Top headlines: Direct tax compliance may ease, RBI open to digital currency

Business Standard brings you the top headlines of the day

Direct tax compliance set to be made easier in upcoming Budget

Union Finance Minister Nirmala Sitharaman may announce further direct tax administration reforms in the upcoming Budget to make it easier for individuals and businesses to comply with tax laws, government sources said. The current practice of different interpretations of tax laws by tax officers are leading to tax disputes and often result in revenue loss for the exchequer. Read more

Govt missing the perfect opportunity for PSU privatisation: Experts

The government is missing the opportunity offered by the bullish markets to push share sales in public sector units (PSUs) and privatise them, according to experts. With the current market boom, the government has so far cut its stake through offers for sale (OFS) only in five PSUs, with the fifth one yet to go through. Read more

Capitalise PSBs, create bad bank to absorb NPAs, says financial sector

The financial sector wants the Budget to capitalise public sector banks (PSBs) to support growth and form a bad bank to take over and turn around stressed assets. Keeping an eye on economic revival, it should set up a development finance institution to provide long-term funding for infrastructure projects.

Rating agency CARE Ratings said, given that bank credit growth would be higher in FY22 than in FY21, incremental credit would be Rs 10-11 trillion. And with a share of 60-65 per cent in banking, PSBs can see an increase in credit of Rs 6.5-7 trillion. Read more

Investors bet big on Adani Green, but risk-reward outlook is open question

Share of AGEL, which is into solar and wind power, jumped over six times in 2020 versus a gain of 10% for the NSE's Nifty 100 Index - the first and only green energy company to do so in India. Read more

Amazon asks Delhi High Court to detain Future Group founder, others

The legal battle between Jeff Bezos-led Amazon and Kishore Biyani-headed Future Group has intensified. Amazon.com has filed a petition in the Delhi High Court, asking for the detention of Future Group’s founder and his family members, and seizure of assets for violating a Singapore arbitration court’s order to temporarily halt the group’s $3.4-billion deal with Mukesh Ambani-owned Reliance Industries (RIL), revealed sources. Read more

RBI open to digital currency, examining the need to introduce CBDC

The Reserve Bank of India (RBI) on Monday said it is examining the need to introduce a central bank digital currency (CBDC) in the country. In case the need to have a CBDC arises, the apex bank will also look for ways to operationalise it. “In India, the regulators and governments have been sceptical about these currencies and are apprehensive about the associated risks. Read more

Wealth of Indian billionaires increased by 35% during lockdown: Oxfam

India’s 100 top billionaires saw their fortunes increase by Rs 12,97,822 crore since March last year when the Covid-19 pandemic hit the country and this amount is enough to give 138 million poorest Indians a cheque for Rs 94,045 each. Read more