May 20, 2022

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24
May

IIUSA EB-5 Passport Series: India

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Notifications

 
CUSTOMS

18
May

Circular No. 08/2022 (Delhi)
Enabling export of Bangladesh goods to India by rail in closed containers

16
May

Notification No. 41/2022 (Delhi)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg

Exchange Rates

19
May

Notification No.42/2022 (Delhi)
Exchange rate Notification No.42/2022-Cus (NT) dated 18.05.2022

INCOME TAX

18
May

Circular No. 10/2022 (Delhi)
Circular regarding use of functionality under section 206AB and 206CCA of the Income-tax Aci, 1961 - reg.

RBI

18
May

RBI/2022-23/51 (Delhi)
Kisan Credit Card Scheme - Eligibility criteria for farmers engaged in fisheries/ aquaculture

16
May

RBI/2022-23/50 (Delhi)
Lending by Commercial Banks to NBFCs and Small Finance Banks (SFBs) to NBFC-MFIs, for the purpose of on-lending to priority sectors

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LIVE MARKET

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INDIAN ECONOMY

Some progress made but miles to go: State of Inequality in India Report

The State of Inequality in India Report concedes that while earnings have risen over the years, the benefits of that growth have largely remained concentrated and this has marginalised the poor further, reports fe Bureau in New Delhi. ...

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S&P lowers India growth projection to 7.3% for FY23

With rising inflation and the longer-than-expected Russia-Ukraine conflict, S&P Global Ratings on Wednesday lowered India’s growth projection for the current fiscal year to 7.3% from 7.8% estimated earlier. In December 2021, S&P had pegged India’s GDP growth for FY23 at 7.8%. For the next fiscal, the growt...

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India better placed to face global challenges and uncertainties: CEA V Anantha Nageswaran

Chief Economic Adviser V Anantha Nageswaran on Wednesday said amid global uncertainties caused by the ongoing Russia-Ukraine war, India is still better placed among the large economies because of an improved financial system and a robust corporate health. India, he said, has already taken a host of reforms...

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Inflation set to avg to 9-year high at 6.9 pc in FY23: India Ratings and Research

The average headline inflation is set to accelerate to a nine-year high at 6.9 per cent in FY23, and the Reserve Bank may go for more rate hikes during the fiscal, a domestic ratings agency said on Wednesday. The RBI will hike rates by another 75 basis points and possibly up to 125 basis points (1.25 perce...

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State of India’s Economy: From agriculture to electricity, 6 key takeaways from RBI report

India’s economic recovery has remained resilient so far, but global risks such as Russia-Ukraine war and China lockdown have thwarted the momentum, according to the Reserve Bank of India’s latest ‘State of the Economy’ report. Domestically, on one hand vehicle sales have been hurt by inflating metal prices; o...

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Centre won't trim its Capex plan despite inflation running hot

The government will not cut capital expenditure in the current fiscal year, finance secretary TV Somanathan said, amid suggestions by experts that fiscal policy should aid monetary policy in managing inflation. He said capital investment is needed for the long-term growth of the economy and short-term deve...

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India remains attractive for FDI investors

Foreign direct investment (FDI) has been rising annually in contrast with the heavy selling by foreign portfolio investors (FPIs) in recent times. Gross FDI inflows were at $83.6 billion in FY22, surpassing $82 billion a year earlier. It stood at $74.4 billion in FY20. Services and manufacturing sectors accou...

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Netherlands is proving to be gateway for India’s exports to Europe: Envoy

Netherlands has emerged as fourth popular destination for Indian exports. Netherlands Rotterdam Port is playing a big role in promoting Indian trade to Europe and the country is proving to be New Delhi’s gateway for exports to the continent. The Make in India can support Dutch companies to invest in India and...

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PM advisory panel seeks urban MGNREGS

The Economic Advisory Council to the Prime Minister has suggested the government launch a guaranteed employment scheme for the urban unemployed, introduce universal basic income and allocate higher funds towards the social sector to reduce inequality while creating air-tight slabs for class-based distinction....

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Parliament Committee advises MEA to expedite Bilateral Investment Treaties

The parliamentary committee of the external affairs ministry has called for fast-tracking signing of bilateral investment treaties and investments to facilitate economic growth, observing in a recent report that the number of pacts signed by India after 2015 and those under negotiations are inadequate. ...

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India, fastest-growing major economy, projected to grow 6.4% in 2022: UN

As the Ukraine conflict impacts the global GDP, India is projected to grow by 6.4 per cent in 2022, slower than the last year’s 8.8 per cent but still the fastest-growing major economy, with higher inflationary pressures and uneven recovery of the labour market curbing private consumption and investment, acco...

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Off-cycle rate hike done to avoid tougher move in June: Monetary Policy Committee minutes explain rationale behind RBI action

Several storms hitting together prompted the Monetary Policy Committee (MPC) to go for an off-cycle hike of 40 basis points in the repo rate on May 4, according to the minutes of the rate-setting panel released on Wednesday. “As several storms hit together, our monetary policy response should be seen as an im...

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Food Producer Organisations: Farmers reap bumper gains

The farmers of Telangana’s Adilabad district have scripted a success story that can serve as a ready template for the country to embrace. Four food producer organisations (FPOs) promoted by the Dhan Foundation have leveraged new-age digital technologies to overcome their constraints, increasing their collecti...

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Inflation target needs to be updated, says RBI deputy governor Michael Patra

India’s inflation target of 4% and the estimates of threshold inflation need to be updated, according to RBI deputy governor Michael Patra. In an article, co-authored with Indranil Bhattacharyya, a director in the RBI’s monetary policy department, Patra said this is necessary as estimates for several economic...

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PM’s Economic Advisory Council bats for universal basic income, urban job guarantee scheme

A report commissioned by the Economic Advisory Council (EAC) to the Prime Minister on Wednesday suggested that the government roll out a universal basic income (UBI) scheme to reduce stark income gaps and launch a guaranteed employment programme for the urban unemployed. Stating that the heavily skewed nat...

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MARKET & FINANCE

Rupee may depreciate on firm dollar, risk aversion in global markets, USDINR to trade sideways in this range

The Indian Rupee is likely to depreciate on Thursday on strong dollar. Risk aversion in global markets, persistent FII outflows are also likely to weigh on the domestic currency. USDINR pair is expected to trade sideways. In the previous session, the rupee declined to close at its fresh lifetime low of 77.61 ...

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Investors bet big on SIP; inflows climb 30% to Rs 1.24 lakh cr in FY22: AMFI

Inflows in the mutual fund industry through systematic investment plans or SIPs reached over Rs 1.24 lakh crore in the financial year 2021-22, a jump of 30 per cent from the preceding fiscal, suggesting growing popularity of the route among retail investors to generate long term wealth. In comparison, an i...

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GLOBAL CORPORATE

Google's Russian subsidiary files for bankruptcy -document

The Russian subsidiary of Alphabet Inc's Google has filed for insolvency, according to a message posted on Russia's official registry Fedresurs on Wednesday. "Since March 22, 2022, it foresees its own bankruptcy and inability to fulfil its monetary obligations, demands to pay severance payments and (or) th...

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EU lays plan to end by 2027 bloc's reliance on Russian oil and gas

The European Union published plans on Wednesday to end its reliance on Russian gas, oil and coal by 2027, laying out measures to expand renewable energy faster, save more energy and hike imports of non-Russian fuels. Gas heat homes, produces electricity and powers factories across Europe. The EU is gradual...

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INCOME TAX

Non-ITR filers will face higher TDS

If you have not filed the income tax return for fiscal 2020-21, then you will be on the list of non-tax filers and have to face higher tax deduction at source from this financial fear. The Central Board of Direct Taxes (CBDT) has issued a circular to determine the non-filers, or “specified person” who are sub...

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Finance Ministry to clarify doubts on applicability of TDS on perks received in business, profession

The finance ministry will clarify doubts on the applicability of new TDS provision regarding benefits or perquisites received in a business or profession, a senior tax official said on Wednesday. Joint Secretary in the finance ministry Kamlesh C Varshney said that such benefits and perquisites are income a...

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Banking

Geopolitical developments: RBI Governor Shaktikanta Das asks banks to take mitigating steps to minimise impact on balance sheets

Reserve Bank Governor Shaktikanta Das has asked banks to remain watchful of the ongoing geopolitical developments and proactively take mitigating measures, including raising capital, to minimise the potential impact on their balance sheets. The governor along with other RBI officials held meetings with MD ...

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Bandhan Bank may not require microfinance loan recast

Private sector lender Bandhan Bank does not expect any requirement for microfinance loan restructuring going forward, though the lender may have to write-off some bad loans depending on situations. For the fourth quarter last fiscal, the bank’s collection efficiency, other than non-performing assets (NPAs)...

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Rating agencies in a limbo over RBI’s new guidance on loans

Credit rating agencies have sought the intervention of their primary regulator, Sebi, in the wake of new directions from the Reserve Bank of India (RBI) and the contradictions that have surfaced in the views of the two financial market watchdogs. The central bank has said ratings given on loans to a company c...

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GLOBAL ECONOMY

Canada's inflation hits 6.8% in April, highest since January 1991

Canada's consumer prices rose 6.8 per cent year-over-year in April, a slight increase from 6.7 per cent in March, Statistics Canada said. The year-over-year increase in April was largely driven by food and shelter prices. Gas p...

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World Bank announces up to $30 bn to address food security crisis

The World Bank has announced actions it plans to take as part of a comprehensive, global response to the ongoing food security crisis, with up to $30 billion financing in existing and new projects. The bank said on Wednesday in...

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Goldman Sachs cuts its China GDP forecast to 4% on Covid controls

Goldman Sachs analysts on Wednesday cut their forecast for China’s GDP to 4% after data for April showed a slump in growth as Covid-19 controls restricted business activity. The new forecast is even further below the “around 5....

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India isn’t the only one banning food exports. These countries are doing the same

India has banned wheat exports, becoming the latest country to do so as the price of grain surged this year due in part to the Russia-Ukraine war. The war has triggered a huge spike in wheat prices, with Russia and Ukraine amon...

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Brazil's govt will maintain GDP outlook for 2022 and 2023 -sources

Brazil’s Economy Ministry will hold its economic growth outlook at 1.5% in 2022 and 2.5% in 2023, two officials told Reuters on Wednesday, forecasting activity ahead of market projections due to labor market strength and growing p...

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UN drops forecast for global economic growth in 2022 to 3.1%

The United Nations on Wednesday significantly lowered its forecast for global economic growth this year from 4% to 3.1%, saying the war in Ukraine has triggered increasing global food and commodity prices and exacerbated inflation...

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UK inflation hits 9%, highest since 1980s

British consumer price inflation hit an annual rate of 9.0% in April, the highest since official estimates began in the late 1980s, data showed on Wednesday. Reuters poll of economists had pointed to a reading of 9.1%.Te Office fo...

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Japan's economy contracts as energy prices soar

Japan's economy shrank at a worse than expected annual rate of 1% in the first quarter, as rising prices and COVID-19 restrictions sapped spending and investment, according to data released Wednesday. Japan's real gross domesti...

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Global economy loses $1.6 trn as world struggles to avoid a new Cold War

The ties that bind the global economy together, and delivered goods in abundance across the world, are unravelling at a frightening pace. Russia’s invasion of Ukraine and China’s Covid Zero lockdowns are disrupting supply chain...

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China's zero-Covid policy dashes global hopes for quick return to normal

A sharp slowdown in China's economy caused by its strict zero-COVID rules and Beijing's shift away from a traditional reliance on external demand have cast doubts over how much the country will contribute to future global trade an...

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INDIAN CORPORATE

Adani Enterprises to foray into healthcare business

Adani Enterprises (AEL) is marking its foray into the healthcare business by setting up a wholly-owned subsidiary, Adani Health Ventures (AHVL), that would start operations in the due course. AHVL will have an initial authorise...

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More functional autonomy: Central Public Sector Enterprises to get powers to offload subsidiaries, exit joint ventures

The Union Cabinet on Wednesday empowered the boards of the Central Public Sector Enterprises (CPSEs) to privatise, disinvest or close their subsidiaries and sell stakes in joint ventures. The move will give a fillip to the governm...

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Patanjali Ayurved sells food retail business to Ruchi Soya for Rs 690 crore

Yoga guru and businessman Baba Ramdev-helmed Patanjali Ayurved has signed an agreement to sell its food retail business to Ruchi Soya Industries, a firm it acquired through an insolvency process, for Rs 690 crore. The deal – co...

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ITC net profit rises 12% to Rs 4,191 crore

Beating street estimates, diversified conglomerate ITC on Wednesday reported an 11.81% year-on-year rise in its standalone net profit to Rs 4,190.96 crore for the fourth quarter last fiscal, aided by a 15.71% y-o-y growth in its g...

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DLF’s sales bookings jumps over two-fold to Rs 7,273 crore during FY’22

Realty major DLF’s sales bookings have jumped over two-fold to Rs 7,273 crore during the last fiscal year driven by better demand for its properties, especially luxury homes. According to an investor presentation, DLF said its ...

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Gautam Adani, Mukesh Ambani reap windfall from surging oil, coal

Gautam Adani and Mukesh Ambani are profiting from a surge in global commodity prices triggered by Russia’s invasion of Ukraine, burnishing their fossil-fuel credentials even as Asia’s richest men publicly push their pivots toward ...

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COMMERCIAL LAW

Set up pilot courts to deal with cheque bounce cases, orders Supreme Court

In a bid to reduce the pendency of cheque bounce cases under Section 138 of the the Negotiable Instruments Act, the Supreme Court on Wednesday ordered the establishment of pilot courts presided over by retired judges in five distr...

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GST

SC rules GST Council's recommendations are not binding on Centre and states

In a significant verdict, the Supreme Court today ruled that recommendations of the GST Council isn't binding on Centre and States. It only has a persuasive value A bench led by Justice DY Chandrachud held that the Central government and States have simultaneous powers to legislate on Goods and Service Tax...

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Group of ministers for raising GST on online gaming to 28%

A group of ministers (GoM) has recommended raising the goods and services tax (GST) on online gaming from 18% to 28%, to bring the skill game tax rate on a par with chance games involving gambling and betting, sources said. However, it was not immediately clear whether the enhanced GST rate would be on the...

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