There is a need to clearly define the responsibility and accountability for the auditors as well as the audit committees, the CEPR said in a report. "The management in all fairness does expect the auditors to catch loopholes. But it becomes almost impossible to detect many of them especially with limited scope and undefined area of work and powers," it added.
During the month, personal loans segment grew by 16.9 per cent. Within personal loans, credit to housing segment grew by 17.5 per cent from 18.4 per cent, while education loan showed a negative growth of 3.1 per cent as against a negative growth of 2.3 per cent in January 2019, RBI data showed.During the month, personal loans segment grew by 16.9 per cent. Within personal loans, credit to housing segment grew by 17.5 per cent from 18.4 per cent, while education loan showed a negative growth of 3.1 per cent as against a negative growth of 2.3 per cent in January 2019, RBI data showed.
Speculations are rife that the interest rate on EPF may be lowered to 8.5% for the current fiscal, a tad lower than 8.65% provided for 2018-19. As per sources, the agenda for the CBT meeting has not yet been finalised and it is difficult to predict EPFO's income projections for the current fiscal, which will be the basis for fixing the rate.
"Barring a few segments, a large number of engineering exports from India can fill up the market vacated by China; so is the case with products like leather and leather goods," Assocham Secretary General Deepak Sood said. He said India can also tap the opportunities in segments like agriculture and carpets.
Venkaiah Naidu called for developing all Indian ports on par with other global ports and said the creation of world-class infrastructure at ports was important for India to become a USD 5 trillion economy. He added that India has an excellent opportunity for port-led development as ports were inevitable for exports and imports.
The Government of India has received Rs 12,82,857 crore up to January 2020. Tax revenue stood at Rs 9,98,037 crore, while non-tax revenue stood at Rs 2,52,083 crore. Non-debt capital receipts stood at Rs 32,737 crore, which includes Rs 18,351 crore of disinvestment proceeds.
The Asset Liability Management Committee (ALCO) of Allahabad Bank on Saturday announced a cut of up to 40 basis points in interest rate on external benchmark-linked products.
HCL's Shiv Nadar and Wipro's Azim Premji are the biggest losers in the market rout, with the net worth of their holdings being shaved off by $1.6 billion and $1.4 billion respectively. This is because both hold a sizeable chunk of the companies personally and through various investment arms.
India's fiscal deficit touched 128.5 per cent of the whole year Budget target at January-end, said the Controller General of Accounts (CGA) on Friday.
Kotak Mahindra Bank chairman and managing director Uday Kotak on Friday proposed diluting government stake to below 50% in three of the 12 state-owned banks and running the other three through public-private pa-rtnership.
Telecom operator Bharti Airtel on Saturday said that it has made additional payment of Rs 8,004 crore towards adjusted gross revenue (AGR) dues to the department of telecom (DoT). The payment of Rs 8,004 crore is in addition to Rs 10,000 crore the company paid on February 17, 2020 in compliance to the Supreme Court judgement, it said in a regulatory filing.
Analysts also said it is a good time now to set aside some money for MFs and systematic investment plans, instead of taking a direct bet on equities for those with a lower risk appetite.
The market for mobiles’ accessories and other electronics devices has started to feel the pinch of the coronavirus outbreak as restricted supplies from China are resulting in shortages on the retail front, adding to woes for sellers.
India's Q3 GDP performance of 4.7% would have been an improvement, had the Q2 data not been revised upwards. However, the slowing growth doesn't come as a surprise. Manufacturing has remained weak, exports falling and consumer demand and private investment have taken a hit. For FY20, GDP is now estimated to grow by a decade’s low of 5%.
In a boost for public sector construction company NBCC's bid for Jaypee Infratech, the Supreme Court has ruled that 858 acres belonging to the bankruptcy-hit company was wrongfully mortgaged by its parent Jaiprakash Associates (JAL) and said it was a "preferential" transaction.
The move came after the finance ministry had advertised for the post on completion of Tyagi's three-year term, with speculation having started on who would move into the regulator's office in Mumbai's Bandra Kurla Complex.
Oil prices tested a three-year low on Friday due to heightened fear of deeper impact of the corona virus outbreak crushing global economic growth and energy demand.
Last week was an expensive one for most investors, even for billionaires. The combined fortunes of the world’s 500 richest people fell by $444 billion as the coronavirus continued to spread — and spread fear — rattling equity markets worldwide.
The country’s quarterly economic growth slowed to a near seven-year-low in the Oct-Dec period of 2019-20, dragged down by a contraction in manufacturing and electricity, as per the National Statistical Office (NSO) . The Oct-Dec GDP growth of 4.7% is the slowest in 27 quarters and slowest since the 4.3% expansion in the Jan-March quarter of 2012-13.
“Any standalone resolution does not seem to be possible and would therefore defeat the objective of the code (Insolvency and Bankruptcy Code), which is to maximise the value of the company,” NCLT division bench of Suchitra Kanuparthi and Chandra Bhan Singh said in its order issued on Wednesday.“Any standalone resolution does not seem to be possible and would therefore defeat the objective of the code (Insolvency and Bankruptcy Code), which is to maximise the value of the company,” NCLT division bench of Suchitra Kanuparthi and Chandra Bhan Singh said in its order issued on Wednesday.
In most cases, the income tax department issued notices to the companies and questioned the source of funds under Section 68 of the Income Tax Act dealing with unexplained cash credits in bank accounts or company books.
New Zealand is a member of RCEP and was pushing for opening up of India’s dairy sector, triggering fears of dumping of dairy products from milk-surplus countries Australia and New Zealand. Opening up of the dairy sector was one of the key concern areas for India in the RCEP talks.
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Data suggests that nearly 174,000 homes are stuck in seven big India cities. Buyers displayed aversion towards under-construction projects with share of completed properties in overall sales going up to 25% in 2019 as compared to 11% in 2014.
"Companies like ours bring in global technology, scale and capability and therefore the value of that to a market like India. I have often said that we operate in countries at the pleasure and desire of the local government," said Ajay Banga, CEO, Mastercard.Data suggests that nearly 174,000 homes are stuck in seven big India cities. Buyers displayed aversion towards under-construction projects with share of completed properties in overall sales going up to 25% in 2019 as compared to 11% in 2014."Companies like ours bring in global technology, scale and capability and therefore the value of that to a market like India. I have often said that we operate in countries at the pleasure and desire of the local government," said Ajay Banga, CEO, Mastercard.
The IL&FS crisis first came to light in July 2018 when ITNL, the road arm, was facing difficulty in making repayments due on its bonds. At least three agencies including the ED, SFIO and Delhi Police are probing into the alleged irregularities in the infrastructure projects undertaken by ITNL and its parent, IL&FS through it other subsidaries.
According to International Data Corporation’s (IDC) Worldwide Quarterly Wearable Device Tracker, basic wearables dominated the market with a 96.2% share, up 177% YoY in 2019 while smart wearables accounted for 3.8% of the overall shipments rising by 49.5%.
Sugar exports from India are likely to pick up with Indonesia showing interest in importing 1.3 million tonnes by May. The government gives millers an export subsidy of Rs 10,448 per tonne, which should be transferred directly to the bank accounts of farmers to settle arrears. The total accumulated arrears has now come down to Rs 1,700 crore.The IL&FS crisis first came to light in July 2018 when ITNL, the road arm, was facing difficulty in making repayments due on its bonds. At least three agencies including the ED, SFIO and Delhi Police are probing into the alleged irregularities in the infrastructure projects undertaken by ITNL and its parent, IL&FS through it other subsidaries.
“Wherever in the world MDR has been reduced to the levels where it makes it uneconomical for the acquirer or issuer to participate in the natural business of electronic payments, you tend to lose the momentum. It’s a balancing act,” he said in a telephonic interview.“Wherever in the world MDR has been reduced to the levels where it makes it uneconomical for the acquirer or issuer to participate in the natural business of electronic payments, you tend to lose the momentum. It’s a balancing act,” he said in a telephonic interview.
The alternative investment fund is taking multiple steps so that it has complete control of the disbursement and the end use of the funds. This is to ensure that there is no diversion of funds. The fund appoints a project management company and quantity surveyors to keep a track of site-level expenses.
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A division bench of tribunal, presided over by judicial member Bhaskara Pantula Moha and technical member Shyam Babu Gautam, allowed ED two weeks’ time to file its response in the matter, and adjourned the matter to March 23.
SSG’s final offer after multiple revisions is an upfront cash payment of Rs 2,700 crore and a oneyear employment guarantee for the management team. Cerberus has offered Rs 2,600 crore in immediate cash payments and Rs 450 crore in security receipts, a kind of debt instrument backed by financial assets, to be paid when able.
HDFC Bank MD, Aditya Puri shares his ideas about his successor, where the bank stands, and what’s in store for the economy.SSG’s final offer after multiple revisions is an upfront cash payment of Rs 2,700 crore and a oneyear employment guarantee for the management team. Cerberus has offered Rs 2,600 crore in immediate cash payments and Rs 450 crore in security receipts, a kind of debt instrument backed by financial assets, to be paid when able.HDFC Bank MD, Aditya Puri shares his ideas about his successor, where the bank stands, and what’s in store for the economy.
Last month, the government had banned exports of all kinds of personal protection equipment including N-95 masks and masks used to protect people from air-borne particles amid the Covid-19 outbreak in China.
The EASE 3.0 reforms agenda commits the PSBs to smart, techenabled banking. Dial-a-loan for doorstep loan facilitation and digitalised branch experience are some of the elements on the agenda. Through the latest roadmap, FM spoke of the future of banking going digital and being data driven.
Industry is keenly watching the succession at HDFC Bank as Aditya Puri steps down in October.The EASE 3.0 reforms agenda commits the PSBs to smart, techenabled banking. Dial-a-loan for doorstep loan facilitation and digitalised branch experience are some of the elements on the agenda. Through the latest roadmap, FM spoke of the future of banking going digital and being data driven.Industry is keenly watching the succession at HDFC Bank as Aditya Puri steps down in October.
India’s economic growth slipped to a 26-quarter low of 4.5% in July-September from 5% in the first quarter. The statistics office lowered the FY19 GDP growth rate to 6.1% from the provisional estimate of 6.8% and has forecast 5% growth in FY20, its slowest pace in 11 years.
Like farmers, the government has extended the facility of Kisan Credit Card (KCC) to fisheries and animal husbandry farmers in the budget for 2018-19 to help them meet their working capital needs. Till the last week of November 2019, only 8,400 fishermen were given the facility of KCC.
The minister said stakeholder talks will take place from both sides with industry groups on market access, opening up of services and investment protocols. “I can assure what will be done, will be done in the best interests of both countries. It will be an offer, at least from our side, that the US cannot refuse," Goyal said.
The initial deal is likely to include restoration of benefits of low or zero duty to certain Indian exports under the Generalised System of Preferences (GSP), and market access for each other’s agri products. . A larger FTA would be all encompassing, and include aspects other than goods such as services, intellectual property rights (IPR) & investment.