Author: Finance Khabar

New Delhi:The rule of real time gross settlement system (RTGS) facility is going to change in the country from 14 December. RTGS facility will be available 24 hours a day, seven days from 12.30 pm tonight (14 December). That is, customers will be able to transact money with this facility anytime, 365 days of the year. This information has been given by Reserve Bank of India Governor Shaktikanta Das via tweet. After the implementation of 24 × 7 RTGS, India will join some countries where this facility is available 24 hours and seven days. Right now money can be transacted…

New Delhi: The Tax Department will actively conduct consultation prior to issuance of show-cause notices to evaders and assessees of GST so as to facilitate easier resolution of tax disputes and prevent increasing number of litigation. The Central Board of Indirect Taxes and Customs (CBIC) has clarified that such consultations with assessee, prior to issuance of show-cause notice (SCN) in case of demands of duty is above Rs 50 lakh (except for preventive/offence related SCNs), is mandatory and shall be done by the SCN-issuing authority. The process will involve tax authorities holding talks with assessees on the tax demand raised…

New Delhi: Earlier in September this year, the Employees Provident Fund Organisation had decided to split 8.5 per cent interest into two installments of 8.15 per cent and 0.35 per cent in its trustees meet headed by Labour Minister Santosh Gangwar. A highly placed source told PTI that the Labour Ministry has sent a proposal to the Finance Ministry to give concurrence to credit 8.5 per cent rate of interest on EPF for 2019-20 earlier this month. ”The Ministry of Finance ratification is likely in few days. Thus the interest is likely to be credited by this month only.” The…

Bangalore: Retail consumers in India slowed gold purchases this week put off by higher local prices, while top consumer China saw a slight pick-up in demand as jewellers stocked up going into year-end. Local gold futures rebounded to around 49,100 rupees per 10 grams on Friday, from its lowest since June 19, at 47,550 rupees, touched last week. “Retail jewellery demand has been coming down due to volatile prices,” said Anoop Chemmanur, managing director of Chemmanur Jewellers in Bangalore. Premiums eased to $2.5 an ounce over official domestic prices, inclusive of 12.5% import and 3% sales levies, from $3.5 last…

Mumbai: In FAQs on Resolution Framework for COVID-19 related stress, the RBI said that borrowers can invoke the resolution framework by merely submitting a request to the lending institutions. The Reserve Bank had announced a resolution framework to help the entities facing financial stress on account of disruption in normal business activity on account of coronavirus pandemic. “The Resolution Framework does not require any resolution plan in any form to be submitted to the lending institutions at the time of request for invocation. Rather, for invocation, the borrowers are required to merely submit a request to the lending institutions for…

New Delhi: The industry body, which is currently led by Maruti Suzuki India (MSI) MD and CEO Kenichi Ayukawa, had earlier projected an increase of around 13 per cent in passenger vehicle wholesales in the monthly data. However, later in the day, it sent out revised data after correcting MSI passenger vehicle wholesale figures of last month. As per Society of Indian Automobile Manufacturers, two-wheeler sales rose 13.43 per cent to 16,00,379 units, compared with 14,10,939 units in the same month last year. Motorcycle sales were at 10,26,705 units as against 8,93,538 units in November 2019, up 14.9 per cent.…

Mumbai: The Sensex zoomed by 1,019.46 points or 2.26 pc to settle at 46,099.01 in a week under review on positive global cues and hopes for vaccine approvals in India boosted investor sentiment. Sentiment was underpinned by data showing a steady decline in new coronavirus cases in India. The Nifty 50 index rose 255.30 points or 1.93 pc to settle at 13,513.85. The BSE Mid-Cap gained 132.30 or 0.76 pc to settle at 17,521.32. BSE Small-Cap added 235.29 points or 1.36 pc to settle at 17,552.58. Except Thursday, the equity market remained firm during the week. On Monday the Sensex,…

New Delhi: He also emphasised on the need for a “social contract” between the government, private sector and the broad civic society that allows creation of harmony to navigate changes together. “Having grown up as a son of an Indian civil servant, I think quite a bit about public sector and also the institutional strength of our public sector institutions is so important…how do we get the public sector to the efficient frontier of even technology use. “And, this is where I think some of the work that’s happening in India, whether it is the ID system or the banking…

Mumbai: India moved down seven spots in the global home price index to 54th rank in the third quarter (July to September) against 47th rank in Q3 2019 with a decline of 2.4 per cent year-on-year in home prices, Knight Frank said on Friday. In the performance compared to previous quarter (Q2 2020), the ranking remains unchanged to 54th spot among the 56 countries and territories tracked in Q3 2020 index. Knight Frank’s global house price index tracks the movement in mainstream residential prices across 56 countries and territories worldwide using official statistics. In the 12-month percentage change for the…

New Delhi: Industrial production (IIP) has increased by 3.6 percent in October. The main reason for this has been the superior performance of the manufacturing and power generation sectors. This has been revealed from the official data released on Friday. According to Index of Industrial Production data, the manufacturing and power generation sectors have seen growth of 3.5 percent and 11.2 percent respectively. At the same time, the mining sector has fallen by 1.5 percent during the month of October. Industrial production was down by 6.6 percent in October 2019. Last month, after six months in the country’s industrial production,…

Mumbai: The BSE Sensex on Friday recovered by 139.13 pts at 46,099.01 in volatile trade on fresh buying in Metal, Oil and Gas, Power and Utilities stocks. The Nifty of national stock exchange too rose by 35.55 pts at 13,513.85. The sensex opened higher by 101 pts to 40,060.32. It surged by 350 pts to 46,309.63, dayt high before closing at 46,099.01, up by 139.13 pts from its previous close. Meanwhile, it was dropped 253 pts to 45,706.22 days low. The Sensex registered days high and low at 46,309.63 and 45,706.22 pts respectively. The Nifty recorded days high and low…

San Francisco: The addition of 26 new wind and solar projects in Australia, France, Germany, Italy, South Africa, Sweden, the UK, and the US brings Amazon’s total number of renewable energy projects to 127, the company said on Thursday. The company’s total renewable energy investments to date will supply 6.5 GW of electricity production capacity — enough to power 1.7 million US homes for one year. That surpasses 5.5 GW of renewable energy projects under contract that Google claimed to have till last year. “With a total of 127 solar and wind projects, Amazon is now the biggest corporate buyer…

The global Science, Technology, Engineering & Mathematics (STEM) toys market by revenue is expected to grow at a CAGR of 7% during the period 2020-2025. The analysis of the global STEM toys market forecasts that the industry will witness 1.5X times growth during the forecast period. The market is expected to observe significant growth because of the emergence of robotics, STEM-based courses, the need for cognitive and mental development, and the rise in millennial spending for nostalgia. However, the market is heading toward sustainable growth due to the rise in sustainability practices in the global STEM toys market. Manufacturers, distributors,…

The Asian Development Bank on Thursday has improved its forecast for the Indian economy. It is expected to fall by 8 percent in 2020-21. Earlier it was estimated to fall by 9 percent. The ADB has expressed this expectation of a faster recovery. The Asian Development Outlook noted that the 7.5 per cent decline in the second quarter was better than expected, keeping in mind that the economy has started normalizing. In the June quarter of the current financial year, the economy declined by 23.9 percent, which was the effect of the corona virus epidemic. It said that the GDP…

Washington: Facebook Inc could be forced to sell its prized assets WhatsApp and Instagram after the U.S. Federal Trade Commission and nearly every U.S. state filed lawsuits against the social media company, saying it used a “buy or bury” strategy to snap up rivals and keep smaller competitors at bay. With the filing of the twin lawsuits on Wednesday, Facebook becomes the second big tech company to face a major legal challenge this year after the U.S. Justice Department sued Alphabet Inc’s Google in October, accusing the $1 trillion company of using its market power to fend off rivals. The…

New Delhi: India and Nepal have decided to resume flight services under a bilateral air bubble arrangement, authoritative sources said on Thursday, in reflection of efforts to restore normalcy in ties that came under severe strain following a bitter border row. Initially, the service will start with one flight daily from each side between Delhi and Kathmandu, they said. The decision to resume the flight service comes two weeks after Foreign Secretary Harsh Vardhan Shringla visited Kathmandu during which he held extensive talks with the political brass. Nepalese Foreign Minister Pradeep Gyawali is likely to visit India in the next…

Mumbai: Snapping five days rally, the BSE Sensex on Thursday ended negative at 45,959.88, fell by 143.62 pts as selling was witnessed in Power, Auto, Energy and utility stocks amid weak global cues. The Nifty of national stock exchange eased by 50.80 pts at 13,478.30. Registering an all-time high at 46,103.50 on Wednesday, the Sensex opened at 45,999.42, fell by 104 pts. During the day it was nosedived 418 pts to 45,685.87 days low before closing at 45,959.88, sliding by 143.62 pts from its previous close. The Sensex registered days high and low at 46,043.97 and 45,685.87 pts respectively. The…

Mumbai: Mom-and-pop Indian investors increasingly buying U.S. stocks have been drawn to a company that has no presence in India so far: electric car maker Tesla Inc. Indians are placing bigger-than-ever bets on U.S. stocks this year as the American stock market has recovered faster than markets in India and other emerging nations following a crash sparked by the coronavirus pandemic. While firms such as Apple, Amazon and Facebook – which have a significant presence in India – are popular among Indian investors venturing into U.S. stocks, data from brokerages shows Tesla has emerged as a new favourite. Indian brokerage…

New Delhi: The storm continues in the stock market. Since November, the stock market is continuously making new highs. In the same sequence, on December 9, the Sensex has crossed the 46000 mark. After touching the level of 40 thousand back in November, the Sensex has achieved a new status of 45000 and then 46000 in December. The market has gained 6500 points in the last 30 trading days. In this stormy boom, the wealth of investors has increased by close to 25 lakh crores. In the market boom, while there was a great rally in Diggas shares, Midcap and…

Sydney: India’s biggest airline, IndiGo, expects to reach 80% of usual domestic capacity by the end of the month but international capacity is running at just a fifth of normal levels because of the pandemic, its chief executive said on Wednesday. The airline hopes to reach 100% of normal domestic capacity by early next year and 100% of its usual international capacity by the end of 2021, Chief Executive Ronojoy Dutta said at a CAPA Centre for Aviation event. The low-cost airline, owned by Interglobe Aviation Ltd, reported last month a loss of 11.95 billion rupees ($162.45 million) in the…