February 20, 2020

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29
Feb

ADITYA INSTITUTE OF MANAGEMENT STUDIES & RESEARCH And IMC Chamber of Commerce and Industry presents 8th INTERNATIONAL RESEARCH CONFERENCE, 2020 Theme: “Transforming Business - The SMART Way”

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5
Mar

Conference on the Insurance for Mental Health

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26
May

14th International Symposium of Gold, Silver and Copper

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RBI

19
Feb

RBI/2019-20/159 (Delhi)
Incentivising Bank Credit to Specific Sectors – Exemption from CRR Maintenance

19
Feb

RBI/2019-20/160 (Delhi)
Micro, Small and Medium Enterprises (MSME) sector – Restructuring of Advances

19
Feb

RBI/2019-20/161 (Delhi)
Implementation of Section 51A of UAPA, 1967: Addition of one new entry to 1533 Democratic Republic of the Congo (DRC) Sanctions list

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INDIAN ECONOMY

Trump says working on a very big trade deal with India, but will take time

President Donald Trump said the United States and India were working on a major trade deal, but he was not sure if it would be completed before the U.S. presidential election in November. As Trump heads to India on his first official trip on Monday, negotiators have been trying for weeks to put together a ...

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Finance Ministry's rule change may hit 1,000 km road projects

The finance ministry’s decision to treat highway projects as a single entity that cannot be bifurcated into small packages could impact award of about 1,000 km of key infrastructure projects, including the Delhi-Mumbai and Ahmedabad-Dholera Expressways. As a norm, any public-private infrastructure project ...

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What green shoots? Much-awaited earnings recovery elusive in Q3 too

India Inc yet again disappointed stock investors, who were looking for a recovery in corporate earnings. They were often told a turnaround was around the corner, but it never materialised. And analysts say the trend may continue going forward, though the low-base effect may help in some cases. For at le...

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RBI Governor says no reason to doubt govt will meet fiscal deficit targets

Throwing his weight behind Finance Minister Nirmala Sitharaman's budget numbers, Reserve Bank Governor Shaktikanta Das has said that there is no reason to doubt that the government will be able to cut fiscal deficit to 3.5 per cent of the GDP in the fiscal beginning April 1. Das said the government has rem...

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China coronavirus impact: FM Sitharaman vows swift steps, says no major hit to supply line

Finance minister Nirmala Sitharaman said on Tuesday sectors such as pharmaceuticals, solar and chemicals have expressed concerns about possible disruptions in imports of raw materials from China due to coronavirus outbreak, and promised swift remedial measures after due consultations with the Prime Minister’s...

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MARKET & FINANCE

India’s savings rate plunges to 15 year low

India’s slowing economy took a toll on much-needed savings too, with the savings rate touching a 15-year low, and household savings also falling. This has weakened India’s macro-economic position which is already hobbled by low investment and rising external borrowing to fund capital needs. Household savin...

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Promoters trim pledged shares as market rallies after tax cut

Promoters of top Indian companies have reduced their pledged shares in the December quarter thanks to the rally in the stock market after the cut in corporate tax rate in September, and delay in capex plans. Pledged holdings of companies in the BSE 500 index declined to 2.28 per cent in the December quarter f...

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GLOBAL CORPORATE

Samsung poised to benefit from China virus woes afflicting Apple, other rivals

Samsung Electronics stands to be a major beneficiary of the China production problems announced by rival Apple Inc on Monday, reaping the rewards of a decade-long bet on low-cost smartphone manufacturing in Vietnam. Half of Samsung’s smartphones are now made in Vietnam, where the coronavirus that has cripp...

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If Apple is hurting due to the coronavirus, its suppliers and rivals likely are too

Apple Inc’s (AAPL.O) surprise warning that it will likely fall short of this quarter’s sales target due to the coronavirus epidemic points to much pain for its chip and other suppliers as well as for rivals who also rely on China to build their products. Revising guidance set just three weeks ago, the world’s...

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INCOME TAX

Faceless tax assessment system prone to errors: HC

The Madras High Court in a recent order has opined that the faceless tax-assessment system “can lead to erroneous assessment, if officers are not able to understand the transactions and statement of accounts of an assessee without a personal hearing”. The court, however, said electronic-assessment — introd...

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UPDATE 1-EU adds Seychelles, Cayman Islands, Panama to tax haven blacklist, spares Turkey

European Union finance ministers added Panama, the Seychelles, the Cayman Islands, and Palau to the EU's blacklist of tax havens while giving Turkey more time to avoid being listed, an EU document said on Tuesday. The list, which was set up in 2017 after revelations of widespread tax evasion and avoidance sch...

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RBI

RBI may push back rollout of new accounting norms to FY23

The Reserve Bank of India could push the implementation of Ind-AS — the Indian version of global accounting standards — to fiscal 2023, seeing poor preparedness of banks to make the transition. The new rules are expected to add to the burden of higher capital requirement for banks, especially loanloss provisi...

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Banking

Vodafone Idea bankers brace for higher provisions on loans

Bankers to Vodafone Idea are bracing for higher provisions on their loans to the beleaguered telecom firm as the Department of Telecom examines options which include the encashment of bank guarantees. Any move to encash guarantees to recover dues from Vodafone Idea could lead to possible default and bankru...

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Post Budget

Budget’s tax proposals are a fine balancing act: Revenue Secretary

Defending the tax proposals in the recent Budget as a fine balancing act under the current economic milieu, Revenue Secretary Ajay Bhushan Pandey said that tax rates in India are “not repressive”, but among the most competitive in the world. The Budget measures are focussed on getting the right balance bet...

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GLOBAL ECONOMY

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Morgan Stanley says China’s first-quarter growth could fall as low as 3.5% due to coronavirus

China’s economic growth in the first quarter could fall to as low as 3.5% if the spread of the new coronavirus is not contained fast enough for manufacturing production to resume to normal levels, Morgan Stanley analysts wrote in ...

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Oman, Bahrain seen vulnerable to downgrades if the coronavirus outbreak drags on: S&P Global

It’s “fair” to say that countries such as Oman and Bahrain are vulnerable to a potential rating downgrade if the coronavirus outbreak lasts longer than expected, according to the chair of sovereign ratings at a credit rating firm....

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Moody’s lowers growth forecast for Asia-Pacific Region to 5.2% for 2020

The Covid-19 has weakened demand for Asian exports and has caused supply chain disruptions that are set to slow growth across the Asia Pacific, credit rating agency Moody’s has said in a report. Moody’s Investor Services has lo...

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China to grant tariff exemptions on 696 U.S. goods to support purchases

China will grant exemptions on retaliatory duties imposed against 696 U.S. goods, the most substantial tariff relief to be offered so far, as Beijing seeks to fulfill commitments made in its interim trade deal with the United Stat...

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INDIAN CORPORATE

Slowdown effect? Salary increase in 2020 may be lowest in a decade at 9.1%

The economic slowdown is beginning to reflect in the salary hikes of India Inc. The average salary increase in 2020 is projected to be 9.1 per cent, the lowest in a decade, according to the 24th edition of Aon Plc’s annual salary ...

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Videocon dues may jack up Airtel's AGR bill

Bharti Airtel's adjusted gross revenue (AGR) bill is set to increase, with the Department of Telecommunications (DoT) likely to add a bulk of Videocon Telecommunications' Rs 2,041 crore dues to it, say government officials. Airtel...

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Lenders to extend inter-creditor agreement for Suzlon resolution

Lenders to Suzlon are looking to extend the inter-creditor agreement (ICA) till April 30, 2020, to give themselves more time to come up with a resolution, bankers close to development told FE. The consortium of lenders entered int...

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Walmart net sales rise 2.3% in Q4FY20; Flipkart leads e-commerce segment

Walmart on Tuesday said Flipkart led its e-commerce sales in the international segment. E-commerce contributed about 12% of the total segment sales in the three months ended January 2020. Net sales at Walmart International increas...

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AGR matter: No solution in sight as Kumar Mangalam Birla talks Vodafone fate with DoT Secy

Confusion prevails within the ranks of government over the next steps to be taken on the matter of adjusted gross revenue (AGR) dues of the industry, with no clear line emerging whether to encash the bank guarantee of the telecom ...

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GST

UP notices to infrastructure companies raise question over levying GST

Does a company that rents out heavy infrastructure equipment for projects needs to register in each state where the machinery is used? In what could become a contentious point between revenue authorities of states, indirect-tax officials of Uttar Pradesh recently issued notices to several infrastructure compa...

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GST’s input credit problems: Taxpayers must be allowed to do business without hassles

The Central Board of Indirect Taxes & Customs (CBIC) has instructed its officers to initiate measures to recover interest payable for delayed filing of monthly returns (GSTR-3B). As per FE (February 13), the instruction from Member of the Board puts the figure at over Rs 46,000 crore. Considering the shortfal...

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Insolvency

IBBI proposes simultaneous CoC voting on two or more resolution plans

Continuing with efforts to make insolvency process more smooth, the IBBI has proposed allowing Committee of Creditors (CoC) to vote simultaneously on two or more resolution plans for a company. The Insolvency and Bankruptcy Cod...

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