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New Delhi: Indian economy is now expected to see a faster turnaround given the impending rollout of vaccine, increased mobility and less disruptions to business operations as the economy opens up but a lot will also depend on the upcoming Budget for 2021-22 to steer its course. India, which had in 2019 overtaken the UK to become the fifth-largest economy in the world, was knocked off course somewhat due to the carnage that the pandemic and the ensuing strict lockdown unleashed -- businesses were shut, consumption slumped, investments took a hit and jobs were lost. The combined effect being that the economy got relegated to the sixth spot in 2020. The Budget for the next fiscal starting April 2021 that Finance Minister Nirmala Sitharaman will present a month from now will be the starting point for picking up the pieces after the economic destruction. The government's spending plans particularly on infrastructure and social sectors as well as relief to sections hit by the pandemic an...

NEW DELHI: MG Motor India on Friday said its sales rose by 33 per cent to 4,010 units in December, 2020 as compared to 3,021 units in the same month a year ago.The company sold 3,430 units of Hector, 458 units of Gloster and 122 units of ZS electric vehicles last month."We have ended the year on a high note with customers continuing to choose the best-in-class premium products from MG's stable. Going forward, we will have more excitement for the customers in January. We expect the momentum to continue as the MG brand enters more markets in 2021," MG Motor India Director – Sales Rakesh Sidana said.The carmaker said it will be taking preventive annual maintenance shutdown at its Halol manufacturing facility in Gujarat during the first 10 days of January, which would affect its production during the month.This coupled with lockdown restrictions could hamper supply chain as well, the automaker noted.The company said it continues to ramp up the production of its premium SUV Gl...

New Delhi: Amid rising consumer complaints regarding delay in reverse or refund of money deducted on account of failed or cancelled banking transactions, newly set up consumer protection regulator CCPA has flagged this issue to the RBI seeking its intervention to ensure banks reverse such money on time. In a letter to Reserve Bank of India (RBI) Deputy Governor M K Jain, the Central Consumer Protection Authority (CCPA) Chief Commissioner Nidhi Khare stated that 2,850 complaints pertaining to "transactions failed/cancelled but money not refunded" forming 20 per cent of grievances registered in the banking sector have been received through the government-run National Consumer Helpline (NCH). She said although banks are crediting the amount into the consumer or beneficiary's account, it is not being done in the prescribed timeline as directed by the RBI guidelines. In view of this, there is a need for banks to adhere to the timelines for settlement of claims as per the guide...

In the wake of Covid, customer's wants, needs, expectations and purchasing decisions are constantly evolving and marketing has come to play an important role. In particular, digital marketing has received a fresh impetus with all businesses - be it small, medium or large - turning towards or planning to adopt virtual modes of operation.

New Delhi: IndiGo airlines on Thursday said that some of its servers were hacked earlier in the month of December and hackers might upload some internal documents on public platforms. "We would like to make this disclosure that some of our servers were subject to a hacking incident earlier this month. We were able to restore our systems in a very short span of time with minimal impact," said the airlines in an official statement. Airlines said that there were some segments of data servers that were breached, and therefore "there is a possibility that some internal documents of the company may get uploaded by the hackers on public websites and platforms." "We realise the seriousness of the issue, and are continuing to engage with all relevant experts and law enforcement to ensure that the incident is investigated in detail," it added.

New Delhi: IndiGo airlines on Thursday said that some of its servers were hacked earlier in the month of December and hackers might upload some internal documents on public platforms. "We would like to make this disclosure that some of our servers were subject to a hacking incident earlier this month. We were able to restore our systems in a very short span of time with minimal impact," said the airlines in an official statement. Airlines said that there were some segments of data servers that were breached, and therefore "there is a possibility that some internal documents of the company may get uploaded by the hackers on public websites and platforms." "We realise the seriousness of the issue, and are continuing to engage with all relevant experts and law enforcement to ensure that the incident is investigated in detail," it added.

New Delhi: Infrastructure firm NCC on Friday said it has received 15 new orders worth Rs 8,980 crore in December from government agencies. "NCC has received fifteen new orders totaling to Rs 8,980 crore (exclusive of GST) in the month of December 2020," the company said in a BSE filing. These orders are received from Central/State Government agencies and do not include any internal orders, the company added. Shares of NCC were trading 3.90 per cent higher at Rs 59.90 apiece on the BSE.

MUMBAI: Covid has shaped salary trends in a positive way for several sectors. These include internet & e-commerce, BFSI (banking, financial services & insurance), transportation & logistics and energy & utilities, as well as functions like legal & compliance and marketing. Additionally, these are expected to have a good run in 2021 as well.According to a study by Randstad India, a leading firm in the HR services industry, marketing has emerged as one of the top five highest-paying functions at the senior level where the average salary is about Rs 34 lakh.In the wake of Covid, customer's wants, needs, expectations and purchasing decisions are constantly evolving and marketing has come to play an important role. In particular, digital marketing has received a fresh impetus with all businesses - be it small, medium or large - turning towards or planning to adopt virtual modes of operation and stepping away from outdoor marketing.Randstad India MD and CEO Paul Dupui...

MUMBAI: The much awaited joint venture between Mahindra & Mahindra and Ford Motor Company has been called off due to significant changes in the global business environment due to Covid-19 pandemic. The decision follows the passing of the Dec. 31 “longstop,” or expiration, date of a definitive agreement the organizations entered into in October 2019.Ford in its official statement in the US said its independent operations in India will continue as is. The US car maker will continue with its joint projects, with Mahindra & Mahindra expected to produce the cars for Ford through contract manufacturing tie-up.Ford Motor and Mahindra & Mahindra have mutually and amicably determined they will not complete a previously announced automotive joint venture between their respective companies, said the statement from the company. According to the companies, the outcome was driven by fundamental changes in global economic and business conditions – caused, in part, by the global pandemic –...

Year 2021 in all likelihood will be the most defining period for Prime Minister Narendra Modi, one where his government's approach and execution will determine the trajectory India takes in the Covid-19 era and beyond. And in doing so, the PM will also shape the contours of his legacy in the long run.The pandemic, in many ways, has forced a reboot within the administration, which is why fresh beginnings are now possible. The government articulated this at the highest level by saying upfront that it intends to convert a crisis into an opportunity. This is how political will was mustered to initiate much-delayed agriculture and labour reforms, which, as year ends, still remain a work in progress.The challenge will be to not just stay the course, but demonstrate political intent to further broaden the ambit of reforms and accelerate the processes of execution where decisions have been made like the new education policy. This is now a political must, not just an economic requirement fo...

Mumbai: The Nifty hit 14,000 for the first time on Thursday —the last day of 2020 but investors should stay put in 2021 as there is still some more steam left in the bull run, a majority of participants in an ET poll of 25 fund managers, brokers and analysts said. The most bullish among the poll participants expect the Nifty to rise as much as 15% this year from current levels. Mid and smallcap shares could outperform blue-chips in 2021, they said.According to 75% of the poll participants, equities remain the top asset class and investors are advised not to cut exposure.“All the stars are aligned for markets to go up,” said Nilesh Shah, MD, Kotak Asset Management.While majority of the participants are bullish about the market prospects, 68% of them expect the Nifty to touch 14,500-15,000 in 2021. This is about 3-6% over Thursday’s closing of 13,981.75. The index closed unchanged over the previous day after touching a high of 14,024.85.80054515About 16% see Nifty at 15,000-15,500 level,...

Mumbai: India can expect some “good news” in the New Year on Covid-19 vaccines, said VG Somani, director-general of the Central Drugs Standard Control Organisation (CDSCO), which is responsible for approving vaccines in the country. Somani’s statement on Thursday comes on the day Prime Minister Narendra Modi said India is making preparations for the largest adult immunisation programme in the world.“Since March, along with the department of biotechnology, we have taken this challenge to hand-hold the development of vaccines of different platforms in the country...the drug industry and research organisations have stood the test of time and probably we will have a happy new year with something in hand — that is what I can hint at,” Somani said at a webinar organised by the DBT on the science of vaccine development.On Friday, the subject expert committee under CDSCO is expected to review data provided by the Serum Institute of India, which is testing and manufacturing a Covid-19 vaccine d...

Mumbai: Drought after a deluge: That seems to be nature’s way of evening out excesses.But will that be true of our equity markets that saw bumper IPOs in 2020? Historical data suggest so. Hence, investors should temper expectations of returns in 2021.India Inc has raised record 1.88 lakh crore through equities in 2020.Since 1995, whenever India Inc raised record funds, the Sensex returns next year were not that great. For instance, companies raised Rs 11,420 crore in 1995 but the Sensex return in 1996 was -1.3 per cent. The next record fundraising was in 2007 when Indian corporates raised more than Rs 66,000 crore, but the market fell 52 per cent in 2008. Foreign institutional investors pumped in over Rs 72,000 crore in 2007 but sold nearly Rs 54,500 crore worth of stocks in 2008.In 2010, the total amount raised from the primary market was a record Rs 72,000 crore and the Sensex declined 24 per cent in 2011. Similarly, in 2017 India Inc raised Rs 1.37 lakh crore and Sensex gave a retur...

Delhi Development Authority (DDA) will launch the 2021 housing scheme on Saturday, a senior official said. The scheme will be launched completely through online mode, through newly developed AWAAS Software of DDA. The new AWAAS software will give new experience to applicants, who can do all the formalities for application, payment and possession online and has to visit DDA only for the process of execution of conveyance deed.“DDA is going to launch Housing Scheme 2021 starting January 2, 2021. The applications under the scheme will remain active till February 16, 2021,” said a DDA official. About 1350 flats of various categories at Dwarka, Jasola, Manglapuri, Vasant Kunj, Rohini will be part of the scheme.The scheme is linked to “Credit Linked Subsidy Scheme” under “Pradhan mantra Awas Yojana – Housing for All (Urban)”.

NEW DELHI: Reflecting the economic recovery and revival in demand, analysts expect a strong wholesale growth rate for tractors, two-wheelers and passenger vehicles in December. At the same time commercial vehicles sales are also expected to improve.Retail sales have been flat, channel checks indicate. So, wholesale growth has been driven by restocking by dealers ahead of planned price hikes by automakers, say analysts tracking the auto market.“We forecast healthy wholesale volume growth in Dec 2020. Our dealer checks indicate that post a subdued festive period (Oct-Nov 2020) for two-wheelers, retails will likely decline YoY in December 2020. However, inventory levels are healthy at around six weeks and the low base will likely drive wholesale growth in December 2020,” said Kapil Singh, analyst at Nomura.He added that rural demand remains strong, and this should continue to benefit tractor demand as inventory levels are low. He also expects registration data to report double-digit growt...

Non-food credit growth of banks stood at 6 per cent in November 2020 as compared to 7.2 per cent in the same month of the previous year, RBI data showed.Reversing the downtrend, credit growth to agriculture and allied activities accelerated to 8.5 per cent in November 2020 from 6.5 per cent in November 2019, the data on Sectoral Deployment of Bank Credit - November 2020, released by the Reserve Bank of India showed.Advances to industry contracted marginally by 0.7 per cent in November 2020 as compared with 2.4 per cent growth in the year-ago month.This was mainly due to contraction in credit to large industries by 1.8 per cent in November 2020 (3 per cent growth a year ago), though credit to medium industries registered a robust growth of 20.9 per cent in November 2020 vis-a-vis contraction of 2.4 per cent a year ago, RBI said.Within industry, credit to food processing, petroleum, coal products and nuclear fuels, leather and leather products, paper and paper products, mining and quarry...

New Delhi: The government on Thursday said the current domestic production is unable to meet the country's demand, even though the country is the world's second-largest producer of fossil fuel and the fifth-largest nation in terms of coal deposits.Currently, India is producing about 729 million tonnes of dry fuel, the coal ministry said in a statement."However, it is a fact that the domestic production is not able to meet the demand of coal in the country," the statement said.Last year, India imported 247 million tonnes (MT) of coal and spent Rs 1.58 lakh crore worth of foreign exchange.Commercial auction of coal mines along with transparent measures taken by the Centre has come at an opportune time to bridge the mismatch between demand and supply of coal in the country."This will not only provide a huge opportunity for employment in the backward regions but will also save foreign exchange to the extent of almost Rs 20,000 crore to Rs 30,000 crore per year,"...

Mumbai: When Covid-19 triggered a payment lockdown, it did not discriminate among banks. Both the Bank Nifty and private banks index almost halved, and the state-run banks’ index fell more – 56%.As the year draws to a close, investor discrimination is palpable. The Bank Nifty and the private banks indices have almost erased all their losses, but the Nifty PSU Bank Index is still down 30%.PSU banks have become the poor cousins of Indian banking, and the belief only strengthened this year. For years, they did not get capital from the markets and the taxpayer had to stump up more than Rs 3 lakh crore in recent years.With the government’s hands tied due to a collapse in revenues and increased spending to fight the Covid-19 fallout, banks were forced to test the waters on private capital. The result is a wake-up call.Yet again, state-owned institutions had to bail out the share sale of Punjab National Bank and IDBI Bank while Canara Bank scraped through. This is at a time when private banks...

The scheme was announced in November to incentivise formal job creation in the country and subsequently approved by the Cabinet in early December.

Mumbai: The Kempegowda International Airport at Bengaluru (KIB) has become compliant for CAT-IIIB operations, which will allow the airlines to land aircraft at a runway visual range of as low as 50 metres besides take-offs at 125 metres, a release said on Thursday. The mechanism is functional at the south runway of the airport since 05.30 am on Thursday. Until now, the permissible visual range was 550 metres and 300 metres, for landing and take-off, respectively, it said. This makes Bangalore airport the only aerodrome in South India and sixth in the country with CAT III B runway. Fog-related flight delays in Bengaluru have traditionally caused delays and diversions, inconveniencing passengers, as well as resulting in financial losses for the aviation industry, Bangalore International Airport Ltd (BIAL) said. KIB has installed advanced Instrument Landing System (ILS), Airfield Ground Lights (AGL), meteorological equipment such as Transmissometre, Automatic Weather Observation Station (...

Hand sanitiser, antiseptic liquid and chyawanprash were the top three categories related to prevention of Covid-19 to advertise on television in 2020, according to a TV advertising report published recently by TAM Media Research. "In July 2020, hand sanitiser advertising per day grew by more than 100 times compared to January 2020," the report said.Piccadilly Agro Industries, Hindustan Unilever and ITC were the top three companies to advertise in this category, according to the report. In September, the average the average and volumes per day for antiseptic creams and liquid grew by 3.5 times compared to January this year, the report said, adding that among 11 advertisers in this category Reckitt Benckiser held 92% share for Dettol.December saw a surge in the advertisements for chyawanprash with David leading the pack of eight advertisers in this category followed by Emami. Overall advertising for chyawanprash increased six times in December compared to January.

Milliman Advisors LLP India has been selected as the reporting actuary for the embedded value of Life Insurance Corporation of India.The firm was chosen from three in the race including EY Actuarial Services and Willis Towers Watson Actuarial Advisory."Work will begin soon," Tuhin Kanta Pandey, secretary of department of investment and public asset management (DIPAM) said Thursday, announcing the selected firm.The government had invited interest for the appointment of an actuarial firm to determine the embedded value of LIC of India, taking the next step towards the public listing of the country’s largest public insurer.LIC needs to develop an Indian Embedded Value (IEV) reporting framework for the necessary disclosures in the proposed initial public offer.The government has to undertake the exercise to arrive at the IEV of the company, which will include valuation of its massive real estate assets. The firm will work with management of LIC to arrive on a method to calculate ...

The labour ministry has issued guidelines for the Atma Nirbhar Bharat Rozgar Yojana, clarifying the government will only contribute to new employees earning up to Rs 15,000 a month as defined under the Employees Provident Fund & Miscellaneous Provisions Act . The scheme was announced in November to incentivise formal job creation in the country and subsequently approved by the Cabinet in early December.The scheme will cost the government Rs 22,810 crore and the registration for the scheme will be effective from October 1, 2020 to June 30,2021 and is expected to create 5.5 million jobs. Under the scheme, the government will reimburse 24%, 12% each for employees and employers, for two years for all new formal jobs created in enterprises having up to 1000 employees between October 1 and till June 30 next year. Even workers who had lost jobs during the pandemic period between March 1, 2020 and September 30 and later got employed under EPFO registered establishment after October 1, 2020...

Reliance Jio Infocomm (Jio) will make all off-net domestic voice calls free, starting January 1 2021, on the back of interconnect user charges (IUC) being made zero from the beginning of 2021. "As per directions of the Hon’ble Telecom Regulatory Authority of India (“TRAI”), Bill and Keep regime is being implemented in the country from 1st January 2021, thereby ending interconnect usage charges (IUC) for all domestic voice calls. Honouring its commitment to revert off-net domestic voice-call charges to zero, as soon as IUC charges are abolished, Jio will once again make all off-net domestic voice calls free, starting 1st January 2021. On-net domestic voice calls have always been free on the Jio network," said the telco nearing 500 million customers. On-net domestic voice calls have always been free on the Jio network. IUC, a charge paid by the call-originating telco to the destination operator, is at the heart of the latest spat between Jio and older incumbents Bharti Airtel a...

Mumbai: In an unprecedented move, the Mumbai bench of the income tax appellate tribunal (ITAT) has retracted the critical remarks it made on Cyrus Mistry in its recent order that restored the tax-exempt status of the three key Tata Trusts. In a major moral victory for the past chairman of Tata Group who was unceremoniously sacked on October 24, 2016, the tribunal issued a corrigendum on Wednesday to its December 28 order saying "the critical remarks were due to a typo." The corrigendum issued by president of the tribunal P P Bhatt and vice-president Pramod Kumar, clarifies that the first order made certain "inadvertent references to Mistry because of a few typo errors." Further, it says in observations on Mistry one fact that was inadvertently missed out was that the information furnished by Mistry was in response to a notice from the assessing officer. It further says, "The above corrections will have no impact on the outcome of the appeal and the outcome of t...

NEW DELHI: The reverse migration, which led to the emergence of heightened demand for homes in tier 2/3 cities, demand for bigger homes and green complex with healthcare facilities, are some of the positives from 2020, according to real estate developers. Developers said that the overhang of subdued demand from last quarter of 2019 continued into 2020 and with the COVID-19 pandemic induced lockdown in March, the sector went from bad to worse. “The migration of labours and disruption in supply of raw materials saw a stoppage in construction activities. On the back of government stimulus and RBI’s liquidity measures, there was some uptick in demand post the partial opening of the economy,” said Mohit Goel, CEO, Omaxe Ltd.Developers feel that affordable segment will continue to grow on the backdrop of low interest rates.“The market for affordable housing is robust, and in the coming months, there will be more movement. People have realized the importance of owning a home, and this feeling...

NEW DELHI: Total liabilities of the government increased by 5.6 per cent to Rs 107.04 lakh crore at end-September 2020, according to official data on public debt.At the end of the first quarter, the outstanding total debt of the government stood at Rs 101.3 lakh crore.The 5.6 per cent quarter-on-quarter increase reflects pressure on revenue collection and rising expenditure due to the COVID-19 crisis.Public debt accounted for 91.1 per cent of total outstanding liabilities at end-September 2020, as per the latest quarterly report on public debt management.The weighted average yield on primary issuances of dated securities showed further moderation to 5.80 per cent in Q2 of FY21 from 5.85 per cent in Q1 FY21, it said.During Q2 FY21, 13 tranches of auctions were held for issuance of dated securities aggregating to Rs 4,20,000 crore, which was slightly more than the pre-announced calendar because of exercising of greenshoe option, it said.The central government issued dated securities wort...

NEW DELHI: Vedanta Ltd has emerged as the highest bidder for Radhikapur west coal block located in Angul district of Odisha at a distance of about 190 km from the company's Jharsuguda aluminium smelter.The coal block is an optimal fit for Jharsuguda smelter, given its logistical location and annual capacity, the company said.The mine has total reserves of 312 million tonnes and an approved per annum extraction capacity of six million tonnes."Once operational, it will provide fuel security and improve power availability. It will also further strengthen the company's aluminium and power operations and performance," said Vedanta.Vedanta is one of the world's leading oil and gas and metals company with significant operations in oil and gas, zinc, lead, silver, copper, iron ore, steel and aluminium and power sectors across India, South Africa, Namibia and Australia.

For the global economy, 2020 is ending with a sense of hope for the future, partly built on the assumption that it can’t surely be that bad again.Such optimism is also founded on the rollout of vaccines to control the coronavirus pandemic. That means a return to some semblance of business-as-usual in the course of 2021 is now less ambitious a prospect than it once was.But that outcome would arrive too late to save many millions of jobs and the buildup of hundreds of billions of dollars in newly created public debt throughout the world.What began as a year clouded by the milder threats of a fractious U.S. presidential election, ongoing trade tensions with China, and a hard deadline for U.K. relations with the European Union soon became an existential ordeal to salvage any economic growth at all amid unprecedented lockdowns.Here’s a selection of charts with a final look at the havoc and ruin wreaked by Covid-19 during an extraordinary 12 months for the world.Paradigm LostThe pace of reco...

New Delhi: Infrastructure company Larsen & Toubro (L&T) on Thursday said its construction arm has received orders in the overseas and domestic market.The company did not provide the value of the contracts, but said the orders fall under the 'significant' category, which ranges between Rs 1,000 crore and Rs 2,500 crore, according to the classification of contracts."The construction arm of L&T has secured orders from prestigious clients for two of its businesses," L&T said in a regulatory filing.L&T said its power transmission and distribution business has won two transmission line packages in the Kingdom of Saudi Arabia. These lines are expected to strengthen the grid in the Eastern Region of Saudi Arabia and facilitate power evacuation.Its water and effluent treatment business has secured an EPC (engineering, procurement, and construction) order in Gujarat to execute a package in the SAUNI Yojna Link 3.Saurashtra Narmada Avtaran Irrigation (SAUNI) ...

New Delhi: Communications equipment firm Tejas Networks on Thursday said it has bagged an order worth USD 13 million (approx Rs 95 crore) from a telecommunications service provider in South East Asia for supply and installation of its broadband products. As per the contract, Tejas will supply and install its broadband products to extend high-speed broadband services to underserved rural communities in the region, Tejas Networks said in a regulatory filing. The project is expected to be executed within the next 12 months. Shares of Tejas Networks were trading 4.96 per cent higher at Rs 137.45 apiece on BSE.

NEW DELHI: Facing heat from GST officials for evading taxes on the pretext of adding fruit juice or pulp to their carbonated beverages, local soft drink companies are set to shift to the 40% levy, said people familiar with the development.While sugary carbonated beverages such as Coke, Pepsi and Sprite attract 40% tax, including cess on sin goods, similar drinks based on fruit pulp or juice fall in the 12% tax bracket. In 2014, PM Narendra Modi had urged foreign beverage giants to add fruit in fizzy drinks in a bid to boost sourcing from Indian farmers. The announcement resulted in both multinational and local companies launching fruit-based fizzy drinks that attracted lower GST.“Regional beverage associations in Punjab, Haryana, NCR, UP and Rajasthan have finalised plans to shift to the 40% levy,” said a person with direct knowledge of the matter.“There have been numerous raids on these companies and the penalty for evading GST is huge. They cannot risk it anymore as the pandemic has ...

The most famous doctor in China was on an urgent mission.Celebrated as the hero who helped uncover the severe acute respiratory syndrome epidemic, or SARS, 17 years ago, Dr. Zhong Nanshan, now 84, was under orders to rush to Wuhan, a city in central China, and investigate a strange new coronavirus.China’s official history now portrays Zhong’s trip as the cinematic turning point in an ultimately triumphant war against COVID-19, when he discovered the virus was spreading dangerously and sped to Beijing to sound the alarm. Four days later, on Jan. 23, China’s leader, Xi Jinping, sealed off Wuhan.That lockdown was the first decisive step in saving China. But in a pandemic that has since claimed more than 1.7 million lives, it came too late to prevent the virus from spilling into the rest of the world.The first alarm had actually sounded 25 days earlier, exactly a year ago: last Dec. 30. Even before then, Chinese doctors and scientists had been pushing for answers, yet officials in Wuhan an...

NEW DELHI: Import and export of Covid 19 vaccines through courier has been allowed without any value limit at locations where the Express Cargo Clearance System (ECCS) is operational, the Central Board of Indirect Taxes and Customs (CBIC) said in a circular to field units.The Board also directed that customs authorities create a task force with relevant stakeholders to ensure speedy clearance of the vaccines through customs."Efficient clearance and distribution of vaccines would be a critical requirement in the collective fight against the COVID-19 pandemic, the challenges in doing so is heightened by the fact that the vaccines need to be stored and transported under controlled temperatures and there are multiple stakeholders involved in this process," the Board said backing the need for efficient cross-border procedures for speedy evacuation of the vaccines. CBIC has amended the Courier Imports and Exports (Electronic Declaration and Processing) regulation to allow for tempo...

New Delhi: Industry has sought reintroduction of the single structure of income tax instead of the current one that gives two options to taxpayers, saying that it had made compliance on withholding tax a complex process for employers, leading to higher cost and tax leakages.This was among several recommendations made by the Confederation of Indian Industry (CII) to the finance ministry ahead of the union budget announcement.Finance minister Nirmala Sitharaman had introduced a new taxation regime from April 1, 2020, whereby individual and Hindu undivided family taxpayers could pay income tax at a lower rate from April 1, 2020, provided they didn’t take any tax exemptions, or pay at the existing rates after availing of the exemptions. Taxpayers were to choose one of the options at the beginning of the year, but would be able to change it at the time of filing returns, which is expected in July 2021.“For a vast country like India, it has created more confusion for the taxpayer than a reli...

Mumbai: The Reserve Bank of India is seeking to end unauthorised digital lending by fintech companies and has asked midsize and large non-bank lenders to provide details of their exposure to such firms, two people aware of the development said.Similar details could also be sought from banks lending to fintech players, they said.The RBI is said to be evaluating the prevailing regulatory arbitrage in the financial sector to minimise the spillover of risks.“The regulator’s supervisory team is collating details to ascertain the issue of interconnectedness among such non-bank lenders (NBFCs and fintech firms),” an official in the know said. “The regulator is also studying the likely impact the collapse of a few such firms would have on the system.” These small fintech operators have seen a considerable high rate of defaults in the lockdown months. ET had recently reported that financial stress among retail borrowers was biting fintech lenders, with more than a third of their customers skipp...

NEW DELHI: Engineering and construction conglomerate Larsen & Toubro (L&T) on Wednesday said it has opened 'Planet L&T', a digitally-enabled Corporate Experience Centre that provides an immersive-experience through 12 high-tech zones.It said robots 'Elle' and 'Tee' navigate Planet L&T visitors, symbolising L&T's thrust on state-of-the-art tech experiences."L&T, India's leading engineering, procurement and construction projects, manufacturing, defence and services conglomerate, opened the doors to 'Planet L&T,' its sprawling new digitally-enabled corporate experience center," the company said in a statement.Located at its newly-built 'A M Naik Tower' in Powai, Mumbai, the center is spread over close to 10,500 square feet.Planet L&T offers visitors an immersive experience of eight decades of the organization's history and a glimpse into how technology is shaping its future."Planet L&T i...

Kolkata: The life insurance industry's growth in the current fiscal is likely to stay flat amid sharp traction seen in the protection business and Rs 5 lakh income tax exemption will have a short-term negative impact, a top life insurance official said on Wednesday. In the private sector players, the additional premium income saw a de-growth of four per cent in the first half of the fiscal while some companies attained healthy growth. Companies that could offer complete digital onboarding and servicing platforms immediately grew, he said. "This has been an unprecedented year. The industry is likely to remain flattish. However, we will stay ahead of the industry. In the first half our additional premium had grown by 16 per cent," Kotak Mahindra Life Insurance MD & CEO G Murlidhar said. The company was keeping its fingers crossed despite the last quarter (January-March) is typically best for insurance firms for their tax planning. However, companies remain unsure about ...

MUMBAI: An intense contest was on between bulls and bears intraday Wednesday, with one trying to push then Nifty above 13900 and the other to pull it below 13800. The Nifty was perched at 13905 at the time of writing. The market range is 13767-14033, with the scale evenly balanced as of now, options data show. Sellers have written or sold more puts on Nifty than calls, though that gap has been narrowing. Traders sell more puts when they are confident the market wouldn't fall below the level sold minus premium received from the put buyers.Call sellers, on the other hand, expect the market wouldn't rise above the level sold plus premium received from the call buyers. So, when there are more puts sold than calls sold cumulatively , the set up is bullish. But when the gap between the two narrows, it implies supply at upper band , or profit booking. The market has been supported by heavy FII/ FPI buying in cash as well as on index futures (Nifty and Bank Nifty). For eg, in the fisca...

By Eric LamBitcoin, the world’s largest cryptocurrency, is on track to close out a banner year with another bang.The digital asset surged above $28,000 Wednesday to a record high, adding to its 47 per cent rally so far in December, according to data compiled by Bloomberg. Bitcoin rose as much as 6.2 per cent to $28,572.10 in Asia trading and is on track for its biggest monthly gain since May 2019. 80025492Bitcoin has almost quadrupled in value this year amid the global coronavirus pandemic, while the wider Bloomberg Galaxy Crypto Index tracking the largest digital currencies is up about 270 per cent as rival coins such as Ether have also rallied.The latest price surge continues to divide opinion between those who view cryptocurrencies as a hedge against dollar weakness and inflation risk, and others who question Bitcoin’s validity as an asset class given its speculative nature and boom-and-bust cycles.“While a growing institutional presence has been part of the narrative of the current...