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Top headlines: Note-ban ghost visits jewellers, Analysts on Q3FY20 GDP

NCLAT relief for Flipkart, FM on credit scores, flurry of dividend payouts by companies and more

A sales person shows gold ornaments at a jewellery shop, on the occasion of 'Akshaya Tritiya', in Chennai on Tuesday
A sales person shows gold ornaments at a jewellery shop, on the occasion of 'Akshaya Tritiya', in Chennai on Tuesday | Photo: PTI

To shore up revenues, taxmen dig up three-year-old demonetization cases

Some 15,000 Indian jewellers have received surprise tax notices asking them to hand over money made from customers who scrambled to buy gold after PM Narendra Modi's 2016 ban on high-currency notes. The industry says authorities are seeking around Rs 500 billion ($7 billion) in tax revenue from those in the gems and jewellery business. READ MORE

revokes insolvency proceedings against Flipkart for alleged default

The Company Law Appellate Tribunal (NCLAT) has set aside the order of the NCLT to initiate insolvency proceedings against e-commerce major Flipkart. Last October, the Bengaluru Bench of the Company Law Tribunal (NCLT) had admitted the insolvency plea filed by Cloudwalker Streaming Technologies, an operational creditor of Flipkart. READ MORE

Will Q3FY20 GDP numbers surprise on Friday? Here's what analysts expect

As the Central Statistics Office (CSO) gets ready to announce the gross domestic product (GDP) numbers for the third quarter ended December 2019 (Q3FY20) on Friday, most experts peg the number closer to 5 per cent. This is despite the slew of measures announced by the government over the past few months to help revive growth. READ MORE

FM warns banks against trusting credit scores of loan seekers 'blindly'

Finance Minister Nirmala Sitharaman on Wednesday told state-owned banks to not “blindly” trust the credit scores of loan seekers, and to focus on improving branch-level connect with customers. Her suggestions came on a day she launched a new set of reform measures for public sector banks (PSBs), aimed at enhancing the role of technology. READ MORE

Raining dividends on Street: Firms loosen purse strings to help promoters

In a record of sorts, about a dozen companies have announced dividends each day of this month. The trigger for the latest payouts is the transfer of liability from companies to promoters. Market players say companies are advancing their dividend payouts to lower the tax burden of promoters. So far this month, nearly 200 companies have declared interim dividends -- more than twice the number a year ago. The payouts have been higher than last year too. READ MORE

First Published: Thu, February 27 2020. 17:27 IST