Finance – Odisha Television Ltd. https://odishatv.in OdishaTV - OTV Wed, 01 Jul 2020 02:36:12 +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 Centre Asks Telcos, ISPs To Block Access To Banned Chinese Apps https://odishatv.in/business_economy/centre-asks-telcos-isps-to-block-access-to-banned-chinese-apps-459748 Wed, 01 Jul 2020 02:27:34 +0000 https://odishatv.in/?p=459748

New Delhi: The Department of Telecommunications (DoT) has directed telecom operators and internet service providers to block access to all the 59 Chinese apps banned by the government with immediate effect, sources said. DoT has asked all the service players to comply with the order and submit compliance reports. The development comes after the Centre […]

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New Delhi: The Department of Telecommunications (DoT) has directed telecom operators and internet service providers to block access to all the 59 Chinese apps banned by the government with immediate effect, sources said.

DoT has asked all the service players to comply with the order and submit compliance reports.

The development comes after the Centre on Monday banned 59 Chinese apps including TikTok, WeChat and UC Browser and Xiaomi’s Mi Community over national security concerns as India-China bilateral relations remain strained after the death of 20 Indian soldiers in the Galwan Valley clash with Chinese PLA troops in eastern Ladakh.

The Ministry of Electronics and Information Technology (MeitY) issued a list of 59 Chinese apps that are now banned in the country.

The ministry said that the step has been taken “since there is credible information that these apps are engaged in activities which are prejudicial to sovereignty and integrity of India, defence of India, the security of state and public order”.

Chinese short-video making app Department of Telecommunications on Tuesday said it is in the process of complying with the Indian government order to ban 59 Chinese apps.

“The government of India has issued an interim order for the blocking of 59 apps, including TikTok and we are in the process of complying with it,” Nikhil Gandhi, Head of TikTok India, said in a statement, adding that the company has been invited to meet with concerned government stakeholders for an opportunity to respond and submit clarifications.

(IANS)

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'Right Panel Top', Chinese apps, Department of Telecommunications, TikTok 2020-07-01 08:06:12 https://img.odishatv.in/wp-content/uploads/2020/07/DOT.jpg
HDFC Bank Launches ‘e-Kisaan Dhan’ App For Farmers https://odishatv.in/finance/hdfc-bank-launches-e-kisaan-dhan-app-for-farmers-459675 Tue, 30 Jun 2020 12:22:23 +0000 https://odishatv.in/?p=459675

Mumbai: HDFC Bank on Tuesday launched ‘e-Kisaan Dhan’ app for farmers across India to access a bouquet of agricultural and banking services on their mobile. The app, which serves as a repository of knowledge and information for any individual engaged in farming, helps meet needs of the rural ecosystem. The app will also provide value-added […]

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Mumbai: HDFC Bank on Tuesday launched ‘e-Kisaan Dhan’ app for farmers across India to access a bouquet of agricultural and banking services on their mobile.

The app, which serves as a repository of knowledge and information for any individual engaged in farming, helps meet needs of the rural ecosystem.

The app will also provide value-added services, like mandi prices, latest farming news, weather forecast, information on seed varieties, SMS advisory, e-pashuhaat and Kisan TV, according to a HDFC Bank statement.

Users can also avail multiple banking services, like procuring loans, opening bank accounts, insurance facilities, online calculation of KCC loan eligibility, and for acquiring government social security schemes.

The app will help with traditional banking services and keep users informed about new government schemes and ways to access them.

It’s part of the bank’s ‘Har Gaon Hamara’ initiative to reach out to customers in the rural and under-served areas.

(IANS)

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Agriculture, Bank App For Farmers, e-Kisaan Dhan, HDFC Bank 2020-06-30 17:52:23 https://img.odishatv.in/wp-content/uploads/2020/06/HDFC.jpg
No Increase In Petrol, Diesel Prices Today After Consecutive 21-Day Hike https://odishatv.in/business_economy/no-increase-in-petrol-diesel-prices-today-after-consecutive-21-day-hike-459200 Sun, 28 Jun 2020 07:35:42 +0000 https://odishatv.in/?p=459200

New Delhi:  In a big relief for the common man, the continuous rise in petrol and diesel prices came to a halt on Sunday. Fuel prices across the metros were unchanged for the first time after price hikes for 21 consecutive days. Petrol prices, however, were unchanged for a day during this 21-day period after […]

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New Delhi:  In a big relief for the common man, the continuous rise in petrol and diesel prices came to a halt on Sunday.

Fuel prices across the metros were unchanged for the first time after price hikes for 21 consecutive days. Petrol prices, however, were unchanged for a day during this 21-day period after the daily revision based on dynamic pricing was reinstated.

In the national capital, petrol price was unchanged at Rs 80.38 per litre on Sunday. Cost of diesel also was the same as Saturday at Rs 80.40 a litre.

Since the daily price revision resumed on June 7, petrol price has increased Rs 9.12 and diesel rose by Rs 11.01 in the national capital. In other cities, the magnitude of increase was similar.

Similarly, petrol prices in the other metros of Mumbai, Chennai and Kolkata were unchanged at Rs 87.14, Rs 83.59 and Rs 82.05 per litre respectively.

During the past 21 days, the quantum of price hike gradually declined from around 60 paisa raise for a few days, immediately post the resumption of daily price revision, to less than 20 paise during the past few days.

In a historic development, the price of diesel surged above that of petrol in the national capital during this period. However, petrol price is currently just two paise away from that of diesel.

Officials in oil marketing companies said that it is hard to predict which of the two fuels will be priced higher in the Capital as the gap between the two is almost negligible. But petrol prices have shown more volatility in international markets that may take it ahead once again in the coming days.

Apart from Delhi, the retail prices of petrol and diesel have followed the traditional path in other metros with petrol being priced at a premium of between Rs 5 and 8 per litre. The difference between the auto fuel prices in Delhi and other metros is because of the taxation structure.

While both petrol and diesel are at similar levels of taxes (state and centre) in Delhi, it is higher for petrol in many other Indian cities.

Globally diesel is priced a tad higher than petrol. In India too, the base price of diesel is slightly higher than petrol but taxation at central and state levels changed the complexion of retail prices.

If the price of petroleum products and crude hold their positions in global markets, then petrol and diesel prices rise may stop for a longer period and we may even see marginal fall in prices.

Fuel prices have been increasing since June 7 when oil companies began the daily price revision mechanism after a hiatus of 82 days during the lockdown.

(IANS)

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diesel, fuel price hike, Petrol 2020-06-28 13:06:28 https://img.odishatv.in/wp-content/uploads/2020/06/Petrol-hike.jpg
Export Turnover Threshold For MSMEs To Be Notified: Nitin Gadkari https://odishatv.in/business_economy/export-turnover-threshold-for-msmes-to-be-notified-nitin-gadkari-458883 Fri, 26 Jun 2020 08:45:20 +0000 https://odishatv.in/?p=458883

New Delhi: Centre will soon notify the exclusion of export turnover threshold limits for bestowing the MSME status on firms, Union Minister Nitin Gadkari has said. Accordingly, the move will side in identifying MSME unit under the new definition of the sector. Speaking at an EEPC India meeting held a day ago, Gadkari said that […]

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New Delhi: Centre will soon notify the exclusion of export turnover threshold limits for bestowing the MSME status on firms, Union Minister Nitin Gadkari has said.

Accordingly, the move will side in identifying MSME unit under the new definition of the sector.

Speaking at an EEPC India meeting held a day ago, Gadkari said that the move can be expected within two to three days.

The Minister in an EEPC India statement which was issued on Friday was quoted as saying that export turnover would not be taken into account for calculating the turnover limit in the new definition of MSME, but the gazette notification did not mention this exclusion.

“The operational notification regarding exclusion of export turnover for calculating turnover limit is under legal vetting, and will be issued within two to three days,” Gadkari said, while addressing the EEPC India members via video conference.

Besides, the Minister exhorted the engineering exporters to set up logistics parks along the Delhi-Mumbai Expressway being developed by the National Highway Authority of India.

He said the NHAI has decided to develop industrial clusters alongside the expressway.

Gadkari also impressed upon the exporters to shift to waterways for cheaper mode of transporting cargo to the ports.

Additionally, he emphasised that trucks should also shift to new fuels like LNG and CNG.

(IANS)

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MSMEs, Nitin Gadkari 2020-06-26 17:43:10 https://img.odishatv.in/wp-content/uploads/2020/06/Nitin-Gadkari-1.jpg
Diesel Prices Surpass That Of Petrol For First Time In India https://odishatv.in/business_economy/fuel-prices-hiked-for-18th-successive-day-diesel-surpasses-petrol-in-delhi-for-first-time-458582 Wed, 24 Jun 2020 05:56:34 +0000 https://odishatv.in/?p=458582

New Delhi: Diesel has become the most expensive auto-fuel in the country overtaking petrol for the first time in a long while as the oil marketing companies on Wednesday raised its pump prices by 48 paise while keeping the price of the other fuel unchanged. In the Capital, diesel is now priced at Rs 79.88 […]

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New Delhi: Diesel has become the most expensive auto-fuel in the country overtaking petrol for the first time in a long while as the oil marketing companies on Wednesday raised its pump prices by 48 paise while keeping the price of the other fuel unchanged.

In the Capital, diesel is now priced at Rs 79.88 per litre while petrol prices remain at Tuesday level of Rs 79.76 a litre. This makes diesel the most expensive auto fuel in the basket for the first time in the Capital.

In other metros, however, diesel maintains the tag of cheaper of the auto fuels with price differential between diesel and petrol prices remaining at about Rs 8 litre in Mumbai, Rs 6 a litre in Chennai and Kolkata.

Due to differential taxation structure at both Centre and the states, diesel prices in the country has always remained much cheaper than petrol. Globally though, diesel is the expensive of the auto fuels as the product has higher cost of production.

What has now made diesel prices higher in the capital is the Delhi government’s decision early May to increase Value Added Tax on diesel from 16.75 per cent to 30 per cent and on petrol from 27 per cent to 30 per cent. This increased the retail price of Diesel and petrol in Delhi by Rs 7.10 and Rs 1.67 a litre, respectively.

With central taxes on the two products already reaching identical levels, the Delhi governments move hastened price parity between petrol and diesel. Currently, the central excise on petrol is Rs 32.98 a litre while that on diesel it is Rs 31.83 a litre. VAT on petrol in Delhi is Rs 17.71 a litre that on diesel is Rs 17.60.

“Diesel price movement is sharper in the international market and if oil companies follow the global price trend, diesel prices will remain higher. It is after many years that this happened and is expected to sustain for some time unless the government changes the tax structure on petroleum products again,” said an oil sector expert from one of the big four audit and advisory firm asking not to be named.

Interestingly, even in India, the base price of diesel is expensive than petrol. According to Indian Oil Corporation (IOC), while the base price of petrol in Delhi currently comes to Rs 22.11 per litre, the same for diesel is higher at Rs 22.93 per litre (effective from June 16, 2020). This has been the case for a long time but retail prices of petrol came higher than diesel due to central and state taxes.

While the movement of retail pricing is being seen with a sigh of relief by vehicle owners whose cars run on petrol, those buying the relatively expensive diesel cars are now repenting on their decision. The development is also being seen with caution by automobile companies who have spent millions to ramp up their facilities for diesel-run vehicles. The expectation is that demand for such cars will now fall causing more damage to companies where sales are already impacted due to persistent economic slowdown and now the spread of COVID-19 pandemic.

“The pricing development would push automobile companies to apply strategies being followed by companies in western markets where diesel-run cars are not sold on fuel pricing differential but on overall make and quality that puts them ahead of petrol run cars,” the expert quoted earlier.

Yes, but for the commercial vehicle sector, the rising price of diesel had not been welcomed. In fact, the commercial transport sector had the time and again threatened strike against the move to raise fuel prices.

(IANS)

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'Right Panel Top', diesel price, fuel price hike, rising fuel prices 2020-06-24 11:37:09 https://img.odishatv.in/wp-content/uploads/2020/06/Petrol-Diesel-1.jpg
Fuel Prices Hiked For 16th Day In A Row, Diesel At New High https://odishatv.in/business_economy/fuel-prices-hiked-for-16th-day-in-a-row-diesel-at-new-high-458192 Mon, 22 Jun 2020 04:33:26 +0000 https://odishatv.in/?p=458192

New Delhi: Petrol price on Monday was hiked by 33 paise per litre and diesel by 58 paise to take retail rates to record high as the oil companies increased prices for the 16th day in a row. In 16 days, petrol price has been hiked by Rs 8.3 per litre and diesel by Rs […]

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New Delhi: Petrol price on Monday was hiked by 33 paise per litre and diesel by 58 paise to take retail rates to record high as the oil companies increased prices for the 16th day in a row.

In 16 days, petrol price has been hiked by Rs 8.3 per litre and diesel by Rs 9.46 – a record increase in rates of the fuel in any fortnight since pricing was deregulated in April 2002.

Petrol price in Delhi was hiked to Rs 79.56 per litre from Rs 79.23 while diesel rates were increased to Rs 78.55 a litre from Rs 78.27, according to a price notification of state oil marketing companies.

Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or value-added tax (VAT).

The increase in rates since June 7 is the highest in any fortnight. When petrol and diesel pricing was deregulated in April 2002, oil companies revised rates every fortnight in line with the cost. They switched to daily price revision in May 2017 to allow cost to reflect instantaneously in retail rates.

According to pricing data, the maximum rates have increased in any fortnight was Rs 4-5 per litre.

The 16th daily increase in rates, since oil companies on June 7 restarted revising prices in line with costs after ending an 82-day hiatus in rate revision, has taken diesel prices to fresh highs. Petrol price is also at a two-year high.

Prior to the current rally, the peak diesel rates had touched was on October 16, 2018, when prices had climbed to Rs 75.69 per litre in Delhi. The highest-ever petrol price was on October 4, 2018, when rates soared to Rs 84 a litre in Delhi.

When rates had peaked in October 2018, the government had cut excise duty on petrol and diesel by Rs 1.50 per litre each. State-owned oil companies were asked to absorb another Rs 1 a litre to help cut retail rates by Rs 2.50 a litre.

Oil companies had quickly recouped the Re 1 and the government in July 2019 raised excise duty by Rs 2 a litre.

Taxes make up for nearly two-third of the retail selling price. As much as Rs 50.69 per litre, or 64 per cent, in petrol price is due to taxes – Rs 32.98 is the central excise duty and Rs 17.71 is local sales tax or VAT.

Over 63 per cent of the retail selling price of diesel is taxes. Out of the total tax incidence of Rs 49.43 per litre, Rs 31.83 is by way of central excise and Rs 17.60 is VAT.

In Mumbai, petrol price has gone up from Rs Rs 86.04 per litre to Rs 86.36 on Monday. Diesel rates have increased to Rs 77.24 a litre from Rs 76.69 a litre, according to the price notification.

The 82-day freeze in rates this year was imposed in mid-March soon after the government hiked excise duty on petrol and diesel to shore up additional finances.

The government on March 14 hiked excise duty on petrol and diesel by Rs 3 per litre each and then again on May 5 by a record Rs 10 per litre in case of petrol and Rs 13 on diesel. The two hikes gave the government Rs 2 lakh crore in additional tax revenues.

Oil PSUs Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), instead of passing on the excise duty hikes to customers, adjusted them against the fall in the retail rates that was warranted because of fall in international oil prices to two-decade low.

International oil prices have since rebounded and oil firms are now adjusting retail rates in line with them.

(PTI)

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diesel price, fuel price hike, petrol price, rising fuel prices 2020-06-22 13:25:27 https://img.odishatv.in/wp-content/uploads/2020/06/Diesel.jpg
Reliance Is Net-Debt Free After Rs 1.69 Lakh Cr Fund Raising: Mukesh Ambani https://odishatv.in/business_economy/reliance-is-net-debt-free-after-rs-1-69-lakh-cr-fund-raising-mukesh-ambani-457712 Fri, 19 Jun 2020 04:29:29 +0000 https://odishatv.in/?p=457712

Mumbai: Billionaire Mukesh Ambani on Friday said his flagship firm Reliance Industries is now net-debt free after a record Rs 1.69 lakh crore fundraising in under two months. In a statement, RIL Chairman Mukesh Ambani said: “I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of […]

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Mumbai: Billionaire Mukesh Ambani on Friday said his flagship firm Reliance Industries is now net-debt free after a record Rs 1.69 lakh crore fundraising in under two months.

In a statement, RIL Chairman Mukesh Ambani said: “I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of March 31, 2021.”

Investments by global tech investors and a ‘Rights Issue’ has made Reliance Industries Ltd (RIL) a net debt-free company.

Accordingly, RIL has raised over Rs 168,818 crore in just 58 days. The company’s net-debt was Rs 161,035 crore, as on March 31, 2020. Consequently, it has now emerged as a net debt-free company.

As per the statement, Jio Platforms has now announced investment of Rs 115,6 93.95 crore by leading global investors. Besides, it raised Rs 53,124.20 crore via a ‘Rights Issue’.

The company said that combined capital raised has no precedence globally in such a short time.

“Both of these are also unprecedented in Indian corporate history and have set new benchmarks,” the company said in a statement.

“This is even more remarkable that this was achieved amidst a global lockdown caused by the COVID-19 pandemic.”

Along with the stake sale to BP in the petro-retail JV, the total fundraise is in excess of Rs 1.75 lakh crore, the company said.

(With Agency Inputs)

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jio platforms, Mukesh Ambani, Net-Debt Free, Reliance Industries, Reliance Is Net-Debt Free, Reliance Jio 2020-06-19 11:16:38 https://img.odishatv.in/wp-content/uploads/2020/06/Reliance-Industries.jpg
India-China Border Clash: All India Traders Body Calls For Boycott Of Chinese Goods https://odishatv.in/business_economy/india-china-border-clash-all-india-traders-body-calls-for-boycott-of-chinese-goods-457292 Wed, 17 Jun 2020 02:54:28 +0000 https://odishatv.in/?p=457292

New Delhi: Condemning Chinas military aggression along the Line of Actual Control in Eastern Ladakh, the Confederation of All India Traders (CAIT) called for boycott of Chinese goods, listing 450 imported items. The development comes as the India-China faceoff in Galwan Valley in Ladhak turned violent on Monday, leading to multiple casualties on both sides. […]

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New Delhi: Condemning Chinas military aggression along the Line of Actual Control in Eastern Ladakh, the Confederation of All India Traders (CAIT) called for boycott of Chinese goods, listing 450 imported items.

The development comes as the India-China faceoff in Galwan Valley in Ladhak turned violent on Monday, leading to multiple casualties on both sides.

The CAIT said that the objective is to reduce import of Chinese finished goods by $13 billion or about Rs 1 lakh crore by December 2021.

At present, India imports about Rs 5.25 lakh crore, i.e. $ 70 billion, worth of goods annually from China.

“In the first phase, CAIT has selected more than 500 broad categories of items which include more than 3,000 items which are made indigenously in India also, but succumbing to the temptation of cheap items, these were being imported from China until now,” CAIT said in a statement.

“Manufacturing of these items does not require any sophisticated technology and even if they do, India is well equipped and therefore the goods manufactured in India can be used very easily in place of the Chinese goods which will reduce India’s dependence on China for these goods,” it added.

At least 20 army personnel were killed in a violent clash with Chinese troops in eastern Ladakh’s Galwan Valley on Monday night, the Indian Army confirmed on Monday.

“Indian and Chinese troops have disengaged at Galwan area where they had earlier clashed on the night of 15/16 June. 17 Indian troops, who were critically injured in the line of duty at stand-off location and exposed to sub-zero temperatures in the high altitude terrain, have succumbed to their injuries, taking the total that were killed in action to 20. Indian Army is firmly committed to protect the territorial integrity and sovereignty of the nation,” Indian Army said in a statement.

(IANS)

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Boycott Of Chinese Goods, cait, India-China Border Clash, LAC Clash, Ladakh 2020-06-17 08:30:28 https://img.odishatv.in/wp-content/uploads/2020/06/CAIT.jpg
Aviation Turbine Fuel Price Hiked By 16.3 Per Cent, Petrol Up 47 Paise, Diesel By 57 Paise https://odishatv.in/business_economy/aviation-turbine-fuel-price-hiked-by-16-3-per-cent-petrol-up-47-paise-diesel-by-57-paise-457144 Tue, 16 Jun 2020 06:00:27 +0000 https://odishatv.in/?p=457144

New Delhi: Jet fuel or ATF price on Tuesday was hiked by 16.3 per cent while petrol price was increased by 47 paise per litre and that of diesel by a 57 paise on the back of firming international oil rates. Aviation turbine fuel (ATF) price was hiked by Rs 5,494.5 per kilolitre (kl), or […]

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New Delhi: Jet fuel or ATF price on Tuesday was hiked by 16.3 per cent while petrol price was increased by 47 paise per litre and that of diesel by a 57 paise on the back of firming international oil rates.

Aviation turbine fuel (ATF) price was hiked by Rs 5,494.5 per kilolitre (kl), or 16.3 per cent, to Rs 39,069.87 per kl in the national capital, according to a price notification by state-owned oil marketing companies.

This is the second straight increase in ATF price this month. Rates were hiked by a record 56.5 per cent (Rs 12,126.75 per kl) on June 1. Simultaneously, petrol and diesel prices were hiked for the 10th day in a row.

Petrol price in Delhi was hiked to Rs 76.73 per litre from Rs 76.26, while diesel rates were increased to Rs 75.19 a litre from Rs 74.62, the price notification said.

In 10 hikes, petrol price has gone up by Rs 5.47 per litre and diesel by Rs 5.8 a litre.

Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or VAT.

The hike in diesel rates is the highest daily increase since the state-owned fuel retailers started daily revision in rates in May 2017.

Tuesday’s increase in petrol and diesel price marks the 10th straight day of rise in rates since oil companies on June 7 restarted revising prices in line with costs, after ending an 82-day hiatus.

The freeze in rates was imposed in mid-March soon after the government hiked excise duty on petrol and diesel to shore up additional finances.

Oil PSUs Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) instead of passing on the excise duty hikes to customers adjusted them against the fall in the retail rates that was warranted because of fall in international oil prices.

The June 1 hike in jet fuel price had come after seven consecutive reductions in rates since February. ATF price in Delhi before the reduction cycle began in February was Rs 64,323.76 per kilolitre, which got reduced to Rs 21,448.62 last month.

Industry officials said the hike was necessitated because benchmark international rates have bounced back from a two-decade low.

While ATF prices are revised on 1st and 16th of every month, petrol and diesel prices are revised on a daily basis.

Oil companies used to revise ATF prices on the first of every month, but adopted fortnightly revisions on March 21 to pass on the benefit of falling international oil prices to airlines.

Meanwhile, Congress president Sonia Gandhi has written to Prime Minister Narendra Modi urging the govt to immediately roll back hikes on fuel prices.

(PTI)

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Aviation Turbine Fuel Price, diesel, Fuel Prices, Petrol 2020-06-16 11:30:27 https://img.odishatv.in/wp-content/uploads/2020/06/FUEL-PRICES.jpg
Wholesale Price Index Inflation Falls 3.21% In May, But Food Prices Rise https://odishatv.in/business_economy/wholesale-price-index-inflation-falls-3-21-in-may-but-food-prices-rise-457030 Mon, 15 Jun 2020 08:43:47 +0000 https://odishatv.in/?p=457030

New Delhi: Wholesale prices in the country witnessed deflation of 3.21 per cent in May due to sharp decline in prices of fuel and power, even as food articles turned expensive. “The annual rate of inflation, based on monthly Wholesale Price Index (WPI), stood at (-) 3.21 per cent (provisional) for May 2020 as compared […]

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New Delhi: Wholesale prices in the country witnessed deflation of 3.21 per cent in May due to sharp decline in prices of fuel and power, even as food articles turned expensive.

“The annual rate of inflation, based on monthly Wholesale Price Index (WPI), stood at (-) 3.21 per cent (provisional) for May 2020 as compared to 2.79 per cent during the corresponding month of the previous year,” the commerce and industry ministry said in a statement.

Inflation in food articles during May stood at 1.13 per cent, as against 2.55 per cent in April. In fuel and power basket, deflation stood at 19.83 per cent in May, as against 10.12 per cent in the previous month.

Manufactured products witnessed deflation of 0.42 per cent in May.

Due to the nationwide lockdown imposed since March 25, the ministry had released truncated WPI inflation data for April, with figures of food, primary articles and fuel and power.

However, it has advised its field offices to collect price data through electronic means and the final index for the month would be released next month.

“Price data is collected from selected institutional sources and industrial establishments spread across the country online through web-based portal maintained by the National Informatics Centre (NIC),” the ministry said.

The final print of March WPI inflation stood at 0.42 per cent as compared to its provisional levels of 1 per cent reported on April 14, 2020, the ministry said.

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Economy, food prices, India, inflation, Wholesale Price Index, WPI 2020-06-15 14:13:47 https://img.odishatv.in/wp-content/uploads/2020/06/Inflation.jpg
Petrol, Diesel Prices Increase Over Rs 4/Litre In A Week https://odishatv.in/business_economy/petrol-diesel-prices-increase-over-rs-4-litre-in-a-week-456853 Sun, 14 Jun 2020 07:27:26 +0000 https://odishatv.in/?p=456853

New Delhi: Fuel prices recorded a seventh consecutive hike on Sunday, taking the total increase over the past week to more than Rs four per litre. In the national capital, petrol price rose by 62 paise on Sunday to Rs 75.78 per litre, and that of diesel by 64 paise to Rs 74.03 per litre. […]

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New Delhi: Fuel prices recorded a seventh consecutive hike on Sunday, taking the total increase over the past week to more than Rs four per litre.

In the national capital, petrol price rose by 62 paise on Sunday to Rs 75.78 per litre, and that of diesel by 64 paise to Rs 74.03 per litre.

Since the dynamic price revision resumed on June 7, prices of petrol and diesel have increased by Rs 4.52 and Rs 4.64 per litre respectively.

Fuel prices in the other metro cities have also increased on similar lines since the oil marketing companies (OMC) resumed the dynamic pricing system for daily revision of fuel prices after over 83 days of break during the nationwide lockdown.

In Mumbai, Chennai and Kolkata, petrol was priced at Rs 82.70, Rs 79.53 and Rs 77.64, higher from Rs 82.10, Rs 78.99 and Rs 77.05 per litre respectively.

Diesel prices in these cities were Rs 72.64 (Mumbai), Rs 72.18 (Chennai) and Rs 69.80 (Kolkata), compared with Rs 72.03, Rs 71.64 and Rs 69.23 respectively on Saturday.

The increase in prices varies across metros, depending on the tax structure on products in various states.

Prices of transportation fuel were halted under the dynamic pricing policy after March 16 and post that there were few instances of price hike only when the respective state governments hiked VAT or cess.

In a bid to increase revenues during the nationwide lockdown, several state governments raised taxes imposed on transportation fuel.

Already, the gap between cost and sale price of petrol and diesel for OMCs reached around Rs 5-6 per litre. If this has to be covered over a period of time, given there is no further increase in global prices, auto fuel prices may be increased by 40-60 paise per day for a few more days to cover the losses.

The increase in retail prices under daily price revision would largely depend on prevailing oil prices and the global oil market at the time.

However, the lockdown has also decreased the demand for auto fuel. This could maintain some check on prices.

Raising retail prices has become important for OMCs now as the recent steep excise duty hike without a resultant increase in petrol and diesel prices had substantially brought down its marketing margins from record-high levels of Rs 12-18 per litre.

If OMCs are unable to raise prices when the global crude prices are rising, they would start incurring losses that will get steeper.

(IANS)

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Passenger Vehicle Sales Expected To Plunge By 22-25% in FY21

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diesel prices, fuel prices increase over Rs 4/Litre, Petrol prices 2020-06-14 12:57:26 https://img.odishatv.in/wp-content/uploads/2020/06/Petrol-Diesel.jpg
18% GST Ruling On ‘Parotas’ Cooks Up Storm On Social Media https://odishatv.in/business_economy/18-gst-ruling-on-parotas-cooks-up-storm-on-social-media-456653 Fri, 12 Jun 2020 16:51:54 +0000 https://odishatv.in/?p=456653

New Delhi: What is the difference between a roti and a Paratha? Apart from the taste, it is 18 per cent GST that can be imposed on Parotas (or Parathas) because these need to be heated before consumption. Mahindra Group Chairman Anand Mahindra took to Twitter on Friday after the Karnataka bench of Authority for […]

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New Delhi: What is the difference between a roti and a Paratha? Apart from the taste, it is 18 per cent GST that can be imposed on Parotas (or Parathas) because these need to be heated before consumption.

Mahindra Group Chairman Anand Mahindra took to Twitter on Friday after the Karnataka bench of Authority for Advance Rulings (AAR) ruled recently that ‘Parotas’ are not rotis and, therefore, can be taxed at higher 18 per cent GST compared to 5 per cent for rotis because they need to be heated before consumption.

“With all the other challenges the country is facing, it makes you wonder if we should be worrying about an existential crisis for the ‘Parota.’ In any case, given Indian jugaad skills, I’m pretty sure there will be a new breed of ‘Parotis’ that will challenge any categorization,” Mahindra tweeted.

The Karnataka bench’s order comes after a Bengaluru-based ready-to-cook food maker sought the authority for more clarification on GST rates for variants of parotas.

As the post went viral, Twitterati flooded the social media with their reactions.

One Twitter user said: “According to new GST ruling, Roti & Chapatti : 5 per cent GST Tax, Porotta : 18 per cent GST Tax. Kerala “Parota” is not “Roti” because unlike rotis which are ready to eat, Porotas need to be heated before consumption. Height of Indian Bureaucracy. #HandsOffPorotta”.

Another Twitter user asked: “You spell it as Parota, Parotha, Parontha, Paratha or Parantha? I grew calling it Parantha. More the letters, higher the tax?”

The company called iD Fresh Food contended that its products should be treated in the same way as khakhra, plain chapati or roti under the law.

iD Fresh Food in a statement on Friday said it has decided to appeal further on this matter.

“We have decided to appeal against the recent ruling by the Authority of Advance Ruling (AAR) Karnataka that ‘parota’ as classified under Chapter Heading 2106 is not khakhra, plain chapati, or roti, so 18 per cent of GST is applicable,” said PC Musthafa, CEO and Co-founder, iD Fresh Food.

Meanwhile, another Twitter user commented: “How about puri or for that matter Amritsar’s Chole Kulche? Which has Aloo in it. With this additional ingredient in it, exclusivity of 28 per cent may be fine”.

(IANS)

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18% GST Ruling, 18% GST Ruling On Parotas, Goods and Service Tax, GST, GST Ruling On Parotas 2020-06-12 22:21:54 https://img.odishatv.in/wp-content/uploads/2020/06/Anand-Mahindra.jpg
SC Gives 3 Days To Finance Mininstry, RBI To Decide On Moratorium Period Interest https://odishatv.in/business_economy/sc-gives-3-days-to-finance-mininstry-rbi-to-decide-on-moratorium-period-interest-456590 Fri, 12 Jun 2020 09:33:31 +0000 https://odishatv.in/?p=456590

New Delhi: The Supreme Court on Friday asked Solicitor General Tushar Mehta to convene a meeting of the Finance Ministry and RBI officials over the weekend to decide whether interest incurred on EMIs during the moratorium period can be charged by banks. A bench comprising Justices Ashok Bhushan, Sanjay Kishan Kaul and M.R. Shah queried […]

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New Delhi: The Supreme Court on Friday asked Solicitor General Tushar Mehta to convene a meeting of the Finance Ministry and RBI officials over the weekend to decide whether interest incurred on EMIs during the moratorium period can be charged by banks.

A bench comprising Justices Ashok Bhushan, Sanjay Kishan Kaul and M.R. Shah queried Mehta as the court was concerned since the Centre has deferred loan for three months.

“Then how can interest of these 3 months be added?” the apex bench asked. Mehta replied: “I need to sit down with the RBI officials and have a meeting.”

SBI’s counsel, senior advocate Mukul Rohatgi, intervened during the proceedings and said “all banks are of the view that interest cannot be waived for a six month EMI moratorium period”.

“We need to discuss it with the RBI,” insisted Rohatgi.

Justice Bhushan then asked Mehta to convene a meeting of the RBI and Finance Ministry officials over the weekend, and listed the matter for further hearing on June 17.

The top court, during the hearing, indicated that it was not considering a complete waiver of interest but was only concerned that postponement of interest shouldn’t accrue further interest on it.

After the RBI said the waiver of interest charges on EMIs during moratorium will lead to loss of 1 per cent of the nation’s GDP, the top court had earlier asked the Finance Ministry to reply, whether the interest could be waived or it would continue during the moratorium period.

The top court said these are not normal times, and it is a serious issue, as on one hand moratorium is granted and then, the interest is charged on loans during this period.

“There are two issues in this (matter). No interest during the moratorium period and no interest on interest,” said Justice Bhushan. The observation from the bench came on a petition by Gajendra Sharma, in which he sought a direction to declare portion of the RBI’s March 27 notification as ultra vires to the extent it charged interest on the loan amount during the moratorium period.

(IANS)

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Finance Mininstry, Moratorium Period Interest, RBI, Supreme Court 2020-06-12 15:03:31 https://img.odishatv.in/wp-content/uploads/2020/06/SC.jpg
RBI Proposes 10 Yrs Cap On Term Of Bank Promoters Functioning As CEO https://odishatv.in/business_economy/rbi-proposes-10-yrs-cap-on-term-of-bank-promoters-functioning-as-ceo-456521 Fri, 12 Jun 2020 03:23:08 +0000 https://odishatv.in/?p=456521

Mumbai: The Reserve Bank of India has come up with a discussion paper on governance in commercial banks, whereby it has proposed to limit the term of a bank promoter to hold the position of a CEO or whole-time director. According to the RBI paper, a promoter or major shareholder of a bank may continue […]

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Mumbai: The Reserve Bank of India has come up with a discussion paper on governance in commercial banks, whereby it has proposed to limit the term of a bank promoter to hold the position of a CEO or whole-time director.

According to the RBI paper, a promoter or major shareholder of a bank may continue as CEO or whole-time director for a maximum period of 10 years. After this term, they must shift back to professional management position.

The central bank also proposed that in the overall interest of good governance, a management functionary who is not a promoter or a major shareholder can be a whole-time director or CEO of a bank for 15 consecutive years.

Thereafter, the individual shall be eligible for re-appointment as whole-time director or CEO only after the expiration of three years.

During this three-year period, the individual shall not be appointed or associated with the bank in any capacity, either directly or indirectly, advisory or otherwise.

The discussion paper said that to build a robust culture of sound governance practice, professional management of banks and to adopt the principle of separating ownership from management, it is desirable to limit the tenure of the whole-time directors (WTD) and CEOs.

“Therefore, it is felt that 10 years is an adequate time limit for a promoter/major shareholder of a bank as WTD or CEO of the bank to stabilise its operations and to transition the managerial leadership to a professional management,” it said.

It noted that the upper age limit for CEO and whole-time director of banks is 70 years. Beyond this, nobody can continue in the post. Within the overall limit of 70 years, an individual bank’s board can prescribe, as an internal policy, a lower age limit for CEO and whole-time directors.

On the date of issuance of the guideline or directions on the matter by the Reserve Bank on the basis this discussion paper, banks with WTDs or CEO who have completed 10 or 15 years shall have two years or up to the expiry of the current tenure, whichever is later, to identify and appoint a successor, it said.

The RBI has also proposed clear demarcation of duties and responsibilities between the board and management of the bank.

Based on stakeholder feedback, it will issue necessary directions and guidelines and subsequently, if it considers necessary, issue clarifications in respect of any matter covered in the guidelines.

The new guidelines shall come into effect within a period of six months after being placed on the website of the Reserve Bank or April 1, 2021, whichever is later.

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bank promoter, CEO position, governance in commercial banks, RBI, Reserve Bank of India 2020-06-12 08:53:08 https://img.odishatv.in/wp-content/uploads/2020/06/RBI.jpg
Petrol Price Hiked By 40 Paise Per Litre, Diesel By 45 Paise For 4th Consecutive Day https://odishatv.in/business_economy/petrol-price-hiked-by-40-paise-per-litre-diesel-by-45-paise-456245 Wed, 10 Jun 2020 04:16:06 +0000 https://odishatv.in/?p=456245

New Delhi: Petrol price on Wednesday was hiked by 40 paise per litre and diesel by 45 paise, the fourth straight daily increase in rates after oil PSUs ended an 82-day hiatus in rate revision. Petrol price in Delhi was hiked to Rs 73.40 per litre from Rs 73, while diesel rates were increased to […]

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New Delhi: Petrol price on Wednesday was hiked by 40 paise per litre and diesel by 45 paise, the fourth straight daily increase in rates after oil PSUs ended an 82-day hiatus in rate revision.

Petrol price in Delhi was hiked to Rs 73.40 per litre from Rs 73, while diesel rates were increased to Rs 71.62 a litre from Rs 71.17, according to a price notification of state oil marketing companies.

Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or VAT.

This is the fourth daily increase in rates in a row since oil companies on Sunday restarted revising prices in line with costs, after ending an 82-day hiatus.

In four hikes, petrol price has gone up by Rs 2.14 per litre and diesel by Rs 2.23.

(PTI)

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diesel, Fuel price hikes, Fuel price rise for four consecutive days, Petrol price hiked 2020-06-10 09:46:06 https://img.odishatv.in/wp-content/uploads/2020/06/petrol-price.jpg
Keep Lending To MSMEs, But Support Other Businesses Too: FM To PSBs https://odishatv.in/business_economy/keep-lending-to-msmes-but-support-other-businesses-too-fm-to-psbs-456175 Tue, 09 Jun 2020 14:15:35 +0000 https://odishatv.in/?p=456175

New Delhi: Finance Minister Nirmala Sitharman on Tuesday held a review meeting with the Managing Directors of public sector banks (PSB) and asked them to continue reaching out and lending to MSMEs under the collateral-free Emergency Credit Line Guarantee Scheme. In the video conference, she also directed the state-run lenders to try meeting the credit […]

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New Delhi: Finance Minister Nirmala Sitharman on Tuesday held a review meeting with the Managing Directors of public sector banks (PSB) and asked them to continue reaching out and lending to MSMEs under the collateral-free Emergency Credit Line Guarantee Scheme.

In the video conference, she also directed the state-run lenders to try meeting the credit requirements of other businesses.

In a tweet, the Department of Financial Services said: “FM’s review: PSBs to continue focus on sanction & reaching out to eligible MSMEs. To also target meeting credit needs of other businesses. #PSBsForAatmanirbharBharat @PMOIndia @FinMinIndia.”

The directive comes a day after the Finance Minister while addressing the FICCI National Executive Committee members, clarified that the COVID Emergency Credit Facility announced as part of the Aatma Nirbhar Bharat package covers all companies and not just MSMEs.

She also complimented the banks on their swift response to the demand for the collateral-free loan and sanctioning Rs 20,000 crore under the Emergency Credit Line Guarantee Scheme.

Sitharaman also advised the banks to maintain proactive outreach at branch level and keep the forms for ECLGS simple and formalities at minimum, said another tweet by DFS.

The scheme is part of the Aatma Nirbhar Bharat economic package. As per the government, banks would provide collateral-free loans to the eligible MSMEs loans upto Rs 3 lakh crore in total in a bid to overcome the financial crisis caused due to the coronavirus pandemic and the nationwide lockdown.

(IANS)

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Finance Minister, FM, Lending To MSMEs, Nirmala Sitharaman, PSBs, public sector banks, Sitharaman 2020-06-09 19:45:35 https://img.odishatv.in/wp-content/uploads/2020/06/FM-Nirmala-Sitharaman-1.jpg
India’s Economy To Shrink By 3.2% In 2020-21, Worst Since 1979: World Bank https://odishatv.in/business_economy/indias-economy-to-shrink-by-3-2-in-2020-21-worst-since-1979-world-bank-456108 Tue, 09 Jun 2020 05:35:18 +0000 https://odishatv.in/?p=456108

United Nations: As India reels from the impact of the COVID-19 pandemic, the World Bank projects the country’s economy to shrink by 3.2 per cent in the current fiscal year, the worst performance since 1979. The Bank said on Monday that the world was facing its worst recession since World War II and per capita […]

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United Nations: As India reels from the impact of the COVID-19 pandemic, the World Bank projects the country’s economy to shrink by 3.2 per cent in the current fiscal year, the worst performance since 1979.

The Bank said on Monday that the world was facing its worst recession since World War II and per capita incomes would fall plunging millions into poverty.

Making the forecast for India, the Bank said: “Stringent measures to control the spread of the virus will heavily curtail activity, despite some support from fiscal and monetary stimulus. Spillovers from weaker global growth and balance sheet stress in the financial sector will also weigh on activity.”

The Bank’s Global Economic Prospects report cut the last fiscal year’s gross domestic product (GDP) growth for India to 4.2 per cent and forecast it to fall by 3.2 per cent in 2020-21 “when the impact of the pandemic will largely hit”.

The last time India had recorded a negative growth rate was in 1979 when it was -5.24 per cent.

The Bank forecast the global economy to shrink by 5.2 per cent this year resulting in a “largest fraction of economies experiencing declines in per capita output since 1870”.

The projected 3.6 per cent drop in per capita income this year “will tip millions of people into extreme poverty this year,” the report warned.

“This is a deeply sobering outlook, with the crisis likely to leave long-lasting scars and pose major global challenges,” World Bank Group Vice President Ceyla Pazarbasioglu said.

The report expected global growth to rebound to 4.2 per cent next year.

The economies of developed countries are expected to shrink by 7 per cent this year but grow by 3.9 per cent next year.

The Bank’s latest report presents a very negative turn around for India since January when it had projected the country to be the fastest growing major economy with a growth rate of 7.5 per cent in 2019-20 and in the current fiscal year.

The UN had projected last month a modest growth rate of 1.2 per cent for India in the current fiscal year.

The central banks in virtually all major economies in the South Asian region have been able to take measures to stimulate economic activity, the Bank report noted.

Although South Asia had delayed and initially smaller COVID-19 outbreaks, the number of cases is increasing rapidly in India, Pakistan, Afghanistan and Bangladesh, the report said.

“The region has a high share of workers employed in the informal sector, which adds to the health and economic challenges of dealing with the pandemic,” the Bank said.

Among the external factors impacting the region, the Bank listed spillovers from major trading partners; losses in supply chain linkages, and protracted low oil prices with depressed economic activity in the Middle East that could cut remittances.

But it said the lower oil prices and more subdued economic activity are keeping inflation generally contained in the region.

China’s growth in 2020 is projected at 1 per cent and 6.9 per cent in 2021.

The Bank forecast Pakistan’s growth to shrink by 1.2 per cent in the last fiscal year and by 0.2 per cent in the next.

For Bangladesh, the Bank’s forecast is 1.6 per cent growth for the last fiscal year and 1 per cent for the next. Sri Lanka’s growth is projected to shrink by 3.2 per cent in the current calendar year and remain flat next year.

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'Right Panel Top', COVID-19 pandemic, India, India's economy, India's economy to shrink by 3.2%, World Bank 2020-06-09 11:46:01 https://img.odishatv.in/wp-content/uploads/2020/06/India-Economy.jpg
Fuel Prices Hiked By 60 Paisa Per Litre For Second Consecutive Day https://odishatv.in/business_economy/fuel-prices-hiked-by-60-paisa-per-litre-for-second-consecutive-day-455962 Mon, 08 Jun 2020 06:53:09 +0000 https://odishatv.in/?p=455962

New Delhi: Oil marketing companies on Monday increased the price of petrol and diesel by 60 paise per litre, the second such successive raise to cover for the rise in global product prices. The increase has been made under the dynamic pricing system for daily revision of fuel prices, which OMCs resumed after over the […]

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New Delhi: Oil marketing companies on Monday increased the price of petrol and diesel by 60 paise per litre, the second such successive raise to cover for the rise in global product prices.

The increase has been made under the dynamic pricing system for daily revision of fuel prices, which OMCs resumed after over the 80 day break during the lockdown period.

In the national capital, the retail price of both petrol and diesel had increased by 60 paise to Rs 72.46 and Rs 70.59 per litre respectively. In other cities, the increase could vary depending on the tax structure on products.

IANS had written earlier that daily price revision may begin in June and retail prices of petrol and diesel could go up to Rs 5 a litre in phases. In two days it has already gone up by Rs 1.20 per litre.

Prices of transportation fuel were last revised under the dynamic pricing policy on March 16 and there were few instances of price hike only when the respective state governments hiked VAT or cess.

In a bid to increase revenues during the nationwide lockdown, several state governments raised taxes imposed on transportation fuel.

Already, the gap between cost and sale price of petrol and diesel for the OMCs has reached around Rs 4-5 per litre. If this has to be covered over a period of time, given there is no further increase in the global prices, auto fuel prices may be increased by 40-60 paise per day for a couple of weeks to cover the losses.

The increase in retail price under daily price revision would largely depend on prevailing oil prices and global oil market at the time to determine the retail price. Going by the current trend, crude prices are way above price levels in April when even benchmark Brent crude had slipped below $20 a barrel. Brent is now trading at over $42 a barrel.

However, lockdown has also curved demand for auto fuel. This could maintain some check on prices.

Raising retail prices became important for the OMCs now as the recent steep excise duty hike without the resultant increase in petrol and fiscal prices, had substantially brought down its marketing margins from a record high level of Rs 12-18 per litre.

If it is unable to raise prices when the global crude prices are rising, it would start incurring losses that will get steeper.

(IANS)

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diesel, diesel prices, Fuel Prices Hiked, Petrol, Petrol prices, price hiked 2020-06-08 12:23:09 https://img.odishatv.in/wp-content/uploads/2020/06/Fuel-price-hiked.jpg
PSBs Sanction Rs 17,705 Crore Collateral Free Loans For MSMEs https://odishatv.in/business_economy/psbs-sanction-rs-17705-crore-collateral-free-loans-for-msmes-455828 Sun, 07 Jun 2020 10:58:00 +0000 https://odishatv.in/?p=455828

New Delhi: Public sector banks (PSB) have so far sanctioned Rs 17,705.64 crore worth of loans under the 100 per cent government-guaranteed Emergency Credit Line Guarantee Scheme. The scheme is part of the Aatmanirbhar Bharat economic package. As per the government, banks would provide collateral-free loans to the eligible MSMEs loans upto Rs 3 lakh […]

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New Delhi: Public sector banks (PSB) have so far sanctioned Rs 17,705.64 crore worth of loans under the 100 per cent government-guaranteed Emergency Credit Line Guarantee Scheme. The scheme is part of the Aatmanirbhar Bharat economic package. As per the government, banks would provide collateral-free loans to the eligible MSMEs loans upto Rs 3 lakh crore in total in a bid to overcome the financial crisis caused due to the coronavirus pandemic and the nationwide lockdown.

As of Friday, June 5, out of the sanctioned amount, Rs 8,320.24 crore has been disbursed, said a tweet by Finance Minister Nirmala Sitharaman’s office.

“As of 5 June 2020, #PSBs have sanctioned loans worth Rs 17,705.64 crore under the 100% Emergency Credit Line Guarantee Scheme, out of which Rs 8320.24 crore have been disbursed,” said the tweet.

Data shared in the tweet showed that the State Bank of India (SBI) contributed a major chunk of the amount sanctioned and disbursed so far. SBI, as of Friday sanctioned a total of Rs 11,701.06 crore and disbursed Rs 6,084.71 crore of loans.

The sanctioned and disbursed amounts under the 100 per cent government guaranteed scheme are the highest in Tamil Nadu so far. A total of Rs 2,018.89 crore has been sanctioned so far to 33,725 accounts of MSMEs in the state and Rs 1,325.04 crore has been disbursed to 18,867 accounts.

Uttar Pradesh, on the other hand has recorded the highest number of MSMEs to have been sanctioned and disbursed credit under the scheme so far. A total of 43,541 accounts have been sanctioned with Rs 1,960.97 crore and 21,728 MSMEs have received loans worth Rs 852.05 crore, the data sourced from PSBs showed.

(IANS)

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Aatmanirbhar Bharat economic package, Collateral Free Loans, loans, Loans For MSMEs, MSMEs, MSMEs loans, PSBs Sanction Loan 2020-06-07 16:28:00 https://img.odishatv.in/wp-content/uploads/2020/06/MSME-Loans.jpg
No Corporate Loan Sanctions, Renewals Without LEI Code: IRDAI https://odishatv.in/business_economy/no-corporate-loan-sanctions-renewals-without-lei-code-irdai-455690 Sat, 06 Jun 2020 16:40:02 +0000 https://odishatv.in/?p=455690

Chennai: The Insurance Regulatory and Development Authority of India (IRDAI) has asked insurers not to grant loan renewals or enhancements if the borrowers do not get the LEI code from the Legal Entity Identifier India Ltd. In a circular, IRDAI has asked insurers and others regulated by it to get the Legal Entity Identifier (LEI) […]

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Chennai: The Insurance Regulatory and Development Authority of India (IRDAI) has asked insurers not to grant loan renewals or enhancements if the borrowers do not get the LEI code from the Legal Entity Identifier India Ltd.

In a circular, IRDAI has asked insurers and others regulated by it to get the Legal Entity Identifier (LEI) code on or before July 31, 2020.

The IRDAI also asked the insurers to advice their corporate borrowers having total exposure of Rs 50 crore and above to obtain LEI code on or before June 30, 2020 and provide the same.

The Indian insurance regulator further said borrowers who do not obtain LEI code should not be granted loan renewals or enhancements and no new loans be sanctioned without the LEI code.

(IANS)

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Corporate Loan, Corporate Loan Sanctions, Insurance Regulatory and Development Authority of India, IRDAI, Legal Entity Identifier India Ltd, LEI Code, loan, loan renewals, Loan Sanctions 2020-06-06 22:10:02 https://img.odishatv.in/wp-content/uploads/2020/06/IRDAI-Corporate-Loan-Sancti.jpg
Resource constraint may lead to no new scheme funding in FY21 https://odishatv.in/business_economy/resource-constraint-may-lead-to-no-new-scheme-funding-in-fy21-455473 Fri, 05 Jun 2020 08:52:10 +0000 https://odishatv.in/?p=455473

New Delhi: Government has suspended expenditure on all new and approved public-funded schemes and projects of ministries during the current financial year in wake of Covid-19 pandemic that has put unprecedented demand on public financial resources. Accordingly, ministries have been told that no new schemes and sub-schemes should be initiated in FY21 excerpt those announced […]

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New Delhi: Government has suspended expenditure on all new and approved public-funded schemes and projects of ministries during the current financial year in wake of Covid-19 pandemic that has put unprecedented demand on public financial resources.

Accordingly, ministries have been told that no new schemes and sub-schemes should be initiated in FY21 excerpt those announced under Pradhan Mantri Gareeb Kalyan package, Atma Nirbhar Bharata Abhiyan package and any other special package and announcement made by the government during the course the year counter adverse impact from coronavirus outbreak.

According to an office memorandum of department of expenditure in the Finance Ministry, the changes has been made as there is a need to use resources prudently in accordance with emerging and changing priorities.

Despite the new economic packages announced by the Centre over last couple o f months, expenditure department has been flooded with requests from ministries seeking ain-principle’ approvals for new proposals and schemes.

As per the finance ministry’s decision, even approved schemes up to Rs 500 crore will remain suspended in FY21 or till further orders, whichever is earlier.

However, all ongoing schemes whose continuation in current fiscal got approval from the finance ministry in January will continue to operate till March 31, 2021 or till the date 15 Finance Commissions recommendations come into effect, whichever is earlier. The continuation of these schemes will be based on outcome review based on evaluation.

The continuing schemes will need to be appraised and approved further for the period of 2021-22 and 2025-26 after 15th Finance Commission’s recommendations are accepted and resource position of public exchequer is clear, the finance ministry office memorandum has said.

Finance ministry has decided not to release any funds for scheme this year that are not in conformity to its above guidelines. No budgetary provisions will be made available by re-appropriation to such schemes.

An exception to the new austerity measure of the finance ministry can only be made with its specific approval.

(IANS)

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COVID-19, COVID-19 pandemic, FY21 2020-06-05 14:22:10 https://img.odishatv.in/wp-content/uploads/2020/06/FY21.jpg
Abu Dhabi-based Mubadala invests Rs 9,093 cr in RIL’s Jio Platforms https://odishatv.in/business_economy/abu-dhabi-based-mubadala-invests-rs-9093-cr-in-rils-jio-platforms-455404 Fri, 05 Jun 2020 03:25:17 +0000 https://odishatv.in/?p=455404

Mumbai: Reliance Industries Ltd on Friday announced that Mubadala Investment Company (Mubadala), the Abu Dhabi-based sovereign investor, will invest Rs 9,093.60 crore in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. With this investment, Jio Platforms has raised Rs 87,655.35 crore from leading […]

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Mumbai: Reliance Industries Ltd on Friday announced that Mubadala Investment Company (Mubadala), the Abu Dhabi-based sovereign investor, will invest Rs 9,093.60 crore in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.

With this investment, Jio Platforms has raised Rs 87,655.35 crore from leading global technology and growth investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR and Mubadala in less than six weeks.

“Through my longstanding ties with Abu Dhabi, I have personally seen the impact of Mubadala’s work in diversifying and globally connecting the UAE’s knowledge-based economy. We look forward to benefiting from Mubadala’s experience and insights from supporting growth journeys across the world,” said Mukesh Ambani, Chairman and Managing Director of Reliance Industries.

With more than 388 million subscribers, Jio Platforms has made significant investments across its digital ecosystem, powered by leading technologies.

Jio’s vision is to enable a Digital India for 1.3 billion people and businesses across the country, including small merchants, micro-businesses and farmers so that all of them can enjoy the fruits of inclusive growth, the company said in a statement.

“We have seen how Jio has already transformed communications and connectivity in India, and as an investor and partner, we are committed to supporting India’s digital growth journey,” said Khaldoon Al Mubarak, Managing Director and Group CEO, Mubadala Investment Company.

“With Jio’s network of investors and partners, we believe that the platform company will further the development of the digital economy,” he added.

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jio platforms, Mubadala, Mubadala invests in Jio, Mubadala Jio Deal, Reliance, RIL's Jio Platforms 2020-06-05 09:29:31 https://img.odishatv.in/wp-content/uploads/2020/06/Mubadala-Jio.jpg
Women Jan Dhan Account Holders To Get Final Instalment Of Rs 500: FinMin Sitharaman https://odishatv.in/business_economy/women-jan-dhan-account-holders-to-get-final-instalment-of-rs-500-finmin-sitharaman-455308 Thu, 04 Jun 2020 15:38:47 +0000 https://odishatv.in/?p=455308

New Delhi: Women Jan Dhan bank account holders will start getting the third and final instalment of Rs 500 from Friday in line with the announcement made by Finance Minister Nirmala Sitharaman in March. To help the poor tide over the COVID-19 crisis, the government on March 26 announced an ex-gratia payment of Rs 500 […]

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New Delhi: Women Jan Dhan bank account holders will start getting the third and final instalment of Rs 500 from Friday in line with the announcement made by Finance Minister Nirmala Sitharaman in March.

To help the poor tide over the COVID-19 crisis, the government on March 26 announced an ex-gratia payment of Rs 500 to be credited to women Jan Dhan account holders for the next three months starting from April.

Instalment of Rs 500 for June has been sent to the bank accounts of PMJDY women beneficiaries under Pradhan Mantri Garib Kalyan Package.

Beneficiaries are requested to follow the schedule to visit banks and CSPs and money can also be withdrawn via ATMs and BCs, the Financial Services Department under the Finance Ministry informed through a video message.

The transfer has been staggered over a period of five days to avoid a rush at bank branches. This will help in ensuring social distancing and avoid overcrowding in banks.

As per the schedule, women account holders under the Pradhan Mantri Jan Dhan Yojana (PMJDY) having account number with the last digit as 0 and 1 will get the money in their accounts on June 5, while accounts ending with 2 or 3 can approach the bank on June 6.

Beneficiaries with account numbers ending with 4 or 5 can collect their money on June 8, while accounts ending with 6 or 7 may withdraw on June 9.

The last tranche would be remitted on June 10 for account numbers ending with 8 or 9, it said.

In case of emergency, one can withdraw the money immediately. However, for orderly disbursal, one must follow the banks’ payment plan, it added.

Beneficiaries may withdraw any day at their convenience after June 10.

Through the informative video, beneficiaries are encouraged to use the neighbourhood ATMs with RuPay cards, Bank Mitras and customer service points (CSPs) as much as possible to avoid crowding at the branches.

“Please note that there will be no charges for withdrawing money from other bank ATMs, at present, as per the government directives,” it said.

Besides, it encourages people to buy Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana (PMSBY) at an affordable premium of Rs 330 and Rs 12 per annum respectively.

During April and May as many as 20.05 crore women Jan Dhan account holders received Rs 500 each in their accounts as the first instalment. The total disbursement under the head was Rs 20,344 crore as on June 3.

In a bid to mitigate the hardship caused by the coronavirus crisis, the government in late March announced a Rs 1.7 lakh crore stimulus package comprising free foodgrains and cooking gas to poor and cash doles to poor women and elderly.

(PTI)

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Finance Minister Sitharaman, FinMin Sitharaman, Nirmala Sitharaman, Women Jan Dhan Account 2020-06-04 21:08:47 https://img.odishatv.in/wp-content/uploads/2020/06/FM-Nirmala-Sitharaman.jpg
Around 42 cr beneficiaries received aid under Pradhan Mantri Garib Kalyan Package till June 2 https://odishatv.in/business_economy/around-42-cr-beneficiaries-received-aid-under-pradhan-mantri-garib-kalyan-package-till-june-2-455114 Wed, 03 Jun 2020 08:28:14 +0000 https://odishatv.in/?p=455114

New Delhi: Around 42 crore beneficiaries have been directly given cash support through Direct Benefit Transfer (DBT) amounting to Rs 53,248 crores under the Pradhan Mantri Garib Kalyan Package (PMGKP) till June 2, the Finance Ministry said in a statement on Wednesday. The Rs 1.7 lakh crore PMGKP package was announced by Finance Minister Nirmala […]

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New Delhi: Around 42 crore beneficiaries have been directly given cash support through Direct Benefit Transfer (DBT) amounting to Rs 53,248 crores under the Pradhan Mantri Garib Kalyan Package (PMGKP) till June 2, the Finance Ministry said in a statement on Wednesday.

The Rs 1.7 lakh crore PMGKP package was announced by Finance Minister Nirmala Sitharaman on March 26 to protect weaker and most vulnerable sections of the society from the impact of the lockdown due to Covid-19.

Under the package, the government announced free food grains and cash payment to women and poor senior citizens and farmers. Its swift implementation is being continuously monitored by Central and state governments.

So far, the government has transferred Rs 8,488 crore into the bank accounts of PM Ujjwala Yojana beneficiaries. Also, 8.58 crore free Ujjwala cylinders have been delivered while a total of 9.25 crore cylinders have been booked. Under the package, the government has decided to distribute free cooking gas cylinders to Ujjwala beneficiaries for three months till June 30.

The Finance Ministry statement said that as of June 2, the government has also released an amount of Rs 895 crore for the benefit of 59.23 lakh EPFO account holder employees where government has decided to make the entire 24 per cent PF contribution of both employer and employees for a further period of three months.

The government has also released the First instalment of PM-KISAN (Rs 16,394 crore) and transferred it to 8.19 crore identified farmers who got Rs 2,000 directly in their account.

The government has also disbursed Rs 20,344 crore to women Jan Dhan account holders till June 2. A sum of Rs 10,029 crore was disbursed to 20.05 crore Women Jan Dhan account holders (98.3 per cent beneficiary as first instalment of Rs 500 payment. Moreover, Rs 10,315 crore has also been credited to 20.63 crore women Jan Dhan account holders (100 per cent beneficiaries) as second instalment payment.

In addition, the government has also released Rs 2,814 crore to about 2.81 crore old age persons, widows and disabled persons. Each beneficiary received an ex-gratia cash of Rs 500 under the scheme as the first instalment and another Rs 500 as second instalment. For each instalment, the government disbursed Rs 1,407 crore to 100 per cent identified beneficiaries.

Also, 2.3 crore Building & Construction workers have so far received financial support amounting to Rs 4,313 crore.

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COVID-19, DBT, Finance Ministry, PMGKP beneficiaries, Pradhan Mantri Garib Kalyan Package 2020-06-03 13:58:14 https://img.odishatv.in/wp-content/uploads/2020/06/PMGKP.jpg
SBI Launches Separate Vertical For Agriculture, Micro Credit https://odishatv.in/business_economy/sbi-launches-separate-vertical-for-agriculture-micro-credit-455002 Tue, 02 Jun 2020 11:54:01 +0000 https://odishatv.in/?p=455002

New Delhi: In a major restructuring exercise, the State Bank of India (SBI), the largest lender of the country, has created a separate FI&MM vertical within the Bank with an exclusive focus on Financial Inclusion & Micro markets in rural and semi-urban areas to improve customer experience in the hinterland. Under this, the Bank will […]

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New Delhi: In a major restructuring exercise, the State Bank of India (SBI), the largest lender of the country, has created a separate FI&MM vertical within the Bank with an exclusive focus on Financial Inclusion & Micro markets in rural and semi-urban areas to improve customer experience in the hinterland.

Under this, the Bank will offer loans predominantly for agriculture and allied activities, and micro and small enterprises.

About 8,000 branches in rural and semi-urban areas have been identified for providing specialised services to the micro-segment including micro-credit for small businesses and farmers. The thrust is also to improve service quality and availability of banking services through the Bank’s network of over 63,000 Customer Service Points in rural, semi-urban, urban & metro areas. The new Vertical will provide a boost to the micro-finance sector.

Launching the Vertical, Rajnish Kumar, Chairman, SBI said: “The key elements of creating the FI&MM vertical are to bring sharper focus to different business lines and improve the quality of interaction with customers at the Branch. This is a key initiative by SBI to cater to the financial requirements of people residing in the hinterland of the country, as part of its financial inclusion journey. The new FI&MM Vertical will provide an opportunity to serve the small business, Agri & allied segment so that they can run their businesses smoothly, especially in the current times of uncertainty.”

At the national level, the FI&MM vertical will be headed by deputy managing director (DMD) Sanjeev Nautiyal.

To ensure special focus and smooth functioning at the local level, the FI&MM Vertical will comprise of a four-tiered structure under the Chief General Manager, General Manager, RMs at Regional Business Offices (RBO) and District Sales Hub to strengthen the credit delivery system and improve the turnaround time for quick sanctions and disbursement of small loans.

The primary emphasis will be on consolidating the district level presence which will provide constant sales & recovery support to branches in the FI&MM Network. The DSHs will also play an important role in strengthening the reach of Customer Service Points (CSP) and ensure improvement in quality & availability of services rendered to customers.

Amidst the COVID-19 pandemic, the SBI has been at the forefront in providing relief to existing SME borrowers, such as 10 per cent of fund-based working capital limits by way of CCECL (Common COVID 19 Emergency Credit Line), easing of working capital finance along with a moratorium on term loans and working capital.

(IANS)

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Agriculture, Agriculture Micro Credit SBI, Micro Credit, SBI, SBI Agriculture, SBI Vertical For Agriculture, SBI Vertical For Micro Credit, State Bank of India 2020-06-02 22:57:25 https://img.odishatv.in/wp-content/uploads/2020/06/State-Bank-of-India.jpg
EPFO Releases Rs 868 Crore Pension, Rs 105 Crore Arrears https://odishatv.in/finance/epfo-releases-rs-868-crore-pension-rs-105-crore-arrears-454854 Mon, 01 Jun 2020 16:32:15 +0000 https://odishatv.in/?p=454854

New Delhi: Earlier the central government accepted the EPFO Trust’s recommendation on one of the longstanding demands of workers to allow restoration of commuted value of pension after 15 years, allowing pensioners to receive an enhanced pension. Without the provision for commuted pension, pensioners continued to receive reduced pension lifelong. “This is a historical step […]

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New Delhi: Earlier the central government accepted the EPFO Trust’s recommendation on one of the longstanding demands of workers to allow restoration of commuted value of pension after 15 years, allowing pensioners to receive an enhanced pension.

Without the provision for commuted pension, pensioners continued to receive reduced pension lifelong. “This is a historical step for the benefit of pensioners under EPS-95,” the Ministry said.

The Employee’s Pension Scheme (EPS 95) was rolled out in 1995. Initially, the ceiling was Rs 5,000, which was raised to Rs 6,500 in 2011 and then to Rs 15,000 in 2014.

The EPFO caters to more than 65 lakh pensioners through its 135 regional offices. The EPFO employees processed May pension and ensured its credit in the pensioners’ bank accounts on schedule, battling all odds during the COVID-19-induced lockdown.

(IANS)

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Employee Provident Fund Organization, Employee's Pension Scheme, EPFO Releases Pension, pension, pensioners 2020-06-01 22:02:15 https://img.odishatv.in/wp-content/uploads/2020/06/EPFO.jpg
Non-subsidised LPG price hiked, aviation fuel ups by Rs 11,000/kl https://odishatv.in/business_economy/non-subsidised-lpg-price-hiked-aviation-fuel-ups-by-rs-11000-kl-454723 Mon, 01 Jun 2020 07:19:20 +0000 https://odishatv.in/?p=454723

New Delhi: Oil marketing companies have hiked the prices of non-subsidised cooking gas and aviation turbine fuel with effect from Monday. The price of the 14.2-kilogram cylinder of non-subsidised LPG gas in Delhi has been raised by Rs 11.50 from May to Rs 593 per cylinder. In Kolkata, Mumbai and Chennai, the price of LPG […]

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New Delhi: Oil marketing companies have hiked the prices of non-subsidised cooking gas and aviation turbine fuel with effect from Monday.

The price of the 14.2-kilogram cylinder of non-subsidised LPG gas in Delhi has been raised by Rs 11.50 from May to Rs 593 per cylinder.

In Kolkata, Mumbai and Chennai, the price of LPG has been raised at Rs 616, Rs 590.50 and Rs 606.50, against Rs 584.50, Rs 579 and Rs 569.50 per cylinder respectively. The highest increase was witnessed in Chennai with a hike of Rs 37 from the price in May.

The government currently subsidises 12 cylinders of 14.2 kilograms each per household in a year. Additional purchases have to be made at the market price.

In a statement on Sunday, Indian Oil Corp said that the retail selling price of LPG in Delhi market for the month of May 2020 was reduced from Rs 744 to Rs 581.50 per cylinder for all consumers in line with drop in International prices.

“For the month of June, there has been an increase in international prices of LPG. Due to increase in the prices in international market, the RSP of LPG in Delhi market will be increased by Rs 11.50 per cylinder,” it said.

It however said that, this increase will not impact the Pradhan Mantri Ujjwala (PMUY) beneficiaries, as they are covered by the Pradhan Mantri Garib Kalyan Yojana, and entitled to a free cylinder till June 30.

Price of ATF in the national capital has been raised by Rs 11,030.62 to 33,575.37 per kilolitre, according to data on the Indian Oil Corp’s website.

Similarly, in Kolkata, Mumbai and Chennai has been raised to Rs 38,543.48, Rs 3,070.56 and Rs 34,569.30 per kilolitre.

(IANS)

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Avia fuel, Aviation fuel price hike, non-subsidised LPG, Non-Subsidised LPG Price Hiked 2020-06-01 13:05:53 https://img.odishatv.in/wp-content/uploads/2020/06/LPG-price-hike.jpg
IT Return Forms: CBDT Notifies Modified Forms For FY 19-20 https://odishatv.in/business_economy/it-return-forms-cbdt-notifies-modified-forms-for-fy-19-20-454609 Sun, 31 May 2020 14:52:04 +0000 https://odishatv.in/?p=454609

New Delhi: The Central Board of Direct Taxes (CBDT) has notified new Income Tax Return Forms for the Assessment Year 2020-21 or the financial year 2019-20. The modifications come in the backdrop of the coronavirus pandemic. In a notification, the Finance Ministry said it issued ITR-1 (Sahaj), ITR-2, ITR-3, ITR-4 (Sugam), ITR-5, ITR-6, ITR-7 and […]

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New Delhi: The Central Board of Direct Taxes (CBDT) has notified new Income Tax Return Forms for the Assessment Year 2020-21 or the financial year 2019-20. The modifications come in the backdrop of the coronavirus pandemic.

In a notification, the Finance Ministry said it issued ITR-1 (Sahaj), ITR-2, ITR-3, ITR-4 (Sugam), ITR-5, ITR-6, ITR-7 and ITR-V forms, as per the rule changes in the Income Tax Rules 2020.

The latest changes include taxpayers’ declaration in detail if they have paid over Rs 1 lakh in electricity bills in a year, incurred Rs 2 lakh expense on foreign travel, deposited Rs 1 crore in bank account, in forms Sahaj ITR-1, Form ITR-2, Form ITR-3 and Form Sugam (ITR-4).

There are also dedicated columns for taxpayers’ declaration of expenditures, income, investments, donations made during April 2020 to June 2020, for which they can claim IT benefits.

Taxpayers can claim these benefits or declare them either for FY 2019-20 or for FY 2020-21.

In April, the Finance Ministry had said that the CBDT is revising the ITR forms for FY 2019-20 in order to enable income taxpayers to avail full benefits of various timeline extensions granted due to the coronavirus crisis.

Due to the outbreak of Covid-19, the government has extended various timelines under the Income-tax Act, 1961 vide Taxation and Other Laws (Relaxation of certain provisions) Ordinance, 2020.

Accordingly, the time for making investment and payments for claiming deduction under Chapter-VIA-B of IT Act which includes Section 80C (LIC, PPF, NSC and so on), 80D (mediclaim), 80G (donations), and others for FY 2019-20 has also been extended to June 30 2020.

Further, the dates for making the investment, construction or purchase for claiming rollover benefit in respect of capital gains under sections 54 to section 54GB has also been extended to June 30, 2020. So, return forms have been revised to facilitate reporting of the transactions of the relief period, said the statement.

Generally, the income-tax return forms are notified in the first week of April. This year also the e-filing utility for filing of returns for Assessment Year 2020-21 was made available as on April 1, 2020, and the Income-tax Return (ITR) Forms ITR-1 (Sahaj) and ITR-4 (Sugam) for the FY2019-20 (Assessment Year 2020-21), too, were already notified vide notification dated January 3, 2020.

Kapil Rana, Chairman and Founder, HostBooks Ltd, said that a new schedule “Schedule DA” has been added in relation to the investment deposited or payment made during the April-June. In ITR-4, PAN number is made optional if Aadhar number is provided and in section 44AD, one new clause added as the electronic mode in addition to electronic clearance and reduced the presumptive income from 8 per cent to 6 per cent.

In section 44AE for presumptive income from goods carriages, the ceiling of maximum row is removed and a new validation “number of vehicles should not exceed 10 vehicles at any time during the year” is added.

“It shows the intention that the government is putting all efforts to curb the tax leakages and also allowing law-abiding taxpayers to take benefit of the spent and investments made during the difficult time even if they are done after the completion of the assessment year. This also shows the intention to make the process simple and smoother,” Rana said.

(IANS)

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CBDT, Central Board of Direct Taxes, Finance Ministry, Income Tax Return, IT return, IT Return Forms, Modified Forms, Modified IT Return Forms 2020-05-31 20:22:04 https://img.odishatv.in/wp-content/uploads/2020/05/Central-board-of-direct-tax.jpg
India’s Economic Revival May Take 6 Months, Say Business Leaders https://odishatv.in/business_economy/indias-economic-revival-may-take-6-months-say-business-leaders-454434 Sat, 30 May 2020 15:54:29 +0000 https://odishatv.in/?p=454434

New Delhi: India will emerge stronger from multiple crises of economy, pandemic and super cyclone in the next 6-9 months, say industry leaders, based on the resilience shown by people, businesses and the government. The telecom and information technology will be key to survival and revival of lives and economy, said the business leaders as […]

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New Delhi: India will emerge stronger from multiple crises of economy, pandemic and super cyclone in the next 6-9 months, say industry leaders, based on the resilience shown by people, businesses and the government.

The telecom and information technology will be key to survival and revival of lives and economy, said the business leaders as they shared their views on challenges faced by the Indian economy at a webinar organised by Confederation of Indian Industry (CII), Delhi.

“Covid-19 has resulted in the world adapting to the ‘new normal’ by accelerating the business transition towards digital practices. IT as the backbone of the economy responded immediately to this crisis as the industry was prepared and working towards digitalisation,” said Sujit Baksi, Head- APAC Business & President, Corporate Affairs at Tech Mahindra.

“Today around 93-94 per cent of our workforce is working from home. We see this as an opportunity for our industry to change the way of working and enhanced engagement with the telecom sector, which has emerged as a lifeline, yet again. I am confident that the IT industry will bounce back in the second half of the financial year,” Baksi told the webinar on “New Normal: Impact of COVID on Business and Economy”.

According to Prativa Mohapatra, VP Sales at IBM India/South Asia, as the new normal sets in, leadership, decisiveness, empathy and teamwork will become more essential.

“The telecom industry has emerged as the nervous system and IT as flesh and blood in the current pandemic,” she said.

Rajan Mathews, Director General, Cellular Operators Association of India (COAI), the challenges also presents the telecom industry the opportunity to innovate and create critical solutions indigenously which can be globally scalable.

“Our industry faces an unprecedented financial crisis and at the same time we require investments in our infrastructure so that we can be future-ready to take up emerging challenges,” he said.

According to Prashant Solomon, Managing Director, Chintels India Pvt. Ltd and Treasurer, Confederation of Real Estate Developers Association of India (CREDAI) NCR, the lockdown have greatly impacted the real estate sector which is the second-largest employer in India.

“Operational resilience along with strong government initiatives, like increased liquidity and one-time restructuring of loans, are necessary to help the sector recover. CREDAI recently specified these requirements in an open letter to the PM and we are looking forward to further support,” Solomon said.

“We are entering in an economic contraction of 5 to 15 per cent depending on the industry and this economic crisis is unique for India as we have not experienced something like this in decades,” said Aditya Berlia, Chairman- CII Delhi, Co-Promoter Apeejay Stya and Svran Group.

“CII has immediately responded and is helping during the crisis but we know more can be done and will be done. The steps taken by the government are fantastic for the medium-term but what we require is something which can help businesses next week, not in six months.

“We believe that in the next six months of this year Covid-19 economic issues will begin to be resolved, and then we will see things moving up,” Berlia said.

(IANS)

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economic issues, Economy, India, India Economic Revival, India economy, Indian Economy 2020-05-30 21:24:29 https://img.odishatv.in/wp-content/uploads/2020/05/Indian-Economy-Crisis.jpg
GST Rates: Council To Meet Next Month, FinMin Not In Favour Of Raising Rates https://odishatv.in/business_economy/gst-rates-council-to-meet-next-month-finmin-not-in-favour-of-raising-rates-454191 Fri, 29 May 2020 14:26:15 +0000 https://odishatv.in/?p=454191

New Delhi: The finance ministry is not in favour of increasing goods and services tax rates on non-essential items in the next month’s meeting of the GST Council, despite depressed revenue collections due to the nationwide lockdown to contain the spread of COVID-19. If goods and services tax (GST) rates are increased on non-essential items, […]

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New Delhi: The finance ministry is not in favour of increasing goods and services tax rates on non-essential items in the next month’s meeting of the GST Council, despite depressed revenue collections due to the nationwide lockdown to contain the spread of COVID-19.

If goods and services tax (GST) rates are increased on non-essential items, sources said it will further bring down their demand and impede the overall economic recovery.

Post the lockdown, the demand has to be induced and economic activity has to improve on all fronts, not just on essential items side, they said.

However, the decision will be taken by the GST Council headed by the finance minister, according to sources.

Rates will come up for discussion during the council meeting next month to be attended by state finance ministers, they added.

The 39th meeting of GST Council was held in March, which proposed rationalisation of taxes on many items.

The nationwide lockdown was announced by Prime Minister Narendra Modi on March 24 for 21 days in the first leg in a bid to contain the spread of novel coronavirus. It was then extended till May 3 and then again till May 17. The fourth phase of lockdown is in place till May 31.

The lockdown has led to a major shrinkage in GST collections. The government deferred the release of April GST revenue collection data due to the lockdown.

The government had last month extended the deadline to file GST returns for March to May 5, from April 20.

As per convention, the government releases the GST revenue collection number on the basis of cash collection in a particular month. However, with the situation arising out of COVID-19, the government has decided to wait till the extended deadline for filing returns before the release of the collection figure.

Sources further said that the government has not taken any call on the monetisation of deficit at this point of time to shore up its resources.

Nobody knows how this COVID-19 pandemic pans out, what shape it is going to take, what kind of impact it will have on the Indian economy, and globally also no country knows today what lies three months later, sources said.

As of now, the government has increased the borrowing limit from Rs 7.8 lakh crore to Rs 12 lakh crore, which is Rs 4.2 lakh crore higher than the Budget estimate.

The RBI’s monetisation of the fiscal deficit broadly means the central bank printing currency for the government to take care of any emergency spending and to bridge its fiscal deficit this action is resorted to under emergency situations.

Sources, however, said, there is a need to bring down cost of borrowing for the government in the given situation.

As a result of this, the government has to withdraw 7.75 per cent Savings (Taxable) Bonds scheme from the close of banking business on Thursday.

The scheme, commonly known as RBI Bonds or GOI bonds, is popular among retail investors who look for safety of principal and a regular income. NRIs, however, are not eligible for making investments in these bonds.

On issues pertaining to labourers with regard to wages and opportunities, sources said the finance ministry has initiated talks with the Labour Ministry on job losses and salary cuts due to the lockdown.

The Labour Ministry will engage in talks with the states on the issue, they added.

(PTI)

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corona, Coronavirus, COVID19, Finance Ministry, FinMin, gst council, lockdown, Nirmala Sitharaman, Non essential goods 2020-05-29 19:56:15 https://img.odishatv.in/wp-content/uploads/2020/05/Nirmala-Sitharaman-1.jpg