October 26, 2020

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1
Sep

International Buyer & Trade Visitor at MyAPEC2020 Virtual Exhibition- 01 Sep. to 31 Dec.

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RBI

24
Oct

RBI/2020-21/57 (Delhi)
Inclusion in/exclusion from the Second Schedule to the Reserve Bank of India Act, 1934- Regional Rural Banks (RRBs)

24
Oct

RBI/2020-21/58 (Delhi)
Framework for Recognition of a Self-Regulatory Organisation for Payment System Operators

24
Oct

RBI/2020-21/59 (Delhi)
Digital Payment Transactions – Streamlining QR Code infrastructure

24
Oct

RBI/2020-21/60 (Delhi)
Review of regulatory framework for Housing Finance Companies (HFCs)

CUSTOMS

24
Oct

Circular No. 44/2020-Customs (Delhi)
Procedure for inspection of ICDs/CFSs/AFSs -reg.

24
Oct

Circular No. 45/2020-Customs (Delhi)
Faceless Assessment - Measures for timely assessment of Bills of Entry and clarification on defacement of physical documents - reg.

24
Oct

Circular No.46/2020-Customs (Delhi)
Testing of outside samples by Revenue Laboratories-reg.

24
Oct

Circular No. 47/2020-Customs (Delhi)
Contactless delivery of international courier consignments -reg

24
Oct

Notification No. 102 /2020-Customs (Delhi)
wo posts at the level of Principal Commissioner/ Commissioner for Authority for Advance Rulings under Section 28EA of the Customs Act, 1962.

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INDIAN ECONOMY

Growth issues worry RBI monetary panel

Even as inflation continued to remain high, the RBI’s newly-constituted monetary policy committee (MPC) focused largely on growth issues in its meeting earlier this month. The new external committee members focused on measures that were needed to create growth-enabling conditions. In the minutes of the MPC ...

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Shaktikanta Das says room for rate cut if inflation moderates; RBI MPC lists out 3 macro-financial risks

RBI Governor Shaktikanta Das said that there exists space for future rate cuts if the inflation evolves in line with RBI’s expectations. In the minutes of the Monetary Policy Committee meeting, Shaktikanta Das added that space needs to be used judiciously to support recovery in growth while the ongoing transm...

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GST shortfall: Centre borrows, transfers Rs 6,000 crore to 16 states, two union territories

The Centre has borrowed and transferred Rs 6,000 crore as the first tranche of GST compensation shortfall to 16 states and two union territories, including Maharashtra, Gujarat, Bihar, Assam, Delhi and J&K, the finance ministry said on Friday. Last week, the Centre gave in to the demands of opposition-ruled s...

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Second wave of COVID-19 could hamper nascent recovery: RBI Governor

RBI Governor Shaktikanta Das has said the risk of a second wave of COVID-19 could put sand in the wheels of the nascent recovery while his deputy M D Patra opined that it might take years to regain the output lost on account of the pandemic. These views were expressed by them during the meeting of the new...

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Third quarter contraction may be smaller than forecast, says NITI Aayog Vice Chairman

Niti Aayog vice chairman Rajiv Kumar said that Indian economy might end up with a lower contraction in current fiscal than projected by various organisations while suggesting that the next stimulus should focus on infrastructure. “I think this third quarter we will see smaller contractions than had been f...

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MARKET & FINANCE

Forex reserves touch life time high of $555.12 billion

The country’s foreign exchange reserves touched a life time high of USD 555.12 billion after it surged by USD 3.615 billion in the week ended October 16, according to RBI data. In the previous week ended October 9, 2020, the reserves had increased by USD 5.867 billion to reach USD 551.505 billion. Durin...

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GLOBAL CORPORATE

Trump's executive order on visas for foreign workers cost $100 billion: Report

US President Donald Trump's executive order restricting entry of skilled foreign workers into the country, mainly on H-1B and L1 visas, has resulted in an estimated loss of $100 billion to companies and will have lasting negative impacts on firms, according to a prominent American think-tank. The H-1B visa, ...

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Huawei revenue growth wilts under 'intense pressure'

Huawei’s revenue growth slowed significantly in the first nine months of 2020, the Chinese telecom giant said October 23, citing "intense pressure" on operations during the coronavirus and as the US moves to cut off its access to vital components. Huawei, the leading global supplier of telecoms networking eq...

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Nokia to build first cellular network on Moon

According to a report by Reuters, Nokia has been selected by NASA to build the first cellular network on the moon, the Finnish company said on Monday, as the US space agency plans for a future where humans return there and establish lunar settlements. NASA aims to return humans to the moon by 2024 and dig in ...

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RBI

RBI more accommodative than many central banks in the world: Raghuram Rajan

The Reserve Bank of India has been more accommodative than many central banks in the world according to former RBI governor Raghuram Rajan. Rajan explained that given the surplus liquidity in the system the overnight reverse repo rate which is the operating rate at which marginal cost of funds are priced i...

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Banking

Banks may see flat to lower Q2 bad loans

Banks are expected to post a flat or lower level of non-performing assets (NPAs) in the quarter ended September 2020. This is a result of the Supreme Court’s decision staying banks from classifying Covid-related defaults as non-performing until further orders. However, most banks are expected to set aside fun...

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Finance Ministry issues guidelines for implementation of interest waiver on loan

In a festival gift to borrowers, the Finance Ministry on Wednesday approved guidelines for a scheme for grant of ex-gratia payment of the difference between compound interest and simple interest for six months of loans up to Rs 2 crore. The guidelines came after the Supreme Court directed the Centre to implem...

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Punjab and Sind Bank reports account of IL&FS Financial Services (IFIN) as fraud account to RBI

Punjab and Sind Bank on Friday said it has reported to the Reserve Bank of India (RBI) the account of IL&FS Financial Services (IFIN) as fraud with outstanding dues of over Rs 561 crore. The NPA account, IL&FS Financial Services, with outstanding dues of Rs 561.13 crore has been declared as fraud and reported...

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GLOBAL ECONOMY

Trade Report
Country Month Link
Switerzland July 2019 Click
Karnataka most preferred destination for investors, has attracted highest FDI inflow amid COVID: CM

Karnataka Chief Minister B S Yediyurappa on Friday said the state continue to be the most preferred destination for investors and has attracted the highest FDI inflow of Rs 10,255 crore in the country in the April-June quarter, am...

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Brexit: Trade talks continue as negotiators meet in London

Talks over a post-Brexit trade deal have resumed in London, after negotiators returned to the table following a week-long standoff. International Trade Secretary Liz Truss insisted a deal can still be done with the EU, as offic...

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Europe’s economy risks new contraction from Covid-19 curbs

The resurgence of the coronavirus has knocked Europe’s economic recovery back a step and raised the possibility of another contraction. IHS Markit’s monthly measure of business activity fell to a four-month low of 49.4 in Octob...

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Britain signs first major post-Brexit trade deal with Japan

Britain and Japan formally signed a trade agreement on Friday, marking the UK’s first big post-Brexit deal on trade, as it continues to struggle to agree on a deal with its closest trading partners in the European Union(EU). ...

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INDIAN CORPORATE

Despite pandemic IL&FS expects to address over Rs 50,000 crore debt in FY21

IL&FS Board is hopeful that it will be able to address the targetted debt of over Rs 50,000 crore in the current financial year despite the impact of the pandemic. It is hopeful of achieving the targeted debt resolution of over ...

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JSW Steel net profit falls 37% to Rs 1,595 crore in Q2

JSW Steel reported a sharp year-on-year decline of 37% in its consolidated net profit at Rs 1,595 crore in the September quarter. The company had a tax expense of Rs 910 crore during the quarter, which led to a lower net profit. ...

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Nestle India clocks double-digit sales growth in Q3, plans Rs 2,600 crore investment over 3-4 years

FMCG major Nestle India on Friday announced its plans to invest Rs 2,600 crore over the next three to four years to augment its manufacturing capacity in the country, terming the move as "vindication of confidence and trust" the c...

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Swedish steelmaker SSAB looking at merger of Tata Steel Europe business

Swedish steelmaker SSAB AB is exploring a combination with Tata Steel’s European business as a back-up plan to a deal with Thyssenkrupp AG amid industry consolidation, according to people familiar with the matter. SSAB is holdi...

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Tech Mahindra Q2 net declines 5.3% to Rs 1,064 cr on higher expenses

IT services company Tech Mahindra on Friday reported a 5.3 per cent decline in net profit at Rs 1,064 crore in the September quarter (Q2FY21) on a year-on-year (YoY) basis owing to higher employee costs and other expenses. However...

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Shapoorji Pallonji infra arm gets cold shoulder from private banks

Shapoorji Pallonji Group's infrastructure arm Afcon Infrastructure, which enjoys Rs 12,690 crore loan facility from over a dozen banks, managed to raise additional funds of Rs 2,500 crore last month from existing public sectors ba...

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Myntra: 100 per cent growth in orders during festive season sale

Fashion e-tailor Myntra on Friday claimed 100 per cent growth in orders received during its one-week long festive season sale. According to the company, 45 million customers visited the company’s portal out of which 4 million sho...

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Nestlé boosts capex to scale up capacity

Nestlé India on Friday said it will invest Rs.2,600 crore over the next 3-4 years to expand its manufacturing capacities , including setting up a plant in Gujarat as demand for packaged foods soars. “We plan to invest Rs.2,600 cr...

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GST

Withdrawal of EVC facility extended to companies for filing GSTR1 and GSTR3B.

The facility to file GSTR 3B and GSTR-1 with the EVC in lieu of DSC extended to the registered person, who are also registered under the Companies Act, 2013, shall be withdrawn w.e.f. 1st Nov. 2020. However, facility to file NIL returns through OTP verification, shall be continued for all types of registered ...

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GST collections may cross Rs 1 lakh-crore mark for the first time in 8 months

Goods and Services Tax (GST) collections, a barometer of economic health, are expected to exceed Rs 1 lakh crore in October for the first time in eight months since the coronavirus disease (Covid-19) pandemic gripped India and forced a national lockdown, according to two officials with direct knowledge of the...

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