E-commerce giants such as Amazon, Netflix and Flipkart, whose headquarters are not in India, potentially have to pay the additional levy of 2 per cent from April 1.
Anticipating a sudden and huge crowd in bank branches following the announcement of various measures by the government on Friday, the AIBEA said since the number of employees in bank branches are very few, the crowds can pose a big risk for the bank staff as well as for the customers who might be visiting in large numbers.
Many Indian companies provide outsourcing services to various American entities, including large banks and financial institutions.
Govt renews search for five PSU bank chiefs; norms relaxed.
Conversion of debt of the stressed telecom player Vodafone Idea Ltd (VIL) into equity could be an option to emerge out of the crisis, lenders led by State Bank of India (SBI) have suggested to Department of Telecommunications (DoT). DoT had called senior bank officials on Friday to discuss the stress in the telecom sector arising out of the Supreme Court order last month on the adjusted gross revenue (AGR)-related dues payable by telecom majors, including Vodafone Idea and Bharti Airtel, sources said. The top court has given a time period of 10 years to telecom service providers struggling to pay Rs 93,520 crore of AGR-related dues to clear their outstanding amount to the government.
The number of terror incidents in Jammu and Kashmir has shown significant decline since the abrogation of Article 370 in August 2019, the Lok Sabha was informed on Tuesday.
Jaitley's team presents a quintessential mix of foreign-educated, intellectual technocrats and seasoned bureaucrats
A court in Mumbai on Tuesday remanded two police officers in the custody of the Maharashtra criminal investigation department in a case of alleged extortion in which former Mumbai police commissioner Param Bir Singh is one of the accused.
Strengthening the portfolios of the home minister and the finance minister is a message that should not be missed, points out A K Bhattacharya.
The suspected security breach happened through a malware in the systems of Hitachi Payments Services, which serves ATM network of Yes Bank
Bharti recorded $5 billion liability for past-due AGR fees, but is still completing its self-assessment to determine the final amount.
With Prime Minister Narendra Modi emphasising the need to kick-start investment in the country, the project monitoring group (PMG) under the Cabinet Secretariat has asked various government departments to start monitoring projects for which clearances have been facilitated through this mechanism.
As per the comprehensive format devised by the government, the selected candidates, besides being asked to provide information about themselves, their family members, including in-laws, have to provide information about the mobile numbers used during the last five years, the registration number of vehicles owned or used, email and social media or web-based portal accounts, in addition to bank and post office account numbers among others.
In accordance with ''Level-1'' alert under the graded response action plan (GRAP), private offices will function with physical attendance of 50 per cent of the staff, barring essential categories.
Directors that are shareholders will also face more problems.
The ministry seeks to make lending requirements flexible for banks financing key stalled projects.
Government think tank Niti Aayog has suggested 100 per cent income tax exemption for donations and provision of working capital loans with lower interest rates for not-for-profit hospitals to strengthen healthcare services in India. In a report titled 'Not-for-Profit Hospital Model in India', the Aayog also pitched for involving high performing hospitals in public private partnership (PPP) models for managing primary health care (PHCs), operations of government facilities and PSU hospitals. "Income-tax exemption could be increased from the current 50 per cent exemption to 100 per cent exemption for philanthropy toward the identified not-for-profit hospitals.
The NRA will have representatives of IBPS, SSC and Indian Railways.
Income tax collection, by way of advance tax and TDS, in the April-June quarter was about 80 per cent of what was collected in the same period last year.
The country's exports are expected to contract by 5.8 per cent and imports by 11.3 per cent during the second half of the current financial year, though implementation of several measures by the government would help support exports going forward, according to the Economic Survey 2021. With gradual recovery of economic activities, the survey said that imports and exports have picked up. During the first half of 2020-21 (April-September), exports dipped by 21.31 per cent to $125.25 billion while imports declined by 40 per cent to $148.69 billion.
Bankruptcy proceedings are going at a slower pace than what the bankers had envisaged and many cases have gone beyond the 270-day timeline set under the IBC mainly because of litigation.
The government on Monday announced that it has credited revised pensionary benefits along with arrears under One Rank-One Pension scheme to more than 2 lakh pensioners drawing service and disability pensions.
The complaint alleges that Thakur misused his position as IG and both, he and his wife, possessed properties disproportionate to their income.
'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 second wave of the coronavirus pandemic is likely to delay recovery in air passenger traffic with an 80-85 per cent growth year-on-year this fiscal against the earlier estimate of 130-135 per cent, ratings agency ICRA said on Monday. The domestic passenger traffic, which witnessed a steady ramp-up after resumption of airport operations since May 25 last year and reached 64 per cent of the previous year levels in February, has again suffered a setback, the ratings agency said in a report. The spike in coronavirus infections towards March-end and April has resulted in several state governments implementing fresh restrictions, resulting in a marginal 0.7 per cent de-growth sequentially in traffic in March.
The Department of Telecommunications (DoT) has initiated discussions with banks to address financial stress in the telecom sector, particularly Vodafone Idea Ltd (VIL) that urgently requires fund infusion to stay afloat. There was a meeting of DOT officials and senior bankers on Friday on the issue of Vodafone, sources said, adding that banks have been asked to look for a solution within the prudential guidelines. According to sources, senior officials from the country's biggest lenders State Bank of India and Bank of Baroda were also present among others in the meeting. More such meetings are expected to take place in the coming days, they said.
'We will not compromise on it. We will not make any deferred payments or cuts.'
The governance reforms, as an official put it, would bring in measures to track the performance of the executive-rank employees of the banks, intensively.
'Modi had not discussed demonetization with me prior to his announcement on 8 November 2016. 'I learnt of it along with the rest of the country. 'I was not surprised when he did not discuss the issue with me prior to making the public announcement. 'It fitted in with his style of making dramatic announcements.' A fascinating excerpt from Pranab Mukherjee's The Presidential Years: 2012-2017.
Several factors have held India back. One is DoT policy somersaults and lack of clarity on whether to or not to ban Chinese gear makers.
The US House of Representatives averted a government shutdown on Thursday, narrowly passing a $1.1 trillion spending bill despite strenuous Democratic objections to controversial financial provisions.
Some measures announced in Indradhanush -- a 7-point Modi plan to revamp State-owned banks but not completed -- may be taken up again.
With assets depreciating over time, it will lead to large haircuts for lenders and creditors, say experts
The guidelines listed several services including government and private offices that will be out of bounds during the period, while exempting establishments such as hospitals, ration shops, dairies, banks, insurance offices, and print and electronic media. Delivery of all essential goods including food, pharmaceuticals, medical equipment through e-commerce has also been exempted from the purview of the lockdown.
Four senior Twitter executives are leaving the media company, CEO Jack Dorsey tweeted late on Sunday night, the biggest leadership changes since Dorsey returned as chief executive as he struggles to revive the company's growth.
The tax department will remain a source of endless nightmares for citizens and 'transparent taxation' will remain an empty slogan and a cruel joke, observes Debashis Basu.
Royal Bank of Scotland and JP Morgan were also fined over attempts to rig currency benchmarks in a year-long probe that has put the largely unregulated $5 trillion-a-day market on a tighter leash, with dozens of dealers suspended or fired.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
On these routes, the train speed would also be increased to above 160 kmph over the next four or five years by revamping the entire signaling, tracks and fencing.
Even Delhi does not have a full-time registrar of chits.
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