New Delhi: An eight-member group of ministers (GoM) on employment generation has recommended that the government could consider removing restrictions on Chinese investment up to 15% for reviving the gig economy, while maintaining a balance with geopolitical objectives.

Further, for the same purpose, it has suggested that international investors with 50% less than “ultimate Chinese beneficial ownership” could also be granted exemption from prior approval restrictions.

 

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New Delhi: The government is finalising a fresh set of stimulus measures for key stressed sectors such as hospitality, retail, aviation and tourism that have been hit hard by the Covid-19 pandemic. The key element of the package, which could be announced soon, is a credit guarantee scheme on the lines of the one offered to the micro, small and medium enterprises (MSME) sector, said government officials aware of the deliberations.

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The State Bank of India (SBI)-led consortium of banks told the Supreme Court on October 26 that around Rs 3,600 crore had been recovered from fugitive businessman Vijay Mallya so far.

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India, in April-August 2020, received the highest ever total Foreign Direct Investment (FDI) for the first five months of a financial year, the commerce and industry ministry said in a statement on Tuesday.
The total FDI inflow into India in the first five months was $35.73 billion, 13% higher than that in the same period last fiscal.

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Paytm said, in partnership with various card issuers, it would issue two million cards to customers to introduce co-branded credit cards and in the next 12-18 months.
Paytm also announced that building ‘Next generation’ credit cards which include - insurance protection against fraudulent transactions, a personalised spend analyser, and will offer instant one-touch services for changing of security pin, blocking the card and updating address.

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New Delhi: The government on Friday issued a clarification to its September 2019 policy that allowed up to 26% foreign direct investment (FDI) in the ‘news digital media sector’ through the approval route. It explicitly covers aggregators and could affect entities such as Dailyhunt, Inshorts, experts said. The policy will apply to Indian entities registered or located in the country that are digital media entities streaming or uploading news and current affairs on websites, apps and other platfo ..

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Earlier this week, the International Monetary Fund released a report which said that India will slip below Bangladesh in per capita gross domestic product in 2020 (calendar year) as a result of lockdown impact. Former Congress president Rahul Gandhi latched on to that to take a potshot at the Modi govt. "Solid achievement of 6 years of BJP's hate-filled cultural nationalism: Bangladesh set to overtake India," Gandhi said in a sarcastic tweet accompanied by clapping emojis.

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New Delhi: Some Opposition-ruled states will take a call on Friday on approaching the Supreme Court on the issue of the Centre pressing states to borrow to meet the deficit in GST compensation cess fund.

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NEW DELHI: The Centre will introduce further stimulus measures if needed, a top official said a day after the government announced a series of steps to boost the economy. The government is moving ahead with its economic agenda and will soon approach the cabinet regarding the establishment of a lender to fund infrastructure, apart from drafting the new public sector policy, the person said. Also on track is the Life Insurance Corporation (LIC) of India initial public offer plan, he said.

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New Delhi: Congress leader P Chidambaram has said that finance minister Nirmala Sitharaman “abruptly ended the GST council meeting, rose and walked away” when some states raised three demands to end the stalemate over the Centre’s proposal to borrow.


 

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NEW DELHI: The Goods and Services Tax (GST) Council meeting on Monday ended in stalemate but the Centre said it would go ahead and facilitate the Rs 1.1 lakh crore borrowing option for the 21 states that have expressed their preference for this plan. Some opposition-ruled states contended that this would be "illegal" and will challenge this in the Supreme Court, saying any decision on the borrowing

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NEW DELHI: India unveiled a long-awaited stimulus programme ahead of the festive season that's expected to give the struggling economy a boost of as much as Rs 1 lakh crore, the finance ministry said. The package aims to lift demand for consumer goods by offering festival loans to central government employees and promises additional capital spending and interest free loans to states. Staff can also use their leave travel allowance to pay for consumer goods.

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The Goods and Services Tax (GST) Council meeting on Monday ended in stalemate but the Centre said it would go ahead and facilitate the Rs 1.1 lakh crore borrowing option for the 21 states that have expressed their preference for this plan. Some opposition-ruled states contended that this would be "illegal" and will challenge this in the Supreme Court, saying any decision on the borrowing options needed to be endorsed by the council, setting up a potential showdown with the Centre.

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The government on Monday announced a one-time Rs10,000 interest-free festival advance to all its officers and employees as part of plans to increase consumer spending to spur demand in the economy. At a press conference, Finance Minister Nirmala Sitharaman said the festival advance was discontinued from 6th Pay Commission for central government employees.

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Rate of recovery from COVID-19 and stock valuations are important parameters in deciding the best international markets for Indian investors

 

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The Securities and Exchange Board of India (Sebi) has tightened rules on inter-scheme transfers (ISTs) in mutual fund schemes. The regulator said inter-scheme transfers for managing liquidity should only be taken after all other avenues including using cash, market borrowing and selling securities in the market, for raising liquidity have been attempted and exhausted.

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Remember the many mutual fund (MF) schemes that came with the ‘opportunities’ or ‘special situations’ tag? Most of those vanished over time. But Aditya Birla Sun Life mutual fund is bringing one such scheme back to life. It has just rolled out a new scheme called Aditya Birla Sun Life Special Opportunities (ABSO).

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Securities and Exchange Board of India or Sebi has come out with two more changes in the mutual fund space. The market watchdog has asked mutual funds to rename their dividend plans. The second measure, a comprehensive one, deals with product labelling and indication of risks associated with various categories. Shivani Bazaz of ETMutualFunds.com reached out to Swarup Mohanty, CEO, Mirae Asset India, to decode the measures. Edited interview.

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Invesco India Focused 20 Equity Fund (an open-ended equity scheme investing in maximum 20 stocks across market capitalization (i.e. Multicap), which was open for subscription until 23rd September has collected Rs. 602 crs in the NFO. The fund received 29,240 applications from investors across 855 cities & towns in India.

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Public sectore Punjab National Bank (PNB) on Wednesay declared its Rs 1203.26 crore exposure to Sintex Industries Ltd as fraud.
Pursuant to the applicable provions of Sebi's Lisitng Obligation and Disclosure Reuirement (LODR) and the bank ploicy, "we inform reporting of borrowal fraud of Rs 1203.26 crore in NPA Account of Sintex Industries Ltd ," PNB said in Regulatory filing.

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The deadline to file belated/revised income tax returns (ITR) for FY 2018-19 has been extended to November 30, 2020 from the current one of September 30, 2020. The income tax department made this announcement via its official Twitter handle. So now the deadlines to file ITR for FY19-20 and FY18-19 is November 30, 2020

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The country's current account surplus rose to $19.8 billion or 3.9 per cent of GDP in the June quarter as merchandise imports declined amid the COVID-19 pandemic, the Reserve Bank said on Wednesday. The current account surplus stood at $0.6 billion or 0.1 per cent of GDP in the March quarter while there was a current account deficit of $15 billion or 2.1 per cent of GDP in the year-ago period.

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NEW DELHI: Tamil Nadu has sought Rs 31,000 crore from the Centre as loan, a-fourth of the Centre's extended Rs 1,20,000 crore liquidity infusion scheme, to settle its power bills.

The state ranks lowest in the country's discoms ratings and is among the large defaulting power consumers. It hasn't raised its tariffs in the last six years but will now have to bring in operational and financial efficiencies to meet loan pre-disbursement conditions, including reduction of the gap between rev ..

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Mumbai: The country's current account surplus rose to $19.8 billion or 3.9 per cent of GDP in the June quarter as merchandise imports declined amid the COVID-19 pandemic, the Reserve Bank said on Wednesday. The current account surplus stood at $0.6 billion or 0.1 per cent of GDP in the March quarter while there was a current account deficit of $15 billion or 2.1 per cent of GDP in the year-ago period.

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The global research firm has maintained buy rating with target at Rs 76 per share. It is of the view that rural portfolio is leading recovery in demand

 

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Finance ministry officials strongly defended the controversial 2012 amendment that brought overseas indirect transfers retrospectively into the tax net.

 

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The Union home ministry has allowed states to spend up to 50 per cent money from the State Disaster Response Fund (SDRF) to contain the Covid-19 pandemic, up from the existing limit of 35 per cent, said officials. The permission applies to quarantine, sample collection and screening facilities.

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Washington: Prime Minister Narendra Modi's call for an "Aatmanirbhar Bharat" (self-reliant India) is an important initiative, the International Monetary Fund (IMF) said on Thursday.

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The Union Budget of India for 2020–2021 (ISO: 2020 kē liē Bhārat kā Kēndrīya Bajaṭ) was presented by the Finance Minister, Nirmala Sitharaman on 1 February 2020, as her second budget. This is the second budget of Narendra Modi-led NDA government's second term.

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At the interbank forex market, the rupee opened on a weak note at 73.50, then fell further and finally closed at 73.58 against the greenback, registering a fall of 20 paise over its last close.

 

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Wipro's outgoing Executive Chairman Azim Premji saw his pay package rise almost 95 per cent to USD 262,054 during fiscal 2019. His son, Rishad Premji, who is set to take over the reins of the Bengaluru-based software services company soon, took home a compensation of USD 987,652 in 2018-19, WiproNSE 0.69 % said in a regulatory filing on Tuesday. 

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Shares of Manappuram Finance slipped 10 per cent in the intra-day trade to quote Rs 124 apeice on the BSE on Friday after markets regulator, Securities and Exchange Board of India (Sebi), issued notice to five Asset Management Companies (AMCs) alleging insider trading in favour of the company.

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Global rating agency Dewan Housing Corporation's liquidity problems and its failure this week to pay coupons highlight the funding challenges faced by India's non-bank finance sector. The liquidity pressures faced by finance firms are in stark contrast to situation in Indian banking sector. The latter has not faced significant liquidity pressure or deposit withdrawals, despite asset-quality and capital weaknesses.

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India is projected to grow at 7.5 per cent in the next three years supported by robust investment and private consumption, the World Bank has said. The Bank in its Global Economic Prospects released Tuesday said that India is estimated to have grown 7.2 per cent in fiscal year 2018/19, which ended March 31. A slowdown in government consumption was offset by solid investment, which benefitted from public infrastructure spending. 

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Home loans and education loans are treated as good loans by many individuals. Though they are cheaper than personal loans, they tend to have a longer repayment tenure. No wonder, the lenders want to be on the safe side. In addition to the regular due-diligence, borrowers are generally asked to buy life insurance policies. It is in the interest of the borrower to buy life cover. If you have taken a home loan and you die before repaying it, then the bank has the right to recover the money by selling the house. Such a situation can be avoided by taking life insurance.

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Following the recent crisis in debt mutual funds, capital and commodity markets regulator Securities and Exchange Board of India is considering a proposal to make fund managers more accountable-by linking their remuneration to the performance of the schemes managed by them. Sources told Moneycontrol that the proposal was discussed at the recent meeting of the Mutual Fund Advisory Committee, at which SEBI chairman Ajay Tyagi was present. An industry source who attended the meeting said a sub-committee would be set up to frame guidelines. Asset Management Companies  are grumbling at what they see as micromanagement by the regulator. “If SEBI implements such norms, good fund managers may not want to stay in this business,” said a mutual fund executive on condition of anonymity. Mutual Fund CEOs get anywhere between Rs 7-30 crore in annual remuneration.

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Farmers take to the streets over farm Bills

They block rail, road traffic; accuse Centre of implementing ‘anti-farmer’ policies

Tata Sons offers to buy out Shapoorji Pallonji Group's stake in shares dispute

Tata Sons has offered to buy out Shapoorji Pallonji group's stake in the holding company to help the group raise money to pay its debt. The Supreme Court has also barred the Mistry group from pledging or selling any Tata shares until October 28, when it starts hearing final arguments in the case.


Government plans Metrolite for rapid transport in Tier-II, Tier-III cities

The government is set to bring in a new mass transport system-LRT-Metrolite-for Tier-II and Tier-III cities. Metrolite will be dedicated rail corridors in cities and towns with tracks on surface instead of elevated or underground stretches as is the case with Metro rail corridors across the country. 

Mahindra reports 3% decline in total sales at 45,421 units in May

Auto major Mahindra and Mahindra Saturday reported 3 per cent decline in total sales at 45,421 units in May. The company had sold 46,848 units in the same month last year, M&M said in a statement. 

It was discussed in a meeting of Mutual Fund Advisory Committee members held recently with SEBI chief

Following the recent crisis in debt mutual funds, capital and commodity markets regulator Securities and Exchange Board of India is considering a proposal to make fund managers more accountable-by linking their remuneration to the performance of the schemes managed by them. Sources told Moneycontrol that the proposal was discussed at the recent meeting of the Mutual Fund Advisory Committee, at which SEBI chairman Ajay Tyagi was present. An industry source who attended the meeting said a sub-committee would be set up to frame guidelines. Asset Management Companies  are grumbling at what they see as micromanagement by the regulator. “If SEBI implements such norms, good fund managers may not want to stay in this business,” said a mutual fund executive on condition of anonymity. Mutual Fund CEOs get anywhere between Rs 7-30 crore in annual remuneration.

Punjab surpasses Centre’s target, set for record produce

Riding on a bumper crop, Punjab has procured 130.15 lakh tonnes of wheat this season, the highest in 20 years, surpassing the targets set by the state and the central governments. The feat becomes all the stupendous considering the fact that this year, there was lesser area under wheat crop and the yield in at least 50 per cent of the districts was marred by the unseasonal rain and hailstorms.

China proposes ASEAN+3 mega free trade agreement sans India, Australia and NZ

India could be out of the mega trade deal being negotiated between 16 countries, including the ASEAN and China, if a proposal made by Beijing for a free trade pact excluding New Delhi is taken seriously by other members. “China has started pushing for a free trade pact between ASEAN + 3 (which includes the ten-member ASEAN, China, Japan and South Korea) at the East Asia Summit. This would effectively mean that among the 16 countries negotiating the Regional Comprehensive Economic Partnership (RCEP), all except India, Australia and New Zealand would get included in the proposed pact,” an official told BusinessLine.

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