RBI asks lending institutions to implement waiver of interest on interest scheme

The RBI had announced a moratorium on repayment of debt for six months beginning March 1, 2020 to help businesses and individuals tide over the financial problems on account of disruption in normal business activities.

Over 40% of system credit and 75% borrowers to benefit from interest-on-interest concession: Crisil

Rating agency Crisil on Monday said over 40% of system credit and 75% of borrowers would benefit from interest-on-interest (compound interest) concession offered by the government.

Exporters raise concerns over rising freight charges, container shortage

Federation of Indian Export Organisations (FIEO) President S K Saraf said freight charges have increased significantly by about 30-50 per cent depending upon the destinations. He said protests by farm

The other issues raised by exporters were about MEIS (Merchandise Exports from India Scheme) funds and faceless assessment by customs authorities.

Economic, oil demand recovery around the corner with development of COVID-19 vaccine: OPEC

Speaking at the India Energy Forum by CERAWeek, Barkindo said, "We remain cautiously optimistic that recovery will continue. It may take longer, may be at lower levels. But, we are determined to stay

However, he noted that currently, the demand recovery is not robust at the moment due to the impact of the virus across the globe.

Composition taxpayers with ‘NIL’ returns can file via SMS: GSTN

With this, composition taxpayers can now file NIL statement in Form GST CMP-08 through SMS and without logging in to the GST portal. CMP-08 is a quarterly statement of self-assessed tax to be submitte

With the extension of this facility to composition taxpayers, now over 35 lakhs taxpayers can file NIL returns offline through SMS, GSTN said.

Compound interest waiver: 75% borrowers to benefit, to cost govt Rs 7,500 crore, says report

Over 40 per cent of the system credit and 75 per cent of the borrowers will benefit from the interest-on-interest concession for small loans which will cost the government around Rs 7,500 crore, says

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Govt procures 151.17 lakh tonne paddy at MSP for Rs 28,543 crore so far this season

State-owned FCI and state procurement agencies have bought 21 per cent more paddy so far in the kharif marketing season of this year at 151.17 lakh tonnes amounting to Rs 28,543 crore.

India initiates probe into alleged dumping of low-density polyethylene from 6 countries

India has started a probe into the alleged dumping of low-density polyethylene from six countries, including Singapore and the US, following a complaint by an industry association.

"Logistics cost is an important aspect of determining the viability of any business. Benefits of volume and efficiency should also accrue to small players and not only the big ones," she added.

Modi’s $5 trillion economy dream may have to wait for long; why India’s GDP growth now depends on banks

If India’s economy grows at an annual average of 11.6% during the next six years, the country’s GDP could reach $5 trillion by 2026-27.

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Narendra Modi to interact with street vendors benefitted from PM SVANidhi scheme in UP

The government has so far received over 24 lakh applications under the PM SVANidhi scheme, out of which over 12 lakh have been sanctioned, and about 5.35 lakh loans have been disbursed.

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Carpe diem: Chance for India to boost exports

Post-GFC, China vacated about $140 billion in exports in unskilled-labour intensive sectors, including apparel, clothing, leather and footwear.

Surprise floods: Damage to crop to hit farm returns

Despite increased sowing areas, the groundnut production in Gujarat would hardly exceed last year’s output, Kishor Viradia, president of Saurashtra Oil Mills Association (SOMA), said.

Preliminary estimates suggest that standing crops on up to 30 lakh hectares have suffered destruction, denting the chances of good returns for the farmers.

Capex: PMO asks 13 oil PSUs to double FY21 spend to Rs 2 lakh crore

The finance minister is holding review meetings on the performance of capex of CPSEs every month, underscoring the urgency to revive the economy, which is projected by many agencies to contract by 9-1

While revenue constraints led to a slowing of capital expenditure by state governments in FY20, the CPSEs owned by it largely held the fort.

Infrastructure finance: Asset recycling vital to growth

It is imperative that hurdles in the way of the asset monetisation agenda are removed if NIP’s stiff target is to be achieved

The government has further approved a plan to raise about Rs 90,000 crore this year through monetisation of assets across key sectors.

Power demand at 14-month high in September

This was due to higher thermal power output, that registered 9% m-o-m and 9.5% y-o-y growth. However, generation from renewable sources fell by 40% m-o-m and was the lowest since December’19.

As for power consumption, it rose to a 14-month high in September, growing 6.3% m-o-m and around 6% y-o-y.

RBI Governor Shaktikanta Das tests positive for Covid-19; to continue work from isolation

Shaktikanta Das said that he will continue to work from isolation while work in RBI will also continue as usual. Das added that he is in touch with all deputy governors and other officers.

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PM Modi tells people to remember Vocal for Local while shopping; highlights khadi’s growth outside India

In his monthly radio programme Mann ki Baat, Modi said “when you go shopping, do remember our resolve of ‘Vocal for Local’. While purchasing items from the market, we have to accord priority to

PM Modi in Gujrat to inaugurate three projects kisan saryoday yojna ropaway girnar heart hospital

India reacted early and well on COVID-19, has potential to shape global agenda: Klaus Schwab

Bullish on India's power to shape the global agenda, the WEF's Founder and Chairman Klaus Schwab has said the country's early policy response to the COVID-19 pandemic was strong and now its biggest op

India economy on verge of slow recovery as worst is over: PHDCCI

The chamber, however, stated that unemployment remains a key challenge to be addressed by the government.

Supreme Court directive: Centre notifies interest relief scheme

The relief will be available to borrowers irrespective of whether moratorium on loan repayment has been availed or not.

Also, the ex-gratia will be available to borrowers subject to conditions that a loan account should be standard as on February 29 and the prevailing interest rates on that date would be factored in the relief.

Govt taking steps to strengthen agriculture sector: PM Modi

Prime Minister Narendra Modi on Saturday said his government is taking initiatives to strengthen the agriculture sector in the country so that farmers do not have to face any trouble.

No more happy hours! High Corona tax backfires, liquor sales halved in last 5 months

Currently, Pudduchery, West Bengal , Andhra Pradesh, Jammu & Kashmir and Rajasthan have a tax of 25% more than what it was in March 2020.

State excise duty on alcohol accounts for around 10-15% of its own tax revenue for majority of states, according to RBI report on ‘State Finances: A Study of Budgets of 2019-20’.

GST: Tax fraud worth Rs 50 crore detected, Ahmedabad student arrested for registering fake firms

A student based in Ahmedabad has been arrested for registering these fake firms. Sources said at least 55 firms registered under Vadodara and Ahmedabad commissionerates raised suspicion for the manner

The racketeers floated about 115 fake companies spread across nine commissionerates and wrongfully availed of input tax credits (ITC), they added.

Special GST window: Centre borrows Rs 6,000 cr and releases to 16 states, 2 UTs

“It is intended to make weekly releases of Rs 6,000 crore to the states,” the ministry said. The borrowing is to be financed out of proceeds from extended GST compensation cess.

While 21 states and 2 union territories had agreed to the special window involving back-to-back borrowing coordinated by the union finance ministry, the government said that five states didn’t have any revenue shortfall.
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