A summary of sports events and persons who made news on Tuesday.
The recurrent increases in fuel prices over the past 10 days are eating into the margins of transporters, who will be forced to pass on the hikes to their customers. This, in turn, is set to make the prices of daily consumables and other goods dearer, affect consumption, and slow economic growth, said transporters and analysts. Freight rates on grand trunk routes have shot up 3-4 per cent month-on-month in the past few days, according to the Indian Foundation of Transport Research & Training (IFTRT).
The mysterious Himalayan 'yogi' who allegedly advised Chitra Ramkrishna, former managing director and chief executive officer of the National Stock Exchange (NSE), on important matters of the bourse could be none other than Anand Subramanian, according to a letter written by former NSE chairman Ashok Chawla to the Securities and Exchange Board of India (Sebi). Subramanian was group operating officer of the NSE and advisor to Ramkrishna during 2015-16. He joined as chief strategic advisor in April 2013.
The speed at which he led the central bank in different areas -- ranging from internal reorganisation to inflation fighting, stabilising the currency, taking on rogue corporations, cleaning up bank balance sheets, and opening the sector -- makes one believe that Rajan knew he had only three years to do his job. A fascinating excerpt from Tamal Bandyopadhyay's MUST-READ Roller Coaster: An Affair with Banking.
This demand comes at a time when the government is falling short of its revenue targets due to dwindling tax and low disinvestment receipts. It could account for the dividend in the upcoming Union Budget on February 1. RBI is, however, yet to take a final call on the government's demand and might decide on this at its central board meeting scheduled for February 15 in New Delhi.
Pakistan batsman Ahmed Shehzad has been provisionally suspended and charged with violating anti-doping regulations after he tested positive for a prohibited substance in May, the country's cricket board (PCB) has said.
According to the Graded Response Action Plan (GRAP), the air quality is considered to be in the emergency category if the PM2.5 and PM10 levels continue to be above 300 micrograms per cubic metre and 500 micrograms per cubic metre respectively for 48 hours or more.
Embattled Cricket Australia (CA) Chairman David Peever is set to step down in the wake of a review into the board's governance and culture, local media reported on Thursday.
The Reserve Bank on Friday extended the regulatory restrictions on Punjab and Maharashtra Cooperative (PMC) Bank by another six months till December 2021 to enable the completion of its takeover by Centrum Financial Services. Paving the way for takeover of the crisis-ridden bank, the RBI had earlier in the month granted in-principle approval to Centrum Financial Services to set up a small finance bank (SFB). "Taking into account the time required for completion of various activities involved in the process...the validity of the ...Directive dated September 23, 2019, as modified from time to time, has been extended for a further period from July 1, 2021 to December 31, 2021, subject to review," the RBI said in a notification.
Newly-elected Pakistan Cricket Board chairman Ramiz Raja on Monday said resumption of bilateral assignments with India is "impossible right now" and he is "not in a hurry" for it either as his focus is solely on his country's domestic circuit at this point.
Indians having undisclosed income in the United States (US) may face proceedings under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, this financial year. Also, those named in global leaks may be searched, show-caused, and prosecuted, according to the FY23 internal action plan of the Central Board of Direct Taxes (CBDT). The CBDT has rolled out an aggressive target and timeline to investigate tax evasion matters, especially those involving undisclosed foreign assets.
'There are unscrupulous traders who create fake invoices by showing bogus e-way bills, movement of goods.' 'Since the entities registered across different states, and kept on changing their numbers, tracing them was difficult.'
The Reserve Bank on Wednesday came out with revised guidelines for the hiring of lockers under which the liability of banks will be limited to 100 times its annual rent in case of fire, theft, building collapse or frauds by bank employees. As per the revised guidelines, which shall come into effect from January 1, 2022, banks will be required to incorporate a clause in the locker agreement prohibiting the hirer from keeping anything illegal or hazardous in lockers. The RBI said it has reviewed the 'Deposit Locker/Safe Custody Article Facility provided by the banks' after taking into consideration various developments in the area of banking and technology, nature of consumer grievances and also the feedback received from banks and Indian Banks' Association (IBA).
Though the system is called faceless, it would have a room for inviting tax payers through video conferencing.
Both the exchanges advised their trading members to exercise additional due diligence while trading in illiquid stocks either on own account or on behalf of their clients.
With the latest relaxation on withdrawal, more than 84 per cent of the depositors of the bank will be able to withdraw their entire account balance, the RBI said.
In second class AC, third class AC and chair car, tea to cost Rs 20, up by Rs 5, breakfast Rs 105, up by Rs 8, lunch and dinner Rs 185, up by Rs 10.
Bharatiya Janata Party leaders Sarbananda Sonowal, Jyotiraditya Scindia and Narayan Rane, all of whom are being seen as probables for induction as ministers in the Modi government, arrived in the national capital on Tuesday amid indications that the Union Council of Ministers is likely to be expanded on Wednesday.
Australia also won last year's Twenty20 World Cup for the first time under Langer but there have been reports of player discontent over his coaching style.
The Wipro board has also approved a Rs 10,500 crore buyback plan under which it will buy back up to 32.3 crore shares at Rs 325 apiece.
British nationals arriving in India, irrespective of their vaccination status, will have to undergo 10 days of mandatory quarantine from October 4 as part of the reciprocal actions initiated by the government following the vaccine certification row between the two countries.
Local trains will be allowed to operate with 50 per cent capacity till 7 pm, while all shopping malls and markets will be allowed to remain open till 10 pm but with half their capacities, he said.
As a result of this moratorium, individuals' EMI payments of loans taken will not be deducted from their bank accounts, providing much needed liquidity to borrowers whose income has been disrupted due to the lockdown till May 31.
The prime minister may go for new faces with an eye on grooming younger leaders while also factoring in caste and regional balances
With this relaxation more than 77 per cent of the depositors will be able to withdraw their entire account balance.
As a multi-agency probe into the NSE case gathers pace, the grant of preferential server and data access to select brokers and their suspected misuse are being investigated threadbare to unveil all quid pro quo arrangements in a highly-sophisticated scheme that worked like a cricket betting scandal, officials said on Monday. While the bourse has said it has taken several steps over the years to strengthen its technology infrastructure, including as per regulatory orders, the officials said certain fresh disclosures call for a detailed probe into whether a select group of individuals in high positions had banded together to make illicit gains by facilitating the preferential trading slots, beginning over a decade ago. Even a split-second faster access is said to result in huge gains for a trader.
'Where is the board's accountability in this whole transaction? The members of the earlier board who participated in approving and defending these acquisition are still in the current board,' the whistleblower said in a mail sent to US SEC and Sebi.
Karvy group's commodity broking arm, too, is facing a liquidity crisis because of some issues related to NCDEX, said people in the know.
While reasonable safeguards should be built in, there can't be restrictions on the individual's right to leave her/his money to whoever s/he wants, notes Harsh Roongta.
On October 24, the NSE sought clarification from the IT major on the whistleblowers' allegations and why the company had not disclosed the same to the exchanges.
Rukh may be lit like a YouTube Short Film, and may have its share of other technical problems, but there's something disturbingly original about director Atanu Mukherjee's vision, Sreehari Nair feels.
This is the fifth increase in withdrawal limit since the bank was placed under its direct control with an administrator on September 23. Since then as many as nine depositors have lost their lives including a 74-year-old man from Thane on Monday.
With the above relaxation, more than 70 per cent of the depositors of the bank will be able to withdraw their entire account balance, the central bank said as most of its account holders have an average balance of just about Rs 10,000.
Advait Chandan decodes Aamir Khan.
"Is it possible for women to trek kilometers through the forest path and stand amongst the packed crowd?"
The Centre has advised banks to make a 20 per cent reduction in expenditure related to non-core business activities, along with deferring "avoidable expenditure" on "purchase of staff cars", "refurbishment of guest houses" and on the interior decoration of administrative and back offices.
The ministry's year-end review is silent on the continued occupation by Chinese troops of territory that India has always claimed and patrolled.
Keep your mobile number and e-mail updated. When you receive the weekly report on cash holdings, check to ensure there is no discrepancy between the amount you have kept with the broker and what the latter has reported, advises Sanjay Kumar Singh.
Ruia, a chartered accountant whose business ranged from sugar to textiles and heavy engineering to tyres, refused to comment on queries about his interest in Air India.
Why can't we have a sunset clause for the ARCs, which is a global norm? questions Tamal Bandyopadhyay.
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