Page 1327 - Economy & Policy News
RBI imposes Rs 6 lakh penalty on Hewlett-Packard Financial Services
The RBI on Tuesday said it has imposed a penalty of Rs 6 lakh on Hewlett-Packard Financial Services (India) Private Ltd, Bengaluru for non-compliance with certain directions issued by it.
 "RBI imposes Rs 6 lakh penalty on Hewlett-Packard Financial Services")
E-commerce market's revenue at $56.6 bn in FY21: Choubey citing Nasscom
India's e-commerce market continues to grow at 5 per cent year-on-year, with an estimated revenue of $56.6 billion in the financial year 2020-21, despite the Covid-19 pandemic, according Nasscom
 "E-commerce market's revenue at $56.6 bn in FY21: Choubey citing Nasscom")
Delhi govt approves continuation of free Wi-Fi scheme in the city
The Delhi cabinet on Tuesday approved the continuation of the free Wi-Fi scheme in the city.
 "Delhi govt approves continuation of free Wi-Fi scheme in the city")
Avg annual revenue collection from tobacco products at Rs 53,750 cr: FM
Finance Minister Nirmala Sitharaman on Tuesday told the Rajya Sabha that the average annual revenue collection, including GST and excise duty, from tobacco products, stands at about Rs 53,750 crore.
 "Avg annual revenue collection from tobacco products at Rs 53,750 cr: FM")
Digital deals propel IT revenues; higher salaries to dent profits in FY22
Indian IT services companies are likely to post a 9-12 per cent revenue growth in USD terms in FY22, helped by the strong demand for digital deals, a report said on Tuesday.
 "Digital deals propel IT revenues; higher salaries to dent profits in FY22")
Insolvency process: Parl panel suggests benchmark for 'quantum of haircut'
The Insolvency and Bankruptcy Code (IBC), which came into effect in 2016, provides for a market-linked and time-bound resolution of stressed assets.
 "Insolvency process: Parl panel suggests benchmark for 'quantum of haircut'")
Sebi allows payments banks to act as investment bankers
Non-scheduled payments banks, which have prior approval from RBI, will be eligible to act as a banker to an issue (BTI), Sebi said in a circular.
 "Sebi allows payments banks to act as investment bankers")
Covid 19 effect: Auto component industry's revenue decline 3% in FY21
The fall for the second straight year comes on back of lower automobile volumes
 "Covid 19 effect: Auto component industry's revenue decline 3% in FY21")
Madras HC quashes Tami Nadu law banning online games like rummy and poker
A two-judge bench said complete ban is disproportionate and irrational, adds that govt can still introduce an appropriate law that conforms to Constitutional principles of propriety
 "Madras HC quashes Tami Nadu law banning online games like rummy and poker")
GST officers detect Rs 7.4k cr tax evasion in Apr-June; recover Rs 1,920 cr
GST officers have detected tax evasion of Rs 7,421 crore in the April-June period of the current fiscal, Parliament was informed on Tuesday.
 "GST officers detect Rs 7.4k cr tax evasion in Apr-June; recover Rs 1,920 cr")
Need to devise new formula for states' borrowings: SBI Economists
States are increasingly borrowing higher by making ambitious GSDP projections and hence, there is a need for a new formula to define the loan caps, economists at largest lender SBI said on Tuesday.
 "Need to devise new formula for states' borrowings: SBI Economists")
Petrol, diesel prices unchanged; here are the prices in your city today
In New Delhi, petrol is selling at Rs 101.84 per litre. In Mumbai, the price stands at Rs 107.83
 "Petrol, diesel prices unchanged; here are the prices in your city today")
Recovery tracker: Power generation flat, mobility shows signs of moderation
Power generation was above the 2019 levels but remained flat on a week-on-week basis
 "Recovery tracker: Power generation flat, mobility shows signs of moderation")
Indian Air Force kicks off acquisition of anti-drone systems
Firms will submit proposals today to supply 10 sophisticated counter-drones
 "Indian Air Force kicks off acquisition of anti-drone systems")
IRCTC and BHEL in talks for a partnership to run private trains
Bids for public private partnerships (PPPs) in passenger train operations were opened last month
 "IRCTC and BHEL in talks for a partnership to run private trains")
India PMI manufacturing up at three-month high in July as lockdowns ease
Jumps to 3-month high after June contraction; marginal rise in jobs
 "India PMI manufacturing up at three-month high in July as lockdowns ease")
Monsoon expected to be normal in August-Sept after prolonged dry spell: IMD
This augurs well for kharif crops, but experts advise monitoring of situation till mid-August, because any shortfall in acreage beyond that period will be difficult to compensate
 "Monsoon expected to be normal in August-Sept after prolonged dry spell: IMD")
Exports hit record high of $35 bn in July; up 34% over pre-Covid level
Exports during April-July 2021 were $130.56 billion, up by 73.86% over the same period a year ago and up by 21.85% over the same period of 2019
 "Exports hit record high of $35 bn in July; up 34% over pre-Covid level")
PM Modi launches 'big reform' e-RUPI to make targeted DBT benefits work
It's a digital voucher developed by NPCI that will be transferred directly to mobile phone as an SMS string or QR code, redeemable at merchant points delivering services related to the benefit scheme
 "PM Modi launches 'big reform' e-RUPI to make targeted DBT benefits work")
Govt cuts Mudra loans target in FY22, rules out fresh PSB merger proposal
Mudra scheme target set at Rs 3 trillion for FY22 as against Rs 3.21 trillion sanctioned in FY21
 "Govt cuts Mudra loans target in FY22, rules out fresh PSB merger proposal")