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09-December-2016
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 Indian Economy
 
Banks to allow foreign diplomats to withdraw cash on priority basis: MEA
Nearly two days after Russian envoy Alexander Kadakin wrote to the Ministry of External Affairs (MEA) complaining about cash crunch following demonetisation of Rs 500 and 1,000 notes, MEA on Thursday said banks have been instructed to allow foreign diplomats to withdraw money on a priority basis. In...

Cash crash: Consumption shrinks big time on liquidity squeeze
Sales of consumer durables and appliances more than halved year on year in November even as the government’s demonetisation drive has severely impacted almost all consumer-facing segments from restaurants to soaps to televisions, says a study by research firm Chrome Data Analytics. Sales of fast mov...

Year-end Travel Plans Go for a Toss
Goa, Udaipur and Kerala, usually packed with tourists in the New Year, may wear a deserted look due to the withdrawal of old `500 and `1,000 notes.Short of cash, people are cancelling their year-end travel plans and leisure destinations are the worst-affected, say tour operators and hoteliers.“Year-...

Free rail cover worth Rs 10 lakh if you buy tickets online, cheaper fuel on card purchases: Arun Jaitley
Discounts on petrol and diesel, service tax exemption on payments up to Rs 2000, 8-10% off on insurance premiums — all part of a package announced by the government to promote digital transactions and get people to stop using cash. Other measures include price cuts on suburban train tickets and free...

 
 Global Economy
 
Japan's economic growth in July-Sept revised to 1.3 percent
Japan's economy grew 1.3 percent in July to September from a year earlier, according to revised data reflecting weaker business investment and exports. It was the third-straight quarter of expansion, but well below forecasts by most economists of an upward revision. The preliminary estimate put ann...

Egypt sees 'three-year strategy' to revive economy
Egypt has an ambitious three-year reform plan that, with foreign help, can revive its struggling economy, the minister of international co-operation told AFP.In an interview, Sahar Nasr said the "three-year strategy" will lead to a return of investments, boost industrial production and create jobs....

ABS figures show slide in ACT economy in September quarter
The ACT's economy slid significantly in the most recent quarter, in a performance worse than any other state or territory except Western Australia. The ACT's state final demand fell 1.3 per cent, compared with the federal fall of 0.5 per cent in gross domestic product. Tasmania and Victoria both fe...

Half of Americans are “shut off from economic growth”
Even after accounting for the occasional recession and slowdown, America’s economy has greatly expanded since the days of disco. Despite that growth, however, half of Americans have failed to share in the country’s economic gains since the 1970s, with roughly 117 million American adults living on in...

DiCaprio meets with Trump on green jobs to boost economy
DiCaprio tells Trump how green jobs can lift economy DiCaprio tells Trump how green jobs can lift economy 19 Hours Ago | 00:38 Leonardo DiCaprio and the head of his foundation met Wednesday with President-elect Donald Trump to discuss how jobs centered on preserving the environment can boost the...

China just gave the clearest signal yet that its economy is bouncing back
If there was any doubt the Chinese economy is humming again, it’s surely been dispelled Wednesday.Chinese trade data has beaten across the board in October, a good sign for not only its economy but global demand as a whole....

 
 Market & Finance
 
Rupee nears 1-month high, soars 27 paise to 67.36
Stretching its resurgent trend for the third straight day, the rupee today ended at a near one-month high of 67.36, rising 27 paise against the US currency due to continuous dollar selling from exporters and banks.Strong gains in the local equities and subdued dollar trend against other Asian curren...

FIIs go shopping again, lift market sentiment
Has the foreign portfolio selling that rattled domestic stocks and the rupee in the last one month run its course? In December so far, overseas investors have turned net buyers after dumping shares worth almost Rs 23,000 crore in October and November; in fact, foreigners turned net buyers for the th...

 
 
 Direct Tax
 
I-T raid at eight locations in Chennai; Rs 90 cr, 100 kgs gold seized
The Income Tax Department on Thursday raided premises belonging to three businessmen in Chennai 's T Nagar area and seized Rs 90 crore and 100 kgs gold. According to reports, the I-T Department officials questioned businessmen Shekar Reddy, Srinivasa Reddy and Prem, who were allegedly involved in a ...

 
 Indirect Tax
 
Ceding control of GST admin to states will disempower centre: CBEC
Giving in to the states’ demand for sole control of tax administration of taxpayers below Rs 1.5 crore threshold under the goods and services tax (GST) regime will disempower the Centre, a top official of the Central Board of Excise and Customs has said, suggesting that breaking the deadlock over th...

These 34 companies to make your GST play less taxing
The Goods and Services Tax Network (GSTN) which is building the technological infrastructure for the implementation of GST, has finalised 34 companies as the GST Suvidha Providers (GSPs), which will offer support and services to help tax payers and businesses in compliance. The GSTN had released a...

 
 RBI
 
Demonetisation: CMs, bankers meet RBI guv to discuss road map to go cashless
A committee of chief ministers (CM), bankers and technocrats, headed by Andhra Pradesh CM N Chandrababu Naidu, met Reserve Bank of India (RBI) Governor Urjit Patel and other deputy governors on Thursday to discuss how to implement the digital push at the state level and also the impact of demonetisa...

Why RBI's optimism may be misplaced
On Wednesday, the Reserve Bank of India (RBI) slashed its growth forecast for FY17 gross value added (GVA) to 7.1 per cent from 7.6 per cent earlier. Interestingly, RBI clarified that of the 50 basis point (bp) decline in growth, the slowdown due to demonetisation is only to the extent of 15 bps. Th...

RBI may cut rates by up to 50 bps next year
The rate cut cycle may not be over, and the Reserve Bank of India may go for a 25-50 bps cut in 2017, as the underlying disinflationary forces are expected to continue next year, says a report. RBI surprised with a status quo on policy, premised on upside risk to January-March quarter inflation and ...

RBI allows eKYC to use OTP for account opening
Reserve Bank of India (RBI) has amended its know your customer (KYC) rules to allow banks to open new accounts using one time pins (OTPs) on mobile phones. This is likely to quicken the process of opening bank accounts. In a notification on its website RBI said banks can provide OTPs to complete t...

 
 
 
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 Notifications
 
RBI
Notification No.RBI/2016-17/161
(Delhi) 08-12-2016
Auction of Government of India Dated Securities...
Notification No.RBI/2016-17/162
(Delhi) 08-12-2016
Chest Guarantee Scheme for Specified Bank Notes (SBNs) – CGSS ...
Notification No.RBI/2016-17/163
(Delhi) 08-12-2016
Withdrawal of cash from bank deposit accounts - Relaxation...
Notification No.RBI/2016-17/164
(Delhi) 08-12-2016
Deposit of Specified Bank Notes (SBNs) – Chest Balance Limit / Cash Holding Limit ...
Notification No.RBI/2016-17/165
(Delhi) 08-12-2016
Accounts under PMJDY - Precautions...
Notification No.RBI/2016-17/168
(Delhi) 08-12-2016
Financing of Infrastructure – ‘Definition of 'Infrastructure Lending'...
Notification No.RBI/2016-17/167
(Delhi) 08-12-2016
Large Exposures Framework...
Notification No.RBI/2016-17/166
(Delhi) 08-12-2016
Information from Unauthenticated Sources – Advisory to banks...
Notification No.RBI/2016-17/169
(Delhi) 08-12-2016
Allocation of banknotes...
Notification No.RBI/2016-17/170
(Delhi) 08-12-2016
Aadhaar-based Authentication for Card Present Transactions...
Notification No.RBI/2016-17/171
(Delhi) 08-12-2016
Auction of Government of India Dated Securities...
Notification No.RBI/2016-17/172
(Delhi) 08-12-2016
Card Not Present transactions – Relaxation in Additional Factor of Authentication for payments upto ? 2000/- for card network provided authentication solutions...
Notification No.RBI/2016-17/173
(Delhi) 08-12-2016
Requirement of customer due diligence and need for maintenance of records...
Notification No.RBI/2016-17/174
(Delhi) 08-12-2016
Reserve Bank of India Act, 1934 – Section 42(1A) Withdrawal of the Incremental CRR...
INCOME TAX
Notification No. 107/2016
(Delhi) 08-12-2016
Income-tax ( 33rd Amendment) Rules, 2016 ...
Notification No. 108/2016
(Delhi) 08-12-2016
Income-tax (34th Amendment) Rules, 2016...
Notification No. 109/2016
(Delhi) 08-12-2016
Notification No. 109/2016/F. No.196/17/2015-ITA.I / S.O. 3606(E) ...
Notification No. 110/2016
(Delhi) 08-12-2016
Notification No. 110/2016/F. No.196/38/2015-ITA-I] / S.O. 3605(E)...
Notification No. 111/2016
(Delhi) 08-12-2016
Notification No. 111/2016/F. No.196/23/2015-ITA-I / S.O. 3607(E) ...
Notification 11/2016
(Delhi) 08-12-2016
Procedure for the purposes of furnishing and verification of Form 26A for removing of default of Short Deduction and/or Non Deduction of Tax at Source...
Circular No. 39/2016
(Delhi) 08-12-2016
Transport, Power and Interest subsidies received by an Industrial Undertaking- Eligibility for deduction under sections 80-IB, 80-IC etc., of the Income-tax Act, 1961 ...
CUSTOMS
Notification No. 59/2016-Customs
(Delhi) 08-12-2016
Seeks to futher amend notification No. 12/2012-Customs dated 17th March, 2012, so as to withdraw CVD exemption on gold coins having gold content not below 99.5%, and gold findings....
Notification No. 139 /2016- Customs (N.T.)
(Delhi) 08-12-2016
Amendment to Notification no. 12/97-Customs dated 2nd April 1997...
Notification No. 141 /2016- Customs (N.T.)
(Delhi) 08-12-2016
Regarding appointment of Common Adjudicating Authority...
 
 
 Indian Corporate
 
MMTC Q2 net profit plunges to Rs 10.45 crore
State-run trading firm MMTC's net profit plunged to Rs 10.45 crore for the second quarter ended September as against Rs 44.6 crore in the year-ago period. The company's net income from operations during the quarter under review stood at Rs 1,405.97 crore, much lower than Rs 4,896.36 crore in the co...

JLR sales up 2 per cent at 47,588 units in November
Tata Motors-owned Jaguar Land Rover(JLR) today reported a 2 per cent increase in November retail sales at 47,588 units.The month's performance has been driven by the new Jaguar XF (with the addition of the long wheel base XFL in China) and F-PACE as well as continuing solid sales of the Land Rover D...

Flipkart set to open private label umbrella with ‘Flipkart Smartbuy'
Online marketplace Flipkart is set to launch its first umbrella private label ‘Flipkart Smartbuy’ which will retail electronic accessories and home plastic products. This is the first among several private labels the ecommerce platform is set to launch in the next six months. The Flipkart Smartbuy b...

Demonetisation impact: Luxury car brands lure buyers with up to 20% discount
Luxury cars have turned slightly affordable, thanks to demonetisation. Top luxury car brands such as Audi and BMW are offering steep discounts of up to 20 per cent on vehicles to clear the inventory before next calendar year begins.Dealers of three leading luxury car players in the country are offer...

Inside IndiaStack, Paytm finds a safe spot for payments
Paytm will integrate its digital payments services with IndiaStack, an open-stack platform that offers technology infrastructure for the unified payment interface (UPI), esign, digital lockers and electronic customer verification. The Paytm app on Thursday added a new security layer that it said wou...

UBS may take back 60% of work in-house soon
Swiss banking behemoth UBS is looking at doing 60% of its technology and operations work in-house and is building a second centre in India, a move that is likely to take work away from Indian IT companies.The Swiss lender has always been a large spender on IT and BPO services. For instance, it is sp...

Juniper to invest $1 billion in Indian ops to benefit from Digital India programme
US-based Juniper Networks is planning to invest $1 billion (about Rs 6,700 crore) in the Indian operations to tap into the opportunities which will arise from India’s digital transformation led by cloud-based services. “We intend to continue to invest in this (India) region, so consider at least ano...

Tariff war: Airtel, Idea take a leaf out of Reliance Jio’s page, unveil prepaid plans
The fight for India’s nearly one billion prepaid mobile subscribers has begun with Bharti Airtel, India’s largest phone company, as well as Idea Cellular announcing ‘free voice’ tariff plans, heralding a fullblown price war as they seek to take on Reliance Jio Infocomm at its own game and prevent th...

Startup Inc split over Sachin Bansal, Bhavish Aggarwal's call for 'protectionist' policies
US-based Amazon and Uber kept a conspicuous silence on Thursday after the poster boys of Indian Internet entrepreneurship -- Flipkart chairperson Sachin Bansal and Ola chief executive officer Bhavish Aggarwal -- joined forces to make a strong pitch for policies that will favour homegrown companies. ...

Samsung may emerge as the largest recruiter from IITs this year
Samsung is set to emerge the top recruiter from IIT campuses this year with plans to hire more than 300 engineers from the country’s premier technology institutes. The South Korean mobile phone and electronics major is leading the race in terms of making maximum offers in at least three Indian Insti...

Car Plants to Take a Longer Nap this Dec
It’s that time of the year when automakers suspend production for a few days to carry out factory maintenance. This time around, though, the shutdowns will stretch longer at least for some, with insiders putting the blame on demonetisation that they say led a fast growing industry to come to a scre...

Samara Capital buys stake in SMT
India-focused private equity firm Samara Capital has acquired stake in Gujarat-based stent-maker Sahajanand Medical Technologies (SMT) in a deal valued at close to Rs 170 crore. This is the firm’s second investment in the medical devices and consumables sector after the buyout of surgical consumable...

JP Morgan invests Rs 200 crore in Assetz
JP Morgan Asset Management has invested about Rs 200 crore in Singapore-headquartered Assetz Property Group, which develops residential and commercial properties in southern India. "The money will be used to build an 18.5 acre residential project in north Bangalore. The capital will be given in th...

 
 

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