Author: Finance Khabar

New Delhi: The GST Council on Saturday demanded Infosys to upgrade the Information Technology (IT) backbone by July 30. In the meantime, the council decided to defer introduction of e-invoicing till September 30. Non-executive Chairman of Infosys, Nandan Nilekani, who made a presentation before the Council on Saturday has suggested that in order to smoothen the rollout of the new return system, and to ensure a better uptake, the transition may be made in an incremental manner. He suggested that the process may be initiated by addressing the compliance related issues first, so that the problem of tax evasion and…

San Francisco: Apple has announced to close all its stores outside of China by March 27 because of the Corona virus. The company’s Chief Executive Officer (CEO) Tim Cook said that Apple has learned from the steps taken in China. The company has recently reopened its retail stores in China. “To prevent the spread of the virus and to reduce its risk, one of the lessons is to reduce the congestion of individuals and increase the physical distance between each other as much as possible,” Cook said in a statement on Friday. He said that this transition is increasing in…

New Delhi: The report added that the Council also decided to extend the deadline for filing the GST9R and GSTR9C for FY18-19 till June 30, 2020. Filing will be mandatory for taxpayers over Rs5 crore of annual turnover, the report stated. While the earlier deadline was March 31, the turnover limit was Rs 2 crore. The Council is said to have deferred the proposal of hiking the rates on fertilizers and footwear due to due to the current economic slowdown and impact of the novel coronavirus pandemic. It also decided to defer the proposal of rate rationalisation on textiles, the…

New Delhi: The government notified a rescue plan for Yes Bank, led by State Bank of India (SBI) and joined by other lenders, as it looked to shield the banking sector from a widespread crisis. The so-called reconstruction scheme, cleared by the Union Cabinet, took effect on March 13. The Reserve Bank of India’s (RBI) moratorium, imposing limits on withdrawals to prevent a run on deposits will be lifted in three working days, according to the notification. “Moratorium on the bank to be lifted on the third working day at 18.00 hours (6 pm) from date of commencement of the…

New Delhi: Private sector Bandhan Bank has announced to invest Rs 300 crore in the troubled Yes Bank under the restructuring plan of the Reserve Bank. Bandhan Bank, in a notice sent to the stock exchanges late on Friday, said that its board of directors has approved the purchase of 30 crore shares of Yes Bank of Rs 2 each at a premium of Rs eight per share. In this way Bandhan Bank will invest Rs 300 crore in Yes Bank. ICICI Bank, HDFC Ltd, Axis Bank and Kotak Mahindra Bank also announced on Friday to join SBI-led alliances to…

Microsoft announced on Friday that Bill Gates is leaving the board, effective Friday. Gates is also stepping down from his position on the board of Berkshire Hathaway. “I have made the decision to step down from both of the public boards on which I serve – Microsoft and Berkshire Hathaway – to dedicate more time to philanthropic priorities including global health and development, education, and my increasing engagement in tackling climate change,” Gates said on LinkedIn. “The leadership at the Berkshire companies and Microsoft has never been stronger, so the time is right to take this step.” “With respect to…

New Delhi: Modi government has increased the excise duty on petrol and diesel at the rate of three rupees per liter. The government has taken this step on Saturday as part of efforts to benefit from the drop in oil prices internationally. An official notification said that the special excise duty on petrol has been increased by two rupees per liter to eight rupees, while on diesel this duty has been increased by two rupees to four rupees per liter. Apart from this, the road cess on petrol and diesel has also been increased by Rs 1 per liter to…

Will invest Rs 1,000 crore at the rate of ten rupees per share New Delhi : HDFC board on March 13 approved an investment of Rs 1,000 crore in Yes Bank via equity. HDFC will acquire 100 crore equity shares of Yes Bank at Rs 10 per share including a premium of Rs 8 per share. After the latest investment, the stake in Yes Bank will likely be in excess of 5 percent of newly issued and paid-up capital, HDFC said in a release to the stock exchange. Earlier, ICICI Bank and Axis Bank also announced investments of Rs 1,000…

New Delhi: Gold prices on Friday crashed by Rs 1,097 to Rs 42,600 per 10 gram in the national capital as investors moved to other assets, including rupee after an appreciation in the domestic currency, according to HDFC Securities. The stock market too rebounded after plunging over 10 per cent in the opening session. The yellow metal had closed at Rs 43,697 per 10 gram in the previous session. Silver prices also plummeted by Rs 1,574 to Rs 44,130 per kg from Rs 45,704 per kg on Thursday. Spot gold for 24 karat in Delhi was trading lower by more…

New Delhi: The central government has decided to increase the minimum support price (MSP) of milling copra by Rs 439 for the 2020 season and by Rs 380 per quintal in the MSP of Bal copra. The decision was taken in a cabinet meeting chaired by Prime Minister Narendra Modi on Friday. After the meeting, Information and Broadcasting Minister Prakash Javadekar said that the Central Government has increased the support price of milling copra of milling quality by Rs 439 per quintal for crop season 2020 to Rs 9,960 per quintal for crop season 2020. While its support price was…

Rajkot : The global auto industry is preparing for supply-chain problems after the coronavirus outbreak is starting to hit production in markets across the world. The production of automobiles and automobile parts/accessories has been greatly affected in many countries. The healthcare situation in China may disrupt supply of components to vehicle makers in India, too.The Indian auto industry is highly dependent on Chinese parts, with about 27% of the roughly US$17.5 billion worth of component imports into India coming from China. At difficult times like these, Taiwanese businesses are gearing to assist countries by becoming foreign suppliers. Taiwan’s well-known manufacturing…

Mumbai: Friday was a turbulent day for the stock market. In the morning, the stock market fell so heavily that the lower circuit started and both the Sensex-Nifty had to stop trading. At the same time, the market recovered so much in the day’s business that another record was made. On Friday, the Sensex has the biggest recovery so far, under which a recovery of about 10 per cent was recovered, as well as an increase of about 4 per cent was also recorded. That is, the biggest decline of 12 years in a single day and the biggest recovery…

New Delhi: The Union Cabinet on Friday approved the restructuring plan of Yes Bank. State Bank of India (SBI) will buy 49 percent stake of Yes Bank under the scheme proposed by the Reserve Bank. Finance Minister Nirmala Sitharaman said that the cabinet has approved the restructuring plan of Yes Bank as suggested by the Reserve Bank. The Reserve Bank had banned Yes Bank on March 5. Also, withdrawal limit was set for customers up to Rs 50,000. The moratorium has been extended till April 3, besides the central bank appointed Prashant Kumar, the former chief financial officer of SBI,…

· Andour Heights is located in Sector 71, Gurugram and comes under Haryana Affordable Housing policy · Signature Global is ready to deliver its 3rd Haryana Affordable Housing project within three years including Solera and Synera Gurugram: Signature Global, the pioneer of affordable housing, is proving its worth by delivering projects within the time limit. Contributing the most towards Honourable Prime Ministers vision of ‘Housing for all 2022’, it has received the occupancy certificate for Andour Heights located in Sector 71, Gurugram. With this the company is ready to deliver its third project under Haryana Affordable Housing policy including Signature Solera and Signature Synera. Located on…

The Union Cabinet approved a 4% increase in Dearness Allowance (DA) for government employees. This information has been given by sources. Earlier on October 9 last year, the government decided to increase the dearness allowance of central employees by 5 percent. After the meeting, Information and Broadcasting Minister Prakash Javadekar had told reporters that in the cabinet meeting chaired by Prime Minister Narendra Modi, it was decided to increase the dearness allowance of central employees by 5 percent. This will benefit 50 lakh central employees and in addition 65 lakh pensioners. In this way it was increased to 5 percent…

From humbling beginnings to now running a full-fledged business, Abhishek Kumar has come a long way. After finishing his BTech in Mechanical Engineering in the year 2011 Abhishek took up the role of a software engineer in a company in Noida. An unforeseen family emergency saw him shifting back to Patna where he then settled for good to explore his options in his hometown. In hindsight, this decision to make it big in Patna ended up being a very positive one for Abhishek and helped him achieve his entrepreneurial dreams of running a successful hotel in the city. Abhishek Kumar…

New Delhi: Medical experts in India say that it may take up to a year and a half to develop a vaccine for the corona virus (Covid-19). Meanwhile, a good news has emerged during the treatment of patients infected with Coronavirus. There have been indications that Lopinavir and Ritonavir are used in the treatment of HIV, and are proven effective in patients with coronas. In view of this, the Narendra Modi government has directed the firms to increase the production of both medicines. The Union Health Ministry held a long meeting with pharmaceutical companies. In this, the Committee of Experts…

India’s travel and hospitality industry is headed for its worst crisis with an at least Rs 8,500 crore hit in revenues due to suspension of most visas over fears of spread of coronavirus that would result in lower footfalls and drop in business for tour operators, hotels and aviation industry. Hotels and tour operators have seen a spurt in cancellations particularly after the WHO declared the outbreak a pandemic. Tourists cancelled travel, hitting hotels, airlines and tax collections after the government suspended most visas in a bid to halt the spread of coronavirus. At least 40 percent of rooms across…

Cryptocurrencies took a battering following a global sell-off in stocks, with bitcoin seeing a near 40% plunge. The market capitalization, or total value of the entire cryptocurrency market plummeted around $93.5 billion in the space of 24 hours as of 10:07 a.m. Singapore time, according to data from Coinmarketcap.com. Bitcoin was down 48% from 24 hours before at 10:24 a.m. Singapore time at $4,001.60, according to data from Coindesk. The fall in cryptocurrency markets comes amid a broader sell-off in equities as governments worldwide continue to grapple with the new coronavirus that’s spreading rapidly across the world. The number of…

New Delhi: On account of the rise in Coronavirus fears and negative foreign institutional investors, the Indian share market crashed to the tune of near 10 per cent hitting the lower circuit. The BSE Sensex crashed 3091 points and hit the lower circuit at 29,686.95 levels while NSE Nifty hit the lower circuit at 8,624.05 levels after bleeding 966.10 points. Bank Nifty also hit the lower circuit at 21,397.45 levels after nosediving 2573.70 points in the Opening Bell. Now, the pre-open of the market will take place at 10:05 AM while the share market opening will take place at 10:20…