Govt restrictions on import biting deep; trade petitions for relief with units, workers idling.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Your promise to protect bankers for their commercial decisions is a huge confidence booster, but how does one define a commercial decision? Are our investigative agencies well equipped to dissect lending decisions of bankers?
As many as 52 Indian companies raised money from external sources in October, of which $719.52 million was raised through automatic route for which no approval is required from the Reserve Bank of India or the government.
Domestic air passenger traffic was back to the growth trajectory in June amid the falling number of COVID-19 cases in the country with around three million passengers flying on local routes in the previous month as against around two million in May, a report said on Tuesday. Though there is some recovery observed in June, stress on demand continues, driven largely by the second wave of the pandemic, limiting travel to only necessary travel, credit rating agency ICRA said in its report. On a sequential basis, domestic passenger traffic was up 41-42 per cent in June over May.
Why do we need a bad bank, owned by the banks themselves when there are at least 28 ARCs around, asks Tamal Bandyopadhyay.
The upgrade, said Icra, takes into account the "robust internal accrual generation, leading to low reliance on debt, as well as gearing levels, and strong debt protection metrics".
Kingfisher Airlines has objected to being identified as a 'wilful defaulter' by state-run UCO Bank.
The Boehly-Clearlake consortium, which agreed terms to acquire Chelsea for 4.25 billion pounds ($5.33 billion) earlier this month, will take over ownership of Chelsea FC
V Vaidyanathan, former executive director at ICICI Bank who turned entrepreneur to run Capital First, an NBFC that caters to smaller businesses, tells Pavan Lall in an exclusive interview that his new entity post the merger of Capital First and IDFC Bank which will be called IDFC First will launch by January and cater to a new India with value services.
The festive season starts from August and last till December.
It had been pointed out to the banking regulator that one-day default was difficult to monitor in large companies, especially where cash flows are dependent on government payments.
While the meetings on Friday were preliminary discussions, it is learnt that sectors like tourism; hospitality; aviation; micro, small and medium enterprises (MSMEs); and livestock have sought deferring loan repayments and temporary tax holidays in specific cases to help them tide over the steep fall in economic activity.
Excerpted from Sahara: The Untold Story by Tamal Bandyopadhyay.
The finance minister has emphasised on the quick disbursal of additional loans to MSMEs, to simplify process, formats and documentation.
Did you know that women can avail for a loan of upto Rs 20 crores to set up a manufacturing business?
SBI chief Rajnish Kumar said the focus going forward will be on cost reduction, rationalisation and reskilling of workforce, improving staff productivity and redeployment of workforce from admin offices to sales roles.
The Union Cabinet on Wednesday approved additional funding of up to Rs 3 lakh crore at a concessional rate of 9.25 per cent through the Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector hit hard by the coronavirus crisis. The ECLGS was the second-biggest component of Rs 21 lakh crore comprehensive package announced by Finance Minister Nirmala Sitharaman last week.
'...Market-linked debentures, high-value insurance, exemptions from capital gains by investment in real estate, etc.' 'So, there are a number of measures directed at collecting a fair share from higher income individuals.'
The government will provide Rs 50,000 crore for infrastructure development at concessional interest rates to fund core sector projects.
US bank Citigroup on Wednesday announced the sale of its Indian consumer banking businesses, including credit cards, retail banking, wealth management and consumer loans, to private lender Axis Bank for Rs 12,325 crore, as part of its plans to exit retail operations in 13 markets.
Grounded Kingfisher Airlines has written to UCO Bank wanting to know the basis of attaching the 'wilful defaulter' tag on the carrier.
It is surprising that the slum dwellers have so far not revolted and asked the government to pack up and go because, from their point of view, the slums are not a problem but a spontaneous solution to the housing problem in Mumbai which has always been behind the demand curve, the supply kept short deliberately so that progressively higher prices can rule.
The Comptroller and Auditor General of India (CAG) has pointed out several flaws in the financial practices of the Gujarat government and said there was a need to formulate a realistic budget based on the needs of the departments.
Nirmala Sitharaman's messaging was clear when she presented a well-balanced Budget with an eye on state elections in nine states followed by a general election next year, observes Ramesh Menon.
But the industry's chief executives remain confident of the long-term growth potential of NBFCs in India, given their specialised lending on the asset side, last-mile reach, and a well-capitalised balance sheet. "Over the years, NBFCs have faced many crises.
Survey shows pessimism on operating parameters and overall economy's prospects has risen sharply; companies want measures to revive growth
Standalone total income increased to Rs 74,457.86 crore in the first quarter of 2020-21, from Rs 70,653.23 crore in the same period a year ago.
The high court further asked the Delhi Development Authority to state its stand on a batch of petitions challenging the action and also seeking a bar on the demolition till a fresh "demarcation report" is prepared.
'I hope the trend is sustainable and that economic activity accelerates going forward.'
For the fiscal ended 2021, the group has made a loss of Rs 5,943 crore on sales of Rs 11,723 crore, a drop of 66 per cent over fiscal 2020. The group's total debt was up by 7 per cent to Rs 20,742 crore.
Here are the key decisions announced by the Reserve Bank of India on Thursday.
'The money is readily available to the depositors.'
Three-four big gem and jewellery firms are showing financial weaknesses and might find it tough to withstand shocks
Stung by the crisis arising out of the Syndicate Bank bribery case, lenders have gone into a fire-fighting mode to avoid fresh bad loans from their exposure to Bhushan Steel, one of the most indebted steel companies in the country.
The RBI was not party to the decision to demonetize 500 and 1,000-rupee notes, which was taken at the highest level of India's political leadership.
The ministry is likely to go by the recommendations of a committee on liberalising external commercial borrowings, headed by M S Sahoo, a former director with the Securities and Exchange Board of India.
Proceeds would be used for business expansion, repayment of loans and working capital requirements
More than half of Mallya's total package for 2015 has been paid by Mendocino Brewing Company for 'promoting' the company's beer brands
Ayan Pramanik reports on former Infosys CFO V Balakrishnan's fintech firm, which aims to make borrowing easy for small firms and individuals.
