September 21, 2021

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INCOME TAX

18
Sep

Notification No. 111/2021 (Delhi)
In exercise of powers conferred by sub-clause (iv) of clause (c) of the Explanation 1 to clause (23FE) of section 10 of the Income-tax Act, 1961

18
Sep

Notification No. 112/2021 (Delhi)
In exercise of powers conferred by sub-clause (iv) of clause (c) of the Explanation 1 to clause (23FE) of section 10 of the Income-tax Act, 1961

18
Sep

Notification No. 110/2021 (Delhi)
In exercise of the powers conferred by sub-section (1F) of section 197A of the Income-tax Act, 1961

Exchange Rates

18
Sep

Notification No.74/2021 (Delhi)
Exchange rates Notification No.74/2021-Cus (NT) dated 16.9.2021

CUSTOMS

16
Sep

Notification No. 73/2021 (Delhi)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold, and Silver- Reg.

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LIVE MARKET

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INDIAN ECONOMY

Most Indian companies believe revival of MSME sector can boost rural employment: Report

A majority of Indian companies (57 per cent) believe there is a need to revive the micro, small and medium enterprises (MSMEs) sector, which has been hit due to the COVID-19 pandemic, in order to boost rural employment, according to a report. According to the report by Genius Consultants, titled the 'Sudden R...

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Govt receiving max FDI proposals in 3 depts from nations sharing land border with India

The government has received maximum foreign direct investment (FDI) proposals in three departments — electronics and IT, industry and internal trade, and heavy industries — from countries sharing land border with India, an official said. In April 2020, the government had made its prior approval mandatory f...

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Opposition-ruled states demand extension of GST compensation regime beyond June 2022

Finance ministers of Opposition-ruled states have demanded that the GST compensation cess regime be extended beyond June 2022. Briefing reporters after the 45th GST Council meeting in Lucknow on Friday, Union Finance Minister Nirmala Sitharaman had said the regime of paying compensation to states for reven...

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Consumer confidence rally in Sep shows 2% points upswing: Survey

Consumer Confidence of urban Indians has continued its rally in September, showing a 2 percentage points upswing, according to the Refinitiv-IpsosPrimary Consumer Sentiment Index (PCSI). The monthly PCSI, which is driven by the aggregation of the four weighted sub-indices, has shown more improvement in Sep...

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India Inc’s dwindling investment plans: RBI flags near-term risks

India Inc’s investment plans took a severe beating when the Covid pandemic raged across the country in 2020-21 with the number of new projects sanctioned dwindling and projects already in the pipeline also slowing down. Data on phasing plans for 2021-22 relating to projects in the pipeline point to persist...

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‘Forced formalisation behind the surge in tax collections’

A robust tax collection in recent months has lent some credence to the notion that the expansion of the formal sector of the economy, which got a leg-up from demonetisation and the GST rollout, has gathered steam with the Covid-19 outbreak. Gross tax revenue in the first quarter of this fiscal shot up by a...

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India to be 3rd largest importer by 2050: UK report

With a growing middle class and its rising discretionary spending, India will become the world’s third largest importer by 2050 with a share of 5.9% of global imports, right behind China and the US, a new report said, mimicking its projected ranking among world economies. At present, India is ranked eighth am...

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MARKET & FINANCE

PayPal completes first international rollout of its crypto offering for users to buy, hold, sell coins

Weeks after PayPal announced the first international expansion of its cryptocurrency offering outside of the United States to the UK for its customers to buy, hold and sell digital currencies, the company has now completed the launch for all eligible PayPal account holders. Customers will be able to choose fr...

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FPIs net buyers at Rs 16,305 cr so far in Sept

Foreign portfolio investors (FPIs) remained net buyers in Indian markets so far in September by investing a net sum of Rs 16,305 crore. As per depositories data, overseas investors invested Rs 11,287 crore into equities and Rs 5,018 crore in debt segment on a net basis between September 1-17....

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Centre working on 'backstop facility' to deepen the bond market

The Centre is finalising the modalities of a “backstop facility” that will be set up to deepen the corporate debt market, a senior government official said on Friday. The facility, announced in the February Budget, will be an entity that can trade in relatively illiquid investment-grade corporate bonds and...

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GLOBAL CORPORATE

Investors predicted Mailchimp’s demise. It sold for $12 billion

In the early days of building his email-marketing startup Mailchimp, Ben Chestnut was warned by venture capitalists about the company’s imminent demise should he not take their money and advice. “A lot would give me the same pitch from the last guy, always a semi-threatening pitch,” Chestnut said in a Zoom...

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China's Evergrande starts repaying investors with discounted properties

China Evergrande Group kicked off a process on Saturday to repay investors in its overdue investment products with discounted properties. Investors who opt for discounted real estate in lieu of cash can start contacting wealth managers for more details, Evergrande’s wealth division said in a post on its We...

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China defends clampdown on tech firms in a meeting with Wall St execs: Report

China's top securities regulator defended their crackdown on various industries in a private meeting with Wall Street executives, Bloomberg News reported on Saturday. Investors' concerns over the regulatory crackdown has led to sharp sell-offs on China's share markets, reducing the market capitalisation of...

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Taiwan threatens to take China to WTO in new spat over fruit

Taiwan threatened to take China to the World Trade Organization on Sunday after Beijing said it would suspend sugar apple and wax apple imports from the island on pest concerns, in the latest spat between the two over fruit. Relations between Taipei and Beijing, which claims democratically-ruled Taiwan as ...

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UK PM Boris Johnson to challenge Amazon founder Jeff Bezos over company's tax record

British Prime Minister Boris Johnson in a face-to-face meeting will challenge Amazon founder Jeff Bezos over his company's tax record, the Financial Times reported. Concerns surrounding international corporate tax rates for tech giants will be high on the agenda during Johnson's meeting with Bezos, the new...

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Banking

US trade official called India's Mastercard ban 'draconian'

A senior US trade official privately criticised India's July decision to ban Mastercard Inc from issuing new cards, calling it a "draconian" move that caused "panic", according to US government emails seen by Reuters. The documents show frustration within the US government after India's central bank banned...

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IDBI Bank strategic sale: Most merchant bankers indicate 52 weeks' time

Most of the merchant bankers who had submitted bids for facilitating strategic sale of LIC-controlled IDBI Bank indicated a time-frame of one year to complete the elaborate process, sources said. During a presentation before the Department of Investment and Public Asset Management (DIPAM) held recently, mo...

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View: Dear RBI, don’t make digital payments difficult for consumers

The Reserve Bank of India has been at the forefront for facilitating a broad-based economic recovery from the pandemic. As the RBI would have noted, while there are signs of revival, we are not yet out of the woods. The pandemic has accelerated the push towards digitalisation, with greater adoption of digital...

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Home loan: Competition heats up as banks go on interest rate cutting spree

With the economy on the comeback trail and the home buying market expected to stage a growth in the forthcoming festival season, lenders are racing to woo home loan customers with interest rate cuts. Although the Reserve Bank of India (RBI) has kept the policy rates unchanged at four per cent in the last seve...

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GLOBAL ECONOMY

Trade Report
Country Month Link
Switerzland July 2019 Click
Fed's Jerome Powell is moving closer to a dial-back in stimulus

Federal Reserve Chair Jerome Powell faces a communication challenge in the coming week as he leans toward paring back stimulus while trying to avert speculation that such a shift presages future interest-rate increases. Fed off...

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UAE central bank sees COVID-19 increasing money-laundering risks

The United Arab Emirates central bank sees increased risks of illicit financial flows e merging from the COVID-19 pandemic, including money-laundering and terrorism financing, it said in a report published on Sunday. The use of...

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Central banks tiptoe towards tapering

To taper or not to taper? That is the question facing central bankers as they debate when they should unwind the massive economic support measures they deployed last year to prevent a pandemic-induced Great Depression. "The ...

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UK set for most widespread pay rises in over a decade - CBI

More British employers are planning pay rises than at any time since the global financial crisis as they struggle to recruit staff following the coronavirus pandemic and Brexit, data from the Confederation of British Industry show...

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INDIAN CORPORATE

Hindustan Copper undertakes projects to increase output, mining capacity

State-owned Hindustan Copper is taking requisite actions to increase the output from its mines and is also in the process of augmenting the mining capacity through expansion projects. The company during 2010-11 had envisaged incre...

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Losing Ground: Despite relief, Vodafone Idea revival uphill battle

The telecom revival package may have provided relief to financially stretched Vodafone Idea (VIL), but the telecom player may remain a fragile entity with a declining subscriber base given its inability to catch up with Bharti Air...

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Flipkart partners Davinta to offer credit facilities to MSMEs, kiranas

Flipkart Wholesale, the digital B2B marketplace of Flipkart Group, on Saturday said it has partnered with SME lending platform Davinta to offer a ‘Buy Now Pay Later’ (BNPL) credit facility to its retailers. Flipkart Wholesale S...

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Grofers taking multiple steps towards building more inclusive, diverse organisation: CEO

Online grocery ordering platform Grofers on Friday said it is taking multiple steps towards building a more “inclusive and diverse” organisation, including offering an endowment of Rs 50,000 per child for new parents and up to 10 ...

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Expect India to be one of fastest-growing markets: Salesforce India CEO

Arundhati Bhattacharya, chairperson and chief executive officer of Salesforce India, joined the top maker of cloud-based customer-relations software last April at a critical period. Just one week into this new role, Bhattacharya, ...

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Advent International to buy controlling stake in Eureka Forbes for approx Rs 4,400 crore

Private equity firm Advent International will buy a controlling stake of 72.56 percent in Eureka Forbes from Shapoorji Pallonji Group for approximately Rs 4,400 crore, said a joint statement issued by the two entities on September...

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GST

Come Jan 1, non-filers of 1 monthly GST return to be barred from filing GSTR-1

Businesses that default on filing summary return and paying monthly GST will not be able to file GSTR-1 sales return of the succeeding month from January 1 next year. The GST Council in its Lucknow meeting on September 17 has decided to take a host of measures to streamline compliance, including mandatory ...

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GST Council move to correct inverted duty structure to lessen tax burden of apparel industry, trade body says

The Apparel Export Promotion Council (AEPC) on Saturday said the decision of the GST Council to correct inverted duty structure on textiles from January 1, 2022 will lessen the tax burden on manmade fibre (MMF) fabrics and garments. The GST Council in its latest meeting on September 17 agreed to correct in...

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