News Digest: Patel slams govt, Finance Bill passed in Lok Sabha, and more

Scorching summer may hit water supply and fodder, spare rabi crop: Experts

Summers have set in and if weather predictions and current day temperatures are any indication, the country is in for an extended period of extremely dry and warm weather.While this could put a strain on drinking water supply and animal fodder in some parts, the sudden rise in temperatures might not take a toll on the standing crop of wheat, mustard and gram. The bulk of the last two has been harvested. But it might slow vegetable supplies and push up prices. Read more…

 
LS passes Finance Bill 2018; unindexed stocks to get indexation benefits

The Lok Sabha on Wednesday passed the Finance Bill 2018, allowing the benefit of inflation adjustments to stocks that were unlisted till January 31 while levying long-term capital gains (LTCG) tax.The move might provide tax benefits to shareholders of the National Stock Exchange (NSE), others who have invested in employee stock ownership plans (ESOPs), and in certain merger and acquisition cases.The Bill retained the LTCG tax without removing the securities transaction tax (STT) and the indexation benefits provided to all shares. Read more…
 
 
SP delivers shocker in UP by-polls; RJD keeps Jehanabad, Araria in Bihar

The chemistry that Prime Minister Narendra Modi had struck with the electorate of Uttar Pradesh in the 2014 Lok Sabha and 2017 state Assembly polls was trumped by the arithmetic of Samajwadi Party (SP) and Bahujan Samaj Party (BSP) coming together for the Gorakhpur and Phulpur by-elections, the results for which were announced on Wednesday.In Bihar, the Rashtriya Janata Dal (RJD) retained the Araria Lok Sabha and Jehanabad Assembly seats, while the Bharatiya Janata Party won the Bhabhua Assembly seat. Read more…

‘Tough to prevent PNB-like fraud’: Patel slams govt for diluting powers
 
In a broadside against the government, which has been critical of the role of the banking regulator in failing to spot the massive fraud at the Punjab National Bank, Reserve Bank of India (RBI) Governor Urjit Patel on Wednesday said the central bank had “very limited authority” over public sector banks as its power to govern had been curtailed.Speaking at a function in Gandhinagar, the central bank governor indicated that RBI was actually helpless, as neither did it have power to replace the board of public sector banks, or force a merger, nor could it revoke the licence of a bank for any activity undertaken. Read more…

 
Beverage, appliance makers pad up to meet an expected growing demands

Consumer goods companies are padding up to meet high demand this summer, following the Met department forecast that the season will be hotter and drier than usual this year.Makers of beverages (colas, juices, packaged water) as well as producers of soaps, deodorants, cooling oils and talcum powder depend on summer to boost sales.So do makers of appliances such as air-conditioners, coolers, refrigerators and fans. Read more...