July 11, 2020

Personalised for *|FNAME|*

Sign In | Forward to Friend

IMC Digital Processes have changed with online features, to experience the new processes visit us at https://www.imcnet.org

IMC EVENTS

Notifications

 
INCOME TAX

6
Jul

Notification No. 41/2020 (Delhi)
Notification under proviso to section 9A(3) of the Income-tax Act, 1961?

6
Jul

Notification No. 42/2020 (Delhi)
Income-tax (15th Amendment) Rules, 2020? !Ne

6
Jul

Notification No. 43/2020 (Delhi)
?Amendment of rule 31A, Form 26Q & 27Q

CUSTOMS

6
Jul

Notification No. 54/2020-CUSTOMS (N.T.) (Delhi)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg.

6
Jul

Notification No. 55/2020 - Customs (N.T.) (Delhi)
Exchange Rates Notification No.55/2020-Custom (NT) dated 02.07.2020.

RBI

6
Jul

RBI/2020-21/01 (Delhi)
Special liquidity scheme for NBFCs/HFCs

6
Jul

RBI/2020-21/09 (Delhi)
Distressed Assets Fund - Subordinate Debt for Stressed MSMEs

6
Jul

RBI/2020-2021/10 (Delhi)
Credit flow to Micro, Small and Medium Enterprises Sector

6
Jul

RBI/2020-2021/11 (Delhi)
Extension of timeline for finalization of audited accounts

You will be redirected on the external link. You will be redirected on IMC online membership renewal page

LIVE MARKET

NSE (NIFTY)

0

BSE (SENSEX)

0

NASDAQ

0

FTSE 100

0

USD

0

EURO

0

GBP

0

GOLD

0

SILVER

0

INDIAN ECONOMY

Get industrial policy right to take on China – What govt can learn from Japan

India’s approach to development in the last 2-3 decades has been service sector-led and has undermined manufacturing; at the same time, China has made rapid strides in manufacturing. This has resulted in an uneven balance between the two in their development stages. China has developed capacities across a ...

Read More

‘Govt did its part, now you invest’; local investment will woo foreign firms too: Anurag Thakur tells industry

India’s junior finance minister Anurag Thakur asked the industry to step up and invest while calling the Indian economy structurally strong, and highlighting the reforms introduced by Prime Minister Narendra Modi’s government. Anurag Thakur said that the investment by local companies would instil confidence i...

Read More

No factory output growth data for second month in a row; govt to revise IIP policy

The Modi government did not release IIP growth data for the second consecutive month in May 2020. However, the Ministry of Statistics and Programme Implementation (MOSPI) showed that the index for the month of May 2020 gradually improved to 88.4, compared to 53.6 in April 2020. The government said that majori...

Read More

Room for more fiscal support in India in near term given severity of economic situation: IMF

A top IMF official has said that there is room for more fiscal support in India in the near term, particularly for vulnerable households and SMEs, given the severity of the country’s economic situation due to the COVID-19 pandemic. Vitor Gaspar, Director of the International Monetary Fund’s Fiscal Affairs De...

Read More

Indian economy showing signs of returning to normalcy: RBI Governor

The Indian economy has started showing signs of normalcy with ease in lockdown restrictions across the country, RBI Governor Shaktikanta Das said on Saturday. He added that post containment of COVID-19, a very careful trajectory has to be followed in orderly unwinding of countercyclical regulatory measures. ...

Read More

India to lose Rs 50,000 crore in forex if solar developers given exemption from customs duty on Chinese imports: AISIA

India will lose nearly Rs 50,000 crore in foreign exchange if solar developers are given exemption from basic customs duty on Chinese imports, the All India Solar Industries Association (AISIA) has said. On July 1, Power and New and Renewable Energy Minister R K Singh had said that Chinese imports for public ...

Read More

States go slow on infra spend amid fund crunch

The sharp deterioration in states’ finances because of the prolonged lockdown is taking a toll on government-funded infrastructure programmes, with an increasing number of projects being put on hold for lack of funds. Preliminary data from public sources and conversations with consultants and engineering c...

Read More

Time we end import reliance for solar equipment, says PM Modi

Calling on domestic manufacturers to ramp up production of solar cells and modules, Prime Minister Narendra Modi Friday made a pitch for self-sufficiency in the sector—at a time the government implements measures to reduce its dependency on China for power equipment imports. Modi reiterated that government de...

Read More

MARKET & FINANCE

FPIs continue to remain net sellers of Indian debt

After four months of outflows, foreign portfolio investors’ (FPI’s) fund flows into Indian debt continue to remain sluggish, with July seeing a net outflow of $53.51 million so far. With the onslaught of Covid-19, March had seen the highest monthly outflows from debt at over $8 billion. Except February, al...

Read More

Forex reserves hit fresh all-time high, touch $513.25 billion

The country’s foreign exchange reserves surged by a massive USD 6.47 billion to touch an all-time high of USD 513.25 billion in the week ended July 3, the latest data from the Reserve Bank of India (RBI) showed. In the previous week ended Jun 26, the reserves had increased by USD 1.27 billion to USD 506.84...

Read More

GLOBAL CORPORATE

US slaps 25% additional duty on French goods over digital tax row

The Trump administration on Friday announced additional duties of 25% on French cosmetics, handbags and other imports valued at $1.3 billion in response to France's digital services tax, but would hold off on implementing the move for up to 180 days. The US Trade Representative's office said delaying the s...

Read More

INCOME TAX

CBDT asks taxmen to process income tax returns filed up to AY 2017-18 with refund claims by October 31

The income tax department on Friday asked officers to process returns filed up to the assessment year (AY) 2017-18 with refund claims by October 31, 2020. In an order, the Central Board of Direct Taxes (CBDT) extended the time given to the tax officers to process such returns, which were not picked up for ...

Read More

RBI

RBI governor Shaktikanta Das addresses SBI Conclave: Key points

Reserve Bank of India (RBI) governor Shaktikanta Das addressed the seventh SBI Banking and Economics Conclave on Saturday amid the ongoing Covid-19 crisis. The central bank governor also spoke about on the health as well as economic crisis which have impacted jobs badly. Covid-19 is the worst health and e...

Read More

Banking

No need for system-wide moratorium, but some sectors will continue to need support: SBI chief

There may not be a need for a system-wide loan moratorium, of the kind being offered between March and August, even though some sectors will continue to need support, State Bank of India (SBI) chairman Rajnish Kumar said on Friday. These sectors include aviation, gems and jewellery and hospitality. The SBI ch...

Read More

Private banks’ operating profit may drop 15% in FY21: Report

The pre-provisioning operating profit (PPOP) of the top five private banks by size of advances, constituting 25% of overall banking and 75% of the private bank space, could decline by up to 15% Y-o-Y) in FY21, India Ratings and Research said in a report on Friday. This would decrease the ability of banks to w...

Read More

Raise capital on anticipatory basis amid emerging vulnerabilities: RBI Governor to banks

RBI Governor Shaktikanta Das on Saturday said that meeting the minimum capital requirement is necessary, but not sufficient for financial stability. It is crucial to raise capital and build buffers to ensure credit flow and resilience, Das said. He asked banks to improve governance and sharpen risk manage...

Read More

Top 5 private banks stare at NPAs doubling to 5% in FY21

Top five private sector banks may see their slippages double to 5 per cent this fiscal due to the poor loan offtake and the moratorium-driven contraction in net interest margins, warns a report. These five banks, namely HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank and IndusInd Bank, collectively ...

Read More

GLOBAL ECONOMY

Trade Report
Country Month Link
Switerzland July 2019 Click
Japan's economy to shrink at fastest pace in decades this fiscal year

Japan's economy will shrink at the fastest pace in decades in the year through March 2021, forcing the government to compile another stimulus package to cushion the blow from the coronavirus pandemic, a Reuters poll showed on Fri...

Read More

Donald Trump rules out phase second phase trade deal with China

US President Donald Trump has for the time being ruled out a second phase trade deal with China, saying the relationship between the two countries has been severely damaged with Beijing’s handling of the coronavirus outbreak. ”...

Read More

Global public debt, fiscal deficits to reach all-time high, IMF warns

A top IMF official on Friday warned that the global public debt is expected to exceed 100 per cent of the GDP in 2020-21, and the average overall fiscal deficit is expected to soar to 14 per cent of the GDP in 2020, pointing out t...

Read More

Wuhan shows world how economies may recover after the virus

Three months after it reopened its economy, Wuhan’s uneven recovery offers a glimpse of the hard road back to normality for cities after containing the coronavirus. As of May, factory output, retail sales and exports in the cit...

Read More

'Stop interfering': China threatens to retaliate against fresh US sanctions

China pledged to retaliate after the US sanctioned a top member of China’s ruling Communist Party and three other officials over human rights abuses in the far western region of Xinjiang. “We urge the US to withdraw this wrong ...

Read More

S&P warns Dubai economy to shrink 11%, cuts property giants to junk

S&P Global warned that Dubai's economy was set to shrink 11% this year, as it cut the credit ratings of two of the emirate's biggest property firms to 'junk' status. Dubai, the Middle East's trade and tourism hub, has been hit ...

Read More

China credit growth accelerates in June as economy recovers

China’s credit growth picked up in June amid strong demand for loans via banks and informal channels, signaling that the economic recovery is continuing into the third quarter. Modest policy stimulus coupled with progress in ba...

Read More

INDIAN CORPORATE

Reliance Industries receives Rs 30,000 cr from for 4 Jio Platform investors; closes 6.13% stake sale

After Facebook Inc, Reliance Industries has closed deals to sell a minority stake in its digital arm to four other investors, receiving a total of over Rs 30,062 crore. In a regulatory filing, Reliance said it has closed sale of 6...

Read More

Zomato revenue doubles to $394 million in FY20

Online food-ordering platform Zomato on Friday said revenue for the fiscal ended March 31 more than doubled to $394 million, even as losses widened to $293 million from $277 million in the previous fiscal. The restaurant disco...

Read More

Default risk for Indian firms drops at fastest pace in decade

Default risks for Indian firms are declining at the fastest pace in more than a decade as the nation’s government deploys huge stimulus to support local companies hit by the impact of the pandemic. The cost to insure against n...

Read More

Apple supplier Foxconn plans to invest $1 billion in Chennai production plant

Foxconn plans to invest up to $1 billion to expand a factory in southern India where the Taiwanese contract manufacturer assembles Apple iPhones, two sources said. The move, the scale of which has not previously been reported, is ...

Read More

Over half of Indian firms 'vulnerable' on wage payments: Crisil

Over half of Indian companies are "vulnerable" from a wage payments perspective, which will lead to a sharp cut in paychecks and delay the overall economic recovery as demand resumption takes time, ratings agency Crisil said on Fr...

Read More

Amrapali to get up to Rs 1,000 crore fund infusion

The Supreme Court on Friday asked that the Enforcement Directorate (ED)?take over all cases lodged by homebuyers in Delhi and surrounding areas against the now-defunct Amrapali group. Meanwhile, SBI Capital (SBICAP) Ventures, w...

Read More

IMC Chamber of Commerce and Industry has sent this e-mail to you because your subscription preferences indicate that you want to receive latest news alerts on this email ID. For suggestions and feedback news alerts on this email ID. For suggestions and feedback click here .

Head Office :
IMC Bldg., IMC Marg, Churchgate, Mumbai - 400 020 India
Tel : 91-22-71226633 | Fax : 91-22-22048508 / 22838281

E-Mail : imc@imcnet.org
Website : www.imcnet.org