May 12, 2021

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IMC EVENTS

NOTICE

Notifications

 
RBI

11
May

RBI/2021-22/35 (Delhi)
Amendment to the Master Direction (MD) on KYC

11
May

RBI/2021-22/36 (Delhi)
Government Agency Business Arrangement – Appointment of Scheduled Private Sector Banks as Agency Banks of Reserve Bank of India (RBI)

CUSTOMS

10
May

Circular No.09 /2021 (Delhi)
Restoring the facility under Circular No. 17/2020 dated 03.04.2020 namely, 'Measure to facilitate trade during the lockdown period- section 143AA of the Customs Act, 1962'.

INCOME TAX

10
May

Notification No. 42/2021 (Delhi)
These rules may be called the Income-tax (14th Amendment) Rules, 2021

10
May

Notification No. 43/2021 (Delhi)
In exercise of powers conferred by sub-clause (iv) of clause (c) of the Explanation 1 to clause (23FE) of section 10 of the Income-tax Act, 1961 (43of 1961) (hereinafter referred to as the “Act”

10
May

Notification No. 44/2021 (Delhi)
the Central Government hereby specifies the pension fund, namely, the CDPQ Infrastructures Asia III Inc

10
May

Notification No. 45/2021 (Delhi)
In exercise of powers conferred by sub-clause (iv) of clause (c) of the Explanation 1 to clause (23FE) of section 10 of the Income-tax Act, 1961(43 of 1961)

10
May

Notification No. 46/2021 (Delhi)
In exercise of powers conferred by sub-clause (iv) of clause (c) of the Explanation 1 to clause (23FE) of section 10 of the Income-tax Act, 1961

RBI

7
May

RBI/2021-22/32 (Delhi)
Resolution Framework 2.0 – Resolution of Covid-19 related stress of Micro, Small and Medium Enterprises (MSMEs)

7
May

RBI/2021-22/31 (Delhi)
Resolution Framework – 2.0: Resolution of Covid-19 related stress of Individuals and Small Businesses

7
May

RBI/2021-22/30 (Delhi)
Credit to MSME Entrepreneurs

7
May

RBI/2021-22/29 (Delhi)
Periodic Updation of KYC – Restrictions on Account Operations for Non-compliance

7
May

RBI/2021-22/28 (Delhi)
Utilisation of Floating Provisions/Counter Cyclical Provisioning Buffer

7
May

RBI/2021-22/27 (Delhi)
Priority Sector Lending (PSL) - On-lending by Small Finance Banks (SFBs) to NBFC-MFIs

7
May

RBI/2021-22/33 (Delhi)
Exclusion of “Lakshmi Vilas Bank Ltd” from the Second Schedule to the Reserve Bank of India Act, 1934

7
May

RBI/2021-2022/34 (Delhi)
Exim Bank's Government of India supported Line of Credit (LoC) of USD 7.35 million to the Government of the Republic of Nicaragua

Exchange Rates

7
May

Notification No.46/2021 (Delhi)
Exchange rates Notification No.46/2021-Cus (NT) d

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LIVE MARKET

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INDIAN ECONOMY

Covid effect: Weakened economy can’t produce jobs, unemployment rate at 19-week high

India’s unemployment rate touched a 19-week high of 8.67% in the week ended May 9, reflecting the economy’s increasing inability to generate jobs. The state of joblessness has been more acute in cities and towns – urban employment rose 164 basis points to a worrisome 11.72% in the latest week under review, co...

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End of MSP? Far from it, rabi wheat purchases at brisk pace

And 66% of the payments are made to farmers in Punjab and Haryana, the two states which are at the forefront of the agitation against the new farm laws, which, the agitators fear, could destroy the MSP system. ...

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Exports, better balance sheets to help firms tide over second wave impact: Report

The partial-to-full lockdowns imposed by various states to contain the second wave of the pandemic are likely to have a muted impact on the overall business environment, given strong export demand and improved balance sheets in the past six months, according to a report. Though supply chain disruptions cou...

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Economic activity down in April, May but shock less severe than 2020: Fitch

Fitch Ratings on Monday warned that India’s slow pace of vaccination could mean that the country remains vulnerable to further waves of the pandemic even once the current surge subsides. Just 9.4 per cent of the population had received at least one vaccine dose as of May 5, according to figures from Our Wo...

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Tens of millions on the fringes sink into poverty as Covid wrecks India

After dipping into his savings to weather India’s snap pandemic lockdown last March, Manoj Kumar was just getting his head above water again earning 600 rupees ($8) a day as a construction worker in the tourist hotspot of Goa. He’d squirreled away enough for a trip last month to his native village in Bihar...

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FY22 growth may slip to 8.2% if second wave peak comes in end-June: Crisil

India's economic growth may slip to 8.2 per cent if the second wave peaks in end of June, domestic rating agency Crisil warned on Monday, maintaining its baseline estimate of 11 per cent uptick in activity. The agency made it clear that the risks to its 11 per cent growth forecast are "firmly tilted downwa...

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MARKET & FINANCE

Indian markets ignoring Covid-19 impact, set for correction: Top stock fund

Investors in India’s $2.8 trillion equity market are underestimating the economic impact from the world’s worst coronavirus outbreak, which will delay any recovery and could trigger a “correction” in stocks, according to the country’s top-performing fund manager. The benchmark S&P BSE Sensex has climbed ...

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GLOBAL CORPORATE

Big Oil and its green ambitions could be about to get a serious reality check

The month of May promises to be a ground-breaking one for Big Oil. Oil and gas majors on both sides of the Atlantic are preparing to hold their annual shareholder meetings in the coming weeks. It comes at a time when the world’s largest corporate emitters are under immense pressure to set short, medium and...

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INCOME TAX

Here are 5 cash transactions that can attract income tax notice

The Income Tax Department and various investment platforms like bank, mutual fund houses, broker platforms, etc. have been discouraging cash transaction by tightening their rules for public in general in last few years. The Income Tax Department may send notice to the violator now as days in case of slight...

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Banking

RBI amends KYC norms to further leverage video-based customer identification process

The Reserve Bank on Monday amended its master direction on know your customer to further leverage the video-based customer identification process (V-CIP) and simplify the process of periodic updation of KYC. V-CIP is an alternate method of customer identification with facial recognition and customer due di...

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Indian consumer shifting to digital financial services: Rajiv Kumar

India is seeing an increasing digitization of financial services, with consumers shifting from cash to cards, wallets, apps, and UPI, Niti Aayog Vice-Chairman Rajiv Kumar said on Monday. While releasing a report -- Connected Commerce: Creating a Roadmap for a Digitally Inclusive Bharat -- prepared jointl...

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Amid Covid effect, bank steps, wilful defaults rise Rs 38,976 crore

Banks have added Rs 38,976 crore from 662 borrower accounts as wilful defaulters during the 12 months ended December 2020 when the Covid pandemic hit the country’s financial system. With this, total wilful defaults amounted to Rs 244,602 crore from 12,917 accounts as of December 2020, as against Rs 205,606...

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RBI modifies norms for undertaking govt business by private banks

The Reserve Bank on Monday came out with modified guidelines that allow sound private sector banks to undertake government business, whether at the Centre or in states. According to the modified norms, scheduled private sector banks, which are not under the Prompt Corrective Action (PCA) framework of the R...

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GLOBAL ECONOMY

Trade Report
Country Month Link
Switerzland July 2019 Click
G7 should invest $1 trillion per year for sustainable Covid recovery: Report

Group of Seven countries should invest $1 trillion per year until 2030 to ensure a strong and sustainable economic recovery from the pandemic, according to a report that was requested by British Prime Minister Boris Johnson. US P...

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Saudi non-oil economy grows for first time since Covid-19 pandemic

Saudi Arabia’s non-oil economy — the engine of job creation — grew in the first quarter for the first time since the pandemic hit, even as the overall economy was dragged into contraction by oil production cuts. The non-oil sec...

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China accelerates national rollout of digital currency

China's central bank digital currency (CBDC) has showed up at the first China International Consumer Products Expo in south China's Haikou port city, giving foreigners at the event a taste of the payment experience it offers. C...

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INDIAN CORPORATE

Blackstone acquires Embassy Industrial parks for Rs 5,200 crore

Blackstone on Monday said it has acquired Embassy Industrial Parks, a joint venture of Warburg Pincus and Embassy, which controls 22 million sq ft (MSF) of largely Grade-A warehousing space across major industrial hubs including B...

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InterGlobe Aviation to raise Rs 3,000 crore

InterGlobe Aviation, parent of the country’s largest airline IndiGo, on Monday said its board has approved raising up to Rs 3,000 crore through sale of shares to institutional investors. The fund raising plan of the company com...

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Exclusive: Flipkart plans $1 billion fundraising ahead of IPO

Walmart Inc.-owned homegrown e-commerce firm Flipkart is in preliminary talks with a clutch of new investors to raise at least $1 billion, even as it weighs an initial public offering (IPO) in the United States around the fourth ...

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Foxconn iPhone India output drops 50 percent amid COVID surge

Production of the Apple iPhone 12 at a Foxconn factory in India has slumped by more than 50% because workers infected with COVID-19 have had to leave their posts, two sources told Reuters. The Foxconn facility in the southern s...

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Tata Steel embarks on promising debt reduction journey

One more good year of high demand and lucrative margin will change the fortune of Tata Steel, which has reduced nearly Rs 30,000 crore debt in 2020-21. The steelmaker, which has been struggling with its $12 billion legacy acquisit...

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JSPL prepays Rs 2,462 crore debt; hopes to become debt free soon

Naveen Jindal's Jindal Steel and Power Ltd has made a debt payment of Rs 2,462 crore ahead of its due date as it seeks to become a net debt free company soon. The company said it was part of its long-stated financial strategy of d...

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Tata Steel prudent on capital allocation: No to global acquisitions, debt reduction to continue

Tata Steel’s fortunes have turned! After almost two decades of struggle with debt management post the Corus acquisition at the peak of the steel cycle in 2006, it is set to make operational profits of Rs 50,000 crore this year if ...

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GST

Importers drag Centre to court over oxygen concentrators tax, claim 'violation of rights’

Several importers have dragged the government to court for levying taxes on the import of oxygen concentrators and claimed that doing so breaches a constitutional right of every Indian. As many Indians and companies decided to import oxygen concentrators amidst the domestic shortage due to Covid pandemic i...

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GST exemptions on COVID-19 supplies: FM Nirmala Sitharaman’s response draws fault lines ahead of GST Council Meeting

Finance Minister (FM) Nirmala Sitharaman, on May 9, tweeted that reducing or exempting Goods and Services Tax (GST) rates on domestically produced or commercially imported items essential in the fight against COVID-19, will lead to manufacturers unable to avail of input tax credit, which in turn could lead to...

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SEBI

Sebi comes out with disclosure requirements under Business Responsibility and Sustainability Report

Regulator Sebi on Monday came out with disclosure requirements under business responsibility and sustainability reporting, covering environmental, social and governance perspectives, which will be applicable on the top 1,000 liste...

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Sebi comes out with new proposal for segregation, monitoring of collateral at client level

Markets regulator Sebi on Monday comes out with a fresh proposal for segregation and monitoring of collateral at client level amid instances of misuse of client collateral by trading members. Also, it has proposed to build a mecha...

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