Top headlines: I-T lens on reporting entities, rupee to face headwinds

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I-T department lens on 50-60 reporting entities for non-compliance

As many as 50-60 reporting entities (REs), mainly co-operative banks, nidhi companies, forex dealers, and sub-registrars dealing in immovable properties have come under the income-tax (I-T) department’s scanner. The tax department has prepared a list of reporting entities that have failed to file specified financial transaction (SFT) reports in the past two financial years for spot and physical verification. Read more

Rupee likely to face stronger headwinds this month: Business Standard poll

After witnessing a 0.16 per cent appreciation in the past six months, the rupee may face headwinds in July due to the strengthening of the dollar as major central banks hint at more rate hikes during this calendar year. The median of a Business Standard poll of 10 respondents puts the rupee at 82.05 versus a dollar at the end of July. A majority of respondents see the Indian currency depreciating up to the 82.25 level by the end of this month. The domestic currency settled at 82.02 per dollar on Tuesday, a day after it closed at 81.96 — a two-week high. Read more

FM Sitharaman holds meet for 'time-bound' completion of Budget schemes

Finance Minister Nirmala Sitharaman on Tuesday met top officials of the finance and corporate affairs ministries to review the implementation of various announcements of the Union Budget FY24. “The finance minister underlined the importance of continuous assessment of progress to ensure that various announcements are implemented in a time-bound manner,” the finance ministry said in a tweet. Read more

China's curbs on critical metals a hurdle in India's chip road map

In a move that may have far-reaching consequences, China, one of the world’s leading producers of critical minerals, on Monday announced export controls on two technology-critical elements, gallium (Ga) and germanium (Ge), sending shockwaves through the global market. Read more

Micron to start construction of $2.75 bn chip plant next month: Report

India will break ground next month on its first semiconductor assembly plant and begin producing its first domestically manufactured microchips by the end of 2024, the Financial Times reported on Wednesday. India's information technology minister, Ashwini Vaishnaw, said Micron Technology would start construction in August on a $2.75 billion chip assembly and test facility in Gujarat, the newspaper reported. Read more