June 02, 2023

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IMC EVENTS

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CUSTOMS

2
Jun

Notification No. 38/2203 (Delhi)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg

2
Jun

Circular No.13/2023 (Delhi)
Faceless Assessment – Re-organisation of National Assessment Centres and Faceless Assessment Groups.

29
May

Circular No. 12/2023 (Delhi)
Foreign Trade Policy 2023.

Exchange Rates

2
Jun

Notification No. 39/2023 (Delhi)
Exchange rate Notification No. 39/2023-Cus (NT) dated 01.06.2023-reg

INCOME TAX

2
Jun

Notification No. 32/2023 (Delhi)
In the exercise of powers conferred by sub-section (1) of section 249 read with section 295 of the Income-tax Act, 1961 (43 of 1961)

2
Jun

Notification No. 33/2023 (Delhi)
In exercise of the powers conferred by sub-section (5) of section 246 of the Income-tax Act, 1961 (43 of 1961)

2
Jun

Notification No. 34/2023 (Delhi)
In exercise of the powers conferred by clauses (i), (ii), (iii) and (iv) of the first proviso to sub-section (5) of section 80G and the third proviso to sub-section (5) of section 80G read with sectio

2
Jun

Notification No. 35/2023 (Delhi)
In exercise of the powers conferred by clause (XI) of the proviso to clause (x) of subsection (2) of section 56 read with section 295 of the Income-tax Act, 1961 (43 of 1961)

29
May

Notification No. 29/2023 (Delhi)
In exercise of the powers conferred by sub-clause (ii) of the first proviso to clause (viib) of sub-section (2) of Section 56

29
May

Notification No. 30/2023 (Delhi)
In exercise of the powers conferred by clause (ii) of the first proviso to clause (viib) of sub-section (2) of section 56 of the Income-tax Act, 1961

29
May

Notification No. 31/2023 (Delhi)
In exercise of the powers conferred by sub-clause (ii) of clause (10AA) of section 10 of the Income-tax Act, 1961

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INDIAN ECONOMY

South Korean inflation cools to 19-month low, core remains higher

South Korea's consumer inflation eased for a fourth consecutive month in May to the lowest in 19 months but core inflation remained elevated, clouding views on whether the central bank may start to cut interest rates soon to boost economic growth. The consumer price index (CPI) rose 3.3% in May year-on-ye...

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The Make in India dream keeps colliding with the Chinese reality

Last month, External Affairs Minister S. Jaishankar said Indian businesses need to stop looking for a "China fix", while terming the Make in India programme a strategic statement to spur the country's manufacturing. Jaishankar was voicing the general sentiment that China's cheap imports de-industrialise In...

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Indian economy in unexpectedly good shape. What it means for growth in the current fiscal

As with the annual health check of any septuagenarian, National Statistical Office's (NSO) annual health check-up of the 75-year-old Indian economy on Wednesday is a mixed bag. But here's the surprise. Data reveals an exceptionally sprightly septuagenarian. Sure, there are some parameters that need to be w...

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Economists hail India’s ‘resilient growth’ with FY23 GDP growth at 7.2% but warns against global headwinds

Economists and experts hailed India’s ‘resilient growth’ with GDP growth for FY23 at 7.2 per cent and 6.1 per cent for the fourth quarter of the financial year, despite multiple global headwinds during the year arising from economic and geo-political uncertainties. “India’s economic growth was primarily drive...

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Decoding the current trajectory of inflation in India

The topic of inflation has been consistently highlighted in the Reserve Bank of India’s (RBI) monetary policy committee’s reviews. On April 6th, the central bank convened to discuss monetary policy and made the decision to halt its consecutive rate hikes, maintaining the benchmark repo rate at 6.50%. Accordin...

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Nomura sees Indian economy slowing after growth surprise

India’s strong economic growth momentum could slow in the coming months, making the central bank shift focus from taming inflation to stimulating demand, according to Nomura Holdings Inc. The economy’s expansion in the latest quarter surprised on the positive side, but going forward “the tailwinds will turn a...

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Demand drivers resilient, but short-term challenges loom

Consumption demand, which remained muted in the second half of FY23, could now get a leg up, thanks to lower inflation, bridging the gap with the strong outputs of key services industries, economists said. They also saw the possibility of an upward revision of the private final consumption expenditure (PFCE) ...

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IPEF supply chain pact could shift production centres to India

The substantial progress made on a supply chain agreement at the recent meeting of trade ministers of the Indo-Pacific Economic Framework for Prosperity (IPEF) could lead to a shift in production centres of key goods and critical sectors to India, a statement by the commerce & industry ministry said on Thursd...

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Electronics, pharma to drive exports: EXIM Bank deputy MD

Sectors like electronics and pharmaceuticals will drive India’s exports in 2023-24 (April-March), said India EXIM Bank deputy managing director N Ramesh. “The electronics segment will see a huge thrust. We have seen that 50% of export growth has come in electronic products in FY23. Apple has said that it w...

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India's economy likely to grow 6.5-6.7% in FY24: CII president R Dinesh

The growth has propelled the country's economy to $3.3 trillion, setting the stage for achieving the $5 trillion target in the next few years Industry body CII on Thursday said India's economy is expected to grow in the range of 6.5-6.7 per cent in the current financial year supported by strong domestic driv...

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UP govt plans to develop Lucknow-State Capital Region on lines of Delhi-NCR

Meanwhile, the state has started the process of selecting a project consultant for the proposal Uttar Pradesh is looking to develop the Lucknow-State Capital Region (SCR), on the lines of Delhi-National Capital Region (NCR). The Lucknow-SCR - comprising two nodes at Lucknow and Kanpur - will encompass eight...

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UBS revises FY24 GDP growth forecast up by 70 bps to 6.2 pc

Citing a better-than-estimated global growth outlook, lower global crude oil prices and robust services exports, a foreign brokerage has revised upwards its India growth forecast by 70 bps to 6.2 per cent for the current fiscal.House economists at Swiss brokerage UBS have already revised global growth project...

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MARKET & FINANCE

PayU, Visa, Yes Bank launch new payment solution for merchants to cut costs, boost cash flow, digitise SMBs

Credit and finance for MSMEs: Digital payment service provider PayU on Thursday announced a new programme in collaboration with Visa and Yes Bank for businesses’ digital payments and to support the digitisation of SMBs in particular. The programme Business Payment Solution Provider (BPSP) offers flexible comm...

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Liquidity surplus crosses Rs 1.75 trillion-mark on higher govt spending

Liquidity surplus in the banking system zoomed past Rs 1.75 trillion on the last day of May on the back of higher government spending, latest data released by Reserve Bank of India showed. On Wednesday, the surplus liquidity in the banking system was around Rs 1.76 trillion, while it was approximately Rs 1.3...

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GLOBAL CORPORATE

As the US races ahead, Europe frets about battery factory subsidies

The European Union is trying to assemble the building blocks to produce electric cars, but subsidies are luring companies to the United States European leaders complained for years that the United States was not doing enough to fight climate change. Now that the Biden administration has devoted hundreds of b...

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INCOME TAX

Sending money abroad for education? Pay 20% TCS from July 1 if you don't do this

Budget 2023 raised the Tax Collection at Source (TCS) rate for foreign remittances under the Liberalised Remittance Scheme (LRS) from 5 per cent to 20 per cent for select transactions. These new rates will kick in from July 1, 2023. However, the higher rate will not apply to expenses for education and medical...

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I-T dept to keep open SFT returns filing portal for FY'23 for 'couple days'

Under SFT, specified institutions are required to furnish the details of certain financial transactions or any reportable account registered/recorded/maintained by them during the year Banks, foreign exchange dealers and other reporting entities have 'couple of days more' to report high-value transactions do...

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Banking

Private banks grow deposits at a faster pace in FY23

While public sector banks (PSBs) continue to gather deposits at a brisk pace, the rate of growth of deposits was higher for private sector banks in FY23. The top five PSBs – State Bank of India, Punjab National Bank, Bank of Baroda, Canara Bank and Union Bank of India – mobilised a total of Rs 8.43 trillio...

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GLOBAL ECONOMY

Trade Report
Country Month Link
Switzerland July 2019 Click
Europe sees inflation drop to 6.1%, but real relief for consumers will take months

Europe's inflation took a positive turn with a significant drop to 6.1%, but prices are still posing a pinch to shoppers who are yet to see real relief in what they pay for food and other necessities. The annual figure in May eas...

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Pakistan interested in another loan from IMF to revive economy: Report

Pakistan Prime Minister Shehbaz Sharif has expressed interest in securing a new loan from the IMF during his talks with its chief Kristalina Georgieva though there are slim chances for the revival of the ongoing bailout package fr...

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Canada's real GDP grew by 0.2% in April, 0.8% in first quarter this year

Canada's real gross domestic product (GDP) grew 0.2 per cent in April and 0.8 per cent in the first quarter this year, the statistical agency said in its advance estimates Canada's real gross domestic product (GDP) grew 0.2 per c...

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Recession already here, as earnings shrink and Wall St fears worse to come

The latest round of corporate earnings is leaving Wall Street with a confounding sense of relief and lingering anxiety The latest round of corporate earnings is leaving Wall Street with a confounding sense of relief and lingering...

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China's youth faces record high unemployment at 20.4% in April: Report

President Xi tells youth to "eat bitterness" and to value the suffering, while the youth struggle to find employment in a shrinking job market The Chinese economy continues to struggle in its recovery from the Covid-19 pandemic a...

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Reforms must for Sri Lanka's economic recovery: President Wickremesinghe

He said the country's economy is gradually recovering thanks to the correct policies adopted by the govt over the past nine months Sri Lankan President Ranil Wickremesinghe on Thursday promised the countrymen a future of economic...

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Pak's annual inflation rises to record 37.97% YoY in May: Official data

Pakistan's annual inflation rose to a record 37.97 per cent year-on-year in May, according to official data on Thursday Pakistan's annual inflation rose to a record 37.97 per cent year-on-year in May, according to official data o...

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Sri Lanka economy shows 'tentative signs of improvement', says IMF

Sri Lanka's bankrupt economy has shown "tentative signs of improvement," a top IMF official has said, underlining that this reform momentum must continue under strong ownership Sri Lanka's bankrupt economy has shown "tentative si...

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Brazil posts record trade surplus in May on surging exports

Brazil posted a $11.4 billion trade surplus in May, marking a record for any given month since the data series began in 1989, official data showed on Thursday. The figure also came above the $9 billion surplus expected in a Reu...

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US Congress averts historic default, approves debt-limit suspension

The U.S. Senate on Thursday passed bipartisan legislation backed by President Joe Biden that lifts the government's $31.4 trillion debt ceiling, averting what would have been a first-ever default. The Senate voted 63-36 to appr...

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INDIAN CORPORATE

Adani company scraps pact to buy Gujarat, Andhra Pradesh toll roads

Adani Road Transport, a wholly owned subsidiary of Adani Enterprises, on Thursday said it has terminated the pact to purchase Macquarie Asia Infrastructure Fund’s toll road portfolio in Andhra Pradesh and Gujarat for Rs 3,110 cror...

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Samsung enters in OLED TV segment in India; to manufacture locally

Consumer electronic makers Samsung has forayed into the OLED TV (Organic light-emitting diode) segment in the Indian market, enhancing its presence in the premium TV segment. Samsung India, one of the leading players in the TV seg...

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S&P Global affirms RIL's ‘BBB+’ rating on resilient operational performance

S&P Global has affirmed its rating of oil-to-telecom conglomerate Reliance Industries, betting on the company's resilient operating performance for the next two years. The long-term issuer credit rating has been affirmed at BBB...

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Byju’s lenders scrap talks to restructure $1.2 billion loan

Creditors to Byju’s, India’s most valuable startup, have pulled out of negotiations with the company to recast a $1.2 billion loan, posing a new setback to the beleaguered tech firm, according to people familiar with the matter. T...

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Maruti Suzuki sells 1,43,708 units in May 2023: Records 15.4% YoY growth

Maruti Suzuki, India’s largest car manufacturer, has revealed its sales figures for the month of May 2023. The Indo-Japanese carmaker managed to sell 1,43,708 passenger vehicles in the country last month, recording a 15.4 percent ...

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Amazon’s 10 years in India: 12 lakh sellers, 40 lakh digitised SMBs, $5B exports and some hiccups

Ease of doing business for MSMEs: Launched in June 2013 as a viable third front in the e-commerce battle between Flipkart and Snapdeal in India, Amazon, the world’s most valuable e-commerce company has completed its 10 years in th...

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TCS, Reliance, Jio top best Indian brands 2023 ranking

Technology giant TCS and India’s most valuable company Reliance Industries have topped the list of the country’s most valuable brands, according to Interbrand, the renowned global brand consultancy. Tata Consultancy Services (T...

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Reliance Industries’ operating performance to remain resilient: S&P

Reliance Industries Ltd’s operating performance is likely to remain resilient over the next two years, as the firm’s growing presence in the digital and retail segments will temper softer earnings in the energy business, S&P Globa...

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