June 14, 2021

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RBI

14
Jun

RBI/2021-22/53 (Delhi)
Risk Based Internal Audit (RBIA)

14
Jun

RBI/2021-22/54 (Delhi)
Bharat Bill Payment System – Addition of Biller Category

INCOME TAX

14
Jun

Notification No. 72/2021 (Delhi)
The Central Government hereby notifies for the purposes of the said clause, ‘Competition Commission of India’

RBI

11
Jun

RBI/2021-22/52 (Delhi)
Usage of Automated Teller Machines / Cash Recycler Machines – Review of Interchange Fee and Customer Charges

INCOME TAX

10
Jun

Notification No. 70/2021 (Delhi)
In exercise of the powers conferred by clauses (ii) and (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961

10
Jun

Notification No. 71/2021 (Delhi)
In exercise of the powers conferred by sections 194,194A,194Q, 196D, 206AB and 206CCAread with section 295 of the Income-tax Act, 1961

RBI

9
Jun

RBI/2021-22/51 (Delhi)
Preservation of CCTV recordings

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INDIAN ECONOMY

Sharpening income inequalities telling story of ‘uneven’ economic recovery amid pandemic: Ex-RBI Governor Subbarao

Former RBI Governor D Subbarao has expressed concerns over “extreme unevenness” in economic recovery and “sharpening inequalities” between upper income segments and lower income households in the country, cautioning that the trend will hit growth prospects going forward. Terming the uneven recovery “morall...

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India’s Q1 merchandise exports may grow to USD 87.2 billion: Exim Bank

The country’s total merchandise exports are projected to grow 70.1 per cent to USD 87.2 billion in the first quarter of fiscal 2021-22 from USD 51.3 billion in the year, Export-Import Bank of India (India Exim Bank) said. The non-oil exports may jump 68.5 per cent to USD 78.26 billion in the April-June per...

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After pandemic, we need more simplicity in ease of doing business: NITI Aayog CEO Amitabh KantAfter pandemic, we need more simplicity in ease of doing business: NITI Aayog CEO Amitabh Kant

It will not be business as usual after the COVID-19 pandemic and we need to bring more “simplicity” in the ease of doing business by doing away with the current maze of rules, NITI Aayog CEO Amitabh Kant said here on Saturday. He was speaking to reporters after visiting the Aurangabad Industrial City and M...

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India can achieve 10% growth rate in FY22 if govt provides stimulus to combat COVID-19 pandemic

The daunting impact of COVID-19 has drastically impacted the growth trajectory of Indian economy, which decelerated to (-) 7.3% in FY 2021 as compared to the 4% in FY2020. However, the meaningful and proactive reforms undertaken by the Government in last many quarters have pulled the economy from the lows of ...

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Capital Formation: March spending binge salvages states’ capex in FY21

State governments have acquitted themselves well in arresting an anticipated decline in capital expenditure in FY21, despite an unprecedented fall in tax revenues over two successive years and a pressing need to step up revenue spending, especially on healthcare, due to the pandemic. According to data gath...

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India-European Union FTA: Talks to restart soon on realistic note

As India and the European Union (EU) prepare to resume formal negotiations for a proposed free trade agreement (FTA) after a gap of eight years, both the parties could focus on “low-hanging fruit” first, before switching to contentious matters that had hampered talks earlier, a source told FE. “The idea is...

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Indian policy makers seen tolerating high inflation for growth

Indian monetary policy makers’ intolerance for an inflation rate higher than their 4% medium-term target will probably only stay on paper. In reality, economists see the Reserve Bank of India grin and bear price pressures as it seeks to help Asia’s No. 3 economy recover from one of the world’s worst corona...

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Centre opens cash tap for Uttar Pradesh: Rs 10K crore under Jal Jeevan

The fourfold increase in the drinking water mission budget to Rs 10,870 crore for Uttar Pradesh (UP) announced by the Centre on Saturday makes it the biggest allocation for any scheme for the state this fiscal year. The sharp rise has happened even though the state government was unable to spend 40 per cen...

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MARKET & FINANCE

Bitcoin’s Taproot upgrade gets approval from crypto miners; to improve transaction privacy, efficiency

Bitcoin’s latest upgrade – four years after the “last civil war” upgrade – known as Taproot has now been approved by the crypto miners across the world and is set to take effect in November this year, CNBC reported. The new upgrade will mean higher efficiency and privacy in transactions and will also unlock t...

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IPO pie set to grow bigger as over a dozen financial services players line up Rs 55,000 cr issues

With payments major Paytm’s board reportedly approving a bumper share sale plan running north of Rs 22,000 crore, the IPO market is set for a big days as over a dozen financial services players, including fintechs, are set to mop up over Rs 55,000 crore this fiscal from the market, according to investment ban...

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FPIs invest Rs 13,424 crore in Indian markets in June so far

Overseas investors pumped in a net Rs 13,424 crore so far in June as risk-on sentiment improved with declining COVID-19 cases and hopes of early opening of economy. Depositories data showed that foreign portfolio investors (FPIs) invested Rs 15,520 crore in equities during June 1-11. ...

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Mutual Funds: Why equity MFs are a hot favourite again

Equity mutual fund investors are fast gaining confidence on the market outlook and are stepping up their investments. Equity-oriented mutual funds reported the highest monthly net inflows of Rs 10,083 crore in May, almost thrice than that of last month and the highest since February last year. For the past th...

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GLOBAL CORPORATE

New Covid wave in Asia to worsen global chip shortage: Report

A fresh wave of Covid-19 in Asia where vaccination is still in early stages can further worsen the global chip supply chain, the media reported. According to the Wall Street Journal, China, Taiwan and many other parts of Asia kept the pandemic in check better than the US and Europe. "Immunisation effort...

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INCOME TAX

Users stuck as glitches plague new I-T portal

The new income-tax (I-T) portal launched on June 7, which promised to be a gamechanger, continues to be plagued by glitches. Taxpayers and tax professionals find that they are unable to log in, or if at all they do manage to log in, they are unable to carry out transactions—be it uploading a relevant form or ...

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Banking

Private ARCs moving to retail loans as national bad bank nearing reality

With RBI-mandated loan restructuring and moratoriums ebbing the tide of bad loans among corporates, ARCs have been banking on retail loans to drive business in the pandemic-hit FY21 and player like Edelweiss ARC expects the industry-wide retail assets under management to hit nearly half of the overall pie. ...

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GLOBAL ECONOMY

Trade Report
Country Month Link
Switerzland July 2019 Click
G-7 leaders agree on vaccines, China and taxing corporations

The leaders of the world’s richest countries have pledged more than 1 billion coronavirus vaccine doses to poorer nations, endorsed a global minimum tax on multinational corporations and agreed they will work together to challenge...

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IMF will explore options for re-allocating reserves to raise $100 billion for poor countries

The International Monetary Fund on Sunday welcomed the Group of Seven’s support for expanding the global lender’s emergency reserves by $650 billion and said it would work with members on ways to provide $100 billion to the poores...

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Tax or no tax, UAE aims to remain magnet for investors

Tax advantages paired with a life of luxury have long drawn foreigners and multinationals to the UAE, which is aiming to remain attractive whether or not it signs up to a global tax initiative. The Group of Seven wealthy powers...

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American workers quitting jobs at highest rate in last two decades

More Americans are quitting their jobs than at any other time in at least two decades, which added challenges to companies trying to keep up with the economic recovery, a media report said. "The wave of resignations marks a sha...

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G7 agrees to boost climate finance, plans to meet $100 bn a year target

G7 leaders agreed on Sunday to raise their contributions to meet an overdue spending pledge of $100 billion a year by rich countries to help poorer countries cut carbon emissions and cope with global warming, but only two nations ...

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Days of small group of countries dictating global decisions long gone: China on G7 summit

China on Sunday asserted that the days when global decisions were dictated by a "small group" of countries are long gone, hitting back at the G-7 summit where Beijing was at the centre of severe criticism over the COVID-19 origins...

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INDIAN CORPORATE

Insolvency Case: NCLT sets up monitoring panel for DHFL until Piramal Group’s resolution plan is implemented

The Mumbai bench of NCLT has ordered constitution of a monitoring committee for DHFL until Piramal Group’s resolution plan is implemented. In a written order made public on Sunday, NCLT said 7-member monitoring committee would com...

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Byju’s dethrones Paytm to become India’s most valued start-up at $16.5 billion

Byju’s has dethroned Paytm to become the country’s most valuable start-up after it secured close to $350 million in fresh funding from a clutch of investors including UBS Group, Blackstone, Abu Dhabi state fund ADQ, Phoenix Rising...

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DLF targets 30 pc growth in sales bookings to Rs 4,000 cr during FY22; to launch 8 mn sq ft area

Realty major DLF aims a 30 per cent jump in its sales bookings to Rs 4,000 crore this fiscal, as the company expects a rise in housing demand despite the COVID-19 pandemic. The company will launch various projects, comprising ...

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Coal India's 114 mining projects under different stages of implementation

State-owned CIL s 114 ongoing coal projects, costing Rs 20 crore and above, are under different stages of implementation, according to a report. Implementation and completion of these projects depend upon critical extraneous facto...

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NSDL freezes accounts of 3 FPIs owning stake in Adani Group cos; stks fall

Shares of all six listed Adani Group companies -- Adani Enterprises, Adani Ports and Special Economic Zone, Adani Power, Adani Transmission, Adani Green Energy and Adani Total Gas -- were under pressure on Monday as they fell up t...

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Adani's cement foray to challenge Birla, LafargeHolcim, Dalmia, Jindal

Industrialist Gautam Adani's foray into cement business is expected to intensify the competition in the segment which is expected to grow at an average of 10 per cent in the next couple of years. The newly instituted Adani Cement ...

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LIC looks to raise up to Rs.25,000 crore from anchor investors

The government plans to bring in a clutch of anchor investors to invest up to Rs.25,000 crore in the shares of Life Insurance Corp. of India (LIC) in its planned mega initial public offering (IPO), said two people, including a top...

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GST

Tax Relief: GST cut for Covid-19 test kits, drugs; no waiver for vaccines as vaccination is free in govt sector

The Goods and Service Tax Council on Saturday decided to slash GST rates for Covid drugs, testing kits, medical equipment and even ambulances to provide relief to people amid the pandemic, but kept the tax on vaccines unchanged at the lowest slab of 5%. The new rates will be effective till September 30. Wh...

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