Page 1892 - Economy & Policy News

Current fiscal year will end as scheduled on March 31, no extension: Govt

PTI erroneously reported that the new financial year will start from July 1

RBI extends timings for daily reverse repo, MSF window for one month

All other terms and conditions as applicable to liquidity adjustment facility reverse repo and MSF operations will remain the same

Exports head towards contraction as orders from US, Europe vanish

With global oil prices dipping to record lows, petro exports to bring less revenue

GI Council urges IRDAI for easier MTM rules to take on Covid-19 disruption

Wants regulator to allow companies to consider MTM losses as on Feb 29, instead of March 31 for the purpose of drawing up the P&L accounts

Implementation of Stamp Act changes deferred by 3 months till July 1

Through a notification the Revenue Department said these amended provisions will come into effect from July 1, 2020.

Chemicals manufacturers brace for drop in revenues: CRISIL SME Tracker

SMEs account for 30-35 per cent of the industry (in value terms), and are clustered around Gujarat, Maharashtra and the Delhi-NCR region.

Regulator asks states to treat oil production as essential service

The move will help Oil and Natural Gas Corporation (ONGC), Vedanta, Reliance Industries, Oil India and Hindustan Oil Exploration Company

Coronavirus lockdown: Govt may extend tax holiday, incentives for SEZs

Sunset clause under India's SEZ policy that provides generous tax benefits to SEZ units & developers, ends on March 31

Govt may slash borrowing from market in April amid lockdown: Report

Private placement of bonds would ensure the government gets the money it needs for its expenditure while there is no impact on the market

Govt extends crop loan interest benefits for farmers till May 31

The government has extended the benefit of 2 per cent interest subvention (IS) to banks and 3 per cent prompt repayment incentive (PRI) for all crop loans up to Rs 3 lakh given by banks

Be ready to convert 20K coaches into isolation ward: Railway Board to zones

Five zonal railways have already prepared prototypes for the coach-turned-isolation wards, it said

Global oil prices fall to 2002 low; petrol, diesel rates unchanged in India

Petrol and diesel prices in India, however, remained on freeze for the 14th day in a row

Coronavirus: UP govt credits Rs 611 cr into 2.7 mn MNREGA workers' accounts

He also lauded Prime Minister Narendra Modi for announcing the lockdown to curb the spread of coronavirus as also the announcement of economic package

Slowdown impact: UP industrial output falls 12.39% in December 2019

This is a major contraction considering lower dips of 9.6% and 3.8% in October and November 2019, respectively

Why large taxpayers may soon get a call from I-T officers working from home

The tax department last week asked field formations to submit a daily report on follow-ups on pending tax collections from large taxpayers

Govt directs banks to remain operational during 21-day lockdown: Report

Banks have also been asked to ensure welfare cash schemes that are part of a $22.6 billion government stimulus reach the poor

Credit score to be in line with RBI moratorium guidelines: Transunion Cibil

The RBI announcement came as a relief to the borrowers and affirmed commitment to provide a comprehensive picture of each person so they can be reliably and safely represented in the marketplace.

Indian economy can contract 2.6%; US over 11% in worst case in 2020: Nomura

Rising unemployment, loss of income and disenchantment against the draconian measures may even lead to social unrest

Asian Development Bank to invest $100 million in NIIF's fund of funds

With ADB's investment into the NIIF platform, the FoF has now secured $700 million in commitments

Industry calls for extended financial year due to coronavirus pandemic

The auditors cited issues such as physical verifications of inventories, fixed assets, balance confirmations, fair-value measurements, and going-concern assessments