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18-February-2019
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 Indian Economy
 
Renewable Energy Projects Received $505 Million in Central Financial Assistance
In a question and answer session in Rajya Sabha, the Minister of Power and New and Renewable Energy, R.K Singh declared the state-wise central financial assistance (CFA) that was released in 2018-19 (until February 5, 2019).According to Singh, in total the government has released around Rs.35 billio...

India largest employer in the world in tourism sector: Union Minister
India is the largest employer in the world in tourism sector, Union Minister Alphons Kannanthanam said. He was speaking after inaugurating the 'Eco tourism circuit: Pathanamthitta-Gavi-Vagamon-Thekkadi,' linking the tourist places in Pathanamthitta and Idukki districts of the state."Today, India is ...

Govt Disinvestment Proceeds touch Rs 53,558 Cr, Figures Set to Meet Fiscal Target
The government's disinvestment proceeds have touched Rs 53,558 crore so far in the current fiscal, as against the full year budget target of Rs 80,000 crore. Last week, as much as Rs 10,000 crore came in from Bharat-22 ETF and, another Rs 5,379 crore from the sale of Specified Undertaking of Unit Tr...

 
 Global Economy
 
A bit messy on the other side': Dutch economy braces for Brexit shockwave
The Brexit stakes are high for Chayenne Wiskerke, who owns and manages an onion packing and exporting firm in Kruiningen, near the Netherlands' border with Belgium. Wiskerke Onions, a fourth-generation family business, says it packs an eye-watering 185,000 tonnes of onions a year and ships them to m...

Nepal’s economy grows by 6.5pc in FY 2018/19: IMF
Nepal’s Gross domestic product (GDP) is estimated to have expanded by 6.3 per cent in Fiscal Year (FY) 2017/18 (mid-July 2017 to mid-July 2018), and headline inflation has averaged 4.2 per cent, held down by subdued food-price inflation. The press release issued by International Monetary Fund (IMF) ...

Architect of BOJ stimulus calls for big fiscal spending backed by central bank
Japan must ramp up fiscal spending with debt bank-rolled by the central bank, the Bank of Japan’s former deputy governor Kikuo Iwata said, a controversial proposal that highlights the BOJ’s challenge as it tries to reignite an economy after years of sub-par growth. Iwata, an architect of the BOJ’s m...

 
 Market & Finance
 
Rupee worst performer this year, may fall to 73 on Kashmir tensions
India’s rupee has gone from being the best-performing Asian currency last quarter to the worst this year as rising crude prices and tensions over Kashmir weigh on sentiment. The currency has slumped 2.4 percent since the end of December, missing the rally in its regional peers on optimism over U.S.-...

Global factors, crude prices, Re to dictate market trend: Analysts
With no immediate domestic trigger in sight, stock markets would look at global trends, movement of crude oil and the rupee to derive cues for further movement, according to analysts. Trade talks between the United States and China will also be eyed, they added. "This week, there is no data on the d...

Liquidity issues, Aadhaar ban roil NBFCs, micro-credit plunge 15%
The liquidity crisis at NBFCs triggered by the bankruptcy of IL&FS and the Supreme Court verdict banning use of the Aadhaar data for financial transactions have led to a 15 percent drop in micro-lending by financial institutions for the December 2018 quarter. Disbursements stood at Rs 41,840 crore f...

For the first time in FY19, RBI becomes net buyer of dollars in Dec
The Reserve Bank turned a net buyer of dollars in December, the first time in the current fiscal year, as it purchased $607 million of the greenback on a net basis from the spot market, according to the latest data. The central bank bought $837 million and sold $230 million in the spot market during...

 
 Commercial Laws
 
Relief for solar developers on safeguard duty
Developers who won solar projects just before safeguard duty on solar panels and modules was imposed on July 30 last year have been greatly relieved by an order passed by Maharashtra’s power regulator on Friday, maintaining that such duty amounted to a “change of law” and that developers should be a...

Govt eases green clearance norms for captive power plants
The Centre has exempted industries like steel, cement and metal from mandatory prior environment clearance for setting up a new or expanding the existing captive power plant employing waste heat recovery boilers (WHRB) without using any auxiliary fuel. The exemption to industries having potential fo...

 
 
 Indirect Tax
 
Revenue department plans panel to tackle bogus e-way bills
The revenue department is planning to set up a committee of tax officers to suggest steps to deal with bogus e-way bills. Many instances of bogus e-way bills and fake invoices have come to the notice of the Central Board of Indirect Taxes and Customs (CBIC) since April last year. Instances on bogus ...

Merger of firm as going-concern will not attract GST, rules AAR
An Advanced Authority Ruling (AAR) has upheld that merger of a proprietorship firm as a going-concern with a company is not a supply and hence it does not involve payment of Goods and Services Tax (GST) on the fixed or current assets. Also, un-utilised ITC (Input Tax Credit) balance of the firm can ...

 
 RBI
 
‘Authorised dealers can offer up to $1 mn forex derivative contracts to users’
Authorised dealers can offer foreign exchange derivative contracts up to $1 million to users - retail or non-retail - to hedge their exposure to the exchange rate of Rupee against a foreign currency on account of current and capital account transactions permissible under Foreign Exchange Management ...

 
 
 
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 Notifications
 
CUSTOMS
Notification No.10/2019 - Customs (N.T.)
(Delhi) 16-02-2019
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver- Reg....
Notification No.11/2019 - Customs (N.T.)
(Goa) 16-02-2019
Exchange Rates Notification No.11/2019-Custom(NT) dated 15.02.2019....
Notification No.12/2019 - Customs (N.T.)
(Delhi) 16-02-2019
Regarding amendment in notification No. 95/2018-Cus (N.T.) dated 06.12.2018 relating to AIRs of Duty Drawback....
Notification No. 8/2019-Customs (ADD)
(Delhi) 16-02-2019
Seeks to amend notification No. 61/2015-Customs (ADD) dated 11.12.2015...
Notification No. 9/2019-Customs (ADD)
(Delhi) 16-02-2019
Seeks to amend notification No. 52/2017- Customs (ADD) dated 24.10.2017...
Notification No. 10/2019-Customs (ADD)
(Delhi) 16-02-2019
Seeks to amend notification No. 35/2018-Customs(ADD) dated 9th July, 2018 to amend the name of exporters at S. Nos. 1 and 2 of the duty table....
Circular No. 03/2019-Customs
(Delhi) 16-02-2019
Procedure to be followed in cases of manufacturing or other operations undertaken in bonded warehouses under section 65 of the Customs Act...
Circular No. 04/2019-Customs
(Delhi) 16-02-2019
Rescinding Board Circular No. 46/2017-Customs dated 24th November, 2017-Reg....
 
 Indian Corporate
 
Indian Oil signs first annual deal for U.S. oil
Indian Oil Corp, the country’s top refiner, has signed its first annual deal to buy U.S. oil, paying about $1.5 billion for 60,000 barrels a day in the year to March 2020 to diversify its crude sources, its chairman said on Monday. IOC is the first Indian state refiner to buy U.S. oil under an annua...

Vodafone Idea in talks to sell Indus Tower stake, optical fibre assets for Rs 20k crore
Vodafone Idea is likely to mop up about Rs 20,000 crore from its proposed stake sale in mobile tower firm Indus Tower and monetisation of optical fibre assets, sources said. The country's largest telecom operator plans to use the funds for lowering its debt, which stood at Rs 1,23,660 crore at the e...

India Inc stressed over poor demand, high raw material costs
’s been a season of many misses and very few hits. Weak demand and keen competition have left companies with limited pricing power while higher raw material prices have driven up costs. It’s not just smaller businesses that are finding it hard to pass on the higher costs, which are both commodity-dr...

 
 Global Corporate
 
DBS forecasts stable loan growth this year after record 2018 profit
DBS Group Holdings Ltd, Southeast Asia’s biggest lender, forecast stable loans growth for 2019 after a robust increase in net interest margin drove an 8 percent rise in quarterly profit and a record annual profit. After three years of strong loans growth, Singapore’s banks face tougher times as the ...

Foreign demand for Japanese machinery slumps by most since 2007
Overseas orders for Japanese machinery posted their biggest tumble in more than a decade in December, as trade frictions dented global supply chain demand and manufacturers predicted further declines in orders this quarter. Data released on Monday showed core machinery orders, considered a leading i...

SoftBank invests in Abu Dhabi's Mubadala's $400 mn European tech fund - FT
Japan's SoftBank Group has provided nearly half the cash for the new $400 million fund by Abu Dhabi's state-owned Mubadala Investment Co that aims to back European start-ups, the Financial Times reported on Monday. Mubadala, which is a big investor in SoftBank's Vision Fund, will use the fund to inv...

For Wall Street Banks in London, It’s Moving Time
In Paris, an empty Art Deco postal office is on its way to becoming Bank of America’s headquarters for its European brokerage arm. Where telegraph operators once tapped out messages, hundreds of traders and sales people will be working by spring. In Frankfurt, Morgan Stanley’s European hub will doub...

 

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