Page 19 - Business Finance
Govt's total liabilities rise to Rs 84.68 lakh crore at end-March 2019
Government's total liabilities reached Rs 84.68 lakh crore at the end of March 2019, up 1.5 per cent over the preceding quarter, a report released by the Finance Ministry said Friday. The total liabilities stood at Rs 83.40 lakh crore crore at end-December 2018. "The total liabilities (including liabilities under the 'Public Account') of the Government, as per provisional data, increased to Rs 84,68,086 crore at end-March 2019 from Rs 83,40,027 crore at end-December 2018," it said. Public debt accounted for 89.5 per cent of the total outstanding liabilities at end-March 2019. Nearly 28.27 per cent of the outstanding dated securities had a residual maturity of less than 5 years. "The holding pattern indicates a share of 40.5 per cent for commercial banks and 24.6 per cent for insurance companies by end-December 2018," the quarterly report on 'public debt management' said. During the March quarter of last fiscal, the central government issued dated securities worth Rs 1,56,000 crore as .
India expresses concern over rising oil prices following developments in Strait of Hormuz
India Friday expressed concern over developments in the Strait of Hormuz impacting oil prices and sought OPEC-kingpin Saudi Arabia's active role in keeping rates at reasonable levels. Brent oil Thursday jumped about 5 per cent, the most since January, and is now trading near USD 65 a barrel. This comes after tensions ran high in the region after US President Donald Trump approved and then later called off military strikes against Tehran following shooting down of an American Navy drone over the strait by Iranian forces. Oil Minister Dharmendra Pradhan discussed the situation with Saudi Oil Minister Khalid Al Falih. "Expressed concern on the developments in the Strait of Hormuz leading to rising crude oil price. Reiterated the sensitivity of Indian consumers to prevailing oil price volatility. Sought active role of #SaudiArabia within OPEC & OPEC Plus for keeping oil prices at reasonable levels," Pradhan tweeted. About a quarter of the world's LNG and about one-fifth of the world's
Virtual Facebook currency faces real-world resistance
If Facebook's new cryptocurrency should resonate anywhere it should be India, where the social media giant has more than 300 million followers. Many Indians are shut out of banking and face punitive fees for simple transactions, like transferring money to their loved ones. But in India as elsewhere, the US company's ambitions to remake global finance through its "Libra" currency will have to overcome regulatory mistrust, plus the existence of popular homegrown rivals in the market for digital payments. "If regulations were not a hurdle in India, Libra would instantaneously have a massive reach because of Facebook," Anirudh Rastogi, the founder of a technology-focused law firm in New Delhi, told AFP. When it launches next year, Libra will be backed by a basket of real-world currencies and a consortium of companies. To mint and store new coins, access to its underlying "blockchain" technology will be more restrictive than for the free-for-all of bitcoin. Companies rooted in traditional .
Govt announces many 'key reforms' to boost domestic apparel sector: Smriti Irani
Union Textile Minister Smriti Irani on Friday said the central government announced many "key reforms" such as relaxation of Sections of Income Tax Act and incentives to boost the domestic apparel sector to enable it to compete with multinational brands."To encourage the domestic apparel sector to compete with multinational brands, government announced key reforms under a special package that includes additional incentives under the Amended Technology Upgradation Fund (ATUFS), relaxation of Section 80JJAA of Income Tax Act and introduction of fixed-term employment for the apparel sector," a press release by the PIB read.The press release added that a written reply submitted by Irani in the Lok Sabha today cited that the government is providing the whole 12 per cent of employer's contribution towards Employee's Provident Fund and Pension Scheme."Under Pradhan Mantri Rojgar Protsahan Yojana (PMRPY), the government is providing entire 12% of employer's contribution towards Employee's ...
'Digital Success Summit' to be held in city in Aug
The second of 'Digital Success Summit' will be held in the city on August 8 and 9 after the success of its inaugural edition of Eastern India's first and largest digital technology and marketing summit, organisers said Friday. The event will witness coming together of leading business owners, CXOs, strategists and thought leaders from across sectors, Indus Net Technologies CEO Abhishek Rungta said. Speakers at the DSS 2019 will share their knowledge and cover a wide array of topics such as social selling, user experience, growing need of remote work in every business, voice search and its impact, and many interesting subjects, he said.
India Ratings downgrades Reliance Infra
Ratings agency India Ratings Friday downgraded Reliance Infrastructure Ltd's long-term issuer rating to 'D - Issuer Not Cooperating'. The downgrade comes barely a week after the Anil Ambani-led company's auditors raised red flags over its financial results as well as "significant doubt" over the group's ability to continue as a going concern. "India Ratings and Research (Ind-Ra) has downgraded Reliance Infrastructure Limited's (RInfra) Long-Term Issuer Rating to 'IND D (Issuer Not Cooperating)' from 'IND C'," Ind-Ra said in a statement. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency, it said. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using the rating, it added. "The rating will now appear as 'IND D (Issuer Not Cooperating)' on the agency's website," it said, adding the downgrade reflects RInfra's ongoing delays in debt ...
Govt issued dated securities worth Rs 156000 crore in Q4 of FY19: Quarterly Report on Public Debt Management
Weighted average yield of primary issuances declined to 7.47% in Q4 from 7.82% in Q3 of FY19
Discussing with banks to provide foreign currency loans to exporters: Goyal
Commerce and Industry Minister Piyush Goyal Friday said the ministry is in dialogue with banks to see ways to extend foreign currency loans to exporters. Addressing members of the CII here, he said there are ways to resolve the problem of inadequate and expensive credit without putting a significant stress to the exchequer. He said providing subsidies is not a solution to any trade-related issues. "I would like to articulate a possible alternate scenario to all to consider and see whether that is better. If instead of that (subsidies and interest subvention), we will work on foreign currency loans and I already have dialogues with bankers to see how we can expand foreign currency loans," he said. Goyal also said Export Credit Guarantee Corporation of India (ECGC) can play a role of credit enhancement agency for exporters. He has asked ECGC to come up with a robust policy on guarantee or insurance for traders and that would help bankers lend exporters at affordable rates. "We are ...
PMKSY envisage over 5 lakh jobs by 2020: MoFPI
Pradhan Mantri Kisan SAMPADA Yojana (PMKSY) envisages the creation of direct and indirect employment for over 5 lakh persons by 2020, said Union Minister of State for Food Processing Industries, Rameswar Teli on Friday.A press release by Ministry of Food Processing Industries said, "Rameswar Teli, while giving a written reply to a question on employment opportunities in the food processing sector and increase in its share in GDP, in Rajya Sabha today, stated that PMKSY envisages creation of direct and indirect employment for 5,30,500 persons by 2020.""Government has taken a number of measures and policy initiatives to promote the overall growth of the food processing sector and generate employment opportunities. 100 per cent Foreign Direct Investment (FDI) through automatic route in manufacturing of food products and 100 per cent FDI under Government approval route for retail trading, including through e-commerce, in respect of food products produced and/or manufactured in India, has .
India's steel export to US declines by 35 pc: Piyush Goyal
India's total steel export to the US has declined by 35 per cent during the financial year 2018-19 after Washington imposed additional tariff of 25 per cent and 10 percent on steel and aluminium respectively on a global basis, the Rajya Sabha was informed on Friday.Industry and Commerce Minister Piyush Goyal, in a written reply, however, said that the export of aluminium has increased by 14 per cent.The US last year in March had signed a proclamation that sets the tariff on imports of steel at 25 per cent and on the aluminium at 10 per cent.However, he exempted allies, Canada and Mexico from the measure, and said the allies had "security relationship" with the US could propose exemptions, before the new tariffs come into force.The move, which garnered a lot of criticism from China and Europe. In retaliation, India threatened the US to suspend concessions on 30 products originating from the United States.On June 5, a proclamation issued by President Donald Trump stated that the US is ..
Emami Paper Mills accorded status of One Star Export House
By Ministry of Commerce and Industry, Director General of Foreign Trade, Govt. of India
Radiant Life Care acquires 49.7% stake in Max Healthcare from Life Healthcare
Radiant's stake acquisition is one of several steps that will eventually result in Soi and KKR together acquiring a controlling stake in Max Healthcare by combining the health care assets of Max Healthcare, Max India and Radiant to create the largest hospital network in North India.
Mindteck (India) recognised as Niche and Emerging Player in Zinnov Zones 2018 Engineering R&D Services ratings
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Niti asks 2-, 3-wheeler makers to present EV conversion plan in 2 weeks
Government think-tank Niti Aayog has asked conventional two- and three-wheeler makers to suggest within two weeks concrete steps towards transition to electric mobility keeping in mind 2025 deadline, according to sources. At a meeting of the manufacturers and start-up electric vehicle (EV) makers called by Niti Aayog on Friday, the industry was cautioned that if they do not take steps to address pollution issues, courts will step in. The meeting was attended by top officials of major two-wheeler manufacturers, including Bajaj Auto Managing Director Rajiv Bajaj, TVS Motor Co Chairman Venu Srinivasan, Honda Motorcycle and Scooter India (HMSI) President & CEO Minoru Kato along with SIAM Director-General Vishnu Mathur, and Automotive Component Manufacturers Association of India (ACMA) Director General Vinnie Mehta, among others. Niti Aayog Vice-Chairman Rajiv Kumar and CEO Amitabh Kant represented the think-tank. "Without a policy and road map, transition to EVs cannot happen. ...
CAIT urges Goyal to keep steel and allied products out of RCEP
Domestic steel and other metal products should be kept out of the proposed RCEP as the mega trade pact will enable nations like South Korea and China to flood the Indian market with their goods, traders' body CAIT said Friday. In a meeting convened by the Commerce Ministry to discuss the impact of the Regional Comprehensive Economic Partnership (RCEP) on steel sector, the Confederation of All India Traders (CAIT) submitted a memorandum calling for India not to sign the mega trade pact, saying it will adversely affect steel trade and industry in the country. Commerce Minister Piyush Goyal attended the meeting. CAIT said the pact will open flood gates for RCEP countries to export to India through zero duty access, making operations for domestic producers non-viable. "It (RCEP) will damage India's export competitiveness since the trade balance in the country is already skewed to a greater extent. Therefore, we are of the considered view that India should not enter into any RCEP agreement
Jet Airways case: Etihad's demands for open offer waiver, slots assurance not feasible, says SBI
State-run SBI Friday said Etihad Airways had sought waiver of open offer and assurance of flying slots for take over of Jet Airways, but the lenders to the debt-ridden carrier had no authority to accommodate the relaxations sought. State Bank of India (SBI) chairman Rajnish Kumar had Thursday defended the lenders' decision to take Jet Airways for bankruptcy saying "it was their last effort to find a resolution" for the grounded airline and also did not rule out the possibility of liquidation. Earlier this week, SBI-led consortium of 26 lenders had decided to seek resolution under IBC as they had received only a conditional bid. In a filing to stock exchanges Friday, SBI said financial position of Jet Airways (lndia) Limited (JAL) being weak, lenders were continuously trying for viable resolution for last one year on account of operational losses. ln this regard, it added reputed consultants -- SBICAPS, McKinsey -- were roped in as process advisors/advisors. lt was also decided to ...
RCap reduces outstanding commercial papers to Rs 75 cr
Reliance Capital Friday said it has reduced outstanding commercial papers (CPs) to Rs 75 crore from Rs 950 crore earlier. "ICRA had revised the ratings on our short-term debt programme (CPs) of Rs 950 crore to A4 on April 26, 2019. "The company has redeemed CPs of Rs 875 crore on the respective due dates in the past 2 months, and the outstanding CP is now Rs 75 crore, which will also duly be redeemed on its maturity date i.e. July 24, 2019," it said in a regulatory filing. Stocks of Reliance Capital Friday closed 0.72 per cent lower at Rs 68.55 on the BSE.
GST Council extends anti-profiteering authority's tenure, sends rate cut on EVs to fitment panel
The all-powerful GST Council Friday extended the tenure of the anti-profiteering authority by two years and approved imposing a penalty of up to 10 per cent on entities not passing on benefits of GST rate cuts to consumers. Briefing reporters after the 35th meeting of the Council, Revenue Secretary A B Pandey said it has been decided to allow the use of Aadhaar by businesses to register with GST-Network. Also, it extended the date for filing annual returns under the Goods and Services Tax (GST) regime by two months to August 30, he said, adding the one-form new GST return filing system will be applicable from January 1, 2020. The Council, which is headed by the Union Finance Minister and comprises representatives of all states and UTs, also approved an electronic invoicing system and e-ticketing in multiplexes. Pandey said the proposal to reduce GST rate on EVs to 5 per cent from the current 12 per cent and that on electric charger to 12 per cent from 18 per cent to the fitment ...
BSR & Associates resigns as statutory auditor of IL&FS Investment Managers
IL&FS Investment Managers said Friday that audit firm BSR & Associates LLP has resigned as the statutory auditors of the company. "We hereby inform that BSE & Associates have resigned as the statutory auditors of the company," it said in a regulatory filing. The announcement has come a day after BSR & Associates, a KPMG group associate, resigned as statutory auditor of IL&FS Financial Services (IFIN). BSR & Associates in a letter to IL&FS Investment Managers has said that it has re-evaluated the client continuation of the company, according to the filing. "As a part of this re-evaluation, the firm has considered recent development, including actions and investigations initiated by various regulatory authorities in relation to Infrastructure Leasing & Financial Services (IL&FS) and its affiliated companies," BSR & Associates said in the resignation letter to the company. BSR & Associates expressed its inability to continue as the statutory ...