September 29, 2022

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30
Sep

CPAA's Colours of Life: Group Show

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Notifications

19
Sep

New National Logistics Policy

 
CUSTOMS

26
Sep

Notification No. 80/2022 (Delhi)
Seeks to amend notification no. 12/97-Customs (N.T.) dated the 2nd April 1997.

26
Sep

NOTIFICATION No. 81 /2022 (Delhi)
Courier Imports and Exports (Electronic Declaration and Processing ), Second Amendment, Regulations, 2022 for facilitating E-commerce exports of jewellery-Reg.

26
Sep

Circular No. 22/2022 (Delhi)
Classification of goods that undertake lifting and handling functions and have mobility as a function -reg.

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INDIAN ECONOMY

Debt cost begins to pinch states again with 9 bps spike in last auction

After falling for six weeks on the trot, the cost of borrowings for the states rose for the second week with the latest auction on Tuesday, when their average cost of debt rose by 9 bps to 7.65 per cent. At the last auction, the average cut-off rose by 10 bps to 7.56 per cent, which was the first spike in ...

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Gautam Adani says global turbulence accelerates opportunities for India; China to feel increasingly isolated

Billionaire Gautam Adani on Tuesday expressed confidence in India’s growth story, saying that global turbulence has accelerated opportunities for the nation. “It has made India one of the few relatively bright spots from a political, geostrategic, and market perspective,” Gautam Adani said at the 20th Forbes ...

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Threat to reserves ‘overblown’, capex on track: Govt

India has “fairly large” foreign exchange reserves and concerns about their depletion are “overblown”, economic affairs secretary Ajay Seth said on Tuesday. “The capital inflows have come down and at the same time the trade deficit is at a high level. But I don’t see any concern, as India has fairly large ...

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RBI mulls steps to arrest rupee slide

The Reserve Bank of India (RBI) is said to be contemplating several bespoke measures, such as opening a special window for oil importers and reducing hedging costs for foreign-currency depositors, to minimise the pace of decline in the rupee against the surging US dollar. People familiar with the matter to...

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Maharashtra government to spend Rs 6 lakh crore on state's infrastructure

The Maharashtra government is planning for a major overhaul of the state's infrastructure -- from airports and ports to expressways to railway networks -- that is estimated to cost anywhere north of '5-6 lakh crore, but which could give the state a much-needed facelift. The War Room, a brainchild of Devendra ...

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India has large reserves to tide over currency turmoil: Economic affairs secretary

India has fairly large reserves to tide over the turmoil in the currency markets, a top government official has said, dismissing concerns over the decline in forex reserves. "There has been a depletion as inflows have come down and the trade deficit is higher... I don't see this as a concern, India has fa...

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India’s formal sector employment jumps by 0.4 million in January-March quarter

India’s formal sector employment moved up marginally by 0.4 million in the January-March quarter of 2022 with the total number of workers employed across nine sectors at 31.8 million compared to 31.4 million in the third quarter of 2021-22, the labour ministry said in its quarterly employment survey released ...

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GLOBAL CORPORATE

Apple cuts back on iPhone production amid dwindling demand

Global tech major Apple will drop plans to increase the production of its new iPhones this year after an anticipated surge in demand failed to materialise, according to a report from Bloomberg. Apple has informed its suppliers about cutting back the assembly of as many as 6 million iPhone 14 variants in th...

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‘Unprecedented’ damage to Nord Stream 1 stokes sabotage fears in Europe

Europe was investigating leaks in two Russian gas pipelines that churned up the Baltic Sea with bubbles on Tuesday and raised concerns from Copenhagen to Moscow about sabotage on infrastructure at the heart of a European energy standoff. But it remained far from clear who might be behind any foul play, if ...

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INCOME TAX

Net direct tax mop up rises 23% to Rs 7.04 lakh crore so far this fiscal

The net direct tax collection has increased 23 per cent to Rs 7.04 lakh crore so far this fiscal, the income tax department said on Tuesday. Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta said the income and corporate tax collections were at a record high of Rs 14.09 lakh crore in 2021-22. “T...

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Finance minister Nirmala Sitharaman asks I-T department to quickly process ITRs, refunds

Finance minister Nirmala Sitharaman on Tuesday asked the Income-Tax department to quickly process tax returns, issue refunds and redress grievances. Sitharaman said pending cases need to be resolved expeditiously and that the department could run a campaign for this on the lines of public sector banks D...

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I-T notices being sent to winners of online games for short-payment of tax: CBDT chief Nitin Gupta

With Rs 58,000 crore prize money won in the last three years, the income tax department has started issuing notices to individuals who have played and won online games, CBDT Chief Nitin Gupta said on Tuesday. The department has started alerting the winners on the tax compliance dashboard wherever there is ...

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GLOBAL ECONOMY

Trade Report
Country Month Link
Switerzland July 2019 Click
J.P. Morgan ups Mexican economic growth forecast on manufacturing boost

J.P. Morgan analysts raised their economic growth forecast for Mexico’s third quarter gross domestic product (GDP), as well as for 2022, after August trade data signaled a stronger than anticipated output from the country’s manuf...

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IMF criticises UK policy, Bank of England to make big response

The International Monetary Fund openly criticised Britain's new economic strategy on Tuesday, following another slide in bond markets that forced the Bank of England to promise a "significant" response to stabilise the economy. ...

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World heading towards global recession, radical policies needed to bolster growth: WTO chief

World Trade Organisation chief Ngozi Okonjo-Iweala said she believes that the world is inching closer towards global recession due to crises like the Russia-Ukraine war, climate crisis, high food prices, energy crisis and the COVI...

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Asian central banks need broader foreign exchange defence as reserves slide

Declining foreign-exchange reserves mean Asian central banks will probably start looking for alternative ways to support their currencies, according to Nomura Holdings Inc. Some of the potential methods they may choose include ma...

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3 charts show the UK’s market meltdown

A so-called “mini-budget” by the U.K.’s new government Friday has sparked a level of market volatility not seen in the country since the Covid-19 crash or the 2008 financial crisis. A package of tax cuts expected to total £45 b...

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Fed's Evans sees interest rates peaking at 4.50-4.75%

The U.S. Federal Reserve will need to raise interest rates to a range between 4.50% and 4.75%, Chicago Fed President Charles Evans said on Tuesday, a more aggressive stance than he has previously embraced that underscores the cent...

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Brazil's inflation extends downtrend in mid-September on lower fuel prices

Brazil’s consumer prices extended their trend down in the month to mid-September, government statistics agency IBGE said on Tuesday, as fuel costs continued to drop on the back of lower taxes and price cuts by state-run oil firm P...

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ADB commits USD 14 billion to ensure food security in Asia Pacific facing high inflation, supply woes

The Asian Development Bank on Tuesday announced a USD 14 billion fund to fight food security crisis in Asia Pacific, threatened by adverse climate and exacerbated by Russia-Ukraine war choking supply lines, triggering soaring food...

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World economy jolted by war with recessions now seen looming

The world as a whole has been jolted by the war in Ukraine, according to the OECD, which cut almost all growth forecasts for the Group of 20 next year while anticipating further interest-rate hikes too. The global economy will ...

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Recession clouds gather in Germany, Europe's largest economy

Europe's largest economy is sending recession signals. Germany's key future indicator, the IFO survey of business confidence, pointed down for the fourth month in a row as high inflation fed by astronomical natural gas prices u...

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The dollar is strong. That is good for the US but bad for the world

The Federal Reserve's determination to crush inflation at home by raising interest rates is inflicting profound pain in other countries - pushing up prices, ballooning the size of debt payments and increasing the risk of a deep re...

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INDIAN CORPORATE

World's biggest air-conditioner maker Daikin doubles down on India

Daikin Industries Ltd., the world’s largest manufacturer of air conditioners, is betting that sales and production in India will eventually make up a bigger part of the company as the nation outpaces global growth. “The market ...

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Vi to lose access to towers if it fails to clear dues, says Indus Towers

Vodafone Idea (Vi) risks losing access to Indus Towers' mobile towers from November if it fails to clear its dues. The telco has been asked by Indus Towers to clear its dues or lose access to towers, a report in Economic Times (ET...

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Gautam Adani says Adani Group will invest over $100 billion in next decade

India's Adani Group will invest more than $100 billion in the next decade, Chairman Gautam Adani, the world's third-richest person, told a Forbes Global CEO Conference in Singapore. Adani also claimed that India could one day beco...

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Corporate capex is picking up and we need to ride that wave: Satish Ramanathan

“After a long time, corporate capacity utilisation has improved and companies will need to plan. We are seeing this taking place in the chemical space. Some of the FMCG companies such as Nestle, etc, have also reported a large amo...

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Jet Airways’ return to skies delayed with plane talks in limbo

Jet Airways India Ltd., the carrier undergoing a court-monitored process to emerge from bankruptcy, won’t return to the skies this month as previously planned, according to people familiar with the matter. The airline, once Ind...

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