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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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1
Sep
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International Buyer & Trade Visitor at MyAPEC2020 Virtual Exhibition- 01 Sep. to 31 Dec.
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CUSTOMS
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24
Nov
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Circular No.51/2020-Customs
(Delhi)
Clarifications regarding availment of exemption on temporary import of durable Containers - reg.
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RBI
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24
Nov
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RBI/2020-21/67
(Delhi)
Foreign Exchange Management Act, 1999 (FEMA)-
Compounding of Contraventions under FEMA, 1999
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24
Nov
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RBI/2020-21/68
(Delhi)
Maintenance of Escrow Account with a Scheduled Commercial Bank
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24
Nov
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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
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EXCISE
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24
Nov
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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
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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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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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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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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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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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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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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 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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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 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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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
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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
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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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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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RBI
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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
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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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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 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
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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
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| Trade Report |
| Country |
Month |
Link |
| Switerzland |
July 2019 |
Click |
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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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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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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
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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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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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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 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 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
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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
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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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