Author: Finance Khabar

New Delhi: In a written reply to a question in the Rajya Sabha, Thakur said the total corporate tax collection so far during this financial year is Rs 95,533 crore, while the total GST collection in the current financial year is Rs 3,59,112 crore. “The total non-tax revenue collected by the Central Government, so far, during this financial year is Rs 84,023.78 crore (Provisional),” he said. Thakur said the total market borrowings of the central government so far this financial year stands at Rs 7.06 lakh crore. Replying to a separate question, Thakur said the overall expenditure of Government of…

New Delhi: Minister of State for Corporate Affairs Anurag Singh Thakur said a total 320 posts of officers/staff have been created in the National Company Law Tribunal (NCLT).To a query on whether the government has any plans to identify NCLT benches specifically for matters related to the Insolvency and Bankruptcy Code (IBC), the minister replied in the negative. In a written reply to the Lok Sabha, he said as on July 31, 2020, a total 19,844 cases were pending before the NCLT, including 12,438 cases under the IBC.”e-court project is being implemented in all 16 benches of NCLT. So far, e-filing…

New Delhi: The number of Internet users in the country increased by 3.4 percent to 74.3 million in the quarter ended March 2020. As per the report released by the telecom regulator TRAI on the quarterly performance of the sector, Reliance Jio stood first with 52.3 per cent market share in the quarter ended March 2020, while Bharti Airtel stood second with 23.6 per cent share. Vodafone Idea stood at the third position during the period under review. It had a market share of 18.7 percent based on its number of internet subscribers. According to the Telecom Regulatory Authority of…

New Delhi: Opposition parties led by the Congress criticised the farm bills tabled in Rajya Sabha on Sunday, saying they will not sign on the “death warrant” of farmers Rajya Sabha took up the discussion on The Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Bill, 2020 and The Farmers (Empowerment and Protection) Agreement of Price Assurance and Farm Services Bill that have already been passed by Lok Sabha. K K Ragesh (CPI-M), Derek O’Brien (TMC), Trichi Siva (DMK) and K C Venugopal (Congress) moved resolutions for sending the two bills to a select committee of the House for consideration…

Brand ambassador Bollywood actor Anil Kapoor inaugurate the store through a spectacular virtual eventThe gala inauguration marks Malabar Gold & Diamonds’ foray into Patna in BiharThe store launch is a part of global expansion plan of the Group Patna: Malabar Gold & Diamonds, one of the largest gold and diamond retail chains in the country, inaugurated its first store in Patna in Bihar through a lively virtual store launch. The store was unveiled by the brand ambassador Bollywood actor Anil Kapoor. Malabar Group Chairman M P Ahammed , O Asher, Managing Director, India Operations, Malabar Gold and Diamonds, Shamlal Ahammed,…

New Delhi: “MTNL has submitted a set of assets for monetization through the DIPAM Framework. The assets include land, staff quarters, and telephone exchange in Mumbai,” Thakur said in a written reply to a question in the Lok Sabha. He said no property in Delhi is presently under monetization through the Department of Investment and Public Asset Management Framework (DIPAM) framework The details of properties in Mumbai which are presently under monetization are three land parcels, two staff quarters, and a telephone exchange along with a staff quarter. Thakur said since the asset monetization process is a complex one involving…

Toronto: A Canadian cleantech company, CarbonCure Technologies, that develops carbon dioxide removal (CDR) solutions for the concrete industry has received investment from leading technology and property developers. Amazon’s Climate Pledge Fund and Breakthrough Energy Ventures (BEV) co-led the investment syndicate comprising Microsoft, BDC Capital, 2150, Thistledown Foundation, Taronga Group and GreenSoil Investments, CarbonCure said on Thursday. The investment represents a commitment to tackling the carbon footprint of concrete, the most abundant human-made material in the world. Cement — the key ingredient that gives concrete its strength — is also one of the largest emitters of carbon dioxide in the built…

New Delhi: In a written reply to the Lok Sabha, Minister of State for Finance Anurag Singh Thakur said net direct tax collection was Rs 2,79,711 crore in April-August 2019, compared to Rs 1,92,718 crore in April-August 2020. The net indirect tax collection in April-August 2019 was Rs 3,85,949 crore, as against Rs 3,42,591 crore in April-August 2020. During April-August, the Centre’s Goods and Services Tax (GST) collection stood at over Rs 1.81 lakh crore. The Budget had estimated Centre’s GST collection for full fiscal at Rs 6,90,500 crore. In 2019-20, the Centre’s actual GST revenue stood at Rs 5,98,825…

New Delhi: The country’s total external debt rose 2.8 percent to $ 558.5 billion by the end of March. In the report released on Saturday by the Finance Ministry, the total external debt has increased due to increasing commercial credit. The total external debt at the end of March 2019 was $ 543 billion. The report stated that at the end of March 2020, the foreign exchange reserves ratio on external debt was 85.5 percent. It was 76 percent in the year-ago period. The ‘External Debt of India: A Status Report: 2019-20’ said that external debt to gross domestic product…

Fitch Solutions has revised downward its forecast for fuel demand contraction in India to 11.5 per cent in 2020 in line with further deterioration in the country’s economic outlook. Its economists forecast India’s real GDP to contract by 8.6 per cent in the fiscal year 2020-21 (April 2020 to March 2021), down from -4.5 per cent previously. “Demand weakness is spread across the board, with both consumer and industrial fuels set for the steep decline,” Fitch Solutions said in a note. “We have made a further downward revision to our India refined fuels demand forecast for 2020, from -9.4 per…

San Francisco: A broad sell-off in the overall tech sector amid an ‘underwhelming product launch event this week has resulted in Apple stock plunging nearly 22 per cent from its intraday record high of $137.98 on September 2, losing around $532 billion in market value. According to a CNBC report, it took just 12 trading sessions for Apple to plunge more than 20 per cent from its all-time high, giving up more than half a trillion in market capitalisation. The iPhone maker last month scripted history by becoming the first American company to touch $2 trillion in valuation. Earlier this…

China said on Saturday that it was strongly against the US’s move to block WeChat and TikTok apps and warned of retaliation to protect the interests of Chinese companies. The US on Friday issued orders to ban popular Chinese social media apps TikTok and WeChat from Sunday to protect national security. India had banned them a few weeks earlier. India had said that these apps are a threat to the sovereignty, unity and security of the country. Last month, US President Donald Trump signed an executive order banning TikTok and WeChat by 15 September. There was talk of banning them…

Gurugram: Policybazaar.com (Twitter handle: PolicyBazaar), India’s largest online insurance marketplace with over 10 million customers, showcases its commitment to customers in its new television campaign “AapKiSideHai”. The new ad campaign featuring Policybazaar’s brand ambassador, Akshay Kumar, highlights the brand’s promise of embracing a holistic customer centric approach while helping to bridge the insurance protection gap in India. Policybazaar’s AapKiSideHai campaign seeks to reassure its customers on being a dependable Insurance partner for them, every step of the way. The brand has always focused on distributing products like term insurance, health insurance, zero commission ULIP’s and motor insurance that are optimal…

New Delhi: Finance Minister Nirmala Sitharaman today said that the purpose of the Insolvency and Bankruptcy Code (IBC) is not to shut down companies but to maintain their existence. He said that IBC is doing a good job and has succeeded in fulfilling its objective. Sitharaman said this while replying to the discussion in the Rajya Sabha on the Insolvency and Bankruptcy Disability Code (Second Amendment) Bill, 2020. The bill was passed by voice vote in the Rajya Sabha. The bill will replace the ordinance brought in June in this regard. There is a provision under this bill that no…

New Delhi: Currently, FPIs that operate as trusts have to pay a surcharge as high as 37 per cent if their dividend income is over Rs 5 crore and 25 per cent in case of a dividend income of Rs 2 crore and Rs 5 crore, following measures in the 2019-20 budget. The government was at the receiving end of criticism from several quarters due to the existing the surcharge structure put in place in the FY20 budget. “The Finance Act, 2020 is also proposed to be amended to clarify regarding capping of surcharge at 15 per cent on dividend…

New Delhi: The initiatives are focused on providing better financial service to farmers and empowering them towards farm mechanisation, the bank said in a statement. Executive Director Vikramaditya Singh Khichi said: “Agriculture sector is the only resilient sector with least impact by the Covid pandemic. With more than normal monsoon, the economy is expected to revive through contribution from the agriculture sector.” “At Bank of Baroda, we strive to make our products competitive and improve our processes keeping the customers at the centre. The new cluster model will help in maintaining TAT for customers and improvise the credit quality,” he…

New Delhi: Paytm is back on Google Play Store. Earlier in the day, the app was removed by Google on the charge of violating the policy on gambling in the Play Store. Paytm founder Vijay Shekhar Sharma has given information about this by tweeting. He said in the tweet that thanks all the people for their support. Paytm app is back, live in play store. Next to this he has written that this morning he launched the UPI cashback. Google suspended the app for this reason. India, you decide whether giving cashback is gambling. Google removed the Paytm app from…

New Delhi: Riding on the surge in grocery demand in the Covid-19 times, online retail sales in Asia will grow from $1.5 trillion in 2019 to $2.5 trillion in 2024, with a compound annual growth rate (CAGR) of 11.3 per cent, a new Forrester report said on Friday. Due to the pandemic, adoption of online grocery is getting a boost, with an expected CAGR growth of 30 per cent during the forecast period and online penetration doubling from 5.1 per cent in 2020 to 10.6 per cent in 2024. “Grocery is the largest retail category, accounting for 35 per cent…

New Delhi: Uber Technologies Inc. is bringing Amazon’s Sukumar Rathnam as its new Chief Technology Officer, reports said on Friday. Rathnam has been at Amazon since 2011, and most recently he was appointed as VP in charge of product selection and catalogue systems. Uber, which has focused on scaling its food delivery business amid Covid-19 restrictions, made the announcement of Rathnam’s hiring internally on Thursday, The Information first reported. Rathnam is likely to assume his new role at Uber staring later this month. The position of CTO has been lying vacant Uber for more than three months now as the…

New Delhi: The gap between government’s total income and expenditure is expected to balloon to Rs 14.6 lakh crore or 7.6 per cent of GDP in FY21 as economic disruptions are set for a long haul due to Covid-19 pandemic, brokerages analysing the deficit numbers said. The Controller General of Accounts early this month said that the country’s fiscal deficit has expanded to 103.1 per cent of Budget Estimate in the April-July period primarily due to lower tax collection and higher expenditure for Covid-19 relief. The signals are clear indicators that the fiscal deficit would break all previous records to…