Sunday, December 16News That Matters

Business & Corporate

New RBI Governor holds central board meeting :

New RBI Governor holds central board meeting :

Business & Corporate, India
A meeting of the Central Board of Reserve Bank of India was held in Mumbai today. The meeting was chaired by the newly appointed governor, Mr Shaktikanta Das. While no decisions were made as such, the board today discussed issues like RBI’s governance framework and decided that the issue needed further examination. The board also reviewed the prevailing economic situation and examined global and domestic challenges. The board further discussed issues related to liquidity and credit delivery to the economy apart from issues related to currency management and financial literacy.
Sebi unveils more reforms, board clears easier startups listing rules :

Sebi unveils more reforms, board clears easier startups listing rules :

Business & Corporate, India
In a series of reforms, capital market regulator Sebi's board on Wednesday cleared easing of norms to kick-start startup listings and allowed mutual funds to segregate distressed assets to safeguard investment returns. At a meeting held here, the Sebi board also approved a proposal to expand the offer-for-sale mechanism for reduction of stake in listed companies and relaxed clubbing of investment limit norms for well-regulated foreign investors. The expansion of offer-for sale scheme will include all companies with Rs 1,000-crore and above market-capitalisation.
RBI proposes new method to benchmark floating rate of loans for MSMEs :

RBI proposes new method to benchmark floating rate of loans for MSMEs :

Business & Corporate, India
In a bid to ensure greater transparency, Reserve Bank has proposed that floating interest rates on personal, home, auto and MSMEs loans be linked to external benchmarks like repo rate or treasury yields. In a statement issued from Mumbai yesterday, RBI said that the final guidelines to link the interest rate to external benchmarks will be issued by the end of this month. Currently, banks follow system of internal benchmarks, including Prime Lending Rate, Benchmark Prime Lending Rate, Base rate and Marginal Cost of Funds based Lending Rate. The new system is likely to become operational by 1st April 2019. RBI has said that the banks should decide the benchmark rate system to be followed right at the inception of the loan and it should remain unchanged through the life of the loan. It ...
Sensex plunges 572 points to 35,312; Nifty tumbles 182 points to 10,601 :

Sensex plunges 572 points to 35,312; Nifty tumbles 182 points to 10,601 :

Business & Corporate, Market
Benchmark domestic stocks today closed with losses for third consecutive day. The indices witnessed fall of more than one and half a percent following weak global cues, weak rupee and sustained selling by foreign as well as domestic institutional investors. The Sensex at the Bombay Stock Exchange plunged 572 points, or 1.6 percent, to 35,312. The Nifty at National Stock Exchange also tumbled 182 points, or 1.7 percent, to 10,601
OPEC set to meet in Vienna :

OPEC set to meet in Vienna :

Business & Corporate
The members of Organization of the Petroleum Exporting Countries and other oil-producing countries are scheduled to meet in Vienna on Thursday to discuss ways to manage the oil output, supply glut and demand slowdown. US President Donald Trump on Wednesday urged OPEC members not to slash production at their upcoming meeting, saying global oil prices should remain low. Over the past two months oil prices have plunged and a barrel of Brent crude, the European benchmark, currently stands at around 60US dollars. However, OPEC's third-biggest producer Iran has called to be excluded from any decision to cut production.
JSDMS, FICCI organise day-long Industry Engagement Programme in New Delhi :

JSDMS, FICCI organise day-long Industry Engagement Programme in New Delhi :

Business & Corporate, businessNews
Jharkhand Skill Development Mission Society and FICCI are jointly organising a day long Industry Engagement Programme in New Delhi today. Titled the 'Employers Network for Generating Aspirational and Gainful Employment', ENGAGE, the programme aims to build a sustainable linkage between Jharkhand government and Industry players. The theme of the event is Skill in Jharkhand : Skilling for Future. The event includes deliberations on several issues including skill development and providing suitable jobs to the youth of Jharkhand. The state government has initiated several skill development programmes to produce a quality workforce. The state government is also working to place the trained force in suitable jobs.
GST collection for November stands at Rs. 97,637 cr

GST collection for November stands at Rs. 97,637 cr

Business & Corporate
The GST collection in the month of November this year stood at  97 thousand and 637 crore rupees. The collection in October had crossed one lakh crore rupees. The revenue collected in November relates to transactions made in October. According to an official release, out of the total GST collection, the CGST collection is16 thousand and 812 crore rupees. SGST is over 23 thousand crore rupees while IGST collection stood at 49 thousand and 726 crore rupees. The release said, a total of 69.6 lakh GSTR-3B returns were filed till the 30th of last month. It said, 11 thousand and 922 crore rupees have been released to the states as GST compensation for the months of August and September this year.
Finance Minister calls for dismantling trade barriers for faster economic growth

Finance Minister calls for dismantling trade barriers for faster economic growth

Business & Corporate, India
Finance Minister Arun Jaitley today said the global economy needs to cut down trade barriers. He was addressing the 80th Session of the Policy Commission of World Customs Organisation, WCO, in Mumbai through video conferencing. Mr Jaitley also called for open borders, saying trading across national boundaries is an economic imperative of the times and that barriers to free trade should be dismantled. He said it is in the larger interest of every country to make sure that trade barriers are brought down to the extent it is possible. The comments come amid growing concerns over tariff wars across the world. Mr Jaitley reiterated that nations across the world are now realising that increased trade helps not just the global economy but also it's their economies. He also affirmed th...
GST Revenue collection for the month of November 2018 crosses Ninety-Seven Thousand Crore Rupees

GST Revenue collection for the month of November 2018 crosses Ninety-Seven Thousand Crore Rupees

Business & Corporate, Policies
The total gross GST revenue collected in the month of November, 2018 is Rs. 97,637 crore of which CGST is Rs. 16,812 crore, SGST is Rs. 23,070 crore, IGST is Rs. 49,726 crore (including Rs. 24,133crore collected on imports) and Cess is Rs. 8,031 crore(including Rs. 842crore collected on imports). The total number of GSTR 3B Returns filed for the month of October up to 30th November, 2018 is 69.6 lakh. The government has settled Rs. 18,262 crore to CGST and Rs. 15,704 crore to SGST from IGST as regular settlement. The total revenue earned by Central Government and the State Governments after regular settlement in the month of November, 2018 is Rs. 35,073 crore for CGST and Rs. 38,774 crore for the SGST. Rs. 11,922crore has been released to the states as GST compensation for the months
Second meeting of NITI Forum for North East on Dec 4 in Guwahati

Second meeting of NITI Forum for North East on Dec 4 in Guwahati

Business & Corporate
The second meeting of the newly constituted ‘NITI Forum for North East’ will be held in Guwahati on 4thDecember, 2018.Vice Chairman NITI AAYOG, Dr Rajiv Kumar will chair and Minister of State (IC) for DoNER, Dr Jitendra Singh will co-chair the meeting. In February 2018, the ‘NITIForum for North East’ was constituted to periodically review the development status in North EasternRegion. The NITI Forum for Northeast is tasked to identify various constraints on the way of accelerated, inclusive and sustainable economic growth in the North East Region of the country and to recommend suitable interventions for addressing identified constraints.Members of the Forum include Secretaries of various Ministries of the Government of India, Chief Secretaries of all the eight North-eastern states and al