August 09, 2020

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IMC EVENTS

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INCOME TAX

4
Aug

Notification No. 55/2020 (Delhi)
G.S.R. 469(E).—In exercise of the powers conferred by sub-section (7) of section 115UB read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes

4
Aug

Notification No. 56/2020 (Delhi)
S.O. 2512(E).– In exercise of the powers conferred by sub-section (1) of section 3 of the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (2 of 2020)

4
Aug

Notification No. 57/2020 (Delhi)
In pursuance of sub-clause (ii) of clause (a) of sub-section (I) of section 138 of the Income-tax Act, 1961

CUSTOMS

4
Aug

Notification No.63/2020-Customs (N.T.) (Delhi)
Notification No.63/2020-Customs(N.T.) dated 30.07.2020 to amend Notification No.92/2017-Customs (NT), dated 28.09.2017 to specify the jurisdiction of Commissioner (Appeals) to assessment orders passed

4
Aug

Notification No. 64/2020-Customs (N.T.) (Delhi)
Transhipment of Cargo to Nepal under Electronic Cargo Tracking System (Amendment) Regulations, 2020.

4
Aug

Notification No. 65/2020-CUSTOMS (N.T.) (Delhi)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver - Reg.

4
Aug

Notification No. 66/2020-CUSTOMS (N.T.) (Delhi)
Notification 66/2020-Cus. (N.T.) dated 31.07.2020 on the subject Sea Cargo Manifest and Transhipment (Second Amendment) Regulations, 2020

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LIVE MARKET

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INDIAN ECONOMY

China hopes US will cooperate to create favourable conditions for trade deal, says top diplomat

China urges the United States to strengthen cooperation so as to create favourable conditions for the implementation of the phase one trade deal, said its top diplomat Yang Jiechi. Yang, in an essay published on Friday on China’s foreign ministry website, argued that cooperation between China and the Unite...

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US employment growth slows sharply in July amid Covid-19 pandemic

US employment growth slowed considerably in July amid a resurgence in new Covid-19 infections, offering the clearest evidence yet that the economy's recovery from the recession caused by the pandemic was faltering. The Labor Department’s closely watched employment report on Friday piles pressure on the White ...

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Converting risk into opportunity: These 4 sectors may see massive growth in post-Covid era

Covid-19 has not only had an impact on the health of people at large, the economic damage that it has rendered and will continue to render may be more damaging than the disease itself. During the course of this pandemic, businesses continue to be significantly impacted, liquidity remains tight and so does the...

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Consumer confidence plummets to all-time low in July: RBI Survey

Consumer confidence fell in July 2020 to record levels as the Reserve Bank of India’s (RBI) current situation index (CSI) recorded its all-time low. However, the future expectations index (FEI) charted back into the positive territory, indicating signs of recovery for the year ahead. The data was compiled...

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Where is India’s economic growth coming from? It’s ‘Bharat’ that’s leading recovery amid pandemic

Eyes are glued on activity trackers like smartphone ownership, mobility data and commercial real estate demand, as India keeps a tight watch on how recovery is shaping up after the coronavirus aided lockdowns. However, these indicators have an urban bias which might be looking away from what the corporate wor...

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India – Japan are top strategic partners but the sub-optimal economic relationship needs fixing

India’s relations with two of its most formidable partners, the US and Japan, show a stark trend. On all security and strategic matters, all three talk in the same language of military cooperation, maintaining crucial SLOCs free from domination of any one country and a law based global order. However, on trad...

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India most in need of debt monetisation: Nomura report

India and Indonesia are the two Asian countries most likely to resort to debt monetisation as they respond to the Covid-19 outbreak, investment bank Nomura said in a report on Friday. Separately, Nomura warned of short-term stagflation risks for India. Stagflation refers to a high-inflation and low-growth...

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Hello India, stagflation is here! Nomura says from RBI survey

Stagflation is a double-edged sword and it's here, at least this is what the RBI's recent survey on households suggests. Nomura India, however, says it may be transitory. It believes supply-chain disruptions during the pandemic are largely to blame for the outcome. Stagflation occurs when economic output ...

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Why RBI has allowed one-time restructuring of corporate and personal loans

The true financial cost of Covid-19 is something India would rather not acknowledge, let alone bear — at least not until the pandemic has played out. That explains why the central bank on Thursday allowed a one-time restructuring of corporate and personal loans that have been under stress ever since Prime ...

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MARKET & FINANCE

Companies raise Rs 1.55 trn via BSE bond platform in FY21 so far

Indian companies have raised over Rs 1.55 trillion through debt instruments by using BSE Bond platform during the current financial year, the exchange said on Friday. During 2019-20, the platform was used by 116 issuers for garnering over Rs 4.33 trillion from commercial papers, and by 121 issuers for rais...

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India’s forex reserves increase by $11.9 billion to hit $534.5 billion

India’s forex reserves continued to hit record-high levels as they rose by $11.938 billion on July 31 compared to the week before to $534.568 billion, according to the latest data put out by the Reserve Bank of India (RBI). Foreign currency assets (FCA), which form a key component of reserves, rose by $10....

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GLOBAL CORPORATE

Goldman Sachs Group slashes quarterly profit 85% with 1MDB legal charge

Goldman Sachs Group boosted litigation reserves by $2.01 billion after agreeing with Malaysia to resolve probes into the US bank’s role in a scheme to plunder the nation’s 1MDB investment fund. The additional provision cut the firm’s previously announced second-quarter profit by 85 per cent, the bank said ...

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Facebook CEO Mark Zuckerberg's net worth surpasses $100 billion

Facebook CEO Mark Zuckerberg has surpassed net worth of $100 billion, joining Amazon's Jeff Bezos and Microsoft's Bill Gates in the centibillionaire list, according to the Bloomberg Billionaires Index. Zuckerberg has gained about $22 billion this year. The 36-year old businessman's net worth went past $100 b...

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INCOME TAX

No harassment: Govt to soon bring in taxpayers’ charter, says Nirmala Sitharaman

The government will soon introduce a taxpayers’ charter in the Income Tax Act with statutory backing, which will contain their rights as well as obligations, to ensure fairness for all assessees, finance minister Nirmala Sitharaman said on Friday. Highlighting several steps taken by the government to prote...

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RBI

Explained: RBI’s new loan recast scheme

In its monetary policy review on Thursday, the Reserve Bank of India gave the green signal to a loan restructuring scheme for stressed borrowers. A special window providing one-time loan restructuring to companies and individuals, it will provide relief specifically to those impacted by the Covid-19 pandemic....

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Banking

How RBI’s LTV move for gold loan will affect banks

The increase in loan-to-value (LTV) ratio for gold loans, or the quantum of borrowing against a given quantity of the precious metal, will heighten credit risks for banks, a ratings agency said on Friday. The RBI had on Thursday increased the LTV ratio for gold loans by banks to 90 per cent from the earlier 7...

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GLOBAL ECONOMY

Trade Report
Country Month Link
Switerzland July 2019 Click

INDIAN CORPORATE

Trump ban on top messaging app risks snarling global business

Banning WeChat, the world’s most-used messaging app, has the potential to upend the international businesses of companies from Apple Inc. to Walmart Inc. and shut down personal communications between America and China. The Whi...

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How governments across the world are reacting to TikTok ban

Since the Indian government banned TikTok and over 100 other Chinese apps amid raging concerns about the data security and to safeguard the privacy of 130 crore Indians, governments around the world have started deliberations over...

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AGR dues: Vodafone Idea to raise funds after clarity from Supreme Court

Vodafone Idea on Friday said that once there’s clarity on the adjusted gross revenue (AGR) matter, it would take “suitable actions to get the business and company adequately funded”. The statement by the company’s CFO Akshaya Moon...

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India is our second biggest user base, opening new office in Bangalore: Zoom founder Eric Yuan

Zoom CEO and co-founder, Eric Yuan on Friday said India is the second largest market for the company after the US and that it was looking to increase its global presence in the future. In a candid chat with Rajan Anandan, Pres...

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Parle Agro locks horns with Walmart India in the Bombay HC over its product Appy Fizz

In a rare incidence of a local company taking action against a multinational for alleged trademark violation, Parle Agro has moved the Bombay High Court against Walmart India for selling an apple drink with 'deceptively similar ma...

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Tata Power's renewable InvIT may help cut debt by Rs 20,000 crore

Tata Power Company Ltd (TPCL), India's oldest power generation company, targets to drastically cut its gross debt, launching infrastructure investment trust (InvIT) in the second half of this financial year. According to the estim...

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Mahindra reports a sharp fall in earnings

Supply chain disruption remains a major challenge in ramping up production, Pawan Goenka, managing director and chief executive at Mahindra and Mahindra Ltd (M&M), said on Friday. “Demand continues to be robust on strong fundamen...

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GST

Three cheers for GST – biggest achievement is cooperative federalism, which was unthinkable earlier

Those who criticise the GST too much do not seem to remember how bad the situation was earlier. Look at the rates of duty pre-GST. Central excise rates were 2, 8, 10, 12, 14, 24, 37.5, and 42 percent plus cess. There was one service tax rate, but there were many exemptions. Sales tax rates were numerous, and ...

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GSTR 1 and 3B to be linked to determine input tax credit and liability

In an effort to plug goods and services tax (GST) evasion and frauds and ease compliance, the existing GST return filing system is being enhanced to have an in-built invoice matching system to determine input tax credit and liability. The returns will be auto-populated to minimize errors, ease reconciliation ...

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Banks may not have to pay service tax for facilitating international trade

Indian banks will not have to pay goods and services tax (GST) on reverse charge mechanism for facilitating trade for exporters or importers through foreign banks, if a recent ruling by an appellate tribunal is to go by. In a Rs 110-crore relief to State Bank of Bikaner & Jaipur (SBBJ), now merged with Sta...

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GST E-invoices for companies with Rs 500 crore plus revenue to roll out from October 1

Implementation of e-invoicing for companies over Rs 500 crore revenue will begin from October 1, the Group of Ministers on information technology for goods and services tax (GST), headed by Bihar deputy chief minister Sushil Modi, were informed by officials during a meeting on Friday. Simplified filing of...

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