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Top 10 business headlines: Tax on cash transactions, Air India sale, & more

From measures taken by the government to curb black money to Air India divestment being brought back on tables, Business Standard brings stories that made news on Sunday

BS Web Team 

black money
Illustration by Binay Sinha

1. Govt plans to revive tax on cash transaction at banks to check black money

The government in its second term will put in place measures to further curb generation.

According to sources, policymakers have started talks on the possibility of re-introducing the much-flayed instrument of the banking cash transaction tax (BCTT) to discourage cash transactions. Read more...

2. Air India sale back on table, govt may divest entire stake in carrier

Air India strategic sale is back on the table after a failed attempt last year. And this time, the government may consider 100 per cent divestment of its stake in the airline, Business Standard has learnt.

Big businesses are being approached all over again to assess their interest in Air India and convince them to bid once the divestment process takes off, according to sources in the know. Read more...

3. HDFC, ICICI mutual funds face protests for cutting advisors' commission

Mutual fund (MF) advisors have cranked up protest against two of India’s largest fund houses — HDFC MF and ICICI MF — seeking explanation for the cuts in commissions and pointing out the potential impact on sales of MF products. Read more...

4. Retail customers can save big on forex costs soon, thanks to the RBI

When a customer tries to buy dollars, it is usually at a 2 per cent premium, and when selling, it is usually at a 2 per cent discount. If the customer is using a credit card to buy the dollars, another 3 per cent is almost assured to get added up. Starting August, however, that is going to change forever. Now, a retail customer can expect to get near-market rates through an online platform, where all banks are vying to buy/sell dollars. Read more...

5. Intellectual property lawsuits pose risk to Indian IT firms' growth

Rising number of lawsuits against Indian IT services companies over allegations of stealing trade secrets are seen as key risks to their growth in the coming years.

Experts are of the opinion that as domestic IT firms eye bigger product and platform play through development of their own IPs (intellectual properties), they have to draw watertight compartments between product and services business to stay clear from such litigations. Read more...

6. FMCG firms pin hopes on new govt's rural reforms for demand revival

The government, voted back to power last week, will take oath amid a consumer slowdown in staples and discretionary categories. Billed as the worst in two years, chief executive officers (CEOs) of retail and fast-moving consumer goods companies (FMCG) say that the government will have to hit the ground running if it wishes to contain the damage. Read more...

7. GST Council may meet next week; NAA extension likely to be on agenda

The next meeting of the GST (goods and services tax) Council could take place as early as next week after approval from the new finance minister. The focus will be on tackling the unfinished agenda requiring immediate attention like tax structure for solar projects, uniform tax rate on state-organised and state-authorised lotteries, taxing non-potable alcohol besides certain changes in the law, extension for the Anti-profiteering Authority (NAA) and rate rationalisation. Read more...

8. Indian airlines must become positively competitive to stay afloat: Airbus CEO

Indian airlines should become positively competitive to make the country’s aviation market sustainable in the long term, a top Airbus executive has said while responding to the recent grounding of Jet Airways, according to a report by Economic Times.

Jet, once the country’s biggest private airline, suspended all its operations last month due to financial mess, despite air passenger numbers in India registering the fastest growth in the world in the past four years.

9. Air India bid to sell prime real estate fails to take off

State-run Air India Ltd’s latest bid to sell its real estate assets has found few takers. The carrier could sell less than 10 of the 56 properties that were put up for sale in April, according to two people directly aware of the development, a report by the Livemint said.

10. Craftsvilla up for sale, in talks with offline retailers for synergy

Craftsvilla, an ethnic wear e-commerce startup-turned omni-channel retailer, is up for sale. The Mumbai-based company is in talks with large domestic physical retailers for the deal at a valuation of $200 million, according to the company founder. The Mumbai-based company is targetting increased customer acquisition, says founder, reported the Hindu BusinessLine.

First Published: Mon, May 27 2019. 06:16 IST