Page 141 - Latest Updates on Lockdown
Covid-19 crisis: Banking credit shrinks 1.7% in May as lockdown bites
According to Reserve Bank of India (RBI) data, gross bank credit was down to Rs 91.08 trillion in May, from Rs 92.63 trillion in March.
 "Covid-19 crisis: Banking credit shrinks 1.7% in May as lockdown bites")
Used auto startup Cars24 develops vehicle matching app for dealers
Start-up looking to expand tool to chat box, payment option
 "Used auto startup Cars24 develops vehicle matching app for dealers")
European Union bans Pakistan's national carrier for at least six months
Pakistan's aviation minister revealed that nearly a third of Pakistani pilots had cheated on their pilot's exams.
 "European Union bans Pakistan's national carrier for at least six months")
EU reopens borders to 14 nations; India, US, Russia, Brazil excluded
The EU said China is subject to confirmation of reciprocity, meaning it must lift all restrictions on European citizens entering China before it will allow Chinese citizens back in.
 "EU reopens borders to 14 nations; India, US, Russia, Brazil excluded")
Covid-19 pandemic may set back banks' recovery by years, says S&P
It also expects non-performing assets (NPAs) to hit a fresh high this year.
 "Covid-19 pandemic may set back banks' recovery by years, says S&P")
Letter to BS: Loan recast for limited sectors will not serve the purpose
No doubt the above sectors have been affected on the demand side directly but other sectors have also been affected due to the lockdown though the extent of the impact may vary
 "Letter to BS: Loan recast for limited sectors will not serve the purpose")
Decline in tax revenue collection narrows to 37% in May as economy picks up
Gross tax revenue in May stood at Rs 58,533 crore, against Rs 93,389 crore in the same month last year, revealed the data by the Controller General of Accounts on Tuesday.
 "Decline in tax revenue collection narrows to 37% in May as economy picks up")
April-May fiscal deficit at 58.6% of fiscal year target as revenue slumps
Total revenue was Rs 45,498 crore, or 2 per cent of the budgeted estimate of Rs 22.46 trillion, compared to 7.1 per cent for the same period last year.
 "April-May fiscal deficit at 58.6% of fiscal year target as revenue slumps")
IIT Delhi breaks previous years' record of campus placements amid pandemic
Earlier, IIT-Delhi had to re-conduct the second phase of its placement drive as several companies rescinded their offers
 "IIT Delhi breaks previous years' record of campus placements amid pandemic")
Banks sanction over Rs 1 trn in loans to 300,000 MSMEs under credit scheme
The scheme is the biggest fiscal component of the Rs 20-trillion 'Aatmanirbhar Bharat Abhiyan' package
 "Banks sanction over Rs 1 trn in loans to 300,000 MSMEs under credit scheme")
FinMin told to levy tax on imported goods to boost local products: Pradhan
The proposed Border Adjustment Tax would be imposed on imported goods in addition to customs duty to bring the imported product at par with locally-made products.
 "FinMin told to levy tax on imported goods to boost local products: Pradhan")
Loan recasts may push NPAs up to 14% in FY21 due to Covid-19: S&P
"The Covid-19 pandemic may set back the recovery of India's banking sector by years, which could hit credit flows and, ultimately, the economy," the agency said
 "Loan recasts may push NPAs up to 14% in FY21 due to Covid-19: S&P")
9,000 foreigners left in 43 special flights from Goa during lockdown
As many as 43 special flights carrying nearly 9,000 foreigners have so far left from Goa to various international destinations during the coronavirus- induced lockdown, officials said.
 "9,000 foreigners left in 43 special flights from Goa during lockdown")
PM Modi extends PM Gareeb Kalyan Anna Yojana till end of November
The scheme which was to cost Rs 60,000 cr initially will now cost Rs 90,000 cr adding up to Rs 1.5 trillion in expenditure by the govt
 "PM Modi extends PM Gareeb Kalyan Anna Yojana till end of November")
Unlock 2.0 guidelines and vaccine update in Coronavirus highlights
Another piece of sobering data suggests researchers in China have discovered a new type of swine flu that is capable of triggering a pandemic, according to a study in the US science journal PNAS
 "Unlock 2.0 guidelines and vaccine update in Coronavirus highlights")
Pharmaceuticals body seeks faster clearances of imported goods at ports
A senior official of the ministry of commerce said most of the goods that have to be cleared by the customs came from China
 "Pharmaceuticals body seeks faster clearances of imported goods at ports")
18,522 fresh cases in 24 hours take India's Covid-19 tally across 560,000
The number of active cases stands at 2,15,125, while 3,34,821 people have recovered
 "18,522 fresh cases in 24 hours take India's Covid-19 tally across 560,000")
Covid-19 crisis: A status check of India's free grain scheme
As the distribution period for the packages nears its end, Business Standard takes stock of the progress so far.
 "Covid-19 crisis: A status check of India's free grain scheme")
Unlock 2: Schools to remain shut; domestic flights, trains to be expanded
More domestic flights and passenger trains will be allowed in a calibrated manner, as the government issued guidelines for the month-long 'Unlock 2' beginning July 1
 "Unlock 2: Schools to remain shut; domestic flights, trains to be expanded")
Govt eyes higher RBI surplus this year as Covid-19 decimates tax revenues
Data available on the RBI's website shows that, as of April 1-June 21, the RBI has purchased more than Rs 1.3 trillion in government bonds
 "Govt eyes higher RBI surplus this year as Covid-19 decimates tax revenues")