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  • Another Rs 6,000 crore launched to states to fulfill GST compensation shortfall

    Image Source : FILE PHOTO Another Rs 6,000 crore launched to states to fulfill GST compensation shortfall
    The Union Finance Ministry has launched the tenth weekly instalment of Rs 6,000 crore to the states to fulfill the GST compensation shortfall.

    Out of this, an quantity of Rs 5,516.60 crore has been launched to 23 states and an quantity of Rs 483.40 crore has been launched to the three Union Territories (UT) with Legislative Assembly (Delhi, Jammu & Kashmir & Puducherry) who’re members of the GST Council.

    The remaining 5 states — Arunachal Pradesh, Manipur, Mizoram, Nagaland, and Sikkim — do not need a niche in income on account of GST implementation. Now, greater than 50 per cent of the estimated GST compensation shortfall has been launched to the states and UTs with a Legislative Assembly.

    The authorities had arrange a particular borrowing window in October 2020 to fulfill the estimated shortfall of Rs 1.10 lakh crore in income arising on account of implementation of GST. The borrowings are being executed by means of this window by the Centre on behalf of the states and UTs.

    The borrowings have been executed in 10 rounds. The quantity borrowed to this point was launched to the states in 10 rounds on – October 23, November 2, 9, 23, December 1, 7, 14, 21 and 28 and now on January 4.

    The quantity has been borrowed this week at an rate of interest of 4.1526 per cent.

    So far, an quantity of Rs 60,000 crore has been borrowed by the federal government by means of the particular borrowing window at a mean rate of interest of 4.6892 per cent.

    In addition to offering funds by means of the particular borrowing window to fulfill the shortfall in income on account of GST implementation, the federal government has additionally granted extra borrowing permission equal to 0.50 per cent of Gross States Domestic Product (GSDP) to the states selecting Option 1 to fulfill GST compensation shortfall to assist them in mobilising extra monetary sources.

    All the states have been given their desire for Option 1. Permission for borrowing your complete extra quantity of Rs 1,06,830 crore (0.50 per cent of GSDP) has been granted to twenty-eight states below this provision.
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  • RIL donates Rs 1.01 crore to Lord Balaji shrine on New Year eve

    Image Source : PTI RIL donates Rs 1.01 crore to Lord Balaji shrine on New Year eve
    The Reliance Industries Limited made an providing of Rs 1.01 crore on the well-known hill shrine of Lord Venkateswara at Tirumala close to right here on the New Year eve on Thursday, an official stated.

    After providing prayers on the historical temple, firm consultant PMS Prasad handed over a requirement draft for the quantity to Additional Executive Officer of the Tirumala Tirupati Devasthanams (TTD) that governs the shrine, A V Dharma Reddy, the official instructed PTI.
    He requested that the fund be utilised for the event of TTDS-run Sri Venkateswara Bhakti (TV) Channel (SVBC), the temple official added.
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  • Investor wealth grows a mammoth Rs 32.49 lakh crore in pandemic-hit 2020

    Image Source : FILE PHOTO Investor wealth grows a mammoth Rs 32.49 lakh crore in pandemic-hit 2020
    Equity traders grew richer by Rs 32.49 lakh crore in 2020 on the again of good returns within the inventory market which had a roller-coaster experience in the course of the yr hit by the coronavirus pandemic. The COVID-19 outbreak ravaged lives and livelihoods on a worldwide scale, shuttering companies and jolting world equities.
    But amid all of the gloom, Indian inventory indices gave hope of returning to successful methods in direction of the latter a part of the yr.
    The Sensex gained 15.7 per cent in a memorable yr 2020, the place the BSE benchmark noticed each ruthless promoting and large shopping for.
    Markets witnessed risky developments in the course of the yr, with the benchmark crashing to its one-year low of 25,638.9 on March 24, solely to roar again to its file excessive of 47,896.97 on the final day of commerce.
    During your complete yr, the 30-share BSE Sensex made month-to-month positive factors in seven, whereas closing with losses in 5 of them.
    March proved to be dreadful for Dalal Street, with the Sensex plunging an enormous 8,828.8 factors or 23 per cent in the course of the month as issues associated to the affect of the coronavirus pandemic on the financial system jolted investor sentiments.
    It was a risky final day of commerce for the market, with the BSE benchmark inching up 5.11 factors to achieve its new closing file of 47,751.33.
    For your complete yr, the market capitalisation of BSE-listed corporations zoomed by Rs 32,49,689.56 crore to achieve Rs 1,88,03,518.60 crore.

    “The impact of the crash in March was fully undone over a number of months that adopted, and markets rose rather more to the touch peak ranges.
    “While expectations of a rebound in economic growth, and the consequent resurgence in corporate earnings, breathe into the markets an unusual optimism, the fact that India would continue to be one of the fastest growing economies in the world with a large consumer market, and an extraordinary potential for growth and development, instils greater confidence in not only domestic investors but also overseas investors,” mentioned Joseph Thomas, Head of Research, Emkay Wealth Management.
    “This is the singular factor that would keep the markets going, but we need to be cautious about the pandemic, keep a watch on its effective containment in crucial geographies like the US and EU, and also build in the implications of rising inflation and higher oil prices into our expectations on interest rates,” he added.
    Plenty of foremost board preliminary public choices in the course of the yr, with a lot of them receiving huge subscription, together with Burger King India and Mrs Bectors Food Specialities, added to the market optimism.
    “2020 has turned out to be one of the crucial unpredictable years for everybody. Equity markets worldwide have gone via a roller-coaster experience on this calendar yr.
    “The Nifty-50 fell 40 per cent between January and March and then rose by 86 per cent from the lows of March. Unprecedented fiscal and monetary support from governments and central banks has led to massive liquidity infusion into global markets. India is one of the few emerging markets to receive strong FPI flows,” mentioned Rusmik Oza, Executive Vice President, Head of Fundamental Research at Kotak Securities.
    Reliance Industries Limited remained the nation’s most useful agency with a market valuation of Rs 12,58,157.10 crore, adopted by TCS (Rs 10,77,009.46 crore), HDFC Bank (Rs 7,91,312.61 crore), Hindustan Unilever Limited (Rs 5,62,378.04 crore) and Infosys (Rs 5,34,940.34 crore) within the high 5.
    “As we enter 2021, markets are sitting at all-time highs and are showing resilience on the back of abundant liquidity, positive developments on the vaccine front and signs of economic recovery,” mentioned Hemang Jani, Head Equity Strategist at Motilal Oswal Financial Services (Broking & Distribution).
    Vinod Nair, Head of Research at Geojit Financial Services mentioned, “Despite the havoc created by the COVID-19 pandemic, the financial system is predicted to get better in 2021 giving a lift to the fairness markets along with upgrades in company earnings.
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  • RCom group owes round Rs 26,000 cr to Indian banks, monetary establishments: Company

    Image Source : FILE RCom group owes round Rs 26,000 cr to Indian banks, monetary establishments: Company
    Debt-ridden telecom agency Reliance Communications on Wednesday stated the group owes round Rs 26,000 crore to Indian banks and monetary establishments. The Indians banks, distributors and different collectors have made claims of round Rs 86,000 crore on the corporate which is at the moment going by means of insolvency proceedings.
    “As per figures certified by the Resolution Professional appointed by the lenders, the RCOM group owed around Rs 26,000 crore to Indian banks and financial institutions as on the date of filing before the NCLT,” Reliance Communications (RCom) stated in a press release.
    The collectors have submitted claims of round Rs 49,000 crore on RCom, Rs 24,000 crore on Reliance Telecom and Rs 12,600 crore on Reliance Infratel earlier than the National Company Law Tribunal (NCLT).

    “The alleged ‘fraud’ classification by certain banks is entirely unjustified and unwarranted, and the Hon’ble Delhi High Court by an interim order has directed the same to be kept in abeyance for the time being, and the matter is now sub judice,” RCom stated.
    It additional stated that the Resolution Plans unanimously agreed by the lenders are at numerous phases of approval earlier than the NCLT, and upon implementation thereof, the lenders are more likely to recuperate not less than 70 per cent of their dues, with potential subsequent upside.
    “The financial stress in the telecom sector, owing inter alia to the entry of a new player in 2016 with unlimited free offerings, was not unique to Rcom, but decimated the entire industry, and led to the shutdown of services by Aircel, Sistema, Videocon, Tata Docomo and several other players, and also severely impacted the financials of global giants like Vodafone in its Indian operations,” RCom stated.
    The firm stated that Vodafone Idea has reported losses aggregating Rs 1 lakh crore within the final 15 months.
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  • I-T raids hawala sellers in Delhi; detects suspect transactions price Rs 300 crore

    Image Source : FILE PHOTO I-T raids hawala sellers in Delhi; detects suspect transactions price Rs 300 crore
    The Income Tax division raided plenty of hawala operators in Delhi and detected suspect transactions price Rs 300 crore, the CBDT mentioned on Tuesday. The raids resulted within the “seizure of unaccounted cash of Rs 14 crore and bullion worth Rs 2 crore”, it mentioned.
    “The search motion has resulted in unearthing of incriminating evidences revealing numerous shell (dummy) entities getting used for elevating bogus buy/sale payments and routing of unaccounted funds via a number of layers of financial institution accounts.
    “Such shell entities are closed after two months and new ones are formed,” the Central Board of Direct Taxes (CBDT) mentioned in an announcement.

    It mentioned “incriminating documents evidencing suppression of sales and bogus purchases in excess of Rs 300 crore has been detected”.
    Hawala denotes dealing with of unaccounted money.
    The CBDT frames coverage for the Income Tax division.
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