Latest News LIVE: Eleven dead in Pakistan Stock Exchange attack

Pakistan terror attack: 4 assailants were killed and Karachi stock exchange building evacuated. Stay tuned with Business Standard for the latest news of today

3:32 AM

Chinese troops now stepping up activity near Arunachal Pradesh

With Chinese and Indian troops eyeball-to-eyeball at seven places inside India’s claimed territory in Ladakh and Sikkim, China’s People’s Liberation Army (PLA) has begun stepping up activity opposite Arunachal Pradesh as well. Read more

An Indian Air Force fighter jet in Leh on Monday. Photo: PTI

3:29 AM

Covid-19 impact: MNCs strike big rental deals despite work from home push

Global firms such as Google, Accenture, and Intel, among others have signed several lease rental deals for office spaces in recent weeks notwithstanding the disruptions caused due to the Covid-19 pandemic.

 

What is interesting is the deals happened despite companies pushing for work-from-home set-ups and analysts expecting many of them to call off lease agreements. Read more

 

3:28 AM

Unlock 2.0 opens a small window; PM to address the nation at 4 pm today

The Centre on Monday issued guidelines for “unlock 2.0”, but the rapid increase in Covid-19 cases in several parts of the country meant it stopped short of reopening schools, colleges, and coaching institutions.

 

International air travel and metro rail services will also continue to remain shut at least till July 31, and large congregations stay banned. Tamil Nadu and Maharashtra decided to extend the lockdown in several parts of the states until July 31. Read more

3:27 AM

RBI to do buy-sell OMO of Rs 10,000 cr keeping in mind liquidity in banks

The Reserve Bank of India (RBI) will be conducting a buy and sell open market operations (OMO) in bonds worth Rs 10,000 crore on Thursday.

 

While the central bank will be selling bonds maturing between 15 October 2020 and 29 April 2021, it will be buying bonds maturing between May 2027 and 5 December 2033, the central bank said in a statement. Read more

RBI

3:25 AM

Govt eyes higher RBI surplus this year as Covid-19 decimates tax revenues

With tax revenue shrinking owing to the pandemic, the Centre is expecting the Reserve Bank of India (RBI) to transfer a higher-than-budgeted surplus for the second year in a row.

 

While last fiscal year was about capital reserves and the recommendations of the Bimal Jalan panel, this year the thinking at the Centre is that since the RBI has ramped up purchases of government bonds, the interest earned on them will be transferred to the exchequer as dividend.  Read more

3:24 AM

Q4 a red quarter for most of India Inc despite just seven days of lockdown

India’s mainstream companies, excluding lenders and software services, reported combined pre-tax losses during the January-March period (Q4) for the first time in at least 24 quarters. Though India was under lockdown for only seven days of the quarter, global demand and commodity prices began falling from February as Covid-19 was spreading in other countries. As a result, several manufacturers, especially of commodities, reported losses. Read more

3:23 AM

No goods from Chinese vendors is the new mantra for govt e-market place

After making it mandatory to display country of origin while registering new products on the government’s e-commerce platform, the Centre has sent out feelers to key government departments and ministries against purchasing products from Chinese vendors. Read more

3:22 AM

Digital strike: India bans 59 Chinese mobile apps on security threat

India has banned 59 Chinese mobile apps, including the popular SHAREit, TikTok, UC Browser, and SHEIN, citing them to be a security threat. The government invoked its powers under Section 69A of the Information Technology Act and relevant provisions under IT Rules 2009 to block these apps, the Ministry of Electronics and Information Technology (MeitY) said on Monday. Read more

3:20 AM

Eleven dead in Pakistan Stock Exchange attack

Four heavily armed militants, believed to be of a banned Baloch terror group, on Monday made a brazen attempt to take over the Pakistan Stock Exchange building in Karachi, killing four security guards and a police officer before being shot dead by security forces. The militants, who arrived in a car, opened fire and lobbed grenades at the main gate of the building situated in the city’s high-security commercial hub.

11:40 PM

G20 nations imposed 59 import-restrictive measures in 7 months: WTO

The G20 countries imposed as many as 59 trade-restrictive measures such asimport bans and stricter customs procedures during mid-October 2019 and mid-May 2020, according to a WTO report.

 

"During the mid-October 2019 to mid-May 2020 review period, G20 economies implemented 154 new trade and trade-related measures, 95 of them import-facilitating and 59 import-restrictive. Of these measures, 93 (about 60 per cent) were linked to the Covid-19 pandemic," it said. Tariff increases, import bans, stricter customs procedures, export duties and other such measures introduced during the review period affected 2.8 per cent of G20 trade, it added. Read more.

11:32 PM

Sonia Gandhi slams Centre over fuel price increase, Pradhan rebuts charges

Petroleum Minister Dharmendra Pradhan had to defend the government from charges made by Congress interim president Sonia Gandhi that the Centre was profiteering from repeatedly raising petrol and diesel prices. She demanded a rollback, which was echoed by Congress units in many states.

 

Pradhan, however, said Congress-ruled states were equally responsible for an overall rise in oil prices, caused by the government’s low revenue collection because GST collections had been low because of the hit taken by business on account of the Covid-19 pandemic. Read more.

11:16 PM

Tuticorin custodial death case: TN govt transfers case to CBI

11:13 PM

Unlock 2: Schools, cinemas to remain shut; flight services to be expanded

The government on Monday night issued guidelines for the month-long 'Unlock 2' -- the "phased re-opening" of activities that had been barred to contain the coronavirus spread in the country -- and said educational institutions, Metro Rail services, cinema halls and gyms will continue to remain closed.

 

The Ministry of Home Affairs (MHA) issued detailed guidelines that will be applicable from July 1 after the 'Unlock 1' phase ends on June 30.

 

The fresh guidelines said schools, colleges and coaching institutions will remain closed till July 31.It added metro rail, cinema halls, gymnasiums, swimming pools, entertainment parks, theatres, bars, auditoriums, assembly halls and similar places will also remain shut. Read more.

10:51 PM

Central govt has also reappointed existing five Additional Solicitor Generals (ASGs) for another 3 years in Supreme Court

10:51 PM

President Ram Nath Kovind approves re-appointment of KK Venugopal as Attorney General for India for a period of one year from July 1, 2020

10:23 PM

Prime Minister Narendra Modi to address the nation at 4 PM tomorrow

10:17 PM

Axis Bank appoints LIC MD Suseel Kumar on board as non-executive member

Taking dinner breakAxis Bank on Monday appointed Life Insurance Corporation of India (LIC) managing director T C Suseel Kumar on its board as non-executive member. LIC is one of the promoters of Axis Bank.

 

The proposal relating to the appointment of Kumar as the additional non-executive (nominee) director of the bank will be subject to the approval of shareholders at the 26th Annual General Meeting, Axis Bank said in a regulatory filing. Read here.

10:13 PM

Govt announces Unlock 2, to remain in force till July 31

> Lockdown to continue in containment zones till July 31, only essential activities to be allowed
 

> Schools, colleges, educational & coaching institutions, International flights, metro rail, cinemas, gyms, pools, religious gatherings among others to remain prohibited till July 31
 

> Night Curfew will continue between 10:00 pm and 5:00 am, except for essential activities and other relaxations.

> Wearing of face cover compulsory in public places, office, transport
 

> Individuals must maintain a minimum distance of 6 feet

> Large public gatherings remain prohibited

> Spitting, consumption of paan, gutka in public places prohibited

10:03 PM

Demand for work under MGNREGA sees steep rise in 116 districts

Demand for work under the MGNREGA rose by more than 86 per cent in May this year compared to the same period in 2019 in 116 districts, which saw the highest number of migrants return during the Covid-19 lockdown, as per official data.

 

The number of households availing work under the national employment guarantee scheme in these 116 districts in six states, including Bihar and Uttar Pradesh, jumped to 8.9 million during May compared to 4.8 million in the same month last year, a rise of 86.3 per cent, according to data on the Mahatma Gandhi National Rural Employment Guarantee Act website. Read here.

9:49 PM

Ladakh standoff: India-China to hold third round of Lt Gen talks tomorrow

Indian and Chinese militaries will hold another round of Lt General-level talks on Tuesday in an attempt to de-escalate tension in eastern Ladakh and finalise modalities for disengagement of troops from the sensitive region, government sources said.

 

It will be the third round of Lt General-level talks and it will take place in Chushul sector on the Indian side of Line of Actual Control. The meeting is scheduled to start at 10:30 AM, the sources said.

 

The first two meetings had taken place at Moldo on the Chinese side of the LAC. In the second round of talks on June 22, the two sides arrived at a "mutual consensus" to "disengage" from all the friction points in eastern Ladakh. Read here. 

9:42 PM

Chinese military to be brought under command of CPC headed by Xi Jinping

China's military reserve forces will be formally placed under the centralised and unified command of the Communist Party of China (CPC) and Central Military Commission (CPC), both headed by President Xi Jinping, from July 1 to ensure the ruling party's "absolute leadership" over it and build a world-class army.

 

Currently, the reserve forces are under the dual leadership of military organs and local Communist Party committees and they would be brought under the control of the ruling party and the CMC from July 1, the state-run Xinhua news agency reported. Read more here.

9:41 PM

IRCTC to terminate services of over 500 catering supervisors

The Railways' catering and tourism arm, IRCTC, has decided to terminate the services of over 500 contractual hospitality supervisors, saying they were no more required under the present circumstances, sources said.

 

Around 560 supervisors (hospitality) were hired by the IRCTC in 2018 to maintain a quality check on contractors assigned to cater food in trains equipped with pantries.

 

The hospitality supervisors' work is to monitor operations of the pantry car onboard trains which essentially means to look after the preparation of the food, quality inspection, handling passenger complaints and to ensure that the charges of food are according to prices notified by the national transporter.

The IRCTC, in a letter, dated June 25, informed all its zonal offices that there was no requirement for these contractual workers under the present circumstances and they be given one month notice and their contracts terminated.

9:31 PM

FCI's foodgrains buffer stocks at 81.67 MT

The Food Corporation of India (FCI) has 81.67 million tonnes (MT) of foodgrains in its buffer stocks to meet the requirements under the food law and other welfare schemes, the government said on Monday.

About 5.5 MT of foodgrains are required monthly under the National Food Security Act (NFSA) and other welfare schemes.

"As per the Food Corporation of India report dated June 28, FCI currently has 26.6 MT of rice and 55 MT of wheat. Hence, a total of 81.67 MT food grain stock is available (excluding the ongoing purchase of wheat and paddy, which have not yet reached the godown)," an official statement said.

9:24 PM

Pakistan violates ceasefire along LoC in Tangdhar Sector of J&K

9:02 PM

A new example of extortion, Sonia Gandhi targets govt over fuel price hikes

The Congress on Monday launched a countrywide agitation against the government for raising prices of petroleum products 22 times in the past 23 days, with party president Sonia Gandhi accusing it of setting "a new example of extortion".
 

Seeking an immediate rollback of the hikes, Rahul Gandhi said the decision to raise fuel prices was the "most ill-advised" at the time of economic hardship being faced by the people due to the COVID-19 pandemic, and asked the government to stop "profiteering".
 

Scores of Congress leaders and workers staged demonstrations and took out marches in state capitals and district headquarters across the country and submitted memoranda, addressed to President Ram Nath Kovind, to local authorities demanding immediate rollback of the hikes to ease people's burden in this "time of crisis".
 

Top Congress leaders, including Priyanka Gandhi Vadra, put out video messages on the social media as part of the party's "SpeakUpAgainstFuelHike" campaign.

9:00 PM

Mitra denies Sitharaman's claims; says West Bengal gave migrants data to Centre

Rejecting Union minister Nirmala Sitharaman's claims that West Bengal did not provide data on migrant workers to the Centre, senior state minister Amit Mitra on Monday said the government had sent the required information the day it was sought.
 

He also termed as "absolutely untrue" the Union finance minister's assertion that the Centre had provided the state with Rs 10,000 crore to fight coronavirus, saying West Bengal did not receive a single paisa.
 

Addressing a virtual rally for the people of West Bengal on Sunday, the Union finance minister had said the state could not be made a beneficiary of the Garib Kalyan Rojgar Abhiyaan (GKRA) as it had not provided any data on migrant labourers.
 

Prime Minister Narendra Modi had on June 20 launched the GKRA to provide livelihood opportunities in areas/villages witnessing a large number of returnee migrant workers.

8:57 PM

Odisha approves 5 investment proposals worth Rs 609 crore

The Odisha government on Monday approved five investment proposals worth Rs 609 crore in metal, food processing, and logistics and infrastructure sectors, officials said.
 

The approval was given at the State Level Single Window Clearance Authority (SLSWCA) meeting chaired by Chief Secretary A K Tripathy.
 

The five projects will create employment oppurtunities for 1,496 people.

8:46 PM

List of Chinese apps banned in India

8:45 PM

Government of India bans 59 mobile apps, including Tik Tok

8:34 PM

Banks should prioritise giving loans to non-eligible MSMEs under GECL: Report

Nearly a fifth of the 45 lakh small businesses identified by the government to benefit from a credit guarantee scheme have low credit rankings, and banks should prioritise the remaining 80 per cent while extending loans under the Rs 3 trillion package, a study by Transunion Cibil said on Monday.
 

The Guaranteed Emergency Credit Line (GECL) facility is applicable to all MSME (micro, small and medium enterprises) borrowers with industry-wide aggregate credit exposure of up to Rs 25 crore and industry-wide delinquency less than or equal to 60 days as of February 29, 2020.
 

The government is targeting to ensure that the MSME sector gets fresh credit of over Rs 3 trillion by October 2020 through the scheme as against the Rs 2.8 trillion achieved in 2019-20.
 

The Rs 3 trillion package is a significant part of the Rs 20 ltrillion Covid-19 stimulus announced by the government.