The SBI has proposed the increase in cash withdrawal limits through Cheques & withdrawal Forms for its customers at non-home branches. In a tweet, Banking Giant said” It has raised the cash withdrawal limits for non-home withdrawal for supporting the customers in times of COVID crisis. The cash withdrawal from savings bank passbook has been raised to Rs25,000 per day.
In its upcoming Monetary Policy Review RBI will be going to retain the benchmark interest rates amid the unprecedented crisis of COVID in India. The next Bi-monthly Monetary Policy Review committee will meet on June 4. According to RBI” The monetary Policy of 2021 will be made by keeping the view of Macroeconomic conditions of the country and making it on the path of growth.
Equity Benchmark nifty & Sensex are trading at higher values despite the chaos due to the pandemic. Sensex was trading above 52,000 and Nifty witnessed a record-high 15,650.HDFC, Bajaj Auto, ONGC, IndusInd Bank were among the top Sensex gainers. Ultratech Cement, Asian Paints, Dr. Reddy’s, TCS were the Sensex heavyweights. Various Sectoral parts of Nifty were positive leaving Nifty Metal & Nifty Pharma Indices. Nifty Auto Index and Nifty Bank indexes were nearly 1 % and 0.4 % respectively.
According to data released by Government “There was an increase in India’s GDP by 1.6 % in the first quarter but will also witness contraction 7.3% for the whole fiscal year.” In the last four decades, there is a first full contraction of the Indian economy and the second straight quarter of expansion. According to the data of the National Statistical Office (NSO), the GVA(Gross Value Added ) growth in the manufacturing sector has increased by 6.9%.
The meeting of the GST Council headed by the Union Finance Minister has given some relief amid the deadly pandemic. On Monday Government said that the Date for filing the GST Sales Return for May has been extended to June 26.A series of tweets by CBIC (Central Board of Indirect Taxes) listed the relief measures decided in High profile meeting.
On Wednesday both benchmarks were traded at low levels but still trading in the red. Sensex was around 51,800 and Nifty is at 15,550. Power grid corporation of India, NTPC, ONGC are on the list of top gainers.
Market benchmarks skyrocketed after 2 days of bearish trade. Due to RBI decision Finance, Infra & Banking stock remained a major attraction for investors. An increase in the value of the Rupee also added the Momentum in shares.
MPC (Monetary Policy Committee) started its 3-day meeting on June 1. Repo rate & Reverse Repo Rate remain unchanged at 4% & 3.35% respectively. RBI said that Monetary Policy in India will be modified in 2021-22 by dynamic macroeconomic situations.
On Friday RBI said that the Bulk payment system which comes under the National Automated Clearing House(NACH) will available on all days of the week from August 1. Till now this service is operational on only the Bank working days and it is used for recurring payments by consumers & direct subsidy transfers by the Government. In past years RBI has taken several steps to make the payments transferring facility operational on all days of the week & each hour.
GST receipts came at Rs 1,02,709 crore in may but it is low in comparison to the last months’ Rs 1,41,384 crore. Collections for May are based on the transactions that happened in April, but it showed a minimum impact of the lockdowns imposed in some parts of the country. GST collection for the month may include a relief measure of various deductions/interest delayed, Extended date of filing taxes, etc.
Due to the decrease in COVID case and Robust corporate activities, Foreign investors turned optimistic and invested Rs 8000crore in just four trading sessions. According to the associate Director, Morningstar “Due to the increase in speed of Vaccination Drive in the country and fewer risks of Investment Foreign investors are showing interest in Indian Markets.”Foreign Investors are feeling comfortable investing in Indian Markets as the Indian Economy is on the path of Recovery.
According to sources that the Government will not likely provide the liquidity boost until September, The recent focus is to drive the Capital budget spending and aggressive investments from (CPSP)Central Public Sector Undertakings. The Union Budget of FY21 is prepared to facilitate the Economic recovery process after the 2019 pandemic attack so it has many provisions of Liquidity infusion in COVID affected sectors.
On Monday, The Income Tax Department will launch a new e-filling portal and it will be beneficial for the taxpayers in paying ITRs. CBDT(Central Board Of Direct Taxes) said in a press release that it will give a modern seamless experience to the taxpayers. A new tax payment system will be introduced on June 18. A mobile app will also be launched for familiarisation of the people to new technology which includes payment of taxes.
International Economy is likely to expand by 5.6% in 2021 and the highest expansion after the period of post-recession and the main reason behind this growth is the new emerging economies which are providing stimulus to World Economy. Global output remains about 2 % in this period. Many emerging & Developing economies are continuing to fight the effects of pandemic and struggling to keep pace in their recovery process. There are some signs of global economic recovery.
On Wednesday Government has upgraded subsidy benefits under the amended New Investment policy 2012 to RFCL (Ramagandam Fertilisers & Chemicals Limited) which is located in Telangana. The decision was taken under the Chairmanship of the Honourable Prime Minister. After the meeting, Prakash Javdekar addressed the media & said “The amended New Investment Policy act 2012 which was brought in 2014 is generally applicable to factories which are established till 2019, RFCL was established in 2021
We are witnessing the bursting of stock markets as Equity benchmarks Sensex & Nifty are creating daily records due to the infusion of a large amount of money by mutual fund investors in various Equity schemes Net inflows reached 14 month high worth of Rs9,235.48 crore in May. Simultaneous increase of net inflows in Equity Mutual fund schemes show the optimistic nature of investors in these desperate times. Increasing confidence of people in the stock market is due to high performance.
According to the rating agency ICRA Indian GDP growth in the fiscal year, 2022 will be 8.5%. The year-on-year growth of GDP and GVA (Gross Value Added) will remain 8.5% & 7.3% respectively. ICRA is expecting the GDP growth will exceed the GVA by 120 points due to the value of the taxes & subsidy on products. ICRA also considered the food subsidies which is given by the Government of India. ICRA said that the Second COVID wave will impact consumer sentiment.
With Uncertainty in Asian Markets Sensex's value has decreased due to the instability in the stocks of Pharmaceutical & Financial stocks. BSE Sensex increased by 358.83 points. For a full day, it witnessed the swing of Highs & Lows. Bajaj Finance comes at the top in the Sensex Chart NSE Nifty also witnessed a surge in its values. After the release of US inflation data and policies of the European Bank, Asian Investors are optimistic about Indian Equities & investing aggressively.
The GST council will meet on Saturday Under the Chairmanship of Union Finance Minister Nirmala Sitharaman for deciding on the effective taxation rate & Supply of the COVID essentials like Drugs & Medicines etc. Medicines for the black Fungus disease will also be monitored under the subsidy rates. COVID management things are Testing Kits, Essential drugs like steroids & Remdesivir, Ventilators, Oxygen Cylinders, etc.
Union Finance Minister Nirmala Sitharaman announced a significant tax deduction on the COVID management equipment like Medical Oxygen, Oxygen Concentrators, Bipap machines, High Flow nasal canula, Pulse oximeter, Ventilators & various types of medicines from 12% to 5%. The cut in the taxation on the COVID management equipment is a game-changer in fighting the virus effectively. India witnessed a severe shortage of medical equipment
Former RBI Governor and Veteran Economist D.Subarao said that the condition is going towards “Extreme Unevenness” as the income inequalities between the upper segments of the society & lower segments of the society are increasing day by day and it will affect the Future Growth prospects of the country. He said it is an Uneven Recovery as the increasing liquidity & Foreign Fund inflows are soaring the stock market prices of the country despite the COVID disruptions.
As we are aware of the plan that Central Government has decided to privatize at least two State-Owned banks this fiscal it will also consider the front load capitalization of state-owned banks so their balance sheets remain strengthened amid the possible sales expectation. Front Loading of capital will help the Public Sector Banks incoming at the road of recovery as the COVID pandemic pressurized the Banks from Credit side and the implementation of the Government policies.
On Monday Commerce & Industry Minister Piyush Goyal said that World has to separate the trade policy & Green goals. He said that I hope that the developed countries of the World will not play the interchange of trade & green policy. He is also expecting that the Giant credit rating agencies like IMF(International Monetary Fund) would support the nations in these desperate times and do not determine the developed & less developed companies.
Key Benchmarks Sensex & Nifty which are trading at the record high levels witnessed a cautious move of investors on Wednesday ahead of the US Federal Reserve policy. BSE Index came at 0.51% lower at the day end. Nifty also reduced by 0.64%.PowerGrid was the top achiever of the Sensex pack which was followed by many like IndusInd Bank, Ultratech Cement, Reliance Industries, etc. Indian variables decreased due to the US Federal Reserve Policy on Global Markets.
Board of Companies can organize the meetings related to discussions of Annual Financial statements, Mergers & Acquisitions,.. , The physical mode has been shifted to Virtual mode and the Ministry of Corporate Affairs has also amended the Companies act 2013 giving special focus on “Meetings of Board and its Powers”. According to Some directors” Companies act has always the regulations related to Virtual mode meetings but the main things are the approval of Financial matters.
SEBI has barred the Shri research Services & its proprietor, Gourav Kumar, for giving unauthorized investment suggestions to the customers. The period of banning is of 2 years and the Company has to refund money to the investors. An amount of Rs5 lakh has been imposed and to be pay in 45 days. They are involved in Investment Advisory Activities without getting the Certificate of registration from the Regulator. This violated the regulations of Investment Advisory.
Domestic Equities fall due to the recently announced policies of the Federal Reserve. But now it opened positively and the Market is in the Green Zone. At 9:00 am Sensex was at 244.74 points and the nifty increased by 65 points. Asia has mixed reactions ahead of the Policy response as Bourses in Shanghai & Hong Kong ended positively but Seoul & Tokyo were trading in a red zone yesterday but these are in safer zone.
Domestic Equity Benchmarks jumped again for the third consecutive day after the weakness of currency happen in the Global markets. The policy released by the Federal Reserve has been settled down in the Global markets and Indian Benchmarks also adopted the condition. Banking stocks suffered losses while the IT industry is recovering from the havoc. IndusInd Bank was the lowest gainer in the Sensex pack followed by Dr. Reddy’s, Maruti, Axis Bank, etc.
RateGain, Travel Tech Services firm facilitates in revenue management of Travel & Hospitality, e-distribution & Brand Management. Officials of the Company said that the Company is planning for an IPO of Rs1200 crore. In 2015 TA Associates invested $50 million in company for providing software service products. The firm said that its services are used by many top Travel agencies in India. Kotak Mahindra & IIFL lead the IPO procedure.
Domestic shares are going for Sizeable correction but it has triggered by the Adani group which is a very strong player in the corporate world. In few months many companies have come under the scanner. Nowadays Situation of Domestic shares is related withy many concepts like Ramping up the vaccination program of the Government, Federal reserve Policy, etc. Sensex & Nifty are looking for a sizeable correction due to continuous upsurge.
On Saturday Labour Ministry said that the Government has no plan of fixing the Minimum Wages & National Floor wages. The clarification came after the release of the report that the Government is trying to fix the Minimum wages & National Floor wages. Before this month the ministry said that they formed a Committee under the Chairmanship of Ajit Mishra for putting the technical inputs & various researches on the fixation of wages & Floor Price.
The stock benchmark Sensex plunged nearly 600 points in early trading on Monday, tracking the declines of index heavyweights ICICI Bank, SBI and L&T in the context of a sharp correction in global stock markets. The 30-share BSE index fell 596.78 points, or 1.14%, to 51,747.67 in initial trading. Similarly, the broader NSE Nifty fell 175.35 points, or 1.12%, to 15,508.
Finance Minister Smt. Nirmala Sitharaman, Infosys meet on technical errors in the new Income Tax portal on Tuesday; to discuss several stakeholder inputs. Several stakeholders have provided written inputs and feedbacks highlighting the issues while facing the portal as well as areas that need to be fixed. Infosys had stated in its company’s annual shareholder meeting on Saturday that it is working to resolve the issues.
FM Nirmala Sitharaman on Tuesday explored with Infosys authorities the technical errors that keep on creating issues while using the new income tax portal. Sitharaman, alongside Minister of State for Finance Anurag Thakur, Revenue Secretary Tarun Bajaj, CBDT Chairman Jagannath Mohapatra and other senior service authorities, went point by point on the issues confronting the new gateway with authorities of Infosys.
NMDC, India's largest iron ore producer, produced 34.15 million tons of iron ore and sold 33.25 million tons of iron ore in the 2020-21 fiscal year. Compared with the 31.49 million tons of production and 31.51 million tons of sales in the 2019-20 fiscal year, this is an 8% increase in production and a 6% increase in sales. This is undoubtedly achieved in a challenging year. NMDC's turnover for the 2020-21 fiscal year is 15,370 crores, and the 2019-20 fiscal year's turnover is 11,699 crores.
Raise funds by issuing equity to the Indian Life Insurance Company (LIC). In the regulatory documents, the housing finance company stated that it will issue 45,400 shares to LIC at a price of 514.25 rupees per share. After the allotment, LIC's shares in the company increased to 45.24%, while the shareholding ratio before the issuance was 40.31%. The company will seek shareholders’ approval for the proposed priority allotment at an extraordinary general meeting on July 19.
Fin Min Nirmala Sitharaman discussed India's growth and investment opportunities after the government's reform measures at the Global Investor Roundtable organized by the US-India Strategic Partnership Forum (USISPF). The round table held via video conference witnessed the participation of some of the largest foreign investors, including MasterCard, MetLife, Prudential, Air Products, Dell, SoftBank, and Warburg Pincus.
Although the second wave of the Covid-19 pandemic once again brought business and economic activities to a halt, the Chairman of the State Bank of India (SBI) Dinesh Kumar Khara expressed the hope that the country’s economy can be in the current fiscal year. recovery. The Chairman pointed out that the global economy will shrink by 3.3% in 2020, and the pandemic will cause significant loss of life and livelihoods.
On Tuesday, the grounded Jet Airways stock price continued to rise, rising nearly 5%, hitting the price ceiling. Since the National Company Law Tribunal (NCLT) approved the Jalan Kalrock Consortium’s solution to the airline on June 22, the bills have been increasing. On Tuesday, it closed at 126.80 rupees per share on the BSE-also the price ceiling. It also ends at the same level on NSE.
Union FM Nirmala Sitharaman said on Thursday that the Goods and Services Tax Commission will soon convene a special meeting to discuss all compensation-related issues. She also said that the Covid-19 vaccination process across the country will be properly managed and all states will be taken care of. “I have promised to hold a special session, in which we will discuss, all GST compensation-related issues,” Sitharaman said.
According to data from the Reserve Bank of India, as of the week of June 25, 2021, the country’s foreign exchange reserves surged by US$5.066 billion, reaching a record high of USD 608.99 billion. As of the week before June 18, foreign exchange reserves decreased by 4.418 billion U.S. dollars to 603.933 billion U.S. dollars.
As domestic traders continue to complain about foreign online participants' alleged violations of FDI regulations, Minister of Commerce and Industry Piyush Goyal said on Friday that the ministry will "soon" make certain clarifications in the area of e-commerce. Goyal stated that since the policy is very clear, the ministry will not change any policy regarding foreign direct investment in e-commerce.
In order to reverse the two-month selling trend, the foreign securities investor (FPI) in June eventually became a net buyer, investing 13,269 crores in the Indian market. Morningstar India Associate Director (Manager Research) Himanshu Srivastava said that this may be due to the continued decline in the country's coronavirus cases and the hope that the economy will open soon, which has led to an improvement in investor sentiment.
As the second wave of the Covid pandemic and the resulting blockade hit businesses and the economy, the GST collection in June fell below Rs 1 billion for the first time in eight months. Official data released on Tuesday showed that the Goods and Services Tax (GST) levy was 92,849 crores, the lowest level in 10 months since August 2020, when it was 86,449 crores.
The June GST collection once again regained confidence in the government revenue department, that is, not only the indirect tax collection in FY22 may be closer to the budget target, but the fiscal deficit may eventually be controlled as predicted.
As interest rates continue to remain at an unprecedentedly low level, the Reserve Bank of India may begin to tighten monetary policy, and the gradual normalization of policy may begin at the end of the current fiscal year. Although retail inflation fell month-on-month in June, it remained above the 6% threshold for the second consecutive month. Consumer price index inflation slowed slightly to 6.26%.
The Ministry of Finance today issued 75,000 crore to the states as well as Union Territories and legislatures under the back-to-back loan mechanism in lieu of GST compensation. This release is a supplement to the normal GST compensation, which will be issued every 2 months from the actual cess collection,” the ministry said in a statement.
Uttar Pradesh Industrial and Infrastructure Development Commissioner Sanjeev Mittal held a meeting with a group of developers on Thursday to discuss a series of issues, such as delayed delivery of apartments and registration of ready units, and lower interest rates.
In the three-day market rebound, investors' wealth increased by Rs 2,276,325 crore, and the benchmark sensex closed at a record high on Thursday. At the close, the 30-share BSE index rose 254.80 points, or 0.48%, to 53,158.85, which was a historical closing high. During the day, the benchmark index also reached an all-time high of 53,266.12 points.
The Ministry of Commerce on Friday solicited suggestions from stakeholders, including industry and trade associations, to formulate the next foreign trade policy (FTP 2021-26). FTP provides guidelines for the promotion of exports to promote economic growth and job creation.
LIC Housing Finance Ltd. said on Saturday that the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) have asked the company to clarify its priority allocation of 2,334 crore shares to its parent company, Life Insurance Corp of India (LIC).
The Reserve Bank of India (RBI) stated that although the transmission of deposit and loan interest rates has improved significantly recently, several factors continue to hinder the effective transmission of currency to these bank interest rates. The RBI announcement in July 2021 pointed out that the central bank has repeatedly tried to improve the effectiveness of currency transmission by improving the process of setting bank interest rates.
Aadhya Gold Private Ltd, headquartered in Bangalore, submitted an application to the Authority for Advance Ruling (AAR), hoping to clarify whether the purchase of second-hand gold jewelry will only pay goods and services tax based on the difference between the sales price and the purchase price.
The Authority For Advance Rulings (AAR) Judge of Maharashtra believes that if the Co-operative Housing Society (CHS) collects maintenance fees from its members more than Rs., the Goods and Services Tax (GST) should be levied. 7,500 per month .