Lok Sabha on Friday passed the Finance Bill 2023 with 64 official amendments, including the one that seeks withdrawal of long-term tax benefits on certain categories of debt mutual funds and another for setting up the GST Appelate Tribunal. The Finance Bill that gives effect to tax proposals for fiscal year starting April 1 was passed without a discussion amidst ruckus by opposition members demanding a JPC (Joint Parliamentary Committee) probe into the allegations against the Adani group of companies. While moving the bill for passage and consideration, finance minister Nirmala Sitharaman also announced the setting up of a committee under finance secretary to look into pension issues of government employees.
Lenders are not enthused because, as brokers, their responsibility towards policyholders will be higher than corporate agents.
Go First chief executive officer Kaushik Khona and tribunal-appointed interim resolution professional Abhilash Lal on Thursday reached out to the airline's staff, seeking their support for revival. While Khona said the company had taken all steps for the airline's revival, Lal put forward the view it would have to raise funds. Employee engagement took place a day after the National Company Law Tribunal (NCLT) admitted the airline's insolvency plea on Wednesday and ordered a moratorium on recoveries.
A consortium of lenders led by State Bank of India (SBI) has agreed to provide loans to Tata Group for the smooth operations of loss-making Air India. Tata Group, which won the bid to acquire the national carrier along with Air India Express and 50 per cent stake in AISATS in October last year, is expected to formally takeover the airline on Thursday. Sources said the SBI-led consortium has agreed to grant both term loans and working capital loans depending on the airline's requirements. All large lenders, including Punjab National Bank, Bank of Baroda, and Union Bank of India, are part of the consortium, they added.
The new ITR forms have shifted the entire onus on the taxpayers to prove their claim for deductions, expenses or exemptions.
Tata Sons is all set to acquire a residual stake of 16.33 per cent in AirAsia India from its joint venture (JV) partner AirAsia Berhad for $19 million (or Rs 142 crore) by early next year. The valuation is in accordance with the previous transaction under which AirAsia Berhad had sold its 32.6 per cent stake, said a banking source. Tata Group had increased its stake in AirAsia India at a valuation of $115 million.
Time opportune, with market buoyancy and entry of new entities
Byju's, India's most-valued startup, has decided to put two of its key assets -- Epic and Great Learning -- on the block to generate $800 million-$1 billion in cash, with an aim to meet the edtech firm's various commitments, including repaying the entire $1.2 billion term loan B (TLB) within six months, according to sources. The cash-strapped company has proposed repaying $300 million of the $1.2 billion loan in the next three months, depending on whether the lenders accept Byju's amendment proposal, said the people familiar with the development. "This loan repayment proposal has been submitted to the lenders and conversations are going in the right direction," said a person in the know.
E-commerce companies managed to beat the odds by adopting a flexible approach in terms of transforming their business models and leveraging emerging technologies. They had to constantly align their objectives with evolving customer needs. With companies hiring thousands of temporary workers, expanding to smaller cities, and launching new products, e-commerce giants gird up to celebrate the peak festival season without Covid restrictions after a three-year time-out.
Eighteen months after the economy was battered by the Covid-induced lockdown, employment has not recovered to its pre-pandemic levels, points out Mahesh Vyas.
BoB now has over 9,500 branches, 13,400 ATMs, 85,000 employees to serve 12 crore customers.
Post graduate colleges are aggressively tying up with banks to introduce banking courses.
He said companies with a good strategy, technology, capital, liquidity and a motivated team will emerge as winners after the crisis.
'It's a toss-up between a fire sale of equity or merger with a strong bank,' points out Tamal Bandyopadhyay.
The interest offered is mostly 0.5 to 1 per cent more than what other banks offer. Moreover, customer service and long-term association spanning generations are also other reasons for the popularity.
Banks cannot shirk their responsibility in cases of frauds.
Heavy rains continued to pound Chennai and nearby districts on Monday under the impact of a cyclonic storm, which is likely to cross the coast in Andhra Pradesh on December 5.
Employees of Kingfisher Airlines who have not been paid salaries for the past 17 months on Thursday threatened to launch an indefinite hunger strike from Monday demanding stringent action against the defaulting company.
While boards of both the banks had approved the merger plan, bank employees went on one-day strike protesting the move.
The Reserve Bank of India also banned with immediate effect issuance of letters of comfort which, like LoUs, are used by importers to fund their overseas purchases.
Public sector lender Bank of India has moved to the National Company Law Tribunal (NCLT) seeking initiation of insolvency proceedings against Future Retail Ltd and a moratorium over the assets of the Kishore Biyani-led debt-ridden firm. Besides, Bank of India (BOI), the lead banker of a consortium of banks that lent money to Future Retail Ltd (FRL), also suggested the insolvency tribunal appoint Vijay Kumar V Iyer as the interim professional of the company. Meanwhile FRL, in a regulatory filing, said it has been served and received a copy of the petition and is in the "process of taking legal advice".
India borrows ideas that we don't need, like the FRDI Bill, and ignores the ones we need, like rewarding whistleblowers such as the ones who want to save Bombay Mercantile Bank, says Debashis Basu.
The Union finance ministry on Thursday issued a clarification on the changes in FEMA rules which brings overseas international credit card spending under the RBI's liberalised remittance scheme (LRS). Here's how it affects you.
He claims that his offer to pay back the debt owed by his now-defunct airline had been rebuffed by the banks and the Indian government.
The combined entity is set to be the third largest bank in India, behind State Bank of India and ICICI Bank.
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Kotak Mahindra Bank chief Uday Kotak has assured that there will not be "any dramatic" reduction immediately in the number of employees following the merger of ING Vysya Bank.
The current employee strength of all state-run banks is about 672,000.
As per norms, sanction for prosecution of government employees accused of corruption has to be given within four months' stipulated time.
Digitisation is changing the banking business. This shift has resulted in a change in banking job profiles.
The Bharatiya Janata Party rejected this was any sort of demonetisation and instead reminded the Congress that even during the rule of Manmohan Singh, old currency notes were taken off circulation.
The SEBI and the RBI will look into it. Let their reports come in, BJP MP Mahesh Jethmalani said.
'We feel there is definitely something murky in the system.' 'Will anyone believe that Nirav Modi will go to a branch and bribe a low-level officer?' 'Just look at the people with whom he had moved around.'
'Put the assets of PMC Bank and the personal assets of the HDIL promoters and head of PMC Bank in an escrow account and ring-fence it from the ad hoc action of the revenue departments and creditors,' recommends Debashis Basu.
The diamantaire's counsel said there is a vigilance manual circular that the consortium can lodge only one FIR. Each consortium member cannot lodge separate FIRs, he said.
'Hacking of an ID or an account will have the same impact on a user in a city and one in a small town.' 'Security is like a railroad, you create it to last for every customer.'
Jiomart B2B is the latest among organised supply-chain companies to bite the bullet, shutting down its warehouses, and asking its employees to leave. Why are companies finding it difficult to sustain the supply-chain business? Experts point out that gross margins in supplying fast-moving consumer goods (FMCGs) are very low.
It also promised financial assistance of Rs 24,000 annually to all dependent widows and single mothers, two free LPG cylinders to all the beneficiaries of the PM Ujjwala Yojana and 24x7 power supply.
'At the first board meeting I chaired, I sensed that corporate governance is an issue in this company.' 'I started taking steps that may have aggrieved a few.' 'This has now become a mission I intend to accomplish before I step down.'
On the capital raising, where there are reports of the bank needing at least Rs 20,000 crore to spring back to normalcy, Yes Bank administrator Prashant Kumar declined to give an estimate of the requirement but said it would like for most of the fund raising to happen in the first round itself.
In November, Kotak Mahindra Bank had announced the buyout of ING Vysya Bank in an all-stock deal valued at Rs 15,000 crore (Rs 150 billion).
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