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24-June-2017
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 Indian Economy
 
An IMF bridge to somewhere for Greece?
The International Monetary Fund has resurrected an old technique—commonly used in the 1980s during the Latin American debt crisis—that would allow Greece to avoid a payment default next month on debt owed to European creditors. The reprieve also gives the IMF and its European partners time to sort o...

Nagpur to become platform for strengthening Indo-French ties
The city of Nagpur would emerge as a platform for strengthening the Indo-French bilateral ties, a senior official from the European country has said. A delegation of French business representatives visited Nagpur yesterday to review the Nagpur Smart City and Metro rail projects underway here in whic...

Railways implementing projects worth over Rs 40000 crore in North East
To boost infrastructure development in the Northeast, the Indian Railways has undertaken 20 major projects worth over Rs 40,000 crore in the region. Twenty-nine new trains have also been launched to facilitate movement of the people of the region. The railways has laid emphasis on improving its infr...

States' fiscal deficit soars to Rs 4.93 trillion in FY16
Led by the most populous Uttar Pradesh and the largest Rajasthan, the gross fiscal deficits of all the states kyrocketed to Rs 4,93,360 crore in fiscal 2016 from Rs 18,790 crore in FY1991, according to the latest RBI data.According to the second edition of RBI's statistical publication titled 'Handb...

Discoms in Uttar Pradesh project total deficit of 20,618 cr
After a delay of almost six months, the four distribution utilities (discoms) of UP Power Corporation have filed their annual revenue requirement (ARR) for determination of the electricity tariff with the regulator for three years starting 2017-18. The discoms have projected a total deficit of Rs20,...

Smart City Mission gets another 30 cities, proposed investment of Rs 57,393 cr
Minister for urban development and housing & urban poverty alleviation M Venkaiah Naidu on Friday announced a list of 30 cities selected under the Smart Cities Mission, which takes the total number of cities under the mission to 90. Naidu said these 30 cities proposed a total investment of Rs57,393 ...

 
 Global Economy
 
China's plan to develop Asian infrastructure could cost trillions, and there's far from enough money right now
China's flagship One Belt, One Road infrastructure program has far from enough financing right now, representatives from Beijing said in New York last week.Chinese President Xi Jinping first announced in 2013 an ambitious initiative to build a network of infrastructure in underdeveloped regions sout...

BRICS countries reaffirm commitment to implement Paris deal
BRICS countries' environment ministers have reaffirmed their commitment to the implementation of the Paris Climate deal despite the withdrawal of the US from the accord.Environment ministers and senior officials of BRICS countries who met in China's Tianjin city for discussions, pledged more efforts...

Euro zone businesses end second quarter with slower growth: PMIs
Roaring euro zone business growth tailed off unexpectedly toward the end of the first half of 2017 following a sudden slowing in the pace of expansion by services firms, a survey showed on Friday.But with inflation relatively resilient and overall growth still quite strong, pressure will likely be m...

 
 Market & Finance
 
Equity MFs see churn; net inflow steady at ~40k cr
While equity mutual funds have seen a robust net inflow of nearly ~40,000 crore in the first five months of 2017, the absolute redemption figure is at ~72,708 crore. Investors have taken out nearly ~14,500 crore from equity schemes every month. Sector players say this is partly due to savvy investor...

Bonds drop, call rates rule stable
Government bonds (G-Secs) dropped on heavy selling pressure from banks and corporates.While, interbank call money rates remained steady as demand from borrowing banks match supplies. The 6.79 per cent 10-year benchmark bond maturing in 2029 weakened to Rs 100.5725 from Rs 100.62, while its yield re...

Affordable housing finance space to grow to Rs 6 lakh crore in next five years
The affordable housing finance segment is likely to grow to Rs 6 trillion in size in the next four years from Rs 1.5 trillion now, India Ratings said today.This will make the segment a major contributor to the overall housing finance activity.Affordable housing finance, largely dealing in loan ticke...

Foreign exchange reserves in India hit record high of $382 bn, grow 6 pct in 2017
Foreign exchange reserves touched a record high of $381.96 billion as on June 16, compared $381.16 billion in the previous week, the Reserve Bank of India said in its weekly statistical supplement on Friday. Foreign currency assets (FCAs), the largest component of the foreign exchange reserves, incr...

 
 
 
 Indirect Tax
 
Penalty upto Rs 10,000 to 5 year jail term under GST; here is what you need to avoid
Prime Minister Narendra Modi-led government had decided to roll outthe Goods and Service Tax (GST) from July 1. Which means from the first day of the next month, the country will be under the new game-changer tax policy. According to a report by Bhaskar, if anyone who gets involved in tax evasion or...

SEZ Law to be Amended Before Jul 1
Days before the goods and services tax (GST) is rolled out, the government will rush an ordinance to amend the law for special economic zones (SEZ) to align it with the incoming tax regime. The government is also working on a scheme that will directly transfer some taxes paid by exporters to their a...

Incentive Schemes For Exporters Will Continue Post GST
The incentive schemes designed for promotion of exports will continue even after the Goods and Services Tax roll out from July 1, while deemed export benefits may be withdrawn. The government is committed to continuing incentive schemes for export promotion, Commerce Secretary Rita Teaotia said whi...

GST registrations for e-commerce, new cos to begin on June 25
Ecommerce operators and TDS deductors will be able to register with GST Network beginning June 25, when the portal re-opens for fresh registration.Also, existing excise, service tax and VAT assessees will get another chance to migrate to the GSTN portal as registration for them too opens on Sunday n...

Railways get GST relief, exempted from IGST on rolling stock
In further relief to Indian Railways, the goods and services tax (GST) Council has exempted the carrier’s inter-state movement of rolling stock such as coaches and locomotives. This is in addition to tax exemption that the railways got earlier for inter-state movement for repair and maintenance. Th...

 
 RBI
 
RBI Increases Scope of Banking Ombudsman
The Reserve Bank of India has widened the scope of its banking ombudsman platform by including issues regarding mis-selling of third-party products, and customer grievances related to mobile banking and electronic banking issues. The new rule will be effective from July 1, and the banking ombudsmen ...

 
 SEBI
 
Sebi clarifies on shares transfer among promoter
Promoter group entities will not be required to make an open offer if there is no change in control of the company due to transfer of shares among them, according to Sebi. The market regulator's view has come on an application filed by one of realty major DLF's promoter entity Rajdhani Investments &...

 
 
 
 
 
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CUSTOMS
Notification No.31/2017-Customs (ADD)
(Delhi) 23-06-2017
Notification No.30/2017-Customs (ADD)...
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[F. No. 1/33/2013-CL-V (Vol.I)]
(Delhi) 23-06-2017
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 Indian Corporate
 
BlackBerry misses sales forecasts, shares tumble
BlackBerry Ltd (BB.TO) (BBRY.O) posted quarterly revenue that missed analysts' forecasts due to an unexpected sales decline, pushing shares down as much as 13 percent, which would be their biggest one-day drop in more than two years.The company reported that software and professional sales fell 4.7 ...

Flipkart, Snapdeal buyout deal may hit roadblock as Premji objects
India's biggest e-commerce merger deal that will see Flipkart buying out troubled Snapdeal may have hit a roadblock with one of the smaller investors Wipro founder Azim Premji family raising certain objections.This may endanger the completion of the deal or slash the valuation of troubled e-commerce...

Concor to invest ?8,000 cr over five years in infra and IT-enabled systems
Container Corporation of India (Concor) will spend ?6,000-8,000 crore over five years to develop infrastructure, buy equipment and strengthen IT-enabled systems, according to its Chairman and Managing Director V Kalyana Rama.The capex plan for the next five years will be on the same lines as that of...

APSEZ to price $ bonds at 195 bps over US treasury
Adani Ports and Special Economic Zone (APSEZ) is likely to price its dollar-denominated bond issue at 195-200 basis points over the US treasury yield, sources said.APSEZ is looking to issue 144 A/’Regulation S’ bonds with a tenure of five years, and the initial price guidance was at 210 bps over the...

Shoppers Stop, Arvind to Trent, retailers profits shrink in FY17
With online shopping becoming increasingly popular, brick and mortar retailers are having a difficult time. Most top of the line players—Shopper’s Stop, Trent and Arvind Limited—have struggled to grow profits in the last three years. Just how tough the going has been can be seen from the fact that i...

JLF to take Bajaj Hindusthan Sugar's loan account to S4A
Bajaj Hindusthan Sugar today said that the Joint Lenders Forum formed by banks have decided to consider restructuring it’s loans under the 'Scheme for Sustainable Structuring of Stressed Assets Scheme popularly known as S4A.The bank owes nearly Rs 7000 crore to banks.Bankers will evaluate and formul...

Trent Hypermarket plans to set up 200 stores
Trent Hypermarket, a joint venture between Tata group and UK-based Tesco for multi-format grocery retail stores, is planning to set up 200 stores in the next two to three years. Besides, the company is looking to step up local sourcing and expand the private label business. “We are looking to expand...

Banks clear Rs 85,000 cr Essar Oil, Rosneft deal, set to lessen Rs 1.17 lakh crore debt burden
In a move that will result in substantial debt reduction for the Essar Group, banks led by State Bank of India (SBI) and ICICI Bank on Friday cleared the decks for Essar Oil’s Rs85,000-crore stake sale to Rosneft and the investment consortium led by Trafigura and UCP, sources said. The sources added...

 
 

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