Finance – Odisha Television Ltd. https://odishatv.in OdishaTV - OTV Wed, 23 Sep 2020 10:15:51 +0000 en-US hourly 1 https://odishatv.in/wp-content/uploads/2017/05/otv_small_logo.png Finance – Odisha Television Ltd. https://odishatv.in 32 32 E-Commerce Giant Flipkart Partners With Max Fashion Ahead Of Festive Season https://odishatv.in/business_economy/e-commerce-giant-flipkart-partners-with-max-fashion-ahead-of-festive-season-477894 Wed, 23 Sep 2020 10:15:51 +0000 https://odishatv.in/?p=477894

Bengaluru: E-commerce platform Flipkart on Wednesday said it has partnered with retailer Max Fashion ahead of the upcoming festive season and the annual Big Billion Days. The Max Fashion store on Flipkart will have more than 13,000 new styles, and majority of them under Rs 1,000 price point, the company said. As a result of […]

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Bengaluru: E-commerce platform Flipkart on Wednesday said it has partnered with retailer Max Fashion ahead of the upcoming festive season and the annual Big Billion Days.

The Max Fashion store on Flipkart will have more than 13,000 new styles, and majority of them under Rs 1,000 price point, the company said.

As a result of the partnership, a wide selection of product ranging across womenswear, menswear, kidswear, and accessories will now be available to over 250 million customers on Flipkart.

“We are happy to announce the launch of Max Fashion on Flipkart, which is one of our biggest partnerships this year,” Nishit Garg, Vice President – Flipkart Fashion, said in a statement.

“We believe that the latest trends should be made accessible to all consumers across the country and our partnership with Max Fashion is in line with this vision.”

Through this partnership, Max Fashion will be able to get wider market access and make their products across categories including accessories, footwear, womenswear, menswear, and kids wear, available in newer geographies and pin codes.

“To reach as many customers as possible, we have been rapidly growing, both our retail stores footprint as well as our online presence,” said Shital Mehta, CEO, Max Fashion India & Managing Director, Lifestyle International Pvt. Ltd.

“This partnership with Flipkart is the next step in this direction — this enables us to expand our presence and reach the next 200 million customers who live in tier-2 and tier-3 cities and provide them access to our amazing fashion at unbelievable prices.”

With a strong presence across fashion verticals, Max has over with 375 stores in 130 cities across the country.

Max already sells more than 100 million garments through its wide omni channel presence.

(IANS)

Also Read:

E-Commerce Giant Flipkart To Create 70,000 Direct Jobs This Festive Season

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HCL Technologies To Acquire Australian IT Solutions Firm DWS https://odishatv.in/business_economy/hcl-technologies-to-acquire-australian-it-solutions-firm-dws-477390 Mon, 21 Sep 2020 04:10:47 +0000 https://odishatv.in/?p=477390

Noida: HCL Technologies on Monday announced to acquire DWS Limited, a leading Australian IT, business and management consulting group, for an undisclosed sum. The acquisition of DWS will enhance HCL’s contribution to digital initiatives in Australia and New Zealand while strengthening its client portfolio across key industries, the company said in a statement. DWS, with […]

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Noida: HCL Technologies on Monday announced to acquire DWS Limited, a leading Australian IT, business and management consulting group, for an undisclosed sum.

The acquisition of DWS will enhance HCL’s contribution to digital initiatives in Australia and New Zealand while strengthening its client portfolio across key industries, the company said in a statement.

DWS, with over 700 employees and offices in Melbourne, Sydney, Adelaide, Brisbane, and Canberra, delivers business and technology innovation to large clients across a spectrum of verticals.

“HCL has invested in the region for over 20 years and is committed to enabling digitilisation and growing the local ecosystem. We look forward to welcoming the DWS team to HCL and creating enhanced global learning and career opportunities for them,” said Michael Horton, Executive Vice President & Country Manager, Australia & New Zealand, HCL Technologies.

The DWS Group, with FY20 revenue at $167.9 million (Australian), provides a wide range of IT services including digital transformation, application development and support, programme and project management and consulting.

“We are delighted the DWS team is joining HCL. As a leading name in the global technology industry and with over 150,000 employees across 49 countries, they bring best in class technology capabilities, global scale and a wide network of clients and partners across industries,” said Danny Wallis, CEO and Managing Director, DWS.

HCL currently employs 1,600 people in major Australian cities, including Canberra, Sydney, Melbourne, Brisbane, and Perth.

As of June 30, HCL had consolidated revenue of $9.93 billion with a 150,287-strong workforce globally.

(IANS)

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Apple To Launch First Online Store In India On Sep 23 https://odishatv.in/business_economy/apple-to-launch-first-online-store-in-india-on-sep-23-476911 Fri, 18 Sep 2020 04:36:23 +0000 https://odishatv.in/?p=476911

New Delhi: Ending months of speculation, Apple is launching its first exclusive branded online store in India on September 23 just ahead of the festive season, offering a full range of products, support and premium experience to consumers and the large aspirational fan base across the country. For logistics support, Apple has partnered with Blue […]

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New Delhi: Ending months of speculation, Apple is launching its first exclusive branded online store in India on September 23 just ahead of the festive season, offering a full range of products, support and premium experience to consumers and the large aspirational fan base across the country.

For logistics support, Apple has partnered with Blue Dart to be its on-ground fulfillment partner. Given the current pandemic situation, customers can expect safe, contactless deliveries in 24-72 hours from the date of purchase of all premium and new products, including the ones (Apple Watch Series 6 and new iPad Air) launched earlier this week.

“We are super excited to bring Apple Store Online to India. We love the passion Indians have for our products and supporting them has been our passion too. The Online Store will ensure seamless, safe and contactless delivery of our products in these Filetimes as safety of staff and customers is our topmost priority.” Deirdre O’Brien, Apple’s Senior Vice President of Retail + People, told IANS.

The Apple India store, the 38th online store worldwide, would have specialists to lend expert advice and support to the Indian customers.

From learning more about product features to setting up new devices, customers can receive guidance directly from Apple, including online support in English and phone support in Hindi and English.

Those who buy Apple products will be eligible for a 30-minute, one-on-one online session with a trained executive to explore more about the device, set it up and or solve any other query.

The online store also provides the ability to custom-configure any Mac with just a few clicks.

With financing options and available trade-in programme, the Apple Store Online offers a range of affordability options.

Students can shop for a Mac or iPad with special pricing, and receive discounts on accessories and Apple Care+ that extends warranty with up to two years of technical support and accidental damage cover.

Apple currently has third-party reseller outlets and online channels to sell its devices in the country and its own branded online store will certainly help the company in giving a controlled experience of its devices and services.

Welcoming the Narendra Modi cabinet’s decision to ease the 30 per cent local sourcing norm in single-brand retail (SBRT) in August last year, Apple said it looks forward to welcoming customers at its first retail store in India soon.

“We love our customers in India and we’re eager to serve them online and in-store with the same experience and care that Apple customers around the world enjoy,” Apple said.

Apple, which has already started manufacturing certain iPhone models in India, has reportedly selected locations for its exclusive retail stores in the country as well.

Apple currently has over 500 physical retail stores worldwide, with the world’s first floating retail store at Marina Bay Sands in Singapore.

On its online India store, customers can expect free online ‘Today at Apple’ sessions led by local creative professionals, focused on photography and music in October.

Just in time for the festive season, signature gift wrap and personalised engraving will be available for select products.

Engraving of emojis or text in English, Bengali, Gujarati, Hindi, Kannada, Marathi, Tamil, and Telugu will be available for AirPods, and English engraving will be available for iPad and Apple Pencil.

For the health and well-being of Apple’s teams, customers, and communities, all orders from the Apple Store Online will ship with contactless delivery.

Orders that do not require a signature will be left at the customer’s door, and those that do will need only a verbal confirmation from a safe distance instead of a written signature.

Apple has been operating in India for more than 20 years, and the company’s ongoing investment and innovation support almost 900,000 jobs across the country.

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COVID-19 Impact: Will Take Necessary Measures To Promote Growth, Says RBI Governor https://odishatv.in/business_economy/covid-19-impact-will-take-necessary-measures-to-promote-growth-says-rbi-governor-476650 Wed, 16 Sep 2020 09:02:04 +0000 https://odishatv.in/?p=476650

New Delhi: RBI Governor Shaktikanta Das on Wednesday assured the industry that the central bank will take all necessary measures to ensure liquidity in the system and promote economic growth. Indian economy contracted 23.9 per cent in the first quarter of the current financial year. Addressing a virtual conference organised by industry body Ficci, Das […]

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New Delhi: RBI Governor Shaktikanta Das on Wednesday assured the industry that the central bank will take all necessary measures to ensure liquidity in the system and promote economic growth.

Indian economy contracted 23.9 per cent in the first quarter of the current financial year.

Addressing a virtual conference organised by industry body Ficci, Das said that Gross Domestic Product (GDP) data released by the government was a “reflection of the ravages of the COVID-19“.

Observing that the economic recovery was not yet fully entrenched, the RBI Governor said recovery is likely to be gradual.

“The recovery is, however, not yet fully entrenched and more over in some sectors the optics which was noticed in June and July, they appear to have levelled off… by all indications, the recovery is likely to be gradual as efforts towards reopening of the economy are confronted with increasing infections,” he said.

As per government data, GDP during the April-June quarter contracted 23.9 per cent on account of the strict lockdown imposed by the government towards end of March to check the spread of coronavirus infections.

In his address, Das spoke about the initiatives taken by the central bank to ease the liquidity situation and make available funds to the businesses impacted by the pandemic and subsequent lockdowns.

The Governor also assured the industry that “RBI is battle ready… whatever measures are required will be taken by the RBI” to help the industry and businesses to come out of the COVID-19-induced crisis.

Further, he asked businesses to capitalise on the new opportunities created by the pandemic at the global level.

(PTI)

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E-Commerce Giant Flipkart To Create 70,000 Direct Jobs This Festive Season https://odishatv.in/business_economy/e-commerce-giant-flipkart-to-create-70000-direct-jobs-this-festive-season-476526 Tue, 15 Sep 2020 07:39:03 +0000 https://odishatv.in/?p=476526

Bengaluru: Flipkart on Tuesday said it will help generate over 70,000 direct and lakhs of indirect seasonal jobs this festive season. The direct jobs will be across supply chain — delivery executives, pickers, packers and sorters — while there will be additional indirect jobs at Flipkart’s seller partner locations and kiranas, the company said in […]

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Bengaluru: Flipkart on Tuesday said it will help generate over 70,000 direct and lakhs of indirect seasonal jobs this festive season.

The direct jobs will be across supply chain — delivery executives, pickers, packers and sorters — while there will be additional indirect jobs at Flipkart’s seller partner locations and kiranas, the company said in a statement.

“We are focused on creating impactful partnerships that offer great consumer experience while creating additional opportunities for progress of the entire ecosystem as it scales for the Big Billion Days (BBD),” said Amitesh Jha, Senior Vice-President, Ekart and Marketplace, Flipkart.

Filpkart said that onboarding of more than 50,000 kiranas for the last-mile delivery will also create thousands of seasonal jobs to deliver millions of packages.

“By generating employment and enabling our sellers to scale their businesses during this time, we’re doing our part to drive growth in the industry and the economy,” Jha said.

Flipkart is undertaking training programmes for its direct hires in various aspects of the supply chain through a mix of classroom and digital training, enhancing their understanding of supply chain management.

The company said it is now enabling customers to get their GSTIN on their invoices, thereby allowing them to claim input tax credit on their purchases.

“The capability to allow GSTIN on their invoices will help millions of business entities – to claim input tax credit on their business related purchases, saving up to 28 per cent on their purchases,” the ecommerce leader said.

(IANS)

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E-Commerce Giant Flipkart Acquires Walmart India’s Wholesale Business

 

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Oracle Wins Deal For TikTok US Business, Microsoft’s Bid Rejected  https://odishatv.in/business_economy/oracle-wins-deal-for-tiktok-us-business-microsofts-bid-rejected-476374 Mon, 14 Sep 2020 08:52:19 +0000 https://odishatv.in/?p=476374

San Francisco: Bytedance, the Chinese owner of TikTok, has chosen Cloud major Oracle over Microsoft to run its US operations as a ‘trusted tech partner’, multiple media reports revealed on Monday while an official announcement was still awaited. According to The New York Times, it was unclear whether TikTok’s choice of Oracle as a technology partner […]

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San Francisco: Bytedance, the Chinese owner of TikTok, has chosen Cloud major Oracle over Microsoft to run its US operations as a ‘trusted tech partner’, multiple media reports revealed on Monday while an official announcement was still awaited.

According to The New York Times, it was unclear whether TikTok’s choice of Oracle as a technology partner would mean that “Oracle would also take a majority ownership stake of the social media app”.

This is different from an outright sale and appears to suggest Oracle will help run TikTok’s US operations with its Cloud technologies.

In an official statement, Microsoft said its bid for TikTok operations in the US was rejected.

“ByteDance let us know today they would not be selling TikTok’s US operations to Microsoft. We are confident our proposal would have been good for TikTok’s users, while protecting national security interests,” Microsoft said.

“To do this, we would have made significant changes to ensure the service met the highest standards for security, privacy, online safety, and combating disinformation, and we made these principles clear in our August statement,” the tech giant added.

After TikTok was banned in India in June, along with 58 other Chinese apps, the Donald Trump administration in the US increased pressure on the ByteDance-owned platform to sell its US operations by mid-September or face a ban.

According to NYT, Oracle has cultivated close ties with the Trump administration.

“Its founder, Larry Ellison, hosted a fund-raiser for Trump this year, and its chief executive, Safra Catz, served on the president’s transition team and has frequently visited the White House”.

Trump said last month that he would support Oracle buying TikTok.

“I think that Oracle would be certainly somebody that could handle it,” he told reporters. Trump maintained there will be “no extension of the TikTok deadline”.

Riding on new customer wins in both Cloud applications and infrastructure businesses, Oracle posted better than expected results for its FY21 first quarter results last week, generating $9.4 billion in revenue which was up 2 per cent compared to the same period last year.

Meanwhile, China said the Trump administration’s deadline for TikTok sale is tantamount to “coercive robbery”.

“The tricks of economic bullying and political manipulation that the US played on non-American companies are tantamount to coercive robbery,” said a Chinese Foreign Ministry spokesperson over the weekend.

(IANS)

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Nearly 1.75 Cr Small Businesses On Verge Of Closure: CAIT https://odishatv.in/business_economy/nearly-1-75-cr-small-businesses-on-verge-of-closure-cait-476242 Sun, 13 Sep 2020 08:56:03 +0000 https://odishatv.in/?p=476242

New Delhi: The Confederation of All India Traders (CAIT) has said that about 25 per cent small shops and businesses, totalling 1.75 crore, across the country are in a bad situation and on the verge of closure amid the pandemic. In a statement, the traders’ body said: “The domestic trade of India is suffering amid […]

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New Delhi: The Confederation of All India Traders (CAIT) has said that about 25 per cent small shops and businesses, totalling 1.75 crore, across the country are in a bad situation and on the verge of closure amid the pandemic.

In a statement, the traders’ body said: “The domestic trade of India is suffering amid the worst days of the century due to Covid-19, which has brought the traders on their knees with no sign of respite in the near future.”

Noting that the Indian domestic trade consists of more than 7 crore traders providing employment to more than 40 crore people, CAIT said that the banking sector has so far failed to provide formal finance to this sector since only 7 per cent of the small businesses are able to obtain finance from banks and other financial institutions.

The rest of the 93 per cent traders are dependent upon informal sources to meet their financial requirements, it said.

CAIT said that traders are under financial obligation for payment of central and state government taxes, repayment of monthly instalments of loans taken from formal and informal sources, EMIs, water and electricity bills, property tax, payment of interest, payment of wages to the labour and various other payments.

It urged Prime Minister Narendra Modi to take immediate cognisance of the issue of the traders and announce a package policy for traders and help them in revival of their business.

(IANS)

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Six Months Into COVID-19, 75.8% Endorse PM Modi’s Handling Of The Pandemic

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Netflix Appoints Indian American Bela Bajaria As Global TV Head https://odishatv.in/business_economy/netflix-appoints-indian-american-bela-bajaria-as-global-tv-head-475709 Thu, 10 Sep 2020 04:11:13 +0000 https://odishatv.in/?p=475709

New York: Netflix has promoted Indian American media leader Bela Bajaria to head its international TV operations as vice president for Global Television. Announcing her new position, Netflix co-CEO Ted Sarandos said on Tuesday: “Since joining Netflix in 2016, Bela has demonstrated her versatility and creativity – building out our unscripted team and helping to […]

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New York: Netflix has promoted Indian American media leader Bela Bajaria to head its international TV operations as vice president for Global Television.

Announcing her new position, Netflix co-CEO Ted Sarandos said on Tuesday: “Since joining Netflix in 2016, Bela has demonstrated her versatility and creativity – building out our unscripted team and helping to take our local language slate, which is increasingly important for our members, to the next level,”

Earlier as the vice president in charge of Local Language Originals, Bajaria was behind the popular Netflix reality show “Indian Matchmaking,” the drama series “Sacred Games” and the comedy serial “Never Have I Ever” about an Indian American teenager.

In her new position she will be taking over all the Netflix TV programming, including in English, which had been overseen by another vice president, Cindy Holland, who has been let go.

Bajaria is a former Miss India Universe, according to The Los Angeles Times.

Before her promotion Bajaria oversaw Netflix’s original content for India and elsewhere in Asia and across Europe, the Middle East, Turkey, Africa, and Latin America, according to Netflix.

Hollywood Reporter said that Bajaria’s promotion came as she was being courted by NBC Universal to oversee all its entertainment programming.

She had earlier been the president of Universal Television, a unit of NBC Universal, which is owned by Comcast.

Bajaria, who was born in London, is the child of Indians who had emigrated to the US from Zamba via Britain.

She told the Los Angeles Times that she first entered the Miss LA India USA pageant because “I thought it would be fun to discover the India culture on my own terms, through my own identity.”

She went on to win Miss India USA, and, before being crowned Miss India Universe in 1991.

(IANS)

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Silver Lake To Invest Rs 7,500 Cr In Reliance Retail https://odishatv.in/business_economy/silver-lake-to-invest-rs-7500-cr-in-reliance-retail-475520 Wed, 09 Sep 2020 06:06:17 +0000 https://odishatv.in/?p=475520

Mumbai: Reliance Industries Limited (RIL) on Wednesday announced that Silver Lake will invest Rs 7,500 crore into its subsidiary Reliance Retail Ventures Limited (RRVL). The investment values RRVL at a pre-money equity value of Rs 4.21 lakh crore. Silver Lake’s investment will translate into a 1.75 per cent equity stake in RRVL on a fully […]

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Mumbai: Reliance Industries Limited (RIL) on Wednesday announced that Silver Lake will invest Rs 7,500 crore into its subsidiary Reliance Retail Ventures Limited (RRVL).

The investment values RRVL at a pre-money equity value of Rs 4.21 lakh crore. Silver Lake’s investment will translate into a 1.75 per cent equity stake in RRVL on a fully diluted basis, RIL said in a regulatory filing.

This marks the second billion dollar investment by Silver Lake in a Reliance Industries subsidiary after the $1.35 billion investment in Jio Platforms announced earlier this year. Reliance Retail Limited, a subsidiary of RRVL, operates India’s largest, fastest growing and most profitable retail business serving close to 640 million footfalls across its 12,000 stores nationwide.

“Reliance Retail, through its New Commerce strategy, has started a transformational digitalisation of small and unorganised merchants and is committed to expanding the network to over 20 million of these merchants, helping them benefit from the use of technology tools and efficient supply chain infrastructure to deliver a superior value proposition to their own customers,” it said.

With more than $60 billion in combined assets under management and committed capital and a focus on the world’s great tech and tech-enabled opportunities, Silver Lake is the global leader in large-scale technology investing, it added.

Commenting on the development, Mukesh Ambani, Chairman and Managing Director, Reliance Industries, said: “I am delighted to extend our relationship with Silver Lake to our transformational efforts of building an inclusive partnership with millions of small merchants while providing value to Indian consumers across the country in the Indian retail sector.

“We believe technology will be key to bringing the much-needed transformation in this sector so that the various constituents of the retail ecosystem can collaborate to build inclusive growth platforms. Silver Lake will be an invaluable partner in implementing our vision for Indian Retail,” he added.

Egon Durban, Co-CEO and Managing Partner of Silver Lake, said, “The success of JioMart in such a short time span, especially while India, along with the rest of the world, battles the Covid-19 pandemic, is truly unprecedented, and the most exciting growth phase has just begun. Reliance’s New Commerce strategy could become the disruptor of this decade. We are thrilled to have been invited to partner with Reliance in their mission for Indian Retail.”

The transaction is subject to regulatory and other customary approvals.

(IANS)

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Vodafone Idea Rebranded As ‘Vi’ https://odishatv.in/business_economy/vodafone-idea-rebranded-as-vi-475104 Mon, 07 Sep 2020 09:00:47 +0000 https://odishatv.in/?p=475104

New Delhi: Telecom operator Vodafone Idea will offer its services under a new brand name Vi, as merger and integration of Vodafone and Idea has been successfully completed. In a statement, the company said that the coming together of the two brands has culminated into the largest telecom integration in the world. Launching the new […]

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New Delhi: Telecom operator Vodafone Idea will offer its services under a new brand name Vi, as merger and integration of Vodafone and Idea has been successfully completed.

In a statement, the company said that the coming together of the two brands has culminated into the largest telecom integration in the world.

Launching the new brand ‘Vi’, Ravinder Takkar, MD & CEO, Vodafone Idea Limited, said: “Vodafone Idea came together as a merged entity two years ago. We have, since then, focussed on integrating two large networks, our people and processes. And today, I am delighted to present ‘Vi’, a brand that will bring important meaning to the lives of our customers. Indians are optimistic and want to get ahead in life.”

VIL is now leaner and agile, and the deployment of many principles of 5G architecture has helped the company transform into a future-fit, digital network for the changing customer needs, Takkar added.

Kumar Mangalam Birla, Chairman of Aditya Birla Group and Vodafone Idea Ltd, said that with the new brand ‘Vi’, the company stands committed to partner the government to accelerate India’s progression towards a digital economy, enabling millions of citizens to connect to the digital revolution and build a better tomorrow.

“As the integration of the two businesses is now complete, it’s time for a fresh start. That’s why we believe that now is the perfect time to launch ‘Vi’, one company which combines the strengths of Vodafone India and Idea. Vi’s focus will be to deliver to the citizens and businesses in India a superior network experience, better customer service and leading products and services,” said Nick Read, CEO of Vodafone Group Plc.

Shares of Vodafone Idea surged after the announcement. At 12.34 pm, its share price was Rs 12.54, higher by 4.41 per cent from the previous close.

The rebranding comes at a crucial time when the company is fighting for its survival, amid financial stress and huge AGR dues.

On Friday, the Board of Directors of Vodafone Idea had approved a proposal to raise up to Rs 25,000 crore through Global Depository Receipts(GDR), American Depository Receipts (ADR), non-convertible debentures, and other routes.

The development comes after the Supreme Court’s September 1 verdict on the Adjusted Gross Revenue (AGR) issue, wherein the top court gave a 10-year timeline to the telecom companies to repay their dues, with an upfront payment of 10 per cent by March 31, 2021.

Market analysts have time and again said that Vodafone Idea would require raising of funds and may also need government support for its survival as it is already under financial stress. The AGR dues have further burdened the company.

According to an assessment by the Department of Telecommunications, Vodafone Idea owed a total of Rs 58,254 crore. As per the government, the operator now owes balance AGR dues of around Rs 50,399 crore.

(IANS)

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RBI Releases Revised Priority Sector Lending Guidelines, Raises Credit Limits https://odishatv.in/business_economy/rbi-releases-revised-priority-sector-lending-guidelines-raises-credit-limits-474373 Fri, 04 Sep 2020 10:29:16 +0000 https://odishatv.in/?p=474373

Mumbai: The Reserve Bank of India (RBI) on Friday released its revised priority sector lending guidelines wherein the credit limits have been raised for farmer producer organisations, renewable energy and for health infrastructure. As announced by the RBI Governor, startups have been brought under the ambit of priority sector lending. Bank finance of up to […]

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Mumbai: The Reserve Bank of India (RBI) on Friday released its revised priority sector lending guidelines wherein the credit limits have been raised for farmer producer organisations, renewable energy and for health infrastructure.

As announced by the RBI Governor, startups have been brought under the ambit of priority sector lending. Bank finance of up to Rs 50 crore has been included as a fresh category under priority sector, an RBI statement said.

The RBI statement said that a higher credit limit has been specified for Farmers Producers Organisations (FPOs) or Farmers Producers Companies (FPCs) undertaking farming with assured marketing of their produce at a pre-determined price.

Further, “loan limits for renewable energy have been increased (doubled)” and “credit limit for health infrastructure (including those under ‘Ayushman Bharat’) has been doubled”.

Apart from startups, loans to farmers for installation of solar power plants for solarisation of grid-connected agriculture pumps and loans for setting up Compressed Bio Gas (CBG) plants have been included as fresh categories eligible for finance under priority sector.

“Reserve Bank of India has comprehensively reviewed the Priority Sector Lending (PSL) Guidelines to align it with emerging national priorities and bring a sharper focus on inclusive development, after having wide-ranging discussions with all stakeholders,” it said.

As per the central bank the revised guidelines will enable better credit penetration to credit deficient areas, increase the lending to small and marginal farmers and weaker sections, boost credit to renewable energy, and health infrastructure.

The guidelines aim to address regional disparities in the flow of priority sector credit, higher weightage have been assigned to incremental priority sector credit in ‘identified districts’ where priority sector credit flow is comparatively low and the targets prescribed for “small and marginal farmers” and “weaker sections” are being increased in a phased manner, as per the RBI statement.

(IANS)

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Ayushman Bharat, RBI Lending Guidelines, RBI Loan Credit Limits 2020-09-04 16:04:44 https://img.odishatv.in/wp-content/uploads/2020/09/RBI-Lending-Limits.jpg
Rupee Sees High Volatility, Opens At 73.36 Per Dollar In Early Trade https://odishatv.in/finance/rupee-sees-high-volatility-opens-at-73-36-per-dollar-in-early-trade-474265 Fri, 04 Sep 2020 05:29:02 +0000 https://odishatv.in/?p=474265

Mumbai: The rupee witnessed high volatility in the opening session on Friday amid heavy selling in domestic equities and a rebound in the American currency. At the interbank forex market, the domestic unit opened on a strong note at 73.38 against the US dollar, then gained further to quote at 73.35. The local unit, however, […]

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Mumbai: The rupee witnessed high volatility in the opening session on Friday amid heavy selling in domestic equities and a rebound in the American currency.

At the interbank forex market, the domestic unit opened on a strong note at 73.38 against the US dollar, then gained further to quote at 73.35.

The local unit, however, pared the initial gains and was trading at 73.46, up by just 1 paisa over its previous close.

On Thursday, the rupee slumped 44 paise to close at 73.47 against the US dollar as rise in demand for the American currency from oil importers weighed on currency market sentiment.

Forex traders said heavy selling in domestic equity markets and a rebound in American currency weighed on the rupee.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.04 percent to 92.77.

On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 464.61 points lower at 38,526.33, and the broader NSE Nifty fell 130.30 points to 11,397.15.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 7.72 crore on Thursday, according to exchange data.

Brent crude futures, the global oil benchmark, fell 0.93 percent to USD 43.66 per barrel.

(PTI)

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Covid-19 Impact On Economic Activity: GST Collection Drops 12% In August https://odishatv.in/business_economy/covid-19-impact-on-economic-activity-gst-collection-drops-12-in-august-473662 Tue, 01 Sep 2020 16:57:16 +0000 https://odishatv.in/?p=473662

New Delhi: The Covid-19-induced shrinking of economic activity for the past few months has continued to have an impact on the government’s tax collections with revenue under the Goods and Services Tax (GST) falling far below the psychological level of Rs 1 lakh crore to Rs 86,449 crore in August. This is second consecutive month […]

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New Delhi: The Covid-19-induced shrinking of economic activity for the past few months has continued to have an impact on the government’s tax collections with revenue under the Goods and Services Tax (GST) falling far below the psychological level of Rs 1 lakh crore to Rs 86,449 crore in August.

This is second consecutive month of a fall in GST collections after the number crossed over Rs 90,000 crore in June.

The August collection, which is 88 per cent of last year’s number, is however, a recovery from the months of April and May when the Covid-induced lockdowns and severe disruptions in economic activities, resulting in GST collections nose-diving to all time low levels.

The GST collection for the month of April was Rs 32,294 crore which was a mere 28 per cent of the revenue collected during the same month last year and for May was Rs 62,009 crore, which was 62 per cent of the revenue collected during the same month last year.

Also Read: Central Revenues Under More Strain Than GST Revenue: Centre To States

Only in June, GST collections recovered to touch Rs 90,917 crore. However, they again fell to Rs 87,422 crore in July, before falling further in August.

“The revenues for the month are 88 per cent of the GST revenues in the same month last year. It may also be noted that the taxpayers with a turnover less than Rs 5 crore continue to enjoy relaxation in filing of returns till September,” the Finance Ministry said in a statement, justifying the month-on-month fall in collections.

Out of the total GST collection of Rs 86,449 crore for August, the CGST was Rs 15,906 crore, and the SGST was Rs 21,064 crore, an official statement said.

The IGST collection stood at Rs 42,264 crore (including Rs 19,179 crore collected on import of goods) and cess collected was Rs 7,215 crore (including Rs 673 crore collected on import of goods).

The government has settled Rs 18,216 crore to the CGST and Rs 14,650 crore to the SGST from the IGST as regular settlement.

The total revenue earned by Central government and the state governments after regular settlement in the month of August is Rs 34,122 crore for CGST and Rs 35,714 crore for the SGST.

During August, the revenues from import of goods were 77 per cent and the revenues from domestic transaction (including import of services) were 92 per cent of the revenues from these sources during the same month last year.

The revenues during the financial year has been impacted due to Covid-19, firstly due to the economic impact of the pandemic and secondly due to the relaxations given by the government in filing of returns and payment of taxes due to the pandemic. However, figures of past five months show recovery in GST revenues.

Also Read: NSO Releases Estimates Of GDP For First Quarter Of 2020-21

Among the states, August collections have declined most in Himachal Pradesh, Delhi, Jharkhand, Tamil Nadu, Maharashtra, Karnataka, Kerala, and West Bengal. Only Rajasthan, Haryana, Uttarakhand, Uttar Pradesh, Nagaland, and Chhattisgarh have shown growth of GST revenue or have maintained same levels as last year in August.

(IANS)

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August GST Collection, Covid-19 Impact On Economic Activity, COVID19, GST 2020-09-01 22:27:16 https://img.odishatv.in/wp-content/uploads/2020/09/GST-Down.png
RBI Announces Additional Measures To Ensure Orderly Market Conditions https://odishatv.in/business_economy/rbi-announces-additional-measures-to-ensure-orderly-market-conditions-473350 Mon, 31 Aug 2020 16:14:42 +0000 https://odishatv.in/?p=473350

Mumbai: The Reserve Bank of India (RBI) on Monday announced additional steps to ensure orderly market conditions and congenial financial conditions, including conducting a special open market operation and a repo term operation. In a statement, the RBI said that recently, market sentiments had been impacted by concerns relating to the inflation outlook and the […]

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Mumbai: The Reserve Bank of India (RBI) on Monday announced additional steps to ensure orderly market conditions and congenial financial conditions, including conducting a special open market operation and a repo term operation.

In a statement, the RBI said that recently, market sentiments had been impacted by concerns relating to the inflation outlook and the fiscal situation, amidst global developments that have firmed up yields abroad.

“The Reserve Bank will conduct additional special open market operation involving the simultaneous purchase and sale of Government securities for an aggregate amount of Rs 20,000 crore in two tranches of Rs 10,000 crore each,” it said.

The auctions would be conducted on September 10 and September 17, it said, adding that the RBI remains committed to conduct further such operations as warranted by market conditions.

Also Read: Evolving Taxation: RBI Weighted GST Rate Declines To 11.6% Since Inception

Further, the central bank will conduct term repo operations for an aggregate amount of Rs 1 lakh crore at floating rates — the prevailing repo rate — in the middle of September to assuage pressures on the market on account of advance tax outflows.

In order to reduce the cost of funds, banks that had availed of funds under long-term repo operations (LTROs) may exercise an option of reversing these transactions before maturity.

Thus, the banks may reduce their interest liability by returning funds taken at the repo rate prevailing at that time (5.15 per cent) and availing funds at the current repo rate of 4 per cent.

Currently, banks are required to maintain 18 per cent of their net demand and time liabilities (NDTL) in SLR securities. The extant limit for investments that can be held in HTM category is 25 per cent of the total investment.

Banks are allowed to exceed this limit, provided the excess is invested in SLR securities within an overall limit of 19.5 per cent of NDTL. SLR securities held in HTM category by major banks amount to around 17.3 per cent of NDTL at present.

However, there are inter-bank variations with some banks close to the 19.5 per cent NDTL limit.

“Accordingly, it has been decided to allow banks to hold fresh acquisitions of SLR securities acquired from September 1, 2020 under HTM up to an overall limit of 22 per cent of NDTL up to March 31, 2021 which shall be reviewed thereafter,” the RBI said.

Also Read: RBI To Transfer Rs 57,128 Crore To Central Govt Surplus For FY20

Further, the central bank said that it stands ready to conduct market operations as required through a variety of instruments so as to ensure orderly market functioning.

“The RBI remains committed to use all instruments at its command to revive the economy by maintaining congenial financial conditions, mitigate the impact of Covid-19 and restore the economy to a path of sustainable growth while preserving macroeconomic and financial stability,” it said.

(IANS)

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Congenial Financial Conditions, Orderly Market Conditions, RBI, Reserve Bank of India 2020-08-31 21:44:42 https://img.odishatv.in/wp-content/uploads/2020/08/RBI-2.jpg
NSO Releases Estimates Of GDP For First Quarter Of 2020-21 https://odishatv.in/business_economy/nso-releases-estimates-of-gdp-for-first-quarter-of-2020-21-473290 Mon, 31 Aug 2020 12:45:36 +0000 https://odishatv.in/?p=473290

New Delhi: The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation has released the estimates of Gross Domestic Product (GDP) for the first quarter (April-June) Q1 of 2020-21, both at Constant (2011-12) and Current Prices, along with the corresponding quarterly estimates of expenditure components of the GDP. GDP at Constant (2011-12) Prices in […]

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New Delhi: The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation has released the estimates of Gross Domestic Product (GDP) for the first quarter (April-June) Q1 of 2020-21, both at Constant (2011-12) and Current Prices, along with the corresponding quarterly estimates of expenditure components of the GDP.

GDP at Constant (2011-12) Prices in Q1 of 2020-21 is estimated at ` 26.90 lakh crore, as against ` 35.35 lakh crore in Q1 of 2019-20, showing a contraction of 23.9 percent as compared to 5.2 percent growth in Q1 2019-20. Quarterly GVA at Basic Price at Constant (2011-12) Prices for Q1 of 2020-21 is estimated at `25.53 lakh crore, as against ` 33.08 lakh crore in Q1 of 2019-20, showing a contraction of 22.8 percent.

GDP at Current Prices in the year Q1 2020-21 is estimated at ₹ 38.08 lakh crore, as against ₹ 49.18 lakh crore in Q1 2019-20, showing a contraction of 22.6 percent as compared to 8.1 percent growth in Q1 2019-20. GVA at Basic Price at Current Prices in Q1 2020-21, is estimated at `35.66 lakh crore, as against `44.89 lakh crore in Q1 2019-20, showing a contraction of 20.6 percent.

Also Read: RBI Leaves Key Rates Unchanged, Real GDP To Remain Negative

Estimates of GDP along with GVA at Basic Price by kind of economic activity, Expenditures on GDP at Constant (2011-12) and Current Prices, as well as percentage change and rates of expenditure components of GDP for Q1 2018-19 to 2020-21, are given in Statements 1 to 4.

The first quarter estimates are based on agricultural production during Rabi season of 2019-20 (which ended in June 2020) obtained from the Department of Agriculture, Cooperation & Farmers’ Welfare; estimates of production, mainly in the form of production targets for Milk, Egg, Meat and Wool for Livestock Sector from the Department of Animal Husbandry & Dairying and Fish production data from the Department of Fisheries.

Index of Industrial Production (IIP); monthly accounts of Union Government Expenditure maintained by Controller General of Accounts (CGA) and of State Government expenditure maintained by Comptroller and Auditor General of India (CAG) for the period April-June 2020-21 have been used. Performance of key sectors like Transport including Railways, Road, Air and Water Transport etc., Communication, Banking and Insurance during the period April-June 2020-21 has been taken into account while compiling the estimates. Performance of the corporate sector during April-June 2020-21 based on data received from BSE/NSE has been taken into account.

With a view to contain spread of the Covid-19 pandemic, restrictions were imposed on the economic activities not deemed essential, as also on the movement of people from 25 March, 2020. Though the restrictions have been gradually lifted, there has been an impact on the economic activities as well as on the data collection mechanisms. The timelines for filing statutory returns were also extended by most regulatory bodies. In these circumstances, the usual data sources were substituted by alternatives like GST, interactions with professional bodies etc. and which were clearly limited.

The data challenges in the case of other underlying macro-economic indicators like IIP and CPI, used in the estimation of National Accounts aggregates, will also have implications on these estimates.

Estimates are therefore likely to undergo revisions for the aforesaid causes in due course, as per the release calendar.

The next release of quarterly GDP estimates for the quarter July-September, 2020 (Q2 of 2020- 21) will be on 27.11.2020.

(PIB)

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Fresh China Border Tensions Rattle Investors, Markets Recoil, Sensex Plunges 839 Points https://odishatv.in/business_economy/fresh-china-border-tensions-rattle-investors-markets-recoil-sensex-plunges-839-points-473277 Mon, 31 Aug 2020 12:21:28 +0000 https://odishatv.in/?p=473277

Mumbai: Equity benchmarks’ six-session rally came to a juddering halt on Monday as a flare-up in India-China border tensions hammered investor sentiment. Profit-booking after the recent rally and a depreciating rupee further weighed on the bourses, traders said. The BSE Sensex, which made a strong start and touched the 40,000-mark in the morning session, surrendered […]

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Mumbai: Equity benchmarks’ six-session rally came to a juddering halt on Monday as a flare-up in India-China border tensions hammered investor sentiment.

Profit-booking after the recent rally and a depreciating rupee further weighed on the bourses, traders said.

The BSE Sensex, which made a strong start and touched the 40,000-mark in the morning session, surrendered all gains and plummeted over 1,600 points from the day’s high.

It finally ended at 38,628.29, down 839.02 points or 2.13 per cent.

On similar lines, the NSE Nifty tanked 260.10 points or 2.23 per cent to end at 11,387.50.

Also Read: Ladakh Fresh Intrusion: India Thwarts Transgression By China At Pangong lake

In a fresh incident in eastern Ladakh, the Chinese army carried out “provocative military movements” to “unilaterally” change the status quo on the southern bank of Pangong lake on the intervening night of August 29-30, but the attempt was thwarted by the Indian troops, the Army said on Monday.

It was the first major incident involving the two sides after the Galwan Valley clashes on June 15 in which 20 Indian Army personnel and an unspecified number of Chinese soldiers were killed.

Investors were also cautious ahead of the release of GDP data, traders said.

Sun Pharma was the top loser in the Sensex pack, plunging 7.34 per cent, followed by SBI, Bajaj Finserv, Bajaj Finance, NTPC, ICICI Bank, Kotak Bank, M&M and Maruti.

Reliance Industries closed 1.75 per cent lower following its deal to acquire Future Group’s retail, wholesale, logistics and warehousing businesses for Rs 24,713 crore.

Only ONGC and TCS ended in the green, rising up to 1.74 per cent.

Indian markets opened on a positive note, but the sentiment failed to sustain in the afternoon session following reports of the border tensions with China, said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi.

“Also the Sebi’s new margining system starts from Tuesday which also likely impacted mid- and small-cap stocks where aggressive profit booking was seen,” he added.

All sectoral indices ended in the red with BSE realty, healthcare, basic materials, utilities, power, capital goods, industrials, metal and auto skidding up to 4.70 per cent.

Broader BSE mid-cap and small-cap indices plunged up to 4.37 per cent

Meanwhile, market sentiment also weakened after the release of core sector data.

The output of eight core infrastructure sectors contracted for the fifth consecutive month, dropping 9.6 per cent in July, mainly due to a decline in production of steel, refinery products and cement.

The production of eight core sectors had expanded by 2.6 per cent in July 2019, data released by the Commerce and Industry Ministry on Monday showed.

Also Read: Sensex Surges 364 Points, Financial Stocks Lead Rally

Asian equities were mixed, with bourses in Shanghai, Hong Kong and Seoul ending in the red, while Tokyo settled with gains.

Stock exchanges in Europe were trading on a positive note in early deals.

Global oil benchmark Brent crude was trading 1.48 per cent higher at USD 46.49 per barrel.

The rupee pared its early gains and settled 21 paise down at 73.60 against the US dollar.

(PTI)

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BSE, China Border Tensions, India-China Border Tensions, Ladakh, Sensex 2020-08-31 17:51:28 https://img.odishatv.in/wp-content/uploads/2020/08/Sensex-2.jpg
Adani Group Acquires 74% Stake In Mumbai Airport https://odishatv.in/business_economy/adani-group-acquires-74-stake-in-mumbai-airport-473192 Mon, 31 Aug 2020 06:08:47 +0000 https://odishatv.in/?p=473192

New Delhi:  Billionaire Gautam Adani’s Adani Group on Monday said it will acquire GVK’s stake in Mumbai airport, to become the country’s biggest private airport operator, with a cumulative shareholding to 74 per cent. According to a regulatory filing, Adani Airport Holdings Ltd (AAHL), the flagship holding company of Adani Group for its airport business, […]

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New Delhi:  Billionaire Gautam Adani’s Adani Group on Monday said it will acquire GVK’s stake in Mumbai airport, to become the country’s biggest private airport operator, with a cumulative shareholding to 74 per cent.

According to a regulatory filing, Adani Airport Holdings Ltd (AAHL), the flagship holding company of Adani Group for its airport business, “has entered into an agreement to acquire the debt of GVK Airport Developers Ltd (ADL) in Mumbai International Airport Ltd (MIAL), which will be converted into equity stake.

This conversion would lead to Adani Group getting all of 50.5 per cent stake of GVK Group.

The group will also acquire another 23.5 per cent of minority partners, Airports Company South Africa (ACSA), and Bidvest Group.

“The GVK Group and AAHL have agreed that AAHL will offer a stand-still to GVK, in addition, to release the guarantee given by GVK Power and Infrastructure Ltd with respect to the debt acquired by it,” the company said in the filing.

Adani Group said it will also “take steps to complete the acquisition of a 23.5 per cent equity stake from ACSA and Bidvest in MIAL for which it has obtained Competition Commission of India (CCI) approval.”

“Upon the acquisition of the debt of GVK ADL, Adani Group will take steps to obtain necessary customary and regulatory approvals, as may be required, to acquire controlling interest in MIAL,” it said.

In a separate filing, GVK said it has “agreed to cooperate with Adani Airport Holdings Ltd (AAHL)” under which the Adani Group firm will acquire debt from various lenders including a Goldman Sachs led consortium and HDFC.

This debt will be converted to equity at mutually agreed terms, it said.

The two firms did not give details of the financial terms.

Adani said it will infuse funds into MIAL as well as help achieve financial closure of Navi Mumbai International Airport so as to commence its construction. MIAL holds 74 per cent interest in the airport.

GVK Reddy, founder and Chairman, GVK said, “The aviation industry has been severely impacted by COVID-19, setting it back by many years and has impacted the financials of Mumbai International Airport Ltd.

It was therefore important, that we bring in a financially strong investor in the shortest possible time to improve the financial position of MIAL, as well as to help achieve financial closure of the Navi Mumbai International Airport project, which is a project of national importance.”

“When the transaction is consummated, which is subject to customary approvals, we would be reducing a significant portion of liabilities to our lenders, which is of utmost importance to the group,” he said.

Adani Group had in March 2019 agreed to acquire 13.5 per cent stake of South African company, Bidvest for Rs 1,248 crore. However, GVK Group blocked the deal claiming the right of first refusal.

GVK, however, could not bring money to the table to buy Bid Services Division Mauritius’ (Bidvest) stake and the matter went to court.

With GVK Group’s finances under strain, it has now come around to the idea of selling the stake to Adani Group.

After seaports, Adani Group is betting big on the airports sector and has won the bids to run six Airport Authority-built non-metro airports in Lucknow, Jaipur, Guwahati, Ahmedabad, Thiruvananthapuram, and Mangalore.

It has now entered the country’s second busiest airport.

ACSA owns 10 per cent in MIAL and the balance 26 per cent stake is held by the Airports Authority of India (AAI).

In October, debt-laden GVK Group entered into an agreement to sell 79 per cent of its stake in GVK Airport Holdings for Rs 7,614 crore to the Abu Dhabi Investment Authority (ADIA), Canada’s Public Sector Pension (PSP) Investments, and state-owned National Investment and Infrastructure Fund (NIIF).

Proceeds from this transaction were to be used by GVK to primarily retire the debt obligations of its holding companies.

GVK said has “notified ADIA, NIIF and PSP that the transaction documents stand terminated as it is no longer effective and implementable.”

“The reason for this decision was (a) the terms of the transaction envisaged in the transaction documents were not implementable and (b) the alternative proposals discussed would not provide a resolution to the lenders of ADL by the end of August, which was a requirement of our lenders,” it added.

The deal comes after the Central Bureau of Investigation (CBI) earlier this month charged the GVK Group with siphoning off funds totalling Rs 705 crore. It is charged with causing a loss of Rs 310 crore to the exchequer by entering into fake work contracts on the land given by the government to MIAL.

With the six non-metro airports and MIAL, Adani Group will become the largest operator of airports other than state-run AAI, which runs most of the airports.

Adani Enterprises in its annual report unveiled its ambition to be the largest private airport developer in the country by developing world-class infrastructure at airports, both at airside and landside, enhancing the passenger experience, creating entertainment destinations (airport village, hotels, and malls).

To achieve the aim, it also plans to increase domestic airline connectivity to new and under-served destinations, and also raise the number of flights to long-haul destinations in the west and also to south-east Asia.

(PTI)

Read More:

Reliance Retail Buys Future Group For Rs 24,713 Cr

Central Revenues Under More Strain Than GST Revenue: Centre To States

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Amid Political Turmoil Kevin Mayer Quits As TikTok CEO https://odishatv.in/business_economy/amid-political-turmoil-kevin-mayer-quits-as-tiktok-ceo-472235 Thu, 27 Aug 2020 05:54:15 +0000 https://odishatv.in/?p=472235

New Delhi: In a significant development, TikTok CEO Kevin Mayer has quit the company amid the ongoing dispute with the Donald Trump administration and sale talks in the US and the India ban. Less than six months into the job, Mayer announced his departure in an internal email seen first by the Financial Times on […]

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New Delhi: In a significant development, TikTok CEO Kevin Mayer has quit the company amid the ongoing dispute with the Donald Trump administration and sale talks in the US and the India ban.

Less than six months into the job, Mayer announced his departure in an internal email seen first by the Financial Times on Thursday.

The report said that TikTok’s general manager Vanessa Pappas will take over as an interim CEO.

“We appreciate that the political dynamics of the last few months have significantly changed what the scope of Kevin’s role would be going forward, and fully respect his decision,” a TikTok spokesperson said in a statement to The Verge.

“We thank him for his time at the company and wish him well.”

Mayer’s departure comes as TikTok has filed a lawsuit against the Trump administration over an executive order banning any US transactions with its parent company ByteDance.

Mayer said in the internal letter: “In recent weeks, as the political environment has sharply changed, I have done significant reflection on what the corporate structural changes will require, and what it means for the global role I signed up for”.

“Against this backdrop, and as we expect to reach a resolution very soon, it is with a heavy heart that I wanted to let you all know that I have decided to leave the company”.

Mayer joined TikTok in May, leaving his position as head of direct-to-consumer content at Disney where he oversaw the launch of Disney Plus.

Nearly 100 million Americans turn to TikTok for entertainment, inspiration, and connection and countless creators rely on its platform to express their creativity, reach broad audiences, and generate income.

President Trump filed an executive order on August 6, prohibiting ByteDance from doing any transaction in the US for 45 days.

Trump issued another executive order on August 14, giving ByteDance an option to divest its TikTok business in the US within 90 days.

TikTok has filed the lawsuit against the first executive order.

“The executive order seeks to ban TikTok purportedly because of the speculative possibility that the application could be manipulated by the Chinese government,” TikTok said in its lawsuit.

Google not in race to buy TikTok: Sundar Pichai

Alphabet and Google CEO Sundar Pichai has denied his company is in the race to acquire the Chinese short-video making app TikTok.

On the latest episode of podcast ‘Pivot Schooled Live’, the Recode’s Kara Swisher and New York University Professor Scott Galloway asked Pichai whether the company is interested in acquiring TikTok.

“We are not,” Pichai replied, adding that the ByteDance-owned app does pay for using Google Cloud services.

TikTok which has 100 million users in the US has filed a lawsuit against the Trump administration over an executive order banning any US transactions with its parent company ByteDance.

President Trump filed an executive order on August 6, prohibiting ByteDance from doing any transaction in the US for 45 days.

Trump issued another executive order on August 14, giving ByteDance an option to divest its TikTok business in the US within 90 days.

TikTok has filed the lawsuit against the first executive order. Saying that it strongly disagrees with the Trump administration’s position that TikTok is a national security threat, the company alleged that the “US administration failed to follow due process”.

On the podcast, Pichai said that TikTok is growing amid the pandemic like several other tech companies out there.

“There are the companies which have emerged very strongly in these times. The big companies are doing very well but I do see a lot of emerging companies,” Pichai said.

He said that today, there are more choices for information than ever before.

“It feels like there’s a lot coming at us and, you know, you’re worried about innovating, you’re worried about making sure you’re on the cutting edge of things, you worry about the next generation,” Pichai added.

(IANS)

Also Read:

After TikTok Ban, ByteDance Reaches Out To Reliance Jio For A Deal

Microsoft Aims To Acquire Entire TikTok, Including India Ops

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Kevin Mayer, Sundar Pichai, TikTok, TikTok CEO 2020-08-27 15:25:08 https://img.odishatv.in/wp-content/uploads/2020/07/Tik-Tok.jpg
Finance Ministry Reduces GST Rates, Taxpayer Base Doubled To 1.24 Cr https://odishatv.in/finance/finance-ministry-reduces-gst-tax-rates-taxpayer-base-doubled-to-1-24-cr-471548 Mon, 24 Aug 2020 16:34:39 +0000 https://odishatv.in/?p=471548

New Delhi: The Finance Ministry on Monday said the GST regime has reduced the rate at which people have to pay tax, helped increase compliance and doubled the taxpayer base to 1.24 crore. In a series of tweets on Monday, also the first death anniversary of former Finance Minister Arun Jaitley, the ministry said before […]

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New Delhi: The Finance Ministry on Monday said the GST regime has reduced the rate at which people have to pay tax, helped increase compliance and doubled the taxpayer base to 1.24 crore.

In a series of tweets on Monday, also the first death anniversary of former Finance Minister Arun Jaitley, the ministry said before goods and services tax (GST) was introduced, the combination of value-added tax (VAT), excise, sales tax and their cascading effect resulted in high standard tax rate of up to 31 per cent.

It is now widely acknowledged that GST is both consumer and taxpayer-friendly. While the high tax rates of the pre-GST era acted as a disincentive to paying tax, the lower rates under GST helped to increase tax compliance, the ministry said.

The number of assessees covered by the GST at the time of its inception was about 65 lakh. Now the assessee base exceeds 1.24 crore.

GST, which subsumed 17 local levies and 13 cesses, was rolled out on July 1, 2017. Jaitley held the finance portfolio in the first term of the Modi government since 2014 and was the finance minister when the GST regime came into force.

As we remember Arun Jaitley today, let us acknowledge the key role he played in the implementation of GST, which will go down in history as one of the most fundamental landmark reforms in Indian taxation, the Ministry tweeted.

The multiple markets across India, with each state charging a different rate of tax, led to huge inefficiencies and costs of compliance.

GST has reduced the rate at which people have to pay tax. The revenue neutral rate as per the RNR (Revenue Neutral Rate) Committee was 15.3 per cent. Compared to this, the weighted GST rate at present, according to the RBI, is only 11.6 per cent, the ministry said.

Businesses with an annual turnover of up to Rs 40 lakh are GST exempt. Initially, this limit was Rs 20 lakh. Additionally, those with a turnover of up to Rs 1.5 crore can opt for the Composition Scheme and pay only 1 per cent tax.

For services, businesses with turnover of up to Rs 20 lakh in a year are GST exempt. A service provider having turnover of up to Rs 50 lakh in a year can opt for composition scheme for services and pay only 6 per cent tax.

Once GST was implemented, the tax rate on a large number of items was brought down. As of now, the 28 per cent rate is almost solely restricted to sin and luxury items. Out of a total of about 230 items in the 28 per cent slab, about 200 items have been shifted to lower slabs, the ministry said.

In an article on the first death anniversary of Jaitley, Finance Minister Nirmala Sitharaman said, “From midnight, July 1, 2017, the unimaginable happened all of India became one market, interstate barriers disappeared, multiple taxes were subsumed to become one, double taxation was eliminated, the cascading effect of taxes got mitigated.”

GST ensured that there were no more queues of trucks and no more state barriers,” she wrote in Indian Express.

In the pre-GST era, the total of VAT, excise, CST and their cascading effect led to 31 per cent as tax payable, on an average, for a consumer.

“Today, we have 480 items in the nil or 5 per cent tax rate, 221 items are at 12 per cent and 607 items in the 18 per cent rate. Only 29 items are in the 28 per cent tax rate,” she said adding the loss of revenue, due collectively to the reduction in rates, has been more than Rs 1 lakh crore annually.

An analysis by the Reserve Bank of India (RBI) observes that since the rollout of GST, the rate changes have brought down the GST incidence from 14 per cent to 11.6 per cent.

“The tax base has widened in the last three years. ….The average revenue collected per month for the nine months (July-March) in 2017-18 was Rs 89,700 crore. In the next year 2018-19, this per month average revenue collection rose by 10 per cent to Rs 97,100 crore.”

“In FY 2019-20, the revenue per month was Rs 1,02,000 crore. This steady increase was despite the various concessions and rate reductions mentioned above,” she wrote.

In a tweet, the Office of Nirmala Sitharaman said In order to ease the GST compliance burden during the COVID-19 crisis, the government introduced several relaxations.

Listing out the various rate reduction and industry-friendly decisions taken by the GST Council, the Ministry said the housing sector has been placed in the 5 per cent slab, while GST on affordable housing has been reduced to 1 per cent.

All processes in GST have been fully automated. Till now 50 crore returns have been filed online and 131 crore e-way bills generated, the Ministry added.

The GST system allows the generation of e-waybills using several modes, to enhance taxpayer ease. 61.74 per cent of the e-waybills generated have been through the website, 21.55 per cent using the Excel tool, and the rest were through mobile, SMS & APIs, the Minister’s office tweeted.

The Finance Ministry further said in light of COVID-19, taxpayers were given certain compliance-related relaxations to ease their burden. Relief was provided by way of payment deferrals, reduced interest rate, and waiver of late fee/capping of late fee to Rs 500 in certain cases, it said.

For smaller taxpayers with an annual turnover of up to Rs 5 crore, the rate of interest for late filing of GSTR-3B returns was halved to 9 per cent if filed by September 30, 2020.

Also, the mandatory requirement of filing returns and statement of outward supplies using digital signature was relaxed.

The Ministry said tax rate on common-use items such as hair oil, toothpaste, and soap came down from 29.3 per cent in the pre-GST era to 18 per cent under GST regime.

Also, appliances such as fridge, washing machine, vacuum cleaners, food grinders & mixers, vegetable juice extractor, shavers, hair clippers, water heaters, hair dryers, electric smoothing irons, TVs (up to 32 inches) have all seen tax rates lowered from 31.3 per cent to 18 per cent due to GST.

(IANS)

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Sensex Surges 364 Points, Financial Stocks Lead Rally https://odishatv.in/business_economy/sensex-surges-364-points-financial-stocks-lead-rally-471442 Mon, 24 Aug 2020 11:46:13 +0000 https://odishatv.in/?p=471442

Mumbai: Domestic equity benchmark Sensex rallied 364 points on Monday, driven by strong buying in financial counters amid a positive trend in global equities and sustained foreign fund inflows. The BSE Sensex ended 364.36 points or 0.95 per cent higher at 38,799.08. The NSE Nifty jumped 94.85 points or 0.83 per cent to 11,466.45. Kotak […]

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Mumbai: Domestic equity benchmark Sensex rallied 364 points on Monday, driven by strong buying in financial counters amid a positive trend in global equities and sustained foreign fund inflows.

The BSE Sensex ended 364.36 points or 0.95 per cent higher at 38,799.08. The NSE Nifty jumped 94.85 points or 0.83 per cent to 11,466.45.

Kotak Bank was the top gainer in the Sensex pack, rising over 3 per cent, followed by IndusInd Bank, Bajaj Finance, HDFC Bank, ICICI Bank, Bajaj Finserv, Maruti and SBI.

Also Read: Sensex Slips Over 300 Points In Early Trade On Global Selloff

On the other hand, PowerGrid, M&M, Tech Mahindra, Titan, NTPC, Bajaj Auto and UltraTech Cement were among the laggards.

According to traders, domestic bourses followed the positive trend in global equities, with strong buying in financial stocks lifting the key indices.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul ended with significant gains.

Stock exchanges in Europe too opened on a strong note.

Sustained foreign fund inflows also boosted investor sentiment here, traders said.

Foreign institutional investors bought equities worth Rs 410.16 crore on a net basis on Friday, exchange data showed.

In the forex market, the rupee soared 52 paise to settle at 74.32 against the US dollar.

Meanwhile, global oil benchmark Brent crude was trading 0.71 per cent higher at USD 45.25 per barrel.

(PTI)

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Evolving Taxation: RBI Weighted GST Rate Declines To 11.6% Since Inception https://odishatv.in/business_economy/evolving-taxation-rbi-weighted-gst-rate-declines-to-11-6-since-inception-471341 Mon, 24 Aug 2020 08:40:01 +0000 https://odishatv.in/?p=471341

New Delhi: The Goods and Services Tax (GST), often hailed as the “biggest tax reform” in India, has evolved over the years, and the weighted rate of GST has declined in the past few years to 11.6 per cent from 14.4 per cent in May 2017. The Finance Ministry on Monday cited data from Reserve […]

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New Delhi: The Goods and Services Tax (GST), often hailed as the “biggest tax reform” in India, has evolved over the years, and the weighted rate of GST has declined in the past few years to 11.6 per cent from 14.4 per cent in May 2017.

The Finance Ministry on Monday cited data from Reserve Bank of India (RBI), to show that in May the weighted GST rate was at 14.4 per cent and in December 2018 and September 2019 was at 11.6 per cent. In a tweet, the ministry said that the rate reduction brought benefit of Rs 1 lakh crore every year.

In a series of tweet on the evolution of GST, the Finance Ministry said that rates of 400 goods and 80 services have been reduced since the roll out of GST.

The Ministry tweeted about the progress made in the indirect taxation system on the death anniversary of former Finance Minister Arun Jaitley, during whose tenure the GST was brought in.

It noted that once GST was implemented, the tax rate on a large number of items was brought down. As of now, the 28 per cent rate is almost solely restricted to sin and luxury items. Out of a total of about 230 items in the 28 per cent slab, about 200 items have been shifted to lower slabs

“Now, businesses with an annual turnover of up to Rs 40 lakh are GST exempt. Initially, this limit was Rs 20 lakh. Additionally, those with a turnover up to Rs 1.5 crore can opt for the Composition Scheme and pay only 1 per cent tax,” said a tweet.

“It is now widely acknowledged that GST is both consumer and taxpayer-friendly. While the high tax rates of the pre-GST era acted as a disincentive to paying tax, the lower rates under GST helped to increase tax compliance,” said another tweet.

Another tweet said that the taxpayer base has almost doubled since the roll out of GST. The numbers of assessee covered by the GST at the time of its inception were about 65 lakh. Now the assessee base exceeds 1.24 crore, it said.

All process in GST have been fully automated. Till now 50 crore returns have been filed online and 131 cr e-way bill generated, the ministry said.

Two major reform steps, GST and the Insolvency and Bankruptcy Code were implemented during the tenure of Jaitley as the Finance Minister.

(IANS)

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Chinese Central Bank Acquires Stake In ICICI Bank https://odishatv.in/business_economy/chinese-central-bank-acquires-stake-in-icici-bank-470231 Tue, 18 Aug 2020 09:09:40 +0000 https://odishatv.in/?p=470231

New Delhi: After the disclosure of a holding in HDFC, the Chinese central bank Peoples Bank of China has now acquired an equity stake in ICICI Bank. The government had in April notified new norms for FDI investments by neighbouring countries which would require approvals. It is not clear if portfolio investments need to go […]

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New Delhi: After the disclosure of a holding in HDFC, the Chinese central bank Peoples Bank of China has now acquired an equity stake in ICICI Bank.

The government had in April notified new norms for FDI investments by neighbouring countries which would require approvals. It is not clear if portfolio investments need to go through some vetting process or the government will continue with this open route till the time no FDI approval is required.

The investment by the Chinese central bank in ICICI Bank is modest. It subscribed to the recent ICICI Bank’s Rs 15,000 crore capital qualified institutional investors (QIP) placement and invested Rs 15 crore.

The Chinese central bank was among the 357 institutional investors which included domestic mutual funds, insurance companies and global institutions that subscribed to the issue.

The investment comes at a time when business and trade relations between India and China have nose-dived after the Galwan valley clash between the soldiers.

Earlier, a disclosure by HDFC had caused a flutter after PBOC holding breached 1 per cent mark. HDFC had clarified that Chinese central bank, People’s Bank of China (PBOC) has been an existing shareholder of the company and only the disclosure was being made as they hit the 1 per cent threshold.

HDFC’s Vice Chairman and CEO Keki Mistry had told IANS that the PBOC had been an existing shareholder and had owned 0.8 per cent in the company as of March 2019.

Thereafter, there have been reports that PBOC has cut its stake in HDFC.

(IANS)

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Taxpayers Not Required To Disclose High-Value Transactions In ITR https://odishatv.in/business_economy/taxpayers-not-required-to-disclose-high-value-transactions-in-itr-470021 Mon, 17 Aug 2020 11:07:04 +0000 https://odishatv.in/?p=470021

New Delhi: Taxpayers will not be required to mention their high-value transactions in their income tax returns, officials aware of the development said. “There is no such proposal to modify income tax return forms,” an official said, responding to reports of the proposed expansion of reportable financial transactions to include hotel payments over Rs 20,000, […]

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New Delhi: Taxpayers will not be required to mention their high-value transactions in their income tax returns, officials aware of the development said.

“There is no such proposal to modify income tax return forms,” an official said, responding to reports of the proposed expansion of reportable financial transactions to include hotel payments over Rs 20,000, life insurance premium payment over Rs 50,000 and health insurance premium payment over Rs 20,000, donations and payment of school/college fees over Rs 1 lakh a year.

Any expansion in reporting under the statement of financial transactions (SFT) will mean that such reporting of high-value transactions to the I-T department will be done by financial institutions, they said.

Only third parties would report high-value transactions to the I-T department as per the Income Tax Act. Such information would be used to identify people who are not paying up due taxes, and not for examining affairs of honest taxpayers, they said.

“There is no such proposal to modify income tax returns forms,” an official said. “The taxpayer would not need to mention his/her high-value transactions in his/her return.”

They said collecting reports of high-value transactions was the most non-intrusive way to identify those who spend big money on various items and yet they do not file income tax returns by claiming that their income was less than Rs 2.5 lakh per annum.

These items include business class air travel, foreign travel, spending big money in expensive hotels, or sending children to expensive schools.

Finance Ministry sources said the Income-tax Act already provided for quoting of PAN/Aadhaar for certain high-value transactions and their reporting by the third parties mainly for the purpose of widening the tax base.

“It’s an open fact that in India, only a tiny segment of people pay taxes and all those who should be paying their taxes are actually not paying their taxes,” a source said.

The I-T Department is relying more and more on voluntary compliance and, hence, expenditure data collected from third parties through SFT is the best and the most effective non-intrusive method to catch evaders, sources said.

The Income Tax Department currently receives information like cash deposit/withdrawal from saving bank accounts, sale/purchase of immovable property, credit card payments, purchase of shares, debentures, foreign currency, mutual funds, among others.

It receives such information “specified persons” like banks, mutual funds, institutions issuing bonds and registrars or sub-registrars with regard to individuals having high-value financial transactions since the financial year 2016 onwards.

In the 2020-21 Budget, the government revised the format of Form 26AS, stating that all such information from different SFTs would be shown in the new Form 26AS. It is an annual consolidated tax statement that can be accessed from the income-tax website by taxpayers using their permanent account number (PAN).

(PTI)

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RBI To Transfer Rs 57,128 Crore To Central Govt Surplus For FY20 https://odishatv.in/business_economy/rbi-to-transfer-rs-57128-crore-to-central-govt-surplus-for-fy20-469431 Sat, 15 Aug 2020 02:27:40 +0000 https://odishatv.in/?p=469431

Mumbai: The Reserve Bank of India (RBI) Board on Friday approved the transfer of Rs 57,128 crore surplus to the Central government for FY20. The decision was taken at the 584th meeting of the Central Board under the chairmanship of RBI Governor Shaktikanta Das, through video conference. The Board reviewed the current economic situation, continued […]

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Mumbai: The Reserve Bank of India (RBI) Board on Friday approved the transfer of Rs 57,128 crore surplus to the Central government for FY20.

The decision was taken at the 584th meeting of the Central Board under the chairmanship of RBI Governor Shaktikanta Das, through video conference.

The Board reviewed the current economic situation, continued global and domestic challenges and the monetary, regulatory and other measures taken by the RBI to mitigate the economic impact of Covid-19 pandemic.

It also approved the transfer of Rs 57,128 crore as surplus to the government for the accounting year 2019-20, while deciding to maintain the Contingency Risk Buffer at 5.5 per cent.

In the last fiscal, the RBI approved a Rs 1,76,000 crore ($24.8 billion) dividend payment to the government, including Rs 1,48,000 crore for FY20.

The central bank decides on the amount of surplus or dividend transfer to the government based on its income during the period July 1 to June 30.

It earns via interest income on account of open market operations (OMOs), foreign exchange (FX) gains, and writing back of excess risk provisions.

Its liabilities include the issuance of notes and deposits held (CRR and reverse repos).

The transfer of surplus is expected to help the government ease fiscal pressure caused by the Covid-19 pandemic and also aid it in giving the economy a boost.

In the past, the demand on the RBI for higher dividends and to part with a greater share of its capital has been a hotly debated issue between the central bank and the government.

Aditi Nayar, Principal Economist, ICRA, said: “The surplus to be transferred by the RBI to the Central Government mildly trails the budgeted amount.”

“However, this shortfall pales in comparison with the Covid-induced revenue shock from tax and non-tax revenues and disinvestment proceeds, which we assess at over Rs 6 trillion relative to the Government of India’s FY2021 Budget Estimates.”

(IANS)

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India’s CPI Inflation Rises To 6.93% In July As Food Prices Surge https://odishatv.in/business_economy/indias-cpi-inflation-rises-to-6-93-in-july-as-food-prices-surge-469199 Fri, 14 Aug 2020 04:45:51 +0000 https://odishatv.in/?p=469199

New Delhi:  A substantial rise in food prices lifted India’s July retail inflation to 6.93 per cent from 6.23 per cent in June, official data showed on Thursday. On a year-on-year (YoY) basis, the CPI inflation more than doubled last month from 3.15 per cent recorded during July 2019. The data furnished by the National […]

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New Delhi:  A substantial rise in food prices lifted India’s July retail inflation to 6.93 per cent from 6.23 per cent in June, official data showed on Thursday.

On a year-on-year (YoY) basis, the CPI inflation more than doubled last month from 3.15 per cent recorded during July 2019.

The data furnished by the National Statistical Office (NSO) showed that India’s consumer food price index during the month under review rose to 9.62 per cent from 8.72 per cent reported for June 2020.

CFPI readings measure the changes in retail prices of food products.

“As the various pandemic-related restrictions were gradually lifted and non- essential activities started resuming operations, availability of price data has also improved,” the NSO said.

“The NSO collected prices from 1,054 (95 per cent) urban markets and 1,089 (92 per cent) villages during the month of July 2020,” it said.

The data showed that CPI Urban rose to 6.84 per cent in July from 6.12 per cent in June. The CPI rural increased to 7.04 per cent last month from 6.34 per cent in June.

The data assumes significance as the Reserve Bank of India, in its recent monetary policy review, maintaining the key lending rates on account of rising retail inflation.

The central bank’s target for retail inflation is set within a band of +/-2 per cent.

As per the data, the CPI YoY inflation rate for vegetables and pulses jumped by 11.29 per cent and 15.92 per cent, respectively, in July.

Furthermore, meat and fish prices rose 18.81 per cent and eggs became dearer by 8.79 per cent.

In addition, the fuel and light category under CPI rose by 2.80 per cent.

“Clearly, the larger concern is the impact of consistently high food inflation on core inflation through cost-push factors; the relatively high figure for transport and communication is a reflection of high tax-driven fuel prices and increase in telecom tariffs,” said Suman Chowdhury, Chief Analytical Officer, Acuite Ratings & Research.

“We believe that inflationary concerns may lead to a delay in further rate cuts and can raise the risks of stagflation. It is also expected to have an adverse impact on bond yields in the near term and may trigger the higher use of liquidity and yield management tools to optimise the cost of government’s borrowings.”

According to Devendra Kumar Pant, Chief Economist and Senior Director, Public Finance, India Ratings & Research: “Both industrial production and inflation trend suggest different monetary policy action.”

“Retail inflation breaching the MPC’s upper band of 6 per cent in seven out of the last eight months makes task of the MPC difficult. India Ratings believes the MPC will watch inflation trajectory very carefully before taking a decision on further rate cuts.”

Brickwork ratings’ Chief Economic Advisor M. Govinda Rao said: “The spillovers of the hike in petrol prices are most likely to influence transportation costs adding to inflationary pressures going forward. We expect food inflation to soften in the coming months with easing supply constraints and better monsoon so far.”

“However, the core inflation at 5.5 per cent is a cause of concern, and it may remain at elevated levels as the demand picks up, but capacity utilisation does not increase commensurately.”

(IANS)

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Gold, Silver Prices Crash After Record Run https://odishatv.in/business_economy/gold-silver-prices-crash-after-record-run-468825 Wed, 12 Aug 2020 09:10:34 +0000 https://odishatv.in/?p=468825

Mumbai: Futures of gold and silver which were touching new highs every other day lately have started to falter in line with international markets and traders booking profits. The fall in gold prices, which is considered as a safe haven asset, has also been induced post Russia’s announcement that it has developed the first vaccine […]

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Mumbai: Futures of gold and silver which were touching new highs every other day lately have started to falter in line with international markets and traders booking profits.

The fall in gold prices, which is considered as a safe haven asset, has also been induced post Russia’s announcement that it has developed the first vaccine for novel coronavirus.

Gold futures slumped for the second straight day on Wednesday. Currently, the October contract of gold on the Multi-Commodity Exchange (MCX) is trading at Rs 51,672 per 10 gram, lower by Rs 257 or 0.49 per cent from its previous close.

It has, however, recovered from the day’s low of Rs 49,955 per 10 gram.

The slump was in line with the international spot prices where gold prices fell as US bond yields advanced and the dollar recovered.

Analysts, however, are of the view that the sentiments in the bullion market are still bullish and the yellow metal would soon be back on the upward trend.

Futures of silver, which surged to record levels after crossing Rs 70,000 per kilogram mark, have declined below the Rs 66,000 mark.

The September contract of silver is trading at Rs 65,758 per kg, lower by Rs 1,176, or 1.76 per cent from its previous close.

(IANS)

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Bitcoin-Crazy Rich Indians Falling Prey To Fake Crypto Wallets https://odishatv.in/business_economy/bitcoin-crazy-rich-indians-falling-prey-to-fake-crypto-wallets-468220 Sun, 09 Aug 2020 10:59:26 +0000 https://odishatv.in/?p=468220

New Delhi: With the Supreme Court striking down the curb on cryptocurrency trade in India in March this year, there has been a surge in Indians investing in Bitcoin and with this, cybercriminals have started mobile-based fake Blockchain-based crypto wallets to lure and con the rich and the wealthy in the country. These Blockchain-based wallets […]

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New Delhi: With the Supreme Court striking down the curb on cryptocurrency trade in India in March this year, there has been a surge in Indians investing in Bitcoin and with this, cybercriminals have started mobile-based fake Blockchain-based crypto wallets to lure and con the rich and the wealthy in the country.

These Blockchain-based wallets offer handsome discounts, before conning people of their hard-earned Bitcoin/cash and then going incommunicado, according to industry watchers.

“I have seen so many wealthy Indian falling into the trap of such fake cryptocurrency wallets in the recent past. One gentleman just came to me who lost $50,000 (over Rs 37 lakh) while dealing with one such fake platform,” Manan Shah, Founder and CEO, Avalance Global Solutions, told IANS.

One Indian businessman lost a whopping Rs 28 crore in such crypto wallet scam, Shah informed.

A single Bitcoin currently costs $11,000 (over Rs 8 lakh) and Indians are now investing in crores aiming for higher returns.

The modus operandi of such fake wallets is simple. They target people via sending them messages on various social media groups, asking them to sell and buy Bitcoin via their apps.

The scamsters trick them to buy and sell Bitcoin via wallets and offer them trade opportunities with other app users across the world. Once they receive Bitcoin into their systems, they disappear and stop communication altogether.

Most of these transactions are happening via Swift Global Pay (SGP), Insta Global Pay (IGP) and International Global Pay wallets, informed Shah.

Go to the popular question-and-answer website Quora and you will know more about SGP.

“I do not see any genuinity in this wallet. I purchased virtual cards by paying Rs 3.70 lakh on SGP. It was delivered online on 15th July. Till now it is not accepted anywhere online. SGP site chat no response,” posted a user that goes with the name Kumar Chvks, Managing Director with an Indian firm.

“Email no response. So only the figures are shown on the Dashboard. I tried to withdraw my money in the BTC PayPal and bank. None came till now. It is clear cheating. Expected to be a scam of 7000 Cr to my estimation,” he further posted.

According to Sumit Gupta, Co-founder and CEO, CoinDCX which is India’s largest and safest cryptocurrency exchange, as Bitcoin and other cryptocurrencies continue to mature and increase in popularity, they expect more cryptocurrency scam apps to appear and other fraudulent activities emerging.

“Scammers and hackers are getting more sophisticated in their techniques. When installing apps, it is important to stick to some basic security principles, especially when virtual currencies are at stake, a Gupta told IANS.

The global cryptocurrency market was valued at $856.36 billion in 2018 and is projected to display a robust growth represented by a CAGR of 11.9 per cent during 2019-2024.

According to Gupta, users should only trust cryptocurrency-related and other finance apps if they are linked from the official website of the service, and never enter sensitive information such as log-in credentials and account details into online forms unless they are fully certain of its security and legitimacy.

“Do your due diligence on the app on the number of downloads, ratings on the App Store, recommendations from legitimate publications, etc. before downloading. In addition, users should keep their devices updated, and use reputable mobile security solutions to identify, block, and remove threats from their devices,” he advised.

If something seems too good to be true, there is a high possibility that it is a scam and users should avoid it unless verified by a trusted party.

Bitcoin currency holds the major share in the market today, owing to the growing awareness among the Indian investors, coupled with the availability of larger returns is proliferating the market growth.

Moreover, growing usage of alternative currencies such as Ethereum, Ripple and Bitcoin Cash due to their captivating features and models has been major factors backing the growth in the industry.

CoinDCX has employed the best-in-industry security measures and has partnered with leading security and compliance providers such as BitGo, providing secure custodianship and multisignature bitcoin wallet service, as well as Onfido, providing fully automated KYC identification that is seamless, protected, and secure.

“CoinDCX’s resilient security protocols including geographically distributed cold wallets, withdrawal confirmations, and 2-Factor Authentication, ensure that users’ funds are fully protected at all times as well,” Gupta informed.

(IANS)

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SEBI Issues Procedural Guidelines For Proxy Advisors https://odishatv.in/business_economy/sebi-issues-procedural-guidelines-for-proxy-advisors-466980 Tue, 04 Aug 2020 08:33:35 +0000 https://odishatv.in/?p=466980

Mumbai: The Securities and Exchange Board of India (SEBI) on Monday came up with a set of procedural guidelines for proxy advisors. Proxy advisory firms advise shareholders on corporate governance-related issues and give recommendations regarding voting on resolutions. In a circular, SEBI said that proxy advisors shall formulate the voting recommendation policies and disclose the […]

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Mumbai: The Securities and Exchange Board of India (SEBI) on Monday came up with a set of procedural guidelines for proxy advisors.

Proxy advisory firms advise shareholders on corporate governance-related issues and give recommendations regarding voting on resolutions.

In a circular, SEBI said that proxy advisors shall formulate the voting recommendation policies and disclose the updated voting recommendation policies to its clients.

“Proxy advisors shall ensure that the policies should be reviewed at least once annually. The voting recommendation policies shall also disclose the circumstances when not to provide a voting recommendation,” it said.

They would also have to disclose the methodologies and processes followed in the development of their research and corresponding recommendations to its clients, as per the guidelines. The advisors shall alert their clients within 24 hours of receipt of information about any factual errors or material revisions to the report.

The market regulator has made it mandatory for the proxy advisors to share their report with their clients and the company at the same time.

“This sharing policy should be disclosed by proxy advisors on their website. The timeline to receive comments from the company may be defined by proxy advisors and all comments/clarifications received from the company, within the timeline, shall be included as an addendum to the report,” said the Sebi circular.

If the company has a different viewpoint on the recommendations stated in the report of the proxy advisors, then the advisors, after taking into account the said viewpoint, may either revise the recommendation in the addendum report or issue an addendum to the report with its remarks, as considered appropriate.

Among other requirements, the circular said: “Proxy advisors shall disclose conflict of interest on every specific document where they are giving their advice. Further, the disclosures should especially address the possible areas of potential conflict and the safeguards that have been put in place to mitigate possible conflicts of interest.

(IANS)

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Procedural Guidelines, Proxy Advisors, Sebi, Securities and Exchange Board of India 2020-08-04 14:26:00 https://img.odishatv.in/wp-content/uploads/2020/08/SEBI.jpg
NITI Aayog Suggests Creation Of Dak Bank To Deepen Financial Inclusion https://odishatv.in/business_economy/niti-aayog-suggests-creation-of-dak-bank-to-deepen-financial-inclusion-466602 Sun, 02 Aug 2020 15:55:56 +0000 https://odishatv.in/?p=466602

New Delhi: In a bid to further deepen financial inclusion in the country, the NITI Aayog has suggested the creation of a Dak Bank — postal bank — by merging the regional rural banks, among other recommendations to the government. In a recent presentation to the Prime Minister’s Office and the Finance Ministry, the NITI […]

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New Delhi: In a bid to further deepen financial inclusion in the country, the NITI Aayog has suggested the creation of a Dak Bank — postal bank — by merging the regional rural banks, among other recommendations to the government.

In a recent presentation to the Prime Minister’s Office and the Finance Ministry, the NITI Aayog has suggested the over 1.5 lakh post offices in the country should be made outlets for the proposed Dak Bank, sources said.

Further, the think tank has also suggested easier norms for granting bank licenses.

In another major recommendation, it has suggested privatisation of three banks, Punjab & Sind Bank, UCO Bank and the Bank of Maharashtra, said people in the know.

The suggestion comes at a time when a new disinvestment policy is in the works and the government is already considering bringing the banking and insurance sector under its ambit.

The likelihood of the government going for privatisation of public sector banks has also drawn criticism and protests for bank workers’ unions.

In the banking space, with the latest merger of public sector banks coming into effect in April, India currently has 12 public sector banks, down from 27 in 2017.

During the announcement of the ‘Aatmanirbhar Bharat’ economic package in May, Finance Minister Nirmala Sitharaman had said that the Centre will come up with a new Public Sector Enterprise Policy, and open up all the sectors to the private sector.

(IANS)

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July GST Collection Drops 14% To Rs 87,422 Cr Amid Covid Impact https://odishatv.in/business_economy/july-gst-collection-drops-14-to-rs-87422-cr-amid-covid-impact-466329 Sat, 01 Aug 2020 14:31:11 +0000 https://odishatv.in/?p=466329

New Delhi: The Covid-induced shrinking of economic activity for the past few months continued to have its impact on government’s tax collections with revenue under the Goods and Services Tax (GST) falling far below the psychological level of Rs 1 lakh crore to Rs 87,422 crore in July. The July collections, which is 84 per […]

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New Delhi: The Covid-induced shrinking of economic activity for the past few months continued to have its impact on government’s tax collections with revenue under the Goods and Services Tax (GST) falling far below the psychological level of Rs 1 lakh crore to Rs 87,422 crore in July.

The July collections, which is 84 per cent of last year’s numbers, is, however, a recovery from the months of April and May when COVID-19 induced lockdowns and severe disruptions in economic activities resulting in GST collections nosediving to all-time low levels.

The GST collections for the month of April was Rs 32,294 crore which was mere 28 per cent of the revenue collected during the same month last year and the GST collections for the month of May was Rs 62,009 crore which was 62 per cent of the revenue collected during the same month last year.

Only in June GST collections recovered to touch Rs 90,917 crore.

“The revenues for the last month (June) were higher than the current month. However, it is important to note that during the previous month, a large number of taxpayers also paid taxes pertaining to February, March and April 2020 on account of the relief provided due to COVID-19. It may also be noted that the taxpayers with turnover less than Rs 5 crore continue to enjoy relaxation in filing of returns till September 2020,” the finance ministry said in a statement.

Out of the total GST collection of Rs 87,422 crore for July, CGST was Rs 16,147 crore, SGST was Rs 21,418 crore, the official statement said.

IGST collections stood at Rs 42,592 crore (including Rs 20,324 crore collected on import of goods) and Cess collected was Rs 7,265 crore (including Rs 807crore collected on import of goods).

The government has settled Rs 23,320 crore to CGST and Rs 18,838 crore to SGST from IGST as regular settlement.

The total revenue earned by the central government and the state governments after regular settlement in the month of July 2020 is Rs 39,467 crore for CGST and Rs 40,256 crore for the SGST.

During July, the revenues from import of goods were 84 per cent and the revenues from the domestic transaction (including import of services) were 96 per cent of the revenues from these sources during the same month last year.

The revenues during the financial year have been impacted due to COVID-19, firstly due to the economic impact of the pandemic and secondly due to the relaxations are given by the Government in the filing of returns and payment of taxes due to the pandemic. However, figures of the past four months show recovery in GST revenues.

Among the states, July collections have declined most in Uttarakhand, Delhi, Haryana, Jharkhand, Tamil Nadu, Maharashtra, Jammu and Kashmir and West Bengal. Only states of Rajasthan, Nagaland, Madhya Pradesh and Andhra Pradesh have shown growth of GST revenue or have maintained the same levels as last year in July.

(IANS)

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