.72 billion in August, while imports fell 0.8% to $15.10 billion, provisional data by the Reserve Bank of India (RBI) showed on Tuesday. Data released by the government last month showed services exports were $26.39 billion in August, while imports w...

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View: India’s growth story may not have a happy ending

Indian households are saving less than they have for half a century. According to the Reserve Bank of India, net household savings in 2022-23 — the Indian financial year runs from April to March — were only 5.1% of gross domestic product. That’s down from 8% of GDP in 2019-20 and 11.5% in the year the pandemi...

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Finance ministry seeks expenditure proposals from ministries for supplementary demands for grants

The finance ministry on Tuesday invited proposals for funds from various departments and ministries for inclusion in the first batch of supplementary demands for grants for FY24, asking them to be realistic and objective in their assessment of additional requirements. In an office memorandum, the Departmen...

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Businesses' one-year CPI inflation forecast jumped to 5% in August: IIM survey

Businesses' forecast of one-year-ahead headline retail inflation rose sharply to 5 percent in August from 4.56 percent in June, according to the latest Business Inflation Expectations Survey (BIES) of the Indian Institute of Management-Ahmedabad (IIM-A). The survey, which measures inflation expectations of...

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Economists revise CAD estimates for FY24 after it narrowed to 1.1% in Q1

Economists have revised their estimates for India’s current account deficit (CAD) for FY2024 after it narrowed to 1.1 per cent of the gross domestic product (GDP) in April-June quarter of the current fiscal year from 2.1 per cent in the year-ago quarter, but widened sequentially from 0.2 per cent registered i...

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Indian economy to grow at 6.3 pc in FY24: World Bank

The Indian economy is projected to grow at 6.3 per cent in current financial year aided by investment and domestic demand. According to a World Bank report released on Tuesday, India continues to show resilience against the backdrop of a challenging global environment....

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India’s manufacturing PMI eases to 5-month low in September at 57.5

India’s manufacturing activity rose at the slowest pace in five months in September but it remained solid, with strong demand driving business confidence to its highest level this year, despite increased inflationary pressures, according to the S&P Global Purchasing Managers’ Index (PMI). The Manufacturing Pu...

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Illicit trade casting shadow on India’s progress towards becoming $5 trillion economy, says Anurag Thakur

The surge in illicit trade is a troubling consequence of globalisation which has casted shadow on India’s progress towards becoming a 5 trillion dollar economy, said Anurag Thakur, Minister for Information & Broadcasting and Youth Affairs & Sports, Govt of India. “Illicit trade, whether conducted through acti...

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States' borrowing cost jumps 10 bps to reach 23-week high of 7.56%

States' borrowing cost jumped 10 basis points to 7.56 per cent at the first weekly debt auction of the third quarter on Tuesday and is the highest in the the past 23 weeks. Fourteen states raised Rs 22,500 crore through the issuance of state government securities in line with the indicated amount for this we...

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MARKET & FINANCE

Japan's 10-year yield off decade high as BOJ promises to buy bonds

Japan's 10-year government bond yield pulled back slightly from a 10-year peak on Tuesday after a firm auction, with the Bank of Japan (BOJ) promising to buy bonds in the next session. But global yields are on the rise and the 10-year swap rate hit a record high, indicating strong upward pressure on JGB yi...

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Why a rout in government bonds is worrying

The world's biggest bond markets are in the throes of another rout as a new era of higher for longer interest rates takes hold. In the U.S. Treasury market, the bedrock of the global financial system, 10-year bond yields have shot up to 16-year highs. In Germany, they touched their highest since the 2011 e...

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GLOBAL CORPORATE

Chinese automaker BYD inches closer to global EV dominance as Tesla sales dip

BYD is closing in on Tesla's position as the world's largest electric vehicle (EV) seller, with the Chinese automaker gaining momentum in its global sales campaign. Last quarter, BYD came remarkably close to surpassing Tesla in sales figures, largely due to factory downtime that led to Tesla's first delive...

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At WTO, growing disregard for trade rules shows world is fragmenting

Nothing illustrates the crisis at the World Trade Organisation more than the piling up of unresolved disputes and the growing list of what it terms the "trade concerns" of its members. Since late 2019, after the U.S. blocked the appointment of new judges to the WTO's Appellate Body due to complaints over j...

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Tesla misses delivery estimates as factory upgrades curb production

Tesla missed market estimates for third-quarter deliveries on Monday as planned upgrades at its factories to roll out a newer version of the Model 3 mass-market sedan forced production halts. Some analysts believe the upgrades could spark a rebound in deliveries in the fourth quarter by allowing Tesla to r...

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INCOME TAX

Tax deducted on NRIs income: CBDT changes process to get nil TDS certificate

A Non-Resident Indian (NRI) who wants to want to avoid tax deducted on incomes earned from India is required to apply for a TDS certificate. Remember, NRIs cannot submit Form 15G/H to avoid TDS on their incomes. Hence, they are required to submit an application to the assessing officer to get the lower or NIL...

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Banking

OECD urges India to pare govt ownership in banks, insurance companies

The Organisation for Economic Co-operation and Development (OECD) on Tuesday urged India to further promote structural reforms in the financial sector by reducing government ownership of banks and insurance companies and liberalise foreign direct investment by removing remaining restrictions. In its latest G...

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Banks deployed Rs 21 lakh crore credit to MSMEs in August under priority sector lending: RBI data

The gross bank credit deployed in August 2023 to micro, small and medium enterprises (MSMEs) under priority sector lending by scheduled commercial banks stood at Rs 21.26 lakh crore, up from Rs 20.86 lakh crore deployed in July. The August deployment was 14.2 per cent of India’s Rs 149 lakh crore non-food cre...

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GLOBAL ECONOMY

Trade Report
Country Month Link
Switzerland July 2019 Click
Bank of Japan survey shows manufacturers optimistic about economy

Business sentiment among big Japanese manufacturers improved in July-September for the second straight quarter, according to a central bank survey released Monday. The Bank of Japan's “tankan” quarterly survey measured business...

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At WTO, growing disregard for trade rules shows world is fragmenting

Nothing illustrates the crisis at the World Trade Organization more than the piling up of unresolved disputes and the growing list of what it terms the "trade concerns" of its members. Since late 2019, after the US blocked the ap...

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Forex pile remains Asia's first defense against relentless US dollar

The dollar’s recent rally has been relentless. But Asia’s central banks have the firepower to limit the fallout. Policy makers in the region have more than $5.5 trillion of foreign-exchange reserves that they can deploy to shore ...

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U.S. falls in new ‘financial inclusion’ ranking, a global measure of access to financial services, researchers say

“Financial inclusion,” defined as individuals and businesses having access to useful and affordable financial products, has declined in the U.S., according to new industry research. The U.S. fell to fourth place, from second, t...

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Factbox-Developing countries facing a debt crunch

High interest rates, growing investor risk aversion and borrowing that ballooned in recent years have left a range of developing economies mired in debt crises. Helping them claw out of this will be a key agenda item at the annual...

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Britain's Tesco upgrades outlook as inflation eases

Tesco, Britain’s biggest supermarket, upgraded its annual profit guidance on Wednesday as food inflation eased and shoppers snapped up both its low price offers and its premium “Finest” ranges. British food prices fell in Septe...

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Cost of national debt hits 20-year high

The interest the government pays on national debt has reached a 20-year high as the rate on 30-year bonds reaches 5.05%. A rise in the cost of borrowing comes at a difficult time for the chancellor, Jeremy Hunt, as he prepares ...

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INDIAN CORPORATE

NTPC logs 83% growth in coal output in first half of this fiscal

State-run power giant NTPC on Tuesday reported an 83 per cent rise in coal production in April-September period of this financial year, compared to a year ago. NTPC Ltd has reported a substantial growth of 83 per cent in coal prod...

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‘Considering hotels in India with interest:’ Jumeirah Group CCO

Dubai-based Jumeirah Group is “considering” having hotels in India, one of the key source markets for its current portfolio of 27 luxury properties globally. While almost half of them are in the Gulf, the group’s senior leadership...

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IHC raises stake in Adani Enterprises to over 5 per cent

Days after selling its stake in two of Adani group companies, Abu Dhabi conglomerate International Holding Company (IHC) on Tuesday said it has raised stake in the group’s flagship Adani Enterprises Ltd to above 5 per cent. In ...

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IOC to invest over Rs 2,600 crore to set up greenfield units, expand facilities in northeast

Indian Oil Corporation has firmed up plans to pump in over Rs 2,600 crore in setting up several greenfield units and expanding its facilities across the northeast over the next few years, a senior company official said.The board o...

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JSW Infrastructure has huge potential to grow its business: Sajjan Jindal

Commercial ports operator JSW Infrastructure, which got listed on the bourses on Tuesday, said it has a huge potential to grow its business and aims to become a global company, JSW Group Chairman Sajjan Jindal has said. Speakin...

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NCC bags three orders worth Rs 4205.94 crore during September 2023

NCC Limited on Tuesday said that it has received three orders worth Rs 4205.94 crore (excluding GST) in the month of September 2023, the company said in a regulatory filing. “Out of them, one order of Rs 819.20 crore is related to...

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L&T Construction bags large order for its Transportation Infrastructure biz

L&T Construction on Tuesday said that its Transportation Infrastructure business vertical has received a large order in the range of Rs 2500 crore- Rs 5000 crore. The Dahisar Bhayander Bridge project in Mumbai was awarded to the ...

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Govt likely to soon invite financial bids for Shipping Corp: Official

The Union finance ministry is likely to soon invite financial bids for the strategic sale of Shipping Corporation of India (SCI) and is mulling to go ahead without waiting for the listing of its demerged entity, Shipping Corporati...

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Vedanta close to raising $3 bn from JP Morgan, Standard Chartered: Report

Anil Agarwal's Vedanta Resources is in advanced discussions with JP Morgan Chase and Standard Chartered Bank to secure $3 billion, according to a report by Mint on Wednesday. The funds are intended to help the company avoid defaul...

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IL&FS settles Rs 35,650 crore of Rs 99,000 crore dues

Debt-laden Infrastructure Leasing & Financial Services (IL&FS) has repaid debt of about Rs 35,650 crore as of September 30, marking a significant progress in its debt resolution process. As per the earlier resolution plan, the ...

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Vedanta to complete the sale of its steel assets by March next year: Anil Agarwal

Vedanta will complete the sale of its steel assets by March next year, its chairman Anil Agarwal said in an interview on Tuesday. The company began the review of its steel and steel raw material business — formed through the acqui...

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Merck India expands infrastructure to capitalise on growing pharmaceutical industry

Considering India's promising growth potential, life science and technology firm Merck India is expanding its infrastructure in the country, recognising its significance in the global pharmaceutical industry. Merck recently par...

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GST

e-Invoice JSON download functionality Live on the GST e-Invoice Portal

GSTN is pleased to inform you that the e-Invoice JSON download functionality is now live on the GST Portal. To help you to navigate and make the most of this feature, some key steps are as below. 2. To download the generated and received e-Invoices in JSON format, please follow these steps:...

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Indian companies with overseas staff on deputation get GST notices

A spate of GST demand notices have been served on Indian companies in recent weeks in cases where overseas staff have been deputed to India. This follows a judgment given by the Supreme Court that the salary of ‘seconded employees’ (deputed to an Indian company), which is reimbursed to the overseas entity,...

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Bajaj Finserv's insurance arm receives GST's knock; authority sends demand notice of Rs 1010 cr

Bajaj Finserv's insurance arm, Bajaj Allianz General Insurance Company Limited (BAGIC) on September 29 received a show cause cum demand notice from the Directorate General of Goods and Services Tax (GST) Intelligence alleging a tax demand of Rs 1010.05 crore, the financial services company informed the exchan...

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