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Moody Downgrades PNB Ratings over Impacts of Nirav Modi Fraud

22May By Lavina TolaniNo Comments

INDIA

Moody Downgrades PNB Ratings over Impacts of Nirav Modi Fraud

International Rating Agency Moody's, Investor Service has downgraded state-owned Punjab National Bank's rating citing the impacts of recent fraud on bank's capital and weak internal records. While PNB's rating has been modified to Ba1/NP from Baa3/P-3, its outlook has remained stable. Its baseline credit assessment (BCA) to has been downgraded by the credit agency. The Moody's Report that released on Monday said, The downgrade of the bank’s BCA and ratings reflects the negative impact of the discovery of a number of fraudulent transactions on the bank’s standalone profile, particularly its capital position. Moody's report has forecasted that the state-run bank will need an external capital of about Rs12,000-13,000 crore in FY19 to meet the minimum Basel III CET1 ratio of ...

Mobile Body IAMAI Files petition Against RBI’s Cryptocurrency Ban

17May By Lavina TolaniNo Comments

INDIA

Mobile Body IAMAI Files petition Against RBI’s Cryptocurrency Ban

The Internet and Mobile Association of India( IAMAI) has filed a written petition in the Supreme Court requesting a stay against the RBI’s order to not allow banks to provide services to cryptocurrency trading platforms. IAMAI 's president Subho Ray has confirmed the filing of petition though he was not available to comment on the matter. It is interesting to note that this marks the fifth petition to be filed against Apex Bank on its order dated 6 April that disallowed entities from dealing in virtual currencies. RBI had given banks a deadline of 6 July to adhere to the new rule. Last year, several cryptocurrency exchanges had come together to form a collective industry body called Digital and Blockchain Foundation of India. However, in November 2017 the association got merged with ...

PNB Reports Biggest Quarterly Loss Post Nirav Modi Scam

16May By Lavina TolaniNo Comments

INDIA

PNB Reports Biggest Quarterly Loss Post Nirav Modi Scam

Punjab National Bank which had been in "hot waters" post-Nirav Modi scam has reported a loss of Rs 13,416.91 crore for the January-March period which is being considered the biggest loss to have ever reported by a domestic lender till date. PNB has posted a standalone profit of Rs. 261.90 crore in the fourth quarter for preceding fiscal 2016-17. In the context of the provisions of the loss made on account of the scam, the bank said it provided for Rs 7,178 crore, 50 percent of the total amount of Rs 14,356 crore in the fourth quarter of 2017-18. The state-owned bank has also offloaded Rs 6,586.11 crore to other banks to discharge its liabilities towards Letter of Undertakings (LoUs) and Foreign Letter of Credits (FLCs) that were issued fraudulently to certain branches of Indian bank ...

14May By Press Trust of IndiaNo Comments

INDIA

Narendra Modi Government Spent Rs 4,343 Crore on Publicity

The Indian PM Narendra Modi led BJP government has spent Rs 4,343 crore on publicity since it came to power in May 2014, an agency under the Ministry of Information and Broadcasting has said in reply to an RTI query. The Bureau of Outreach Communication under the ministry said the Indian government spent Rs 4,343.26 crore on advertising its programmes across media platforms. The expenditure was incurred on advertisements in the print and electronic media as well as outdoor publicity, the central government agency said. This included Rs 1732.15 crore on advertisements in the print media (from June 1, 2014, to December 7, 2017) and Rs 2079.87 crore in the electronic media (from June 1, 2014, to March 31, 2018). A sum of Rs 531.24 crore was spent on outdoor publicity (June 2014 to Ja...

9May By Lavina TolaniNo Comments

INDIA

India to Emerge Fastest Growing Economy in 2018:IMF Report

The International Monetary Fund (IMF) has projected that India will be the fastest-growing major economy in 2018, with a growth rate of 7.4 percent that rises to 7.8 percent in 2019 with medium-term prospects remaining positive. The Report on Asia and Pacific Regional Economic Outlook said that the country is recovering from demonetisation and introduction of GST Tax, and "the recovery is expected to be underpinned by a rebound from transitory shocks as well as robust private consumption." Meanwhile, in the broader perspective, IMF has estimated that Asian economies will remain strong within growth outlook but will be vulnerable to a sudden tightening in global financial conditions and a shift towards protectionist policies. In its regional economic outlook update, IMF has project...

GST Council Approves Simpler Tax Filing System

6May By Lavina TolaniNo Comments

INDIA

GST Council Approves Simpler Tax Filing System

The Goods and Service Tax Council (GST Council) has approved of a simpler tax return filing system under the new indirect tax regime and has also given approval for conversion of GST Network into a government holding as per information from Finance Ministry of India. The new return filling form will reduce the compliance burden for taxpayers involving submission of only one monthly return application and upload of invoices by the sellers. As per the GST Council, the existing GSTR 1 and GSTR 3B forms will be continued for next six months. After this period, taxpayers will need to file only one monthly return with composition dealers. On the other hand, dealers filing no tax returns will need to file only quarterly returns. The government has retained the right to cover dues for ...

Vodafone and BSNL Go toe-to-toe with Jio’s New Rs 349 Plan

4May By Sheldan RungasamyNo Comments

INDIA

Vodafone and BSNL Go toe-to-toe with Jio’s New Rs 349 Plan

Since Jio’s entry in the Indian telecom market, the competition for the best data plan has been fierce; with ever dropping prices and better data plan deals. Vodafone and BSNL, two major competitors of Mukesh Ambani’s telecom company have announced a new prepaid plan, priced at Rs 349 each. Vodafone subscribers will benefit from 3GB of 4G/3G data per day, unlimited local, STD and roaming calls, and 100 SMS messages per day for the duration of 28 days. As for BSNL users, they will benefit from 1GB data and 100 SMS everyday but for 54 days. The prepaid pack proposed by Vodafone rivals leading telecom company Airtel’s Rs 349 recharge and Jio’s Rs 299 prepaid plans. With a budget of Rs 349, Airtel offers 3GB data, 100 SMS per day and unlimited STD, and national roaming calls for 28 days....

2May By Lavina TolaniNo Comments

INDIA

Coming Soon in India- Browse Internet, Make calls while in the Air!

Telecom Regulatory Authority of India (TRAI) came up with some key announcements in its regulatory meeting on Tuesday that will allow users to use internet applications such as Skype and WhatsApp to make voice calls to landline. Moreover, the regulatory body has also given approval for the provision of in-flight connectivity that would let travelers use their mobile phones and browse the internet while traveling mid-air. In-Flight Connectivity to take On-Board According to the new provisions, flight connectivity would facilitate data and voice service once a plane has reached a height of 3,000 meters. There are companies like Etihad Airways, Qatar Airways, Lufthansa, Emirates, are already providing such service on their flights abroad. As per the sources, Telecom department...

Bike Taxi Services To Get Regulated in Madhya Pradesh

2May By Lavina TolaniNo Comments

INDIA

Bike Taxi Services To Get Regulated in Madhya Pradesh

If you are tourist planning to visit Madhya Pradesh, there is a bundle of good news! Tourists visiting the state will now have bike taxis to their service plying through the narrow lanes or making way across traffic snarls. Post successful experiment at one of the world's biggest congregations, Simhastha Mela, held at Ujjain during 2016, the transport authorities have come up with a policy for the bike taxis.The service is being targeted to cut down on heavy commotion and traffic jams that become commonplace in the state during Simhastha Mela. Shailendra Shrivastava, Transport Commissioner, Madhya Pradesh said, We are coming up with a policy next month for the motorbike taxis. The operation of these taxis would be App based. The transport commissioner also informed that temporary p...

1May By Lavina TolaniNo Comments

INDIA

Exclusive: GST Collections Exceeds Rs 1 trillion in India for First Time

The Goods and Service Tax Collections have crossed Rs. 1.03 trillion in the month of April superseding the Rs. 1 trillion mark for the first time post the new tax regime which was rolled out on 1 July last year. As per the statement released by the finance ministry, the buoyancy in tax collections is being attributed to economic recovery and improvement in compliances. However, it is also being cautioned that the higher numbers could be partly attributed to the payment of tax arrears in the month for the last financial year. Further, market analysts believe that there will be a further improvement in GST revenue buoyancy post implementation of the e-way bill or electronic tracking of movement of goods from 1 April. GST Collection Break-Up Of the total revenue of Rs1.03 tr...

Passport Police Verification becomes paperless in Gurugram

1May By Lavina TolaniNo Comments

INDIA

Passport Police Verification becomes paperless in Gurugram

Coming as a big relief to passport applicants, Gurugram Police on Monday announced Android-based tablets and mobile application to carry out police verification reducing the time and hassle that goes into the process. Now, cops will conduct on-spot verification using tablets given to them and upload the report on the Union external affairs ministry. Police Commissioner Sandeep Khirwar said, With the introduction of mPassport app and smartphones, the passport verification process will henceforth be paperless. He informed that the process will ease the burden on police and will help in fast-track insurance as well as the renewal of passports. Some police stations in the city will get an additional two to three tabs, depending on the number of passport applications they receive. Po...

29Apr By Lavina TolaniNo Comments

INDIA

Reserve Bank of India Ease Rules For Overseas Funding

In an attempt to facilitate access of overseas fund without any hassel, Reserve Bank of India (RBI) liberalized External Commercial Borrowings Policy by adding more sectors in the window. In a late night notification that released yesterday. It has been decided to increase the ECB Liability to Equity Ratio for ECB raised from direct foreign equity holder under the automatic route to 7:1. This ratio will not be applicable if a total of all ECBs raised by an entity is up to USD 5 million or equivalent. A uniform all-in-cost ceiling of 450 basis points over the benchmark rate will be stipulated to harmonize the provisions of Foreign Currency and Rupee ECBs and Rupee Denominated Bonds. Moreover, Housing Finance Companies and port trust are eligible to avail ECB's under all tracks, provide...