May 09, 2021

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IMC EVENTS

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RBI

7
May

RBI/2021-22/32 (Delhi)
Resolution Framework 2.0 – Resolution of Covid-19 related stress of Micro, Small and Medium Enterprises (MSMEs)

7
May

RBI/2021-22/31 (Delhi)
Resolution Framework – 2.0: Resolution of Covid-19 related stress of Individuals and Small Businesses

7
May

RBI/2021-22/30 (Delhi)
Credit to MSME Entrepreneurs

7
May

RBI/2021-22/29 (Delhi)
Periodic Updation of KYC – Restrictions on Account Operations for Non-compliance

7
May

RBI/2021-22/28 (Delhi)
Utilisation of Floating Provisions/Counter Cyclical Provisioning Buffer

7
May

RBI/2021-22/27 (Delhi)
Priority Sector Lending (PSL) - On-lending by Small Finance Banks (SFBs) to NBFC-MFIs

7
May

RBI/2021-22/33 (Delhi)
Exclusion of “Lakshmi Vilas Bank Ltd” from the Second Schedule to the Reserve Bank of India Act, 1934

7
May

RBI/2021-2022/34 (Delhi)
Exim Bank's Government of India supported Line of Credit (LoC) of USD 7.35 million to the Government of the Republic of Nicaragua

Exchange Rates

7
May

Notification No.46/2021 (Delhi)
Exchange rates Notification No.46/2021-Cus (NT) d

INCOME TAX

5
May

Notification No. 40/2021 (Delhi)
In exercise of the powers conferred by sub-section (1) of section 245M read with section 295 of the Income-tax Act, 1961 (43 of 1961)

5
May

Notification No. 41 /2021 (Delhi)
In exercise of the powers conferred by the clause (a) and clause (b) of Explanation 2A to sub-section (1) of section 9 read with section 295 of the Income-tax Act, 1961

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LIVE MARKET

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INDIAN ECONOMY

India’s sovereign rating to remain at current level for next 2 years: S&P

S&P Global Ratings on Friday said India’s credit rating would be retained at the current level for the next two years, and the country will see a slightly faster pace of growth in the next couple of years that will support its sovereign rating. The US-based rating agency, however, said that the second wave...

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FinMin report says impact of COVID-19 second wave on economy to remain muted

The impact of the second wave of the coronavirus pandemic on the economy is likely to remain muted as compared to the first wave, the finance ministry said in its monthly economic report. Admitting that the second wave of the pandemic has posed a downside risk to economic activity in the first quarter of FY20...

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China trade surges as global demand recovers from pandemic

China’s trade with the United States and the rest of the world surged by double digits in April as consumer demand recovered, but growth appeared to be slowing. Global exports rose 32.3 per cent over a year ago to $263.9 billion, in line with March but down from the explosive 60.6 per cent rise in the firs...

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NFRA prepares provisional database of companies, auditors

The National Financial Reporting Authority (NFRA) has prepared a provisional database of companies and auditors that come under its regulatory ambit. NFRA has the mandate to oversee compliance with accounting and auditing standards by certain class of companies, described as Public Interest Entities (PIEs)...

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Covid-19: Depleting savings, falling incomes leave millions poor in India

After dipping into his savings to weather India’s snap pandemic lockdown last March, Manoj Kumar was just getting his head above water again earning 600 rupees ($8) a day as a construction worker in the tourist hotspot of Goa. He’d squirreled away enough for a trip last month to his native village in Bihar...

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MARKET & FINANCE

Foreign investors turn net sellers after 6 months of inflows; trim stake in these sectors in April

After six months of consecutive inflows, foreign institutional investors (FII) turned net sellers of domestic stocks in April. FIIs pulled out $1.29 billion worth of domestic securities in April, the highest since March 2020, according to domestic brokerage and research firm Edelweiss Securities. The outflows...

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Forex reserves surge by $3.91 billion to $588.02 billion

The country’s foreign exchange reserves swelled by USD 3.913 billion to reach USD 588.02 billion in the week ended April 30, 2021, RBI data showed on Friday. In the previous week ended April 23, the reserves had risen by USD 1.701 billion to USD 584.107 billion. The forex kitty had touched a lifetime high ...

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India must democratise cryptocurrency; deals face FEMA compliance, investor identity, and other legal hurdles

13 years after being invented by Satoshi Nakamoto, Bitcoin(BTC) is bigger than ever in 2021. The combined market cap of cryptocurrencies has been on a tear as institutional investors like Morgan Stanley, Grayscale, MasterCard dabble in crypto as a way to boost returns on cash in a world of near-zero interest ...

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RBI to conduct SLTRO of Rs 10,000 crore for small finance banks on May 17

The Reserve Bank on Friday said it will conduct the first auction for special long-term repo operations (SLTRO) of Rs 10,000 crore for Small Finance Banks (SFBs) on May 17. To provide further support to small business units, micro and small industries, and other unorganised sector entities adversely affect...

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Disbursed Rs 14,572 crore to investors of six shuttered schemes, says FT

Franklin Templeton (FT) Mutual Fund announced that its six shuttered debt schemes had distributed Rs 14,572 crore to investors as on May 3. In the letter to the investors, Sanjay Sapre, president, Franklin Templeton Asset Management (India), said that 58 per cent of the April 2020 assets under management (...

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LIC cuts stake in listed firms to a record low

Life Insurance Corp. of India (LIC), the country’s top institutional investor, has cut its stake in publicly traded companies in the first three months of 2021, even as the benchmark Nifty gained 5%, as the nation’s largest insurer booked profits to take advantage of a stocks rally in the past year. The in...

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GLOBAL CORPORATE

How the US locked up vaccine materials other nations urgently need

To fight the pandemic at home, the United States gave its own vaccine manufacturers priority access to American-made materials needed to make the shots. As a result, the U.S. government laid claim not only to vast quantities of finished COVID-19 vaccines but also to vaccine components and equipment all alo...

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Drugmakers say Joe Biden misguided over vaccine patent waiver

Drugmakers on Thursday said U.S. President Joe Biden's support for waiving patents of COVID-19 vaccines could disrupt a fragile supply chain and that rich countries should instead share more generously with the developing world. Biden on Wednesday threw his support behind waiving intellectual property righ...

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INCOME TAX

Government allows hospitals, COVID care centres to accept cash payments of over Rs 2 lakh

The government has allowed hospitals to accept cash payment in excess of 2 lakh. Exemption, applicable for a period between April 1-May 31, 2021, would be subject to providing the permanent account number or Aadhar number of the patient or of any other person making the payment on behalf of the patient and...

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GLOBAL ECONOMY

Trade Report
Country Month Link
Switerzland July 2019 Click
Joe Biden: US must invest because China 'eating our lunch'

President Joe Biden warned Thursday that Congress needs to adopt his multi-trillion dollar spending plans to renew the US economy because China is "eating our lunch." Speaking in deep-Republican Louisiana, Biden pitched his $2.3 ...

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Covid: China's export growth unexpectedly speeds up in April

China's exports growth unexpectedly accelerated in April as the brisk US recovery and stalled factory production in other countries hit by coronavirus propped up demand for goods made in the world's second-largest economy. Export...

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Pakistan to spend 'bare minimum' $6 billion to boost economic growth

Pakistan plans to boost spending on large infrastructure projects by as much as 40% to create jobs and foster productivity in an economy crippled by the coronavirus pandemic, Finance Minister Shaukat Tarin said. The federal gov...

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US job growth misses all estimates in April; unemployment rate at 6.1%

U.S. job growth unexpectedly softened in April from the prior month, suggesting that difficulty attracting workers is slowing momentum in the labor market. Payrolls increased 266,000 after a downwardly revised 770,000 March inc...

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US government could breach debt limit after October 1: Think-tank

A Washington, D.C.-based think-tank said that the US federal government is likely to run out of borrowing room and breach the debt limit after October 1. "The Treasury's updated guidance means that the 'X Date' will likely arri...

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China’s trade with the U.S. and Australia grew in April despite tensions

China’s exports surged more than expected in April as global demand for Chinese goods remained elevated amid countries’ varying stages of dealing with the coronavirus pandemic. U.S. dollar-denominated exports rose 32.3% in Apr...

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INDIAN CORPORATE

InterGlobe Aviation to explore options to increase liquidity

InterGlobe Aviation, parent of the country’s largest airline IndiGo, plans to raise funds to increase its liquidity amid the aviation sector grappling with coronavirus pandemic woes. The board of the company, during its meeting...

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Quarterly results: HDFC Q4 consolidated PAT rises 31% to Rs 5,669 crore

Mortgage lender HDFC Ltd on Friday reported a 31 per cent jump in consolidated profit after tax at Rs 5,669 crore for the quarter ended March 2021. The company had posted a consolidated profit after tax (PAT) of Rs 4,342 crore ...

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Dabur net profit jumps 34 pc to Rs 377.3 cr in March quarter

Homegrown FMCG major Dabur India Ltd on Friday reported an increase of 33.98 per cent in consolidated net profit at Rs 377.29 crore for the fourth quarter ended March 2021. The company had posted a net profit of Rs 281.60 crore in...

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JSW Steel inks pact with JFE Steel Corp to conduct feasibility study for proposed JV in India

JSW Steel on Friday said it has signed a memorandum of understanding (MoU) to conduct a feasibility study with JFE Steel Corporation to establish a grain oriented electrical steel sheet manufacturing and sales joint-venture compan...

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Govt gives bidders data access for $7-billion Bharat Petroleum Sale

India has allowed bidders access to the financial data of Bharat Petroleum Corp. as the government moves ahead with plans to sell its entire stake in the country’s second-biggest state refiner, according to people familiar with th...

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Dabur lines up ?550 crore to boost capacity

abur India is set to invest ?550 crore to build additional capacity, and augment its healthcare, home and personal care portfolio, its chief executive officer, Mohit Malhotra, said in post-earnings call on Friday. The packaged ...

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GST

GST Exemption on Oxygen Concentrators: HC Appoints Senior Advocate To Assist Court

The Delhi High Count on Friday appointed Arvind Datar, a senior counsel as Amicus Curiae to assist the court on plea seeking exemption on imposition of Integrated Goods and Services Tax (IGST) on the import of oxygen concentrators as gift for personal use. The appointment was made by a Divison Bench of Justic...

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Module wise new functionalities deployed on the GST Portal for taxpayers

Various new functionalities are implemented on the GST Portal, from time to time, for GST stakeholders. These functionalities pertain to different modules such as Registration, Returns, Advance Ruling, Payment, Refund and other miscellaneous topics. Various webinars are also conducted as well informational vi...

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