Author: Finance Khabar

New Delhi: Country’s foreign exchange reserves surged by $3.623 billion touch hit $538.191 billion mark in the week ended August 7, RBI data showed. According to the Reserve Bank of India’s weekly statistical supplement, the reserves stood at $534.568 billion for the week ended July 31. India’s forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country’s reserve position with the International Monetary Fund (IMF). FCA was up by $1.464 billion to $492.293 billion in the reporting week, the central bank data showed. Expressed in dollar terms, the foreign currency assets include the effect…

On the auspicious occasion, Shri Rao, MD and CEO announced the launch of the PNB’s new and innovative digital campaign, named as “DIGITAL APNAYEN,” an initiative to encourage customers to move to digital banking channels for their banking needs. New Delhi: As per the campaign, the Bank will contribute ₹5.00 towards the PM CARES Fund on behalf of each customer conducting ‘first financial transaction’ to activate their RuPay Debit card either on PoS or E-commerce platform, activation of AePS account through fund transfer, activation of AePS account through BHIM Aadhaar Merchants payment, and activation of UPI service. Download and Registration…

Billionaire investor Warren Buffett reduced his stake in large US financial institutions during the April to June quarter. The shares they have sold, which can be worth up to billion dollars. In a filing to the US market regulator Securities and Exchange Commission, Warren Buffett’s Berkshire Hathaway has sold its shares of JPMorgan Chase, Goldman Sachs and Wells Fargo. Banks in America are also facing difficulties due to Corona epidemic. This is increasing the provisions so that they can avoid any adverse situations in the near future. Experts say that these big provisions will reduce interest income. According to the…

New Delhi: As The Faceless Assessment Scheme, 2019 kicks off, the Central Board of Direct Taxes (CBDT) has stipulated that all communications from the department to the taxpayer, assessee, third-party will be in the name of the National e-Assessment Center (NeAC) and no communication of any nature such as above will be made by any of the Regional e-Assessment Centres (ReACs) across 20 cities in the country. The Income Tax Department has embarked on the journey of Faceless Tax Administration. The Faceless Assessment Scheme, 2019 has been announced by the Central Government. Further, the Central Board of Direct Taxes (CBDT)…

New Delhi: The new-generation Mahindra Thar has been lastly unveiled and the off-roader takes a quantum leap over the present mannequin. The all-new providing is feature-packed, technology-rich and designed to fulfill the present and future security and emission norms. Mahindra & Mahindra has not solely revealed the specs of the brand new Thar on India’s 74th Independence Day but additionally disclosed the launch particulars of the brand new mannequin. The new Mahindra Thar will likely be launched on October 2, 2020, coinciding with the automotive big’s Founders’ Day. Moreover, the day additionally marks the 151st beginning anniversary of Mahatma Gandhi.…

Indians holding any kind of valid visa can travel to the UK, the US, Canada and UAE, under the ‘Air Bubbles’ agreement, said the Director-General of Directorate General of Civil Aviation (DGCA) India. “Under bubble agreement any Indian holding any kind of valid visa can travel to Canada, UK, US and UAE,” said DGCA India in a statement. According to the earlier guidelines issued by the European Union amid the COVID-19 pandemic, only those holding essential visa were allowed for travel abroad. Recently, Minister of Civil Aviation Hardeep Puri had confirmed that more air bubbles with other countries are in…

New Delhi: Bharat Electronics Limited (BEL), a Navratna PSU under the Ministry of Defence, is happy to announce today the successful completion of manufacturing 30,000 numbers of ICU Ventilators in a record time to help Gol in its efforts in combating the COVID-19 pandemic. Ministry of Health & Family Welfare had earlier placed an order for these 30,000 ICU Ventilators in April 2020 to meet the healthcare infrastructure requirements of the nation, seeing the rise in COVID cases. BEL has manufactured the ICU Ventilator, Model CV 200, based on licensing agreement with M/s Skanray Technologies Private Ltd, Mysuru, and design…

The Issuance Committee of the Board of Directors of ICICI Bank (the “Issuance Committee”) in respect of the qualified institutions placement of equity shares of face value of Rs. 2 each (“Equity Shares”) by ICICI Bank Limited (the “Bank”) at its meeting held today, i.e., August 14, 2020 has, approved the closure of the issue period for the Issue today, i.e., August 14, 2020. The board determined and approved the issue price of Rs. 358.00 per Equity Share (including a premium of Rs. 356.00 per Equity Share), determined as per formula prescribed under Regulation 176(1) of the SEBI ICDR Regulations,…

Retail spending in the United States increased slightly in July but marked the third straight month of growth, the Commerce Department said in its monthly report Friday. The department said retail sales were up 1.2% for the month — significantly lower than increases of 18.3% in May and 8.4% in June. Most analysts expected a sales bump of 2.3% for July. Excluding slower auto sales, however, July’s growth rose to 1.9%, topping estimates of about 1.2%. The report said greater spending on electronics and appliances, health products and at restaurants fueled the rise. Friday’s assessment came one day after the…

New Delhi: The Supreme Court on Friday directed the troubled telcos including Reliance Communications Ltd (RCom), Aircel Group and Videocon Telecommunications Ltd to submit details of spectrum sharing agreements that they have entered into. The Apex court also asked for the spectrum sharing agreement between Anil Ambani-owned RComm and Mukesh Ambani-owned Reliance Jio to be placed on record.. A bench headed by Justice Arun Mishra asked counsel representing the resolution professional of RCom, Shyam Divan, that if RCom spectrum being used by Reliance Jio? If yes, then since when? To answer Justice Mishra’s question on Reliance Jio’s usage of RCom…

New Delhi: The wholesale price-based inflation in India declined 0.58 percent in July even as food items turned costlier. In a statement on Friday, the commerce and industry ministry said that the monthly WPI (Wholesale Price Index), a measure of wholesale inflation, rose stood at (-) 0.58 percent (provisional) for the month of July 2020 as compared to 1.17 percent during the corresponding month of the previous year. In June, WPI was at (-) 1.81 percent, while for the month of May and April it was (-) 3.37 percent and (-) 1.57 percent respectively. Inflation in food articles during July…

New Delhi: The central government is likely to extend the ‘Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (PMJAY)’ to cover India’s non-poor population and will also integrate all the various health insurance programs within the scheme, according to a report by Mint. The NDA government’s flagship scheme launched in 2018 provides a cashless cover of up to Rs 5 lakh per family per year for secondary and tertiary care hospitalization to over 107.4 million poor and vulnerable families (about 530 million beneficiaries). The Mint report said that the governing board of National Health Authority (NHA), the implementing body of the…

Mumbai: Benchmark indices slumped in trade as global cues were weak, particularly from Europe, where investors continued to worry over a second wave of coronavirus. Most of the European markets were seeing sharp cuts of almost 2 per cent, when Indian markets closed. The Nifty ended the day lower by 122 points at 11,78 points, dragged down by auto and banking stocks. The Sensex ended the day almost lower by 430 points. Eicher Motors lost as much as 7 per cent in trade, while other auto stocks that saw sharp declines included Tata Motors. Banking stocks too saw sharp declines…

New Delhi: On August 13, 2020 Prime Minister Narendra Modi introduced the ‘Transparent Taxation’ platform while also announcing measures to enhance tax compliance, easing of process of tax return filing and faceless assessment. At the same time, the government proposes to reduce threshold limit for various transaction for the purpose of tax disclosures, the whole idea being to plug tax evasion and widen tax base. So, as part of the rehaul Form 26AS, the statement that shows a detailed account of all the tax deducted at source (TDS) against your PAN, will now be an elaborative one asking for a…

Beijing: China’s retail sales unexpectedly fell in July from a year ago, while the comeback in factory output was slower than forecast amid signs the recovery in the world’s second-largest economy remains fragile. Industrial output grew 4.8% in July from a year earlier, data from the National Bureau of Statistics showed on Friday, in line with June’s growth and missing analysts forecast for a 5.1% rise. Retail sales dropped 1.1% on year, worse than a predicted 0.1% rise and compared with a 1.8% drop in June. Sales fell for the seventh straight month as consumer demand remained sluggish despite strict…

Aditya Birla Sun Life Insurance, a life insurance subsidiary of Aditya Birla Capital Limited, has launched its new plan ABSLI Assured Flexi Savings Plan on Thursday. This plan offers fully guaranteed benefits and gives policy holders unlimited access to their policy and gives them instant access to their funds. According to the company, the facility of unlimited withdrawal has never been seen before in the insurance market and in this sense, this product is different from all other products available in the market. The company said in a statement that apart from life cover, the target of this plan is…

New Delhi: India’s homegrown digital financial services platform Paytm today announced the launch of Stock Trading on its online investment & wealth management platform Paytm Money in beta mode. This new addition will benefit experienced as well as first-time investors to seamlessly invest and trade in stocks in a completely digital & secure environment. The company is striving to become the most comprehensive online wealth management platforms in India driving financial inclusion for the masses. In India, a limited number of people directly invest in equity markets. With the launch of stock trading, Paytm Money aims to drive higher penetration…

New Delhi: The Reserve Bank of India (RBI) has asked large urban cooperative banks to undertake the system-based asset classification from 30 June 2021, to improve efficiency and transparency. Having total assets of over Rs 2,000 crore as on 31 March 2020, will be required to implement the system-based asset classification from 30 June 2021, an RBI circular said. Cooperative banks having total assets of over Rs 1,000 crore but less than Rs 2,000 crore as on 31 March 2020 and having self-assessed themselves as being under Level III or Level IV on the Comprehensive Cyber Security Framework will be…

New Delhi: VE Commercial Vehicles (VECV), which is a truck and bus manufacturing company of Eicher Motors, has entered into an agreement with Volvo Bus India for taking over its bus division. The financial consideration for the transaction is at Rs. 100 crore. VECV is a joint venture between Volvo Truck Corporation and Eicher Motors. The deal will result in the establishment of the new bus segment, comprising of Eicher and Volvo bus business. Further the transfer agreement with Volvo Group is for manufacturing, assembling, distributing and selling Volvo buses in India. “With this integration, we aim to shape the…

SpiceJet on Thursday announced its automated customer service as well as check in facility can also be availed over WhatsApp besides the company’s website and mobile app. In the wake of coronavirus pandemic to ensure adherence to social distancing norms, the centre mandated online check-in for all passengers 48 hours to 60 minutes before departure of the flight. “Ms Pepper”, the airline’s automated customer service agent, can be approached by passengers anytime on the mobile number 6000000006, said SpiceJet in a press release. “WhatsApp “Hi” to Ms Pepper on your way to the airport and she will help you with…