Atal Pension Yojna dominates social security scheme with 66% NPS subscriber base

Atal Pension Yojana has emerged as the most popular social security scheme under the National Pension System with over 2.8 crore subscribers, mainly from the non-metro centres. Out of 4.2 crore National Pension System (NPS) subscribers, over 66 per cent or 2.8 crore opted for the APY at the end of 2020-21, says the annual report of the National Pension Systems Trust (NPS Trust).                                                                                            ET (07-Sep-2021)

Yash Birla wins Round 1 of a Rs 8,400-crore bout with tax department

In one of the first high-profile cases under the new Black Money law, Yashovardhan Birla has won the first round in his tussle with the Income tax (I-T) department. The money at stake was ₹8,400 crore — comprising ₹2,400 crore tax demand and ₹6,000 crore penalty — computed from peak balances in multiple offshore accounts of MNC banks like HSBC, Credit Suisse and Barclays.                                                                                                                           ET (07-Sep-2021)

Govt’s excise collection jumps 48% in April-July; already 3x of full fiscal oil bond liability

The government’s collections from levy of excise duty on petroleum products have jumped 48 per cent in the first four months of the current fiscal year, with the incremental mop-up being 3-times of the repayment liability of legacy oil bonds in the full fiscal, official data showed.

                                                                                                                                           ET (06-Sep-2021)

ADB clears $150 million loan for urban poor housing project in Tamil Nadu

Multilateral funding agency Asian Development Bank has approved a USD 150 million (about Rs 1,095 crore) loan for a sustainable housing project for the urban poor in Tamil Nadu. The loan to provide access to inclusive, resilient, and sustainable housing for the urban poor in Tamil Nadu was approved on September 3, 2021, ADB said in a release on Monday.

                                                                                                                                           ET (06-Sep-2021)

India extends $ 100 million loan to Africa to spur post pandemic growth

Africa Finance Corporation (AFC), the leading infrastructure solutions provider on the continent, has received a US$100 million credit line from the Export-Import Bank of India (India Exim Bank) to develop critical infrastructure required for the revival of Africa’s economies in the wake of the Covid-19 pandemic.                                                                           ET (04-Sep-2021)

GST collections for August at Rs 1.12 lakh crore

The government collected Rs 1.12 lakh crore as goods and services tax (GST) for August 2021, making it the second consecutive month of revenues clicking higher than Rs 1 lakh crore, marking a clear trend of economic recovery. August collections are 30% higher than Rs 86,449 crore during the same month last year, however they’re lower than July collections of Rs 1.16 lakh crore.                                                                                                                        ET (04-Sep-2021)

Adar Poonawalla’s finance company buys 13-floors in Pune office tower for Rs 464 cr

Poonawalla Finance, part of the Cyrus Poonawalla Group that also owns top vaccine maker Serum Institute of India (SII), has bought 13 floors in a commercial tower in Pune’s Mundhwa locality for about Rs 464 crore. This is one of the largest office space transactions in Pune in recent times.                                                                                                                    ET (03-Sep-2021)

Virtual currencies: Govt plans to bring a bill, Cryptos to be treated as commodity

The government is planning to define cryptocurrencies in the new draft bill that also proposes to compartmentalise virtual currencies on the basis of their use cases, three people aware of the development told ET. Cryptocurrencies will be treated as an asset/commodity for all purposes, including taxation and as per user case — payments, investment or utility.                                                                                                                                                               ET (03-Sep-2021)

Foreign direct investments rise to $12.1 bln in May: Piyush Goyal

Foreign direct investments into the country is on the rise, jumping to USD 12.1 billion in May this year, Commerce and Industry Minister Piyush Goyal said on Monday. He also said the government is working on a mission mode to achieve exports target of USD 400 billion in 2021-22.                                                                                                                                     ET (25-Aug-2021)

India Inc’s CSR spending crosses Rs 1 lakh crore milestone

India Inc’s corporate social responsibility spending crossed the Rs 1 lakh crore milestone, just seven years after it was made mandatory, a CRISIL NSE 3.06 % report said Tuesday. As much as 40% of this is estimated to have been incurred in the past two fiscals as companies loosened purse strings to fight the Covid-19 pandemic that set in towards the fag-end of fiscal 2020, it said.                                                                                                                                  ET (25-Aug-2021)

Infosys gets time till September 15 to get the income tax portal right

Finance minister Nirmala Sitharaman expressed “deep disappointment” over the glitches that continue to bedevil the income tax e-filing portal and ordered software provider Infosys NSE -1.03 % to fix all issues by September 15. She issued the deadline at a meeting with Infosys chief executive Salil Parekh on Monday.                                                                    ET (24-Aug-2021)

Union Minister Patel invites Asean companies to invest in India

Union Minister Anupriya Patel on Tuesday invited companies from the Association of Southeast Asian Nations (ASEAN) region to invest in India, particularly in the 13 sectors that are covered under the production linked incentive scheme. The Minister of State for Commerce and Industry said that with a combined economy of about USD 5.8 trillion, there is a significant potential for enhancing trade and investment partnerships between India and ASEAN.                                                                                                                                                            ET (24-Aug-2021)

India’s exposure to US securities jumps over $20 bn in 3 months; touches $220.2 bn in June

India’s holding of US government securities surged by more than USD 20 billion in just three months ended June to USD 220.2 billion amid rising foreign exchange reserves. Compared to June last year, when most of the economic activities were ravaged by the corona virus pandemic, the exposure of India to the US Treasury securities jumped by nearly USD 40 billion.                                                                                                                                            ET (23-Aug-2021)

Nirmala Sitharaman to launch National Monetisation Pipeline on Aug 23

Finance Minister Nirmala Sitharaman on Monday will launch the National Monetisation pipeline (NMP), which will list out the government’s infrastructure assets to be sold over the next four-years, an official statement said.                                                               ET (23-Aug-2021)

Despite record tax mop-up, govt continues to borrow heavily, hits 46% of target for FY22: Report

Despite the massive windfall gains from fuel taxes and GST collections, the Centre continues to borrow heavily from the market, with the total drawdown crossing 90 per cent of the notified amount so far or 46 per cent of the total borrowings for FY22, even though the second quarter is only halfway, as per a report. Overall, the government has collected 25.1 per cent of the budgeted taxes in Q1, which traditionally is low on taxation.                                ET (21-Aug-2021)

EPFO adds 1.28 million members in June

Formal job creation rebounded in June, indicating that recovery accelerated as restrictions imposed by a number of states to contain the second wave of Covid-19 eased. Payroll data by the Employees’ Provident Fund Organisation (EPFO) showed 1.28 million net new subscribers were added in June, 0.5 million more than in May.                                                  ET (21-Aug-2021)

FM to launch alternative investment fund for small and mid-sized EoUs

Finance minister Nirmala Sitharaman will launch an alternative investment fund for export-oriented small and mid-sized companies on Saturday. The ‘Ubharte Sitaare’ fund size is ₹250 crore with a green shoe option of ₹250 crore.                                                          ET (20-Aug-2021)

Canadian funds, Indian insurers likely to invest in NHAI InvIT

Three top Canadian pension funds, including Caisse de dépôt et placement du Québec (CDPQ), and leading local insurers such as Life Insurance Corp and HDFC Life are among the frontline investors likely to buy into the infrastructure investment trust (InvIT) of the National Highways Authority of India (NHAI).                                                                                              ET (20-Aug-2021)

Drinking water supply through mobile tankers taxable at 18%: AAR

Supply of drinking water to the public through mobile tankers or dispensers by a charitable organisation is taxable at 18 per cent under the GST, AAR has ruled. The Andhra Pradesh bench of the Authority for Advance Ruling (AAR) has ruled — in the case of Vijayavahini Charitable Foundation — that since the organisation is supplying purified water, hence it is not fit for GST exemption.                                                                                                   ET (19-Aug-2021)

Microfinance captains expect a turnaround during festive season

Microfinance loan repayment has risen sharply to about 90% on an average by the end of July from a low of 65-75% in May-June with economic recovery and the number of Covid-19 cases coming down. Industry captains expect business to be back to full swing not before the third quarter as the impact of the second wave is still being felt while the sectoral loan volume shrunk 14% in the April-June period.                                                                          ET (19-Aug-2021)

Double tax for NFTs: Deals may attract GST, equalization levy

After cryptocurrencies, the non-fungible token or NFT has attracted the taxman’s attention as any purchase of the block chain digital file will attract equalization levy and goods and services tax (GST). This would mean that any NFT bought could become dearer by a few percentage points. The tax department is set to slap a 2% equalization levy on these transactions.

                                                                                                                                           ET (18-Aug-2021)

NPS’ non-govt subscriber base crosses 30 lakh-mark; corpus to hit Rs 1 lakh cr soon: PFRDA

The corporate and retail sector subscriber base under the National Pension System (NPS) has crossed over 30 lakh as on date, and the corpus under these is about to reach a landmark Rs 1 lakh crore-mark, PFRDA Chairman Supratim Bandyopadhyay said on Tuesday. NPS subscriber base data has five categories – central government, state government, corporate, all citizen model, and NPS Lite. The ‘all citizen model’ refers to retail customers.               ET (18-Aug-2021)

Burmans launch, list $150 million SPAC on NYSE with 2 executives

Burman Family Holdings, the private investment firm of the Burmans of Dabur, has set up a special purpose acquisition company (SPAC) along with two partners, raising $150 million and listing it on the NYSE. The SPAC, Jupiter Acquisition Corporation, is led by Gaurav Burman, who is its president.                                                                                                               ET (17-Aug-2021)

Pandemic has IFC pumping USD 1.7 billion into local companies, up 51%

The pandemic has led to the International Finance Corporation massively ramping up its impact investment in the country – its largest client nation globally – at USD 1.7 billion as of June, a 51 per cent rise over the past 12 months, the largest developmental lender into third world private sector said on Tuesday. This is nearly half of its investment in the whole of South Asia since the pandemic, which touched USD 3.8 billion as of June 2021, it said.

                                                                                                                                           ET (17-Aug-2021)

India’s Forex reserves rise to lifetime high of $621.5 billion

Mumbai: The country’s foreign exchange reserves increased by $889 million to a lifetime high of $621.464 billion in the week ended August 6, 2021, RBI data showed on Friday. In the previous week ended July 30, 2021, the reserves had surged by $9.427 billion to reach $620.576 billion.                                                                                                             ET (16-Aug-2021)

FM likely to meet heads of PSBs & FIs this month

Finance minister Nirmala Sitharaman is expected to meet heads of public sector banks and financial institutions later this month in Mumbai. On the agenda are issues related to bad loans due to the second wave of the Covid-19 pandemic and the status of credit to micro and small enterprises.                                                                                                           ET (16-Aug-2021)

FHRAI says Rs 60,000 crore loan guarantee scheme for Covid affected sectors not notified in over a month, asks FM to take cognizance

The Federation of Hotel & Restaurant Associations of India (FHRAI) said on Wednesday it has submitted a representation to finance minister Nirmala Sitharaman, requesting her intervention for notifying the Rs 60,000 crore sanctioned under the Loan Guarantee Scheme for Covid affected sectors. FHRAI said the announcement was made by the finance minister on June 28, and the association expressed disappointment that over a month has passed since announcing the scheme but it has not yet been notified.                                      ET (13-Aug-2021)

$10 trillion economies by 2030: A daunting task, but not an impossible one

India’s economy needs to grow at a nominal rate of 14% at current exchange rates over the next 10 years to hit the $10 trillion milestones. ET spoke to economists to draw up a list of reforms that can help India get there                                                                         ET (13-Aug-2021)

India Inc won’t receive calls for more advance tax: Revenue secy

India Inc will not receive any calls from the tax department asking to pay more advance tax, revenue secretary Tarun Bajaj said, assuring the industry of a “stable and predictable” tax regime. He asked the corporates to revive their ‘animal spirits and increase private investment aggressively to help the economy in the long term.                                                ET (12-Aug-2021)

Cairn executives meet finmin officials, seek clarifications on settlement of retro tax

Cairn Energy has sought several clarifications from the government on settling the dispute over retrospective tax. This includes when and how the levies collected will be refunded if the company accepts the settlement under the terms of the amendments approved by parliament.                                                                                                                                            ET (12-Aug-2021)

Should South India’s consumers pay a steep 18% GST for upma or puliyogare mix?

A ruling by Tamil Nadu’s GST authorities that ready-to-cook items are taxable at an 18% rate has triggered a fresh debate on whether South India’s consumers should pay such a steep tax for their everyday-use mixes as upma, Bisi bele bath, puliyogare, and lemon rice. “This is injustice, and we have long been fighting against this,” said P Sadananda Maiya, a packaged food pioneer, who built brands such as MTR Foods & Maiyas.                              ET (11-Aug-2021)

India, the US seeing fund inflows after China crackdown: Mark Mobius

India, the United States, and parts of other emerging markets have seen fund inflows redirected from China as recent regulatory crackdowns in the world’s second-biggest economy have spooked markets, according to veteran investor Mark Mobius.                  ET (11-Aug-2021)

Tax consultants challenge the constitutional validity of the ‘Faceless Appeal Scheme’ in Bombay HC

The Chamber of Tax Consultants has approached the Bombay High Court to challenge the constitutional validity of provisions dealing with the ‘Faceless Appeal Scheme’. One of the oldest industry bodies of professionals has argued that there is a reasonable apprehension in the mind of the taxpayers that this scheme will harm the overall decision-making process, and the persons to be affected the most would be the assesses.                                ET (10-Aug-2021)

Will talk to Cairn, Vodafone; Refund without interest: Finance Minister

Finance minister Nirmala Sitharaman said the government will hold talks with companies such as Cairn Energy and Vodafone Group after the law to scrap the retrospective tax clause is enacted, adding that the government will only refund the amounts that were paid by the companies without any interest.                                                                                 ET (10-Aug-2021)

EPFO raised the demand of Rs 33.97 cr from Sahara Group companies, matter sub-judice: Rameswar Teli

The Employees Provident Fund Organisation has raised a demand of Rs 33.97 crore from the Sahara Group companies and the matter is now sub-judice, state labour and employment minister Rameswar Teli said in response to a question in the Lok Sabha on Monday. “A demand for an amount of Rs 33, 97, 30,000 has been raised by EPFO and the matter is now sub-judice,” he said.                                                                                                       ET (09-Aug-2021)

Government nets Rs 53,684 crore from Vivid Se Vishwas scheme so far

The government has received Rs 53,684 crore so far from the direct tax dispute resolution scheme Vivid Se Vishwas, the Finance Ministry said on Monday. In a written reply to the Lok Sabha, Minister of State for Finance Pankaj Chaudhary said over 1.32 lakh declarations, entailing disputed tax of Rs 99,765 crore, have been filed under the scheme.   ET (09-Aug-2021)

Unnati to hire 300 employees across verticals by FY22

Unnati, a FinTech-driven agriculture ecosystem, has announced plans to expand its team size by adding 300 additional employees to its current 199-strong team by FY22 to further drive its growth journey. The platform will be hiring at least 50 members in the technology division at various ranks while also onboarding senior members in the finance, business & sales, and agronomy verticals in the upcoming months.                                                           ET (07-Aug-2021)

Piramal seeks RBI nod to settle DHFL’s foreign debt

The Piramal NSE 2.60 % group has sought the Reserve Bank of India’s (RBI) permission to reach a settlement and issue new debentures to the foreign lenders of DHFL, in what would be the first of its kind transaction. Offshore investors, some of whose identities are not readily available, had put in close to ₹850 crores in masala bonds sold by DHFL          ET (07-Aug-2021)

NHAI incurred a revenue loss of around Rs 3,512 cr in FY’21 due to COVID restrictions: Nitin Gadkari

The National Highways Authority of India (NHAI) incurred an estimated revenue loss of Rs 3,512.62 crore in 2020-21 due to COVID-related restrictions. In a written reply to Lok Sabha on Thursday, Minister of Road Transport and Highways Nitin Gadkari said the approximate user fee collections in FY 2019-20 and 2020-21 stood at Rs 27,682.89 crore and Rs 28,548.05 crore, respectively.                                                                                                                    ET (06-Aug-2021)

E-way Bill blocking for non-payers to resume from August 15

The government will begin blocking e-way bill generation from August 15 for taxpayers that have not filed their two or more outward supply returns till June. An advisory to the effect was issued by Goods and Services Tax Network Thursday, informing taxpayers and advising them to file pending returns to avoid blocking of e-way bills.                                          ET (06-Aug-2021)

EPFO invests Rs 7,715 crore in equity in April-June

Retirement fund body EPFO has made an equity investment of Rs 7,715 crore in the first quarter of this fiscal, Parliament was informed on Monday. The EPFO can invest up to 15 percent of investment in equity as per the Pattern of Investment notified by the central government and the internal guidelines of the EPFO approved by the Central Board of Trustees (CBT), Employees’ Provident Fund (EPF).                                                                    ET (05-Aug-2021)

E-way bills clock 64.1 million in July

Over 64.1 million e-way bills were generated in July, the second-highest after the peak of 71.2 million in April in a year, reflecting a sharp recovery in business activity. According to data from the goods and services tax network (GSTN), e-way bills clocked 17.4% higher in July versus June when 54.6 million were issued.                                                                                    ET (05-Aug-2021)

Total debt expected to rise to 61.7% of GDP in FY22: Minister

The government on Tuesday informed Parliament that it expects the total debt as a percentage of GDP to increase to 61.7 percent (provisional) in 2021-22 from 60.5 percent (provisional) in the previous fiscal. At the same time, public debt would rise to 54.2 percent in the current financial year from 52 percent in 2020-21.                                           ET (04-Aug-2021)

Need to devise a better formula for setting states’ borrowings: SBI report

An SBI Research report says states that are better behaved may be rewarded in terms of an increase in the size of the permissible borrowing in the subsequent year where permissible borrowing is scaled up by the lower advance borrowings or link states borrowing to tax revenues. “We believe there is a need to devise a better formula for setting state borrowings and delinking it from advance GSDP (gross state domestic product) estimates,” the report released Tuesday said.                                                                                                  ET (04-Aug-2021)

EPFO invests Rs 7,715 crore in equity in April-June

Retirement fund body EPFO has made an equity investment of Rs 7,715 crore in the first quarter of this fiscal, Parliament was informed on Monday. The EPFO can invest up to 15 percent of investment in equity as per the Pattern of Investment notified by the central government and the internal guidelines of the EPFO approved by the Central Board of Trustees (CBT), Employees’ Provident Fund (EPF).                                                                    ET (03-Aug-2021)

No proposal from Cairn Energy for settlement of tax dispute: Finance Ministry

The government has not received any proposal from Cairn Energy for a solution to the tax dispute within the country’s legal framework, minister of state for finance Pankaj Chaudhary told the Lok Sabha on Monday. The finance ministry acknowledged that an order has been passed by a French court freezing certain Indian government properties in the case pertaining to Cairn Energy.                                                                                                              ET (03-Aug-2021)

Centre agrees to clear FY21 pending GST compensation of Rs 11,400 cr in installments: Karnataka CM

Karnataka Chief Minister Basavaraj Bommai has said the Centre has agreed to give last year’s pending GST compensation of Rs. 11,400 crore at the earliest in instalments. His statement came after meeting Union Finance Minister Nirmal Sitharaman in the national capital on Friday. He said the funds are required urgently to meet the Covid-19 and other expenses in the state.                                                                                                                                 ET (02-Aug-2021)

GST collections for July record Rs 1.16 lakh crore

Gross goods and service tax (GST) revenue collected in July stood at Rs 1,16,393 crore showing a revived uptrend in business activity and economy during June as states eased restrictions. The collections crossed the Rs 1 lakh-crore mark again after dipping from the level in June due to lockdowns or restrictions imposed by states amid the Covid second wave.  ET (02-Aug-2021)

Over 25.82 lakh ITRs filed, 7.90 lakh e-PANs allocated at new IT e-filing portal: Data

The new Income Tax Department website, which has been marred by glitches, has successfully received over 25 lakh returns, more than 3.57 crore unique logins and has allocated over 7.90 lakh e-PANs, according to the latest official data on Thursday. The portal has been launched on June 7 with the new domain name www.incometax.gov.in, but it hit rough weather as a number of its functionalities did not function properly.                                         ET (30-July-2021)

100,000+ returns filed every day on the new I-T portal

More than 100,000 income-tax returns are being filed on the new income-tax portal every day since July 24, with the number rising to 150,000 on Tuesday and Wednesday, tax department sources said, indicating an improvement in the portal’s operation. However, tax practitioners and taxpayer’s ET spoke to said technical issues, and slow speed continued to be a problem.

                                                                                                                                           ET (30-July-2021)

Digital payments up 30.2% in FY21: RBI data

Digital payments have recorded a growth of 30.19 percent during the year ended March 2021, reflecting the adoption and deepening of cashless transactions in the country, RBI data showed. As per the newly constituted Digital Payments Index (RBI-DPI), the index rose to 270.59 at the end of March 2021, up from 207.84 a year ago. “The RBI-DPI index has demonstrated significant growth in the index representing the rapid adoption and deepening of digital payments across the country in recent years,” RBI said                         ET (29-July-2021)

Unlawful deals: Claims of Rs 1.6 lakh crore filed at NCLT by resolution professionals of companies gone bankrupt

Resolution professionals (RPs) of 700 bankrupt companies have filed claims for recovery of Rs 1.6 lakh crore at the National Company Law Tribunal (NCLT) alleging ‘unlawful’ transactions entered into by the companies prior to their admission into the Insolvency and Bankruptcy Code (IBC) proceedings, according to a government official.                                 ET (29-July-2021)

Govt paid Rs 164.5 cr to Infosys for new I-T portal: Chaudhary

The government paid Rs 164.5 crore to Infosys to build the new income tax e-filing portal between January 2019 and June 2021, Parliament was informed on Monday. “The contract for Integrated e-filing & Centralized Processing Centre (CPC 2.0) Project was awarded through an open tender published on Central Public Procurement Portal (CPPP) to Infosys Ltd, the Managed Service Provider on the lowest cost basis.                                               ET (28-July-2021)

Lok Sabha approves the first batch of supplementary demands totaling Rs 23,675 cr

Amid a din, the Lok Sabha on Wednesday approved the first batch of supplementary demands authorizing the government to spend an additional Rs 23,675 crore, including Rs 17,000 crore for the health ministry, in the current financial year. Finance Minister Nirmala Sitharaman introduced the supplementary demands for grants and relevant appropriation bills.

                                                                                                                                           ET (28-July-2021)

10 CPSEs report profit in 2020-21: Heavy Industries Minister

As many as 10 central public sector enterprises have reported profits in FY2020-21 as per unaudited results, Heavy Industries Minister Krishan Pal Gurjar said on Monday. He said that the COVID-19 pandemic has affected the results of CPSEs. “Under the Ministry of Heavy Industries, fifteen CPSEs are operational and twenty-eight others are under various stages of closure/liquidation/National Company Law Tribunal, etc,” he informed the Rajya Sabha.

                                                                                                                                           ET (27-July-2021)

Cairn arbitration: Govt confirms French court order against Indian assets

The government on Tuesday confirmed that a French court has ordered the freezing of certain Indian assets in Paris on a petition by Britain’s Cairn Energy, which is seeking to recover $1.72 billion from New Delhi after winning an arbitration against retro tax. Minister of State for Finance Pankaj Chaudhary in a written reply to a question in the Rajya Sabha said the government has filed an appeal against an international arbitration tribunal overturning levy of Rs 10,247 crore in back taxes on                                                                                 ET (27-July-2021)

Rating companies report the sharpest rise in upgrades, improvement in creditworthiness

Rating companies reported the sharpest rise in June quarter upgrades bucking the trend of downgrades since the beginning of the pandemic early last year as local companies regain business normalcy, demonstrating better creditworthiness, amid a slew of relief measures.                                                                                                                                                  ET (26-July-2021)

Reforms help banks recover Rs 5.5 lakh crore of bad debt: Govt

NEW DELHI: The steps were taken by the government over the last few years — from enacting Insolvency & Bankruptcy Code (IBC)and strengthening other laws to administrative measures — have helped banks recover around Rs 5.5 lakh crore of bad debt, including close to Rs 1 lakh crore from accounts that had been technically written off, top officials said.     ET (26-July-2021)

Govt seeks Parliament nod for Rs 1.87 lakh crore supplementary demands for this fiscal

The government sought approval for additional expenditure of Rs 1.87 lakh crore from Lok Sabha, as part of the first batch of supplementary demand for grants for FY22. Finance minister Nirmala Sitharaman laid a statement of the demands in the Lower House, which amounted to a net additional cash outgo of Rs 23,675 crore, on Tuesday.         ET (23-July-2021)

Excise duty rates on petrol, diesel calibrated to generate resources for infrastructure development: FinMin

The excise duty rates on petrol and diesel have been calibrated to generate resources for infrastructure building and other developmental expenditure keeping in view the prevailing fiscal situation, Minister of State for Finance Pankaj Chaudhary said on Tuesday. In a written reply to a question in the Rajya Sabha, the minister said the petrol price had gone up by Rs 3.83 a liter in May, Rs 4.58 in June, and Rs 2.73 in July (up to July 16).                  ET (23-July-2021)

Finance Ministry seeks Parliament nod for net additional Rs 23,675 crore spending

Finance Minister Nirmala Sitharaman on Tuesday sought Parliament nod for net additional spending of Rs 23,675 crore in the first batch of supplementary demands for the current fiscal year. As per the first batch of supplementary demands for grants tabled in the Lok Sabha, approval is being sought for gross additional expenditure of over Rs 1.87 lakh crore.                                                                                                                                                                ET (23-July-2021)

FDI investment doubled in April-May, but secondary investments dominate inflows: RBI data

India continued to attract strong foreign direct investment inflows in the first two months of the current fiscal. April-May inflows doubled over the previous year’s levels. But a third of the inflows have been due to the acquisition of shares through secondary transactions rather than investments by companies in plants, helping the country amass durable foreign exchange reserves in the process.                                                                                                ET (22-July-2021)

Mastercard’s dual record maintenance led to RBI ban

Mumbai: The Reserve Bank of India barred Mastercard Inc. from issuing new cards in India after it found the US-based payments major was storing customers’ data on servers located outside the country and also failing to erase from overseas servers the Indian leg of the transactions data within 24 hours as mandated, three sources aware of the matter told ET.                                                                                                                                                    ET (22-July-2021)

RBI’s Mastercard ban likely to create a monopoly in India’s credit card market

The Reserve Bank of India’s (RBI) ban on Mastercard is likely to create a near-monopoly in India’s credit card market, with the US-based card network Visa likely cornering a significant chunk of the new business that earlier went to its global rival.                             ET (20-July-2021)

Finance Ministry seeks Parliament nod for net additional Rs 23,675 crore spending

Finance Minister Nirmala Sitharaman on Tuesday sought Parliament nod for net additional spending of Rs 23,675 crore in the first batch of supplementary demands for the current fiscal year. As per the first batch of supplementary demands for grants tabled in the Lok Sabha, approval is being sought for gross additional expenditure of over Rs 1.87 lakh crore.                                                                                                                                                                ET (20-July-2021)

The volume of direct benefit transfers rises 37% to 3.9 lakh crore transactions so far this year: UIDAI CEO

The volume of direct benefit transfers (DBT) has jumped 37 percent to 3.9 lakh crore transactions so far this year from 2.8 lakh crore transactions in 2020, UIDAI chief executive Saurabh Garg said on Friday. The DBT transfers grew 37 percent to 3.9 lakh crore transactions so far this year over the full year of 2020, Garg told an event organized by the Economic Times newspaper.                                                                                                                      ET (19-July-2021)

PNB Housing Finance to remain under lens: Sebi

PNB Housing Finance’s troubles may not end with the Securities Appellate Tribunal (SAT) verdict–assuming this goes in favor of the company—on the pricing of the ₹4,000 crores preferential allotment to the Carlyle Group. The Securities and Exchange Board of India (Sebi) told the SAT on Friday that it intends to investigate the role of PNB Housing’s directors and the company management regardless of the SAT ruling.                                                                ET (19-July-2021)

Pandemic helped drive the goals of financial inclusion: Debasish Panda

The pandemic underscored India’s disruptive progress on the touchstone of financial inclusion, with federal welfare payouts directly reaching the intended beneficiaries in a largely fraud-proof ecosystem undergirded by legacy lenders, nimble fintech firms, and pertinent digital regulations. “Financial inclusion was actually tried and tested in terms of scale and volume during the pandemic,” financial services secretary Debasish Panda said at the ET Financial Inclusion Summit.                                                                                                                               ET (16-July-2021)

Covid impact: Consumers uncertain, see income drop, erosion in savings

The second wave of the Covid pandemic in India has increased the level of uncertainty for households. Lockdown in several parts of the country in April and May, rising fuel costs and inflation have all had a negative impact on incomes and spending.                        ET (16-July-2021)

States borrowing costs continue to rise, yields soar back to 7%

The cost of borrowings for the states has reversed the decline witnessed at the last auction and scaled back to the 7 percent level at the auctions held on Tuesday. The weighted average cost of borrowing for the states across tenures rose to 6.99 percent, 7 bps higher than last the auctions held last week, according to a note by Care Ratings NSE 0.16 % chief economist Madan Sabnavis.                                                                                                                                               ET (15-July-2021)

IFSCA sets up an expert group to suggest a road map for longevity finance hub

The International Financial Services Centres Authority (IFSCA) on Wednesday said it has set up an expert committee to recommend the road map for the development of Longevity Finance Hub. Global estimates suggest that there are one billion people in the silver generation, a global cohort of individuals aged 60 years and older, with a combined spending power of USD 15 trillion and the size is ever-expanding, IFSCA said in a statement.                           ET (15-July-2021)

India needs foreign exchange reserves to buffer to tackle exchange rate volatility: Raghuram Rajan

India needs foreign exchange buffer reserves to insulate itself from exchange rate volatility as we have “no friends” for swap lines and Japan was the only country that helped during the taper tantrum in 2013, former RBI Governor Raghuram Rajan on Tuesday. Participating in a virtual event organized by economic think tank NCAER, Rajan said during the taper tantrum in 2013, India asked for swap lines, and the only country that helped us was Japan.         ET (14-July-2021)

Resolution of 95 IL&FS companies’ debt to spill into FY23

In its latest update on the resolution process, IL&FS has said that the group will complete 95% of the estimated recovery, amounting to Rs 58,000 crore, by March 2022. This indicates that the resolution process would spill over beyond FY22 to address the high number of residual entities with low recovery potential.                                                                                            ET (14-July-2021)

IFSCA issues norms for setting up, operating ITFS to provide trade finance

The International Financial Services Centres Authority (IFSCA) on Monday released a framework for setting up and operating an international trade finance services platform (ITFS) to provide trade finance services at international financial services centers (IFSCs). The framework will enable exporters and importers to avail various types of trade finance facilities at competitive terms, for their international trade transactions through a dedicated electronic platform ITFS, an official statement said.                                                                                                     ET (13-July-2021)

Recast loans at non-bank lenders may double by this fiscal end: Report

Restructured assets of non-bank lenders are estimated to double to up to 3.3 percent by March 2022 largely because of the impact of the second wave of the pandemic, a report said on Monday. The same ratio had stood at 1.6 percent as of March 2021, after the first wave of the pandemic. The pandemic had led the Reserve Bank of India (RBI) to make an exception by launching a loan recast facility for borrowers impacted by COVID-19.                    ET (13-July-2021)

Zeta aims higher with ‘Infinite Scalability

Banking technology provider Zeta will be profitable by the end of 2023 on the back of the contracts already signed with banks and fintech companies, and is looking to go public in the next 5-7 years, said the chief executive of the latest Indian startup to get the unicorn status.                                                                                                                                                       ET (12-July-2021)

Nirmala Sitharaman urges G20 nations for aligning recovery strategies with climate concerns

Finance Minister Nirmala Sitharaman on Saturday urged G20 nations for aligning economic recovery strategies with climate concerns. Participating virtually in the Third G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting under the Italian Presidency, Sitharaman shared recent policy responses of the Government of India to strengthen the health system and economy, including the efficient application of the Cowin Platform to scale up vaccination in India.                                                                                                          ET (12-July-2021)

Fall in outward remittances good news for India’s current account

India’s outward remittances fell by as much as $6 billion in FY21 as the pandemic put brakes on ordinary overseas travel and student traffic to campuses abroad, partly contributing to the current account surplus of $24 billion. This is the first time annual remittance outflows have contracted since 2015 when the Reserve Bank of India (RBI) doubled the annual limit for sending money abroad to $250,000.                                                                                            ET (09-July-2021)

The lens on goodwill tax: Last 5 years’ M&A deals likely to be reviewed

A number of merger and acquisition transactions over the last five years may have to be re-examined following changes to the tax treatment of goodwill. The Central Board of Direct Taxes on Thursday notified a mechanism for computation of short-term capital gains and written down value where depreciation on goodwill has been taken.                                  ET (09-July-2021)

Bengal Budget FY22: Government grants road tax waiver, stamp duty rebate

The West Bengal government on Wednesday waived road tax on passenger transport vehicles and offered a rebate on stamp duty as it tabled a Rs 3.08- lakh- crore Budget in the assembly for fiscal 2021-2022. Presenting the Budget, state industry minister Partha Chatterjee, who had placed the vote-on-account in the House in February, said the government has decided to extend the one-time exemption of motor vehicle tax for the period starting July 1, 2021, to December 31, 2021.                                                                                                          ET (08-July-2021)

11 million avail Rs 2.75 lakh crore under govt’s credit guarantee scheme

More than 11 million businesses and individuals have availed nearly ₹2.75 lakh crore under the government’s credit guarantee scheme to provide working capital and emergency funds to help overcome the economic stress caused by the pandemic. Banks have so far disbursed ₹2.13 lakh crore under the ₹4.5 lakh-crore Emergency Credit Line Guarantee Scheme (ECLGS) wherein the government guarantees repayments, the latest available data shows.                  ET (08-July-2021)

GST collection dips below Rs 1 lakh crore in June

GST collection dipped below Rs 1 lakh crore in June after staying above that mark for eight consecutive months. Centre mopped up Rs 92,849 crore GST for the month of June of which CGST is Rs 16,424 crore, SGST is Rs 20,397 crore, IGST is Rs 49,079 crore (including Rs 25,762 crore collected on import of goods) and Cess is Rs 6,949 crore (including Rs 809 crore collected on import of goods)                                                                                                          ET (07-July-2021)

At Rs 92,849 crore, GST mop up lowest since September

India’s goods and services tax collections for June grossed ₹92,849 crore, falling below the ₹1 lakh crore mark after eight months, due to localized restrictions imposed by states to contain the second pandemic wave. Total collections for the just-ended April-June quarter at ₹3.36 lakh crore was higher than the ₹1.85 lakh crore recorded a year earlier. The amount also exceeded the ₹3.14 lakh crore collected before Covid in the April-June period of 2019.       ET (07-July-2021)

India Inc’s foreign borrowings drop 51 percent to USD 738 million in May

India companies’ foreign borrowings plunged by nearly 51 percent to USD 738.45 million in May this year amid the second wave of COVID-19, according to the RBI data. Indian businesses had raised USD 1.49 billion by way of external commercial borrowings (ECB) in May 2020. The entire fund raised in May 2021 came through the automatic route of the ECB.               ET (06-July-2021)

Venture capital, private equity firms operating as trusts face tax burden

A tax tribunal has held that indirect taxes are applicable on expenses incurred by venture capital, private equity, and mutual fund firms, even under the trust structure. This means expenses such as ‘carry fees’, legal fees, and salaries incurred by a fund that is held in a trust structure could face indirect taxes going ahead.                                                         ET (06-July-2021)

FM Sitharaman has assured to release Karnataka’s share of funds and pending GST compensation: Bommai

Union Finance Minister Nirmala Sitharaman has agreed to release funds under Karnataka’s share of central award schemes besides the pending GST compensation, Karnataka Home Minister Basavaraj Bommai said on Friday. According to him, Sitharaman assured him that a balanced amount of Rs 11,800 crore GST compensation would be released. Further, the Centre will provide Rs 18,000 crore GST compensation by borrowing from the financial institutions.                                                                                                                                                       ET (05-July-2021)

CBDT issues rules for taxing partnership companies in India

The Central Board of Direct Taxes (CBDT) has said that capital assets, money, or stock in trade received by a partner in a partnership firm while its dissolution or reconstruction would be considered as a deemed transfer and profits of gains arising from the transfer would be subject to income tax.                                                                                                                    ET (05-July-2021)

Non-food bank credit grows at 5.9% in May: RBI data

The non-food bank credit growth slowed to 5.9 percent in May 2021, as compared to 6.1 percent in the year-ago month, RBI data showed. Credit to agriculture and allied activities continued to perform well, registering an accelerated growth of 10.3 percent in May 2021, as compared to 5.2 percent in May 2020, RBI data released on Wednesday showed. The Reserve Bank of India (RBI) on Wednesday released the Sectoral Deployment of Bank Credit for May 2021.                                                                                                                                                                               ET (02-July-2021)

DHFL begins implementing Piramal resolution plan

An executive team headed by Jairam Sridharan of Piramal Retail Finance has been set up on the directions of the National Company Law Tribunal to effect the transfer of Dewan Housing Finance Ltd (DHFL) to its acquirer, Piramal Capital and Housing Finance Ltd (PCHFL).                                                                                                                                                                      ET (02-July-2021)

Cabinet clears Covid relief stimulus package

The Union Cabinet on Wednesday approved the Covid-relief stimulus package announced by finance minister Nirmala Sitharaman two days ago, information and broadcasting minister Prakash Javadekar said. The approved schemes include a Rs 3.03 lakh revamped scheme for the power distribution sector, Rs 1.5 lakh crore additional credit for small and medium businesses, and export insurance cover of Rs 1.22 lakh crore.                                                      ET (01-July-2021)

Enhanced GST revenue collections should now be ‘new normal’: FM

Commending taxmen for the enforcement measures in dealing with GST fraud, Finance Minister Nirmala Sitharaman on Thursday said the enhanced revenue collection in the recent months should now be the “new normal”. In a message to tax officers on the fourth anniversary of historic tax reform GST, she said in the last four years the taxpayer base has almost doubled from 66.25 lakh to 1.28 crore.                                                                                         ET (01-July-2021)

Credit growth to industry remained in the negative zone during 2020-21: RBI

Credit growth to the industrial sector remained in the negative territory during 2020-21, mainly due to the COVID-19 pandemic and resultant lockdowns, RBI data showed on Tuesday. However, “personal loans continued to grow at a robust pace and recorded 13.5 percent growth (Y-oY) in March 2021; industrial loan growth, on the other hand, remained negative during all quarters of 2020-21.”                                                                                                      ET (30-June-2021)

Bengal raises Rs 10,500cr in Q1 FY22 via state loan auctions

The West Bengal government raised Rs 10,500 crore in the first quarter of the current financial year through auctions of state securities and state development loans, as per official data.
The state government raised Rs 10,000 crore in the same period last year. The amount raised in the current quarter through the auction conducted by the Reserve Bank of India was below the estimate of Rs 14,000 crore provided by the state government.                            ET (30-June-2021)

Religare gave crores in loans to fraudulent entities: EOW

The Economic Offences Wing (EOW) of the Delhi Police probing alleged financial irregularities at Religare Enterprises NSE 0.00 % has claimed that thousands of crores in loans were extended to “fraudulent” entities based on “one-page” memorandums of understanding. In a supplementary charge sheet filed recently in a local court, the agency claimed that “transactions were rotated in various entities in a single day to conceal detection of the final destination of the funds”.                                                                                                                                                            ET (29-June-2021)

New pandemic package to raise the fiscal deficit by 60 bps, opens Rs 70,000-cr new loan window: SBI Research report

The latest credit push for the pandemic-hit sectors and other relief supports will have an additional 60 bps impact on the fiscal deficit, and can offer an additional liquidity window of Rs 70,000 crore to banks, says a report. Finance minister Nirmala Sitharaman on Monday announced Rs 1.5 lakh crore of additional credit for small businesses, more funds for the healthcare sector, loans to tourism agencies and guides, and waiver of visa fees as part of a credit-led package to support the pandemic-hit economy.                                     ET (29-June-2021)

Rs 4,698.10 cr paid for death claims under PMJJBY last fiscal

Around Rs, 4,700 crores have been paid against more than two lakh death claims filed under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) in the last financial year which witnessed COVID-19 leaving a trail of death, according to an RTI reply. The information regarding death claims under the PMJJBY, given by the Department of Financial Services to Neemuch district-based RTI activist Chandrashekhar Gaur, does not mention the cause of deaths.                                                                                                                                                                          ET (28-June-2021)

India bulks up against outflows as Fed, virus risks threaten a repeat of 2013

India’s $600 billion in reserves should help it fight market volatility from any U.S. monetary tightening, but analysts and traders warn a slowing economy and an expanding fiscal deficit still make it particularly vulnerable to capital flight. Asia’s third-largest economy has bad memories of past attempts by the Federal Reserve to get away from crisis-mode policies, particularly in 2013 when mere talk of “tapering” stimulus prompted the rupee to sink to record lows.                                                                                                                                                             ET (28-June-2021)

NDMC increases license fees for 2021-22 by up to 7 percent

The New Delhi Municipal Council (NDMC) has increased by up to seven percent the annual fees for grant and renewal of various trades licenses for 2021-22, including those for hotels, restaurants, coffee shops, lodging houses, and sweet shops, officials said on Thursday. The maximum hike in the license fee is for the five-star hotels, which were earlier required to pay Rs 61,200 per annum. They will now have to pay Rs 65,484 for the purpose, they said.                                                                                                                                                                      ET (25-June-2021)

Another expansion likely for guaranteed loan scheme; major leg-up for hospitals may be on cards

The Emergency Credit-Linked Guarantee Scheme (ECLGS) of the government could be in for a major scale-up — to Rs 5 lakh crore from Rs 3 lakh crore at present. Besides, the scope of the scheme is likely to be expanded to include hospitals with a view to ramping up health infra in the country, ToI reported citing sources.                                                                     ET (25-June-2021)

Debt Recovery Tribunal sells Rs 5,800 crore of Mallya’s United Breweries shares for PSBs

A Debt Recovery Tribunal (DRT) on Wednesday sold shares of United Breweries NSE -1.69 %, owned by its former promoter Vijay Mallya and seized by Enforcement Directorate (ED), for Rs 5,824.50 crore on behalf of a State Bank of India-led consortium, ED said in a statement.                                                                                                                                                           ET (24-June-2021)

It’s only been five years since IBC, everyone involved is learning new things, give it time, says former SBI Chairman Rajnish Kumar

Tamanna Inamdar talks to Former SBI Chairman Rajnish Kumar about the IBC and its many plus points, while also bringing up the argument of big companies getting haircuts from banks, while the common man’s defaults are not written away. Kumar talks of giving the IBC time to flourish.                                                                                                                                               ET (24-June-2021)

Indians’ funds in Swiss banks: FinMin refutes news reports, seeks details from Switzerland authorities

The Finance Ministry on Saturday refuted claims that funds of Indians in Swiss Banks have risen to over Rs 20,700 crore in 2020, the highest figure of deposits in the last 13 years. The ministry said that the media reports allude to the fact that the figures reported are official figures reported by banks to the Swiss National Bank (SNB) and do not indicate the quantum of much-debated alleged black money held by Indians in Switzerland. Further, these statistics do not include the money that Indians, NRIs, or others might have in Swiss banks in the names of third-country entities.                                                                                                               ET (23-June-2021)

States’ borrowing costs rise as yields touch 7 percent: Report

Notwithstanding the Rs 10,000-crore liquidity infusion through the G-Sap route by the RBI last week and fewer states tapping the bond markets, their cost of borrowing has been heading north, as the coupon hit the highest level since mid-March at 7 percent. With this, the weighted average yields of state bonds have risen by a whopping 44 bps since the first auction of the fiscal on April 8, according to an analysis by Care Ratings NSE -1.62 %.                ET (23-June-2021)

 FDI in India, 3 others rose in 2020 amid 35% fall in global flows: UNCTAD

The United Nations Conference on Trade and Development (UNCTAD) on Monday said that China, Hong Kong, India, and the UAE have defied the global trend and witnessed a 4% growth in foreign direct investment (FDI) flows in the pandemic hit 2020, reflecting resilience amid a contraction in global investment flows.                                                                       ET (22-June-2021)

Income Tax dept functionality to identify ‘specified persons’ on whom higher TDS will be levied from July 1

The income tax department has developed a new utility to help TDS deductors and TCS NSE 1.08 % collectors identify the ‘specified persons’ on whom a higher rate of taxes will be levied from July 1. The Budget 2021 had brought in a provision that mandated that non-filers of income tax returns for the past two fiscal years would be subjected to higher tax deducted at source (TDS) and tax collected at source (TCS) rate if such tax deduction was Rs 50,000 or more in each of those two years.                                                                                                               ET (22-June-2021)

Swiss authorities asked to provide info on deposits by Indians in Swiss banks: Fin Min

India has sought information from Swiss authorities on deposits by its citizens in Swiss banks.
The move comes following reports of deposits by Indian Swiss banks rising to Rs 20,700 crore at the end of 2020, from Rs 6,625 crore at the end of 2019. “The Swiss authorities have been requested to provide the relevant facts along with their view on possible reasons for increase/decrease,” the finance ministry said Saturday.                                          ET (21-June-2021)

Sebi bars PNB Housing shareholders from voting on Rs 4,000 cr-Carlyle deal

In a rare regulatory move, Sebi has restrained PNB Housing Finance from going ahead with shareholders’ voting on the proposed Rs 4,000 crore-deal with Carlyle group and directed the company to carry out the valuation process as per the relevant legal provisions. The watchdog said the resolution regarding the deal, which was to be put for shareholders’ vote on June 22, was “ultra-vires” of the company’s Articles of Association (AoA).                            ET (21-June-2021)

UP gets Rs 13,408-cr investment proposals in manufacturing over past three-and-a-half years

Uttar Pradesh has emerged as the top investment destination and has received 98 investment proposals worth Rs 13,408.19 crore in the manufacturing sector during the past three-and-a-half years, an official statement said on Thursday. “Big industrialists of the country and abroad are investing in infrastructure, food processing, textile, electronic manufacturing, real estate, power and manufacturing sectors in UP in a big way.                                                          ET (18-June-2021)

Import cover of reserves may fall even at $600 billion, as imports will rise in FY’22

India’s foreign exchange reserves which crossed the $600 billion marks may be deceptive as the import cover of reserves – the number of months’ imports that the reserves can finance – is expected to slip to less than 15 months’ imports given the imports projection for FY’22 from the near current adequacy of 20 months’ imports, an RBI research paper said.        ET (18-June-2021)

Record stimulus helps Indian firms boost financial health

Unprecedented stimulus spending is leading to some early signs of recovery in the financial health of Indian companies after a tragic second wave of Covid-19. The ratio of upgrades to downgrades in ratings and credit outlooks by the local units of S&P Global Ratings, Moody’s Investors Service, and Fitch Group has improved to 1.2 this quarter, set for the highest level in nearly three years, data compiled by Bloomberg show.                                          ET (17-June-2021)

Record stimulus helps Indian firms boost financial health

Unprecedented stimulus spending is leading to some early signs of recovery in the financial health of Indian companies after a tragic second wave of Covid-19. The ratio of upgrades to downgrades in ratings and credit outlooks by the local units of S&P Global Ratings, Moody’s Investors Service, and Fitch Group has improved to 1.2 this quarter, set for the highest level in nearly three years, data compiled by Bloomberg show.                                          ET (17-June-2021)

India extends USD 100 million Line of Credit to Sri Lanka for solar energy projects

India has extended a USD 100 million Line of Credit to Sri Lanka to help the island nation finance various projects in the solar energy sector and ensure that the country’s 70 percent power requirements are fulfilled by renewable energy sources by 2030. An agreement signed between the Sri Lankan government and the Export-Import Bank of India was exchanged by the High Commissioner of India to Sri Lanka Gopal Baglay and Secretary to the Treasury S R Attygalle in the presence of Sri Lankan President Gotabaya Rajapaksa on Wednesday.        ET (17-June-2021)

Many companies unable to optimize Input Tax Credit claims for FY21: Survey

Nearly 83% of more than 1,200 companies surveyed by ClearTax were unable to optimize input tax credit (ITC NSE 0.53 %) claims in 2020-21, forcing most of them to hold payments of non-compliant vendors, said the cloud-based taxation services startup.
For instance, it said, a multinational company in India incurred a total loss of Rs 850 crore due to suboptimal management of claiming ITC. This comprised Rs 50 crore of ITC not filed.                                                                                                                                                                  ET (16-June-2021)

Financial wealth in India jumps 11% in pandemic year to $3.4 trillion: Report

Financial wealth in India grew 11 percent to USD 3.4 trillion in 2020 despite the coronavirus pandemic, a global consultancy estimated on Tuesday. The 11 percent growth in financial wealth was at par with the compounded annual growth rate for the five years to 2020, the report by BCG NSE 3.77 % said. Financial wealth is defined as the total wealth excluding real assets and liabilities held by adult individuals.                                                                               ET (16-June-2021)

Many companies unable to optimize Input Tax Credit claims for FY21: Survey

While the losses due to the non-filing of invoices by the vendors forced almost all those enterprises to hold payments of the non-compliant vendors, large firms started holding the goods and services tax (GST) amount during vendor payments until the vendor uploaded invoices and it reflected in GSTR-2A.                                                                            ET (15-June-2021)

Regulators to look into PNB Housing Fin’s plan to raise Rs 4,000 crore from Carlyle, other entities

NEW DELHI: Reserve Bank of India, as well as Sebi, will look into various regulatory issues related to the proposed Rs 4,000 crore investment by US-based private equity firm Carlyle and others in PNB Housing Finance NSE -5.00 %, sources said on Monday. Last month, the board of PNB Housing Finance cleared a proposal to raise up to Rs 4,000 crore by issuing preference shares and convertible warrants to Carlyle Group firms and other entities.       ET (15-June-2021)

MFIs 30-plus delinquency may rise to 14-16% in June: Report

With the collection efficiency impacted due to the COVID-19 related disruptions, microfinance institutions (MFIs) may feel asset quality pressures and their 30+ portfolio at risk (PAR) may rise to 14-16 percent in June, Crisil Ratings said in a report. In the absence of a loan moratorium this year, more MFIs are likely to opt for permitting restructuring under the Reserve Bank of India’s (RBI) Resolution Framework 2.0 announced last month, and continue with higher provisioning, the rep ..                                                                                                                            ET (14-June-2021)

MUFG India contributes $1 million towards COVID-19 relief in India

MUFG Bank, Ltd. (MUFG), a Japanese lending major, committed $1 million or Rs 7.5 crore towards COVID-19 relief and recovery efforts in India, the lender announced in a release. “COVID-19 has left a profound impact on countless lives around the world,” said Atsushi Deguchi, Regional Executive for India & Sri Lanka said. “Over these past two years, MUFG as an organization has tried its best to not only ensure that employees across its global network remain safe and sound, bu ..                                                                                       ET (14-June-2021)

You’ll see Religare back in action soon: Dr. Rashmi Saluja

Dr. Rashmi Saluja: We are raising Rs 570-odd crore to infuse not only in RFL but in other businesses of broking and housing finance as well. We have had a great response from the existing shareholders and the new shareholders that have come in. Existing shareholders have gone higher in their stake. There is the Burman family, Ares SSG, Lakhi family, Modi family, then we have got Plutus Wealth Management, then we have Madhu Kela and J Master joining in.                                                                                                                                                       ET (11-June-2021)

Reliance Home Finance lenders staring at nearly 80% haircut

Lenders to Anil Ambani’s debt-laden Reliance Home Finance NSE 4.94 % (RHFL) face the likelihood of up to 80 percent haircuts on their advances, with the top two bidders offering a maximum of 23 percent on Rs 11,200 crore of outstanding debt.                         ET (11-June-2021)

Finance Ministry releases the third installment of revenue deficit grant of Rs 9,871 cr to 17 states

The Finance Ministry on Wednesday said it has released a third monthly installment of revenue deficit grant of Rs 9,871 crore to 17 states. With the release of this installment, a total of Rs 29,613 crore has been released in the first three months of the current financial year as Post Devolution Revenue Deficit Grant to states.                                                               ET (10-June-2021)

India remains a strong long-term investment bet: Deloitte global CEO

India was hit by a tsunami—the highly virulent Delta strain of Covid—but the country still remains an attractive destination for long-term global investors, Deloitte’s global CEO Punit Renjen told ET.
“Over the long arc of time, and the long investment horizon, India is a very attractive destination. And it is attractive because the fundamentals are attractive: the talent pool, the demographics, the consumer base, the democratic tradition,” the India-born Renjen said in an interview.
Global companies such as Deloitte won’t change their investment plans even if India seems to have faltered in dealing with the aggressive second wave.                                      ET (10-June-2021)

Covid resets corporate credit scene as cautious companies rush to repay loans

Amid deep uncertainties triggered by Covid’s second wave, there has been a noticeable reset in priorities for many Indian companies, a report by SBI NSE -0.22 % showed. A significant number of major corporate borrowers are seeking to deal with this uncertainty by cutting down on loans in order to reduce their debts, the research found. This cautious, conservative approach driven by the current instability is also reflected in the changing nature of companies’ books. There has been a sizeable increase — around 35% — in the cash holding/bank balance of the top 1,000 Indian companies as of March 2021 compared to the same period a year ago.  ET (09-June-2021)

Devendra Kumar resigns from the directorship of SBI Cards and Payment Services

SBI Cards and Payment Services (SBI Card) on Wednesday said State Bank of India NSE -0.30 % nominated director Devendra Kumar has resigned from its board. In a regulatory filing SBI Card said Devendra Kumar, Director (nominated by State Bank of India) has tendered his resignation from directorship of the company with effect from the close of business of June 8, 2021.
The resignation comes consequent to change in Devendra Kumar’s responsibilities in State Bank of India, the filing added.                                                                                                ET (09-June-2021)

HDFC extends contribution for COVID-19 relief

The country’s largest mortgage lender Housing Development Finance Corp (HDFC Ltd) extended its contributions addressing the second wave of the pandemic through healthcare and immediate relief measures. It has committed an initial amount of Rs 40 crore this year for Covid-19 support and will increase this commitment over the next 2 quarters, based on need, the home financier said in a release on Sunday. The funding was part of its Corporate Social Responsibility (CSR) initiatives.                                                                                      ET (08-June-2021)

Central Bank of India, IOB could be the two state-run banks to be privatized in the current fiscal
The Centre could privatize the Central Bank of India NSE 1.09 % and Indian Overseas Bank (IOB NSE 5.12 %) after the names of the two state-run banks were shortlisted by the government think-tank NITI Aayog, according to a report in Times of India. The report further added that the Bank of India could be a potential candidate for privatization too.                        ET (08-June-2021)

Lenders can recover dues from personal guarantors: Supreme Court
The Supreme Court said promoters or directors who have furnished personal guarantees will still be on the hook if a company is taken to bankruptcy court or goes into liquidation. The ruling clears the way for banks to attach the personal assets of Reliance Group’s Anil Ambani, Dewan Housing Finance Ltd’s Kapil Wadhawan, Videocon Group’s Venugopal Dhoot, and Bhushan Power & Steel’s Sanjay Singal among others.                                                             ET (04-June-2021)

Microlenders face rating downgrade risk amid the second wave
Microfinance companies (MFIs) may be facing rating downgrades as the share of bad loans is rising as the second wave of the pandemic has derailed the loan repayment again. Rating companies are now assessing the scenarios as select few last-mile lenders with significant exposure in Assam, Maharashtra and West Bengal are witnessing higher stress in asset quality with non-performing assets rising to as much as 25%, people familiar with the matter said.                                                                                                                                                       ET (04-June-2021)

The resurgence of Coronavirus to hurt commercial vehicle loans: Moody’s
India’s coronavirus resurgence has delayed the country’s economic recovery, which will hurt the performance of asset-backed securities backed by commercial vehicle loans, according to a report by Moody’s Investors Service.                                                                           ET (03-June-2021)

FPI investors not sharing mobile, income details over data confidentiality concerns
Large investors in foreign funds and persons controlling them are unwilling to disclose their personal information such as mobile number, email ID, and income details with Indian depositories and the Securities and Exchange Board of India (Sebi). Top multinational banks, which act as custodians of these offshore funds                                                       ET (03-June-2021)

Carlyle, others pump Rs 4,000 crore in PNB Housing Finance
A group of investors led by Carlyle Group has agreed to invest as much as Rs 4000 crore in PNB Housing Finance NSE 10.00 % through a preferential issue of shares and warrants, the company said in an announcement.
Pluto Investments, an affiliated entity of Carlyle Asia Partners has agreed to invest up to Rs 3,185 crore through a preferential allotment of equity shares and warrants, at a price of Rs 390 per share.                                                                                                                                 ET (02-June-2021)

NBFC collections fall, NPAs to rise due to lockdowns: ICRA
Stricter localized lockdowns in May have most likely hit loan collections for non-banking finance companies (NBFCs) and could increase non-performing assets (NPAs) by 50 to 100 basis points, credit rating agency ICRA NSE 0.10 % has said. One basis point is 0.01 percentage point.                                                                                                                                                             ET (02-June-2021)

Gold loan business may slow due to financial stress, lower loan-to-value rule
On Wednesday evening, after Manappuram Finance said in an investor presentation that it had auctioned gold worth Rs 404 crore during the January-March quarter (Q4FY21), compared to Rs 8 crore during the previous three quarters put together, it raised doubts among lenders if the Covid-induced stress was showing up. Although the jury is still out on this issue, there are signs that gold loans may be losing some shine after the RBI reverted to its pre-Covid loan-to-value (LTV) ratio of 75% from 90% level (which it had announced in August.                 ET (01-June-2021)

Individual banks indicated spend growth has fallen further in April and May
Credit card spends grow at slow pace as Covid second wave hits sentiment- Credit card spends in the country grew by only 7.8% in the year ended March 2021, down from a jump of 22.5% in FY20, a sign that discretionary spending continues to remain elusive.                  ET (01-June-2021)

Mental health app Wysa gets $5.5 million in Series A funding
New Delhi: Wysa, an AI-powered mental health app, has raised $ 5.5 million in a Series A funding round led by Boston-based digital health investors W Health Ventures.ET (21-May-2021)

BricSpaces raises $350,000 in pre-seed round
Bengaluru-based prop-tech startup BricSpaces has raised $350,000 in a pre-seed round from marquee investors. The investors include Freshworks co-founder Shan Krishnasamy, serial tech investor Bharat Kapoor from 50K Ventures, and Eeva developer Vishal along with other angels.                                                                                                                                                ET (21-May-2021)

ANSR gets $15 million from Sistema and Evolvence
ANSR, which helps multinational firms set up global capability centers, has raised $15 million in Series-B funding from Sistema Asia Fund and Evolvence India Fund.                    ET (20-May-2021)

BlissClub lands $2.25 million in seed funding led by Elevation Capital
Women’s activewear brand BlissClub has raised $2.25 million in seed funding led by Elevation Capital.                                                                                                                               ET (20-May-2021)

Affable.ai gets $2 million funding from Prime Venture, others
Bengaluru: Singapore-based Affable.ai has raised $2 million from Prime Venture Partners, Decacorn Capital, and SGInnovate, to fuel its expansion into international markets such as the US.                                                                                                                                       ET (19-May-2021)

High Street Essentials raises Rs 25.5 crore led by existing investors
High Street Essentials (HSE), which owns brands FabAlley and Indya, has raised Rs 25.5 crore led by existing investors Elevation Capital, India Quotient, Dominor Holding, and family offices.                                                                                                                                                        ET (19-May-2021)

Exclusive: India’s sovereign wealth fund may make a first digital bet with FirstCry
The National Investment and Infrastructure Fund (NIIF) has held talks to invest in SoftBank-backed vertical e-commerce player FirstCry, three sources aware of the discussions said.                                                                                                                                                            ET (18-May-2021)

Edtech startup Virohan raises $200,000 more in Series A funding round
New Delhi: Virohan, a Gurugram-based edtech startup that provides vocational training to paramedics, has raised $200,000 more in its Series A funding round led by existing investor Rebright Partners Pte Ltd.                                                                                              ET (18-May-2021)

Pine Labs raises $285 million in a new funding round
Bengaluru: Pine Labs, the digital payments and commerce solutions provider to merchants, said it has raised $285 million in new funding from public market crossover investors, including Marshall Wace, Baron Capital Group, Duro Capital, Moore Strategic Ventures, and Ward Ferry Management. Its existing investors—Temasek, Lone Pine Capital, and Sunley House Capital have also participated in this funding round.                                                                       ET (17-May-2021)

B2B e-commerce platform Moglix enters unicorn club with $120 million funding
Business-to-business (B2B) commerce platform Moglix has raised $120 million in a new financing round led by Falcon Edge and Harvard Management Company at a valuation of $1 billion.                                                                                                                                 ET (17-May-2021)

SuperOps.ai raises $3 million funding from Elevation Capital, Matrix Partners India
The company plans to use the proceeds of this funding to strengthen its R&D in terms of product innovation and usability                                                                                   ET (14-May-2021)

ETtech Deals Digest: Amazon Pay, Cron AI raise funds this week
Funding activity among Indian startups remained muted this week                      ET (14-May-2021)

AI startup Myelin Foundry gets funding from Japan’s Beyond Next Ventures
Bengaluru: Myelin Foundry, a deep tech AI startup backed by Infosys Ltd.’s co-founder Kris Gopalakrishnan, has raised $1 million in a pre-Series A funding round led by Beyond Next Ventures, a Japanese venture capital fund.                                                                 ET (13-May-2021)

SuperOps.ai raises $3 million funding from Elevation Capital, Matrix Partners India
SuperOps.ai, a professional services automation (PSA) and remote monitoring and management (RMM) platform, on Wednesday, said it has raised $3 million (about Rs 22 crore) in funding, led by Elevation Capital and Matrix Partners India.                                                          ET (13-May-2021)

Chinese grocery app Dingdong Maicai raises $330 million in funding
Beijing: Chinese grocery app Dingdong Maicai has raised $330 million, adviser Cygnus Equity said on Wednesday, amid a surge of fundraising in the sector.                              ET (12-May-2021)

AI startup Myelin Foundry gets funding from Japan’s Beyond Next Ventures
Bengaluru: Myelin Foundry, a deep tech AI startup backed by Infosys Ltd.’s co-founder Kris Gopalakrishnan, has raised $1 million in a pre-Series A funding round led by Beyond Next Ventures, a Japanese venture capital fund.                                                                 ET (12-May-2021)

Exclusive: Flipkart plans $1 billion fundraising ahead of IPO
Mumbai|Bengaluru: Walmart Inc.-owned homegrown e-commerce firm Flipkart is in preliminary talks with a clutch of new investors to raise at least $1 billion, even as it weighs an initial public offering (IPO) in the United States around the fourth quarter this year, at least four people in the know said.                                                                                                                          ET (11-May-2021)

Locobuzz gets pre-Series A funding from SIDBI Venture Capital
Pune: Locobuzz, a digital customer experience platform, has raised Rs 9 crore in pre-Series A funding from Maharashtra State Social Venture Fund of SIDBI Venture Capital Ltd. The funds will be used to enhance the technological capabilities of the platform, scale up the team across functions and marketing and sales efforts.                                                                 ET (11-May-2021)

ETtech Deals Digest: Teachmint, Hwy Haul raise funds this week
The Indian startup ecosystem saw fewer funding deals this week than the previous one. Edtech startup Teachmint and supply chain logistics enterprise Hwy Haul were among the startups that raised funds this week.                                                                                                   ET (10-May-2021)

Amazon Seller Services gets a fresh capital infusion of Rs 915 crore
Amazon Seller Services, the marketplace unit of the US-based e-tailing giant Amazon, has received a fresh capital infusion of Rs 915 crore (approx. $125 million), documents filed with the Registrar of Companies showed.                                                                                   ET (10-May-2021)

Tiger Global in talks to raise $10 billion for new growth equity fund
This comes just a month after the firm raised a mammoth $6.65 billion in its thirteenth global fund, its biggest corpus so far. It had also racked up $3.75 billion in capital commitments in its twelfth fund last year.                                                                                                      ET (06-May-2021)

Mexican cryptocurrency trading platform Bitso raises $250 million
Mexican fintech Bitso, a cryptocurrency trading platform, has raised $250 million, venture capital fund Cometa, an investor in Bitso, said on Wednesday.                                           ET (06-May-2021)

Klub to invest Rs 250 crore in 350 new-age consumer companies
Klub, a fintech platform that provides revenue-based financing (RBF), will invest over Rs250 crore in nearly 350 companies in eCommerce and online consumer businesses. So far, the company has funded more than 55 digital-first businesses including Eat. Fit, The Man Company, Tjori, and Healthy Cravings.                                                                                            ET (05-May-2021)

Teachmint raises $16.5 million in funding led by Learn Capital
Edtech startup Teachmint said it has raised $16.5 million in Series A funding led by Learn Capital. Existing investors Lightspeed and Better Capital also participated in the round, along with CM Ventures.                                                                                                            ET (05-May-2021)

IFC to invest $40 million in upGrad promoters pare stake to 75%
The equity infusion of $160 million in two quick rounds takes the Mumbai-based startup closer to unicorn status, valuing the around six-year-old company at $850 million. This is the second external funding for the company.                                                                               ET (04-May-2021)

Ranjan Pai’s family office invests Rs 40 crore in Finnable
Ranjan Pai-led MEMG family office, which has made investments in several ed tech and health tech startups, is investing Rs 40 crore in a fintech startup Finnable for a significant minority stake.                                                                                                                                  ET (04-May-2021)

Andreessen Horowitz plans $1 billion cryptocurrency VC fund
Venture capital giant Andreessen Horowitz is looking to raise a fund of as much as $1 billion to invest in cryptocurrencies and crypto startups, the Financial Times reported on Friday.                                                                                                                                                                ET (03-May-2021)

ETtech Deals Digest: Urban Company, ElasticRun raise funds this week
On-demand home service provider Urban Company and corner-stores commerce platform ElasticRun were among the startups that raise funds this week.                            ET (03-May-2021)

UpGrad in talks to raise $40 million at $850 million valuation
Singapore’s sovereign fund Temasek wrote a cheque of $120 million as upGrad’s first external investor this week.                                                                                                          ET (30-April-2021)

IFC to invest $40 million in Upgrad; promoters pare stake to 75%
The equity infusion of $160 million in two quick rounds takes the Mumbai-based startup closer to unicorn status, valuing the around six-year-old company at $850 million       ET (30-April-2021)

UpGrad in talks to raise $40 million at $850 million valuation
Singapore’s sovereign fund Temasek wrote a cheque of $120 million as upGrad’s first external investor this week.                                                                                                          ET (29-April-2021)

ElasticRun raises $75 million led by existing investors
The latest round values the company at $400 million post-money and will help expand its reach further into rural markets                                                                                              ET (29-April-2021)

Dental software startup Carestack raises $25 million, plans to double employees
The startup plans to use the funds raised to expand its operations and double its employee base                                                                                                                                             ET (28-April-2021)

Fintech startup Current valuation triples after Andreessen funding
Fintech startup Current has raised $220 million in a funding round led by venture capital giant Andreessen Horowitz that lifted its valuation by three-fold to $2.2 billion.          ET (28-April-2021)

GameStop raises $551 million to accelerate e-commerce push
The company, which was at the center of a Reddit-fueled trading frenzy earlier this year, said in a statement it had sold 3.5 million shares in the at-the-market offering.             ET (27-April-2021)

Pi Ventures gets Sebi nod to launch its second fund
Pi Ventures said it was targeting to close Fund II this fiscal year.                           ET (27-April-2021)

Credit growth to industry remained in the negative zone during 2020-21: RBI

Credit growth to the industrial sector remained in the negative territory during 2020-21, mainly due to the COVID-19 pandemic and resultant lockdowns, RBI data showed on Tuesday. However, “personal loans continued to grow at a robust pace and recorded 13.5 percent growth (Y-oY) in March 2021; industrial loan growth, on the other hand, remained negative during all quarters of 2020-21.”                                                                                                      ET (30-June-2021)

Bengal raises Rs 10,500cr in Q1 FY22 via state loan auctions

The West Bengal government raised Rs 10,500 crore in the first quarter of the current financial year through auctions of state securities and state development loans, as per official data.
The state government raised Rs 10,000 crore in the same period last year. The amount raised in the current quarter through the auction conducted by the Reserve Bank of India was below the estimate of Rs 14,000 crore provided by the state government.                            ET (30-June-2021)

Religare gave crores in loans to fraudulent entities: EOW

The Economic Offences Wing (EOW) of the Delhi Police probing alleged financial irregularities at Religare Enterprises NSE 0.00 % has claimed that thousands of crores in loans were extended to “fraudulent” entities based on “one-page” memorandums of understanding. In a supplementary charge sheet filed recently in a local court, the agency claimed that “transactions were rotated in various entities in a single day to conceal detection of the final destination of the funds”.                                                                                                                                                            ET (29-June-2021)

New pandemic package to raise the fiscal deficit by 60 bps, opens Rs 70,000-cr new loan window: SBI Research report

The latest credit push for the pandemic-hit sectors and other relief supports will have an additional 60 bps impact on the fiscal deficit, and can offer an additional liquidity window of Rs 70,000 crore to banks, says a report. Finance minister Nirmala Sitharaman on Monday announced Rs 1.5 lakh crore of additional credit for small businesses, more funds for the healthcare sector, loans to tourism agencies and guides, and waiver of visa fees as part of a credit-led package to support the pandemic-hit economy.                                     ET (29-June-2021)

Rs 4,698.10 cr paid for death claims under PMJJBY last fiscal

Around Rs, 4,700 crores have been paid against more than two lakh death claims filed under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) in the last financial year which witnessed COVID-19 leaving a trail of death, according to an RTI reply. The information regarding death claims under the PMJJBY, given by the Department of Financial Services to Neemuch district-based RTI activist Chandrashekhar Gaur, does not mention the cause of deaths.                                                                                                                                                                          ET (28-June-2021)

India bulks up against outflows as Fed, virus risks threaten a repeat of 2013

India’s $600 billion in reserves should help it fight market volatility from any U.S. monetary tightening, but analysts and traders warn a slowing economy and an expanding fiscal deficit still make it particularly vulnerable to capital flight. Asia’s third-largest economy has bad memories of past attempts by the Federal Reserve to get away from crisis-mode policies, particularly in 2013 when mere talk of “tapering” stimulus prompted the rupee to sink to record lows.                                                                                                                                                             ET (28-June-2021)

NDMC increases license fees for 2021-22 by up to 7 percent

The New Delhi Municipal Council (NDMC) has increased by up to seven percent the annual fees for grant and renewal of various trades licenses for 2021-22, including those for hotels, restaurants, coffee shops, lodging houses, and sweet shops, officials said on Thursday. The maximum hike in the license fee is for the five-star hotels, which were earlier required to pay Rs 61,200 per annum. They will now have to pay Rs 65,484 for the purpose, they said.                                                                                                                                                                      ET (25-June-2021)

Another expansion likely for guaranteed loan scheme; major leg-up for hospitals may be on cards

The Emergency Credit-Linked Guarantee Scheme (ECLGS) of the government could be in for a major scale-up — to Rs 5 lakh crore from Rs 3 lakh crore at present. Besides, the scope of the scheme is likely to be expanded to include hospitals with a view to ramping up health infra in the country, ToI reported citing sources.                                                                     ET (25-June-2021)

Debt Recovery Tribunal sells Rs 5,800 crore of Mallya’s United Breweries shares for PSBs

A Debt Recovery Tribunal (DRT) on Wednesday sold shares of United Breweries NSE -1.69 %, owned by its former promoter Vijay Mallya and seized by Enforcement Directorate (ED), for Rs 5,824.50 crore on behalf of a State Bank of India-led consortium, ED said in a statement.                                                                                                                                                           ET (24-June-2021)

It’s only been five years since IBC, everyone involved is learning new things, give it time, says former SBI Chairman Rajnish Kumar

Tamanna Inamdar talks to Former SBI Chairman Rajnish Kumar about the IBC and its many plus points, while also bringing up the argument of big companies getting haircuts from banks, while the common man’s defaults are not written away. Kumar talks of giving the IBC time to flourish.                                                                                                                                               ET (24-June-2021)

Indians’ funds in Swiss banks: FinMin refutes news reports, seeks details from Switzerland authorities

The Finance Ministry on Saturday refuted claims that funds of Indians in Swiss Banks have risen to over Rs 20,700 crore in 2020, the highest figure of deposits in the last 13 years. The ministry said that the media reports allude to the fact that the figures reported are official figures reported by banks to the Swiss National Bank (SNB) and do not indicate the quantum of much-debated alleged black money held by Indians in Switzerland. Further, these statistics do not include the money that Indians, NRIs, or others might have in Swiss banks in the names of third-country entities.                                                                                                               ET (23-June-2021)

States’ borrowing costs rise as yields touch 7 percent: Report

Notwithstanding the Rs 10,000-crore liquidity infusion through the G-Sap route by the RBI last week and fewer states tapping the bond markets, their cost of borrowing has been heading north, as the coupon hit the highest level since mid-March at 7 percent. With this, the weighted average yields of state bonds have risen by a whopping 44 bps since the first auction of the fiscal on April 8, according to an analysis by Care Ratings NSE -1.62 %.                ET (23-June-2021)

 FDI in India, 3 others rose in 2020 amid 35% fall in global flows: UNCTAD

The United Nations Conference on Trade and Development (UNCTAD) on Monday said that China, Hong Kong, India, and the UAE have defied the global trend and witnessed a 4% growth in foreign direct investment (FDI) flows in the pandemic hit 2020, reflecting resilience amid a contraction in global investment flows.                                                                       ET (22-June-2021)

Income Tax dept functionality to identify ‘specified persons’ on whom higher TDS will be levied from July 1

The income tax department has developed a new utility to help TDS deductors and TCS NSE 1.08 % collectors identify the ‘specified persons’ on whom a higher rate of taxes will be levied from July 1. The Budget 2021 had brought in a provision that mandated that non-filers of income tax returns for the past two fiscal years would be subjected to higher tax deducted at source (TDS) and tax collected at source (TCS) rate if such tax deduction was Rs 50,000 or more in each of those two years.                                                                                                               ET (22-June-2021)

Swiss authorities asked to provide info on deposits by Indians in Swiss banks: Fin Min

India has sought information from Swiss authorities on deposits by its citizens in Swiss banks.
The move comes following reports of deposits by Indian Swiss banks rising to Rs 20,700 crore at the end of 2020, from Rs 6,625 crore at the end of 2019. “The Swiss authorities have been requested to provide the relevant facts along with their view on possible reasons for increase/decrease,” the finance ministry said Saturday.                                          ET (21-June-2021)

Sebi bars PNB Housing shareholders from voting on Rs 4,000 cr-Carlyle deal

In a rare regulatory move, Sebi has restrained PNB Housing Finance from going ahead with shareholders’ voting on the proposed Rs 4,000 crore-deal with Carlyle group and directed the company to carry out the valuation process as per the relevant legal provisions. The watchdog said the resolution regarding the deal, which was to be put for shareholders’ vote on June 22, was “ultra-vires” of the company’s Articles of Association (AoA).                            ET (21-June-2021)

UP gets Rs 13,408-cr investment proposals in manufacturing over past three-and-a-half years

Uttar Pradesh has emerged as the top investment destination and has received 98 investment proposals worth Rs 13,408.19 crore in the manufacturing sector during the past three-and-a-half years, an official statement said on Thursday. “Big industrialists of the country and abroad are investing in infrastructure, food processing, textile, electronic manufacturing, real estate, power and manufacturing sectors in UP in a big way.                                                          ET (18-June-2021)

Import cover of reserves may fall even at $600 billion, as imports will rise in FY’22

India’s foreign exchange reserves which crossed the $600 billion marks may be deceptive as the import cover of reserves – the number of months’ imports that the reserves can finance – is expected to slip to less than 15 months’ imports given the imports projection for FY’22 from the near current adequacy of 20 months’ imports, an RBI research paper said.        ET (18-June-2021)

Record stimulus helps Indian firms boost financial health

Unprecedented stimulus spending is leading to some early signs of recovery in the financial health of Indian companies after a tragic second wave of Covid-19. The ratio of upgrades to downgrades in ratings and credit outlooks by the local units of S&P Global Ratings, Moody’s Investors Service, and Fitch Group has improved to 1.2 this quarter, set for the highest level in nearly three years, data compiled by Bloomberg show.                                          ET (17-June-2021)

Record stimulus helps Indian firms boost financial health

Unprecedented stimulus spending is leading to some early signs of recovery in the financial health of Indian companies after a tragic second wave of Covid-19. The ratio of upgrades to downgrades in ratings and credit outlooks by the local units of S&P Global Ratings, Moody’s Investors Service, and Fitch Group has improved to 1.2 this quarter, set for the highest level in nearly three years, data compiled by Bloomberg show.                                          ET (17-June-2021)

India extends USD 100 million Line of Credit to Sri Lanka for solar energy projects

India has extended a USD 100 million Line of Credit to Sri Lanka to help the island nation finance various projects in the solar energy sector and ensure that the country’s 70 percent power requirements are fulfilled by renewable energy sources by 2030. An agreement signed between the Sri Lankan government and the Export-Import Bank of India was exchanged by the High Commissioner of India to Sri Lanka Gopal Baglay and Secretary to the Treasury S R Attygalle in the presence of Sri Lankan President Gotabaya Rajapaksa on Wednesday.        ET (17-June-2021)

Many companies unable to optimize Input Tax Credit claims for FY21: Survey

Nearly 83% of more than 1,200 companies surveyed by ClearTax were unable to optimize input tax credit (ITC NSE 0.53 %) claims in 2020-21, forcing most of them to hold payments of non-compliant vendors, said the cloud-based taxation services startup.
For instance, it said, a multinational company in India incurred a total loss of Rs 850 crore due to suboptimal management of claiming ITC. This comprised Rs 50 crore of ITC not filed.                                                                                                                                                                  ET (16-June-2021)

Financial wealth in India jumps 11% in pandemic year to $3.4 trillion: Report

Financial wealth in India grew 11 percent to USD 3.4 trillion in 2020 despite the coronavirus pandemic, a global consultancy estimated on Tuesday. The 11 percent growth in financial wealth was at par with the compounded annual growth rate for the five years to 2020, the report by BCG NSE 3.77 % said. Financial wealth is defined as the total wealth excluding real assets and liabilities held by adult individuals.                                                                               ET (16-June-2021)

Many companies unable to optimize Input Tax Credit claims for FY21: Survey

While the losses due to the non-filing of invoices by the vendors forced almost all those enterprises to hold payments of the non-compliant vendors, large firms started holding the goods and services tax (GST) amount during vendor payments until the vendor uploaded invoices and it reflected in GSTR-2A.                                                                            ET (15-June-2021)

Regulators to look into PNB Housing Fin’s plan to raise Rs 4,000 crore from Carlyle, other entities

NEW DELHI: Reserve Bank of India, as well as Sebi, will look into various regulatory issues related to the proposed Rs 4,000 crore investment by US-based private equity firm Carlyle and others in PNB Housing Finance NSE -5.00 %, sources said on Monday. Last month, the board of PNB Housing Finance cleared a proposal to raise up to Rs 4,000 crore by issuing preference shares and convertible warrants to Carlyle Group firms and other entities.       ET (15-June-2021)

MFIs 30-plus delinquency may rise to 14-16% in June: Report

With the collection efficiency impacted due to the COVID-19 related disruptions, microfinance institutions (MFIs) may feel asset quality pressures and their 30+ portfolio at risk (PAR) may rise to 14-16 percent in June, Crisil Ratings said in a report. In the absence of a loan moratorium this year, more MFIs are likely to opt for permitting restructuring under the Reserve Bank of India’s (RBI) Resolution Framework 2.0 announced last month, and continue with higher provisioning, the rep ..                                                                                                                            ET (14-June-2021)

MUFG India contributes $1 million towards COVID-19 relief in India

MUFG Bank, Ltd. (MUFG), a Japanese lending major, committed $1 million or Rs 7.5 crore towards COVID-19 relief and recovery efforts in India, the lender announced in a release. “COVID-19 has left a profound impact on countless lives around the world,” said Atsushi Deguchi, Regional Executive for India & Sri Lanka said. “Over these past two years, MUFG as an organization has tried its best to not only ensure that employees across its global network remain safe and sound, bu ..                                                                                       ET (14-June-2021)

You’ll see Religare back in action soon: Dr. Rashmi Saluja

Dr. Rashmi Saluja: We are raising Rs 570-odd crore to infuse not only in RFL but in other businesses of broking and housing finance as well. We have had a great response from the existing shareholders and the new shareholders that have come in. Existing shareholders have gone higher in their stake. There is the Burman family, Ares SSG, Lakhi family, Modi family, then we have got Plutus Wealth Management, then we have Madhu Kela and J Master joining in.                                                                                                                                                       ET (11-June-2021)

Reliance Home Finance lenders staring at nearly 80% haircut

Lenders to Anil Ambani’s debt-laden Reliance Home Finance NSE 4.94 % (RHFL) face the likelihood of up to 80 percent haircuts on their advances, with the top two bidders offering a maximum of 23 percent on Rs 11,200 crore of outstanding debt.                         ET (11-June-2021)

Finance Ministry releases the third installment of revenue deficit grant of Rs 9,871 cr to 17 states

The Finance Ministry on Wednesday said it has released a third monthly installment of revenue deficit grant of Rs 9,871 crore to 17 states. With the release of this installment, a total of Rs 29,613 crore has been released in the first three months of the current financial year as Post Devolution Revenue Deficit Grant to states.                                                               ET (10-June-2021)

India remains a strong long-term investment bet: Deloitte global CEO

India was hit by a tsunami—the highly virulent Delta strain of Covid—but the country still remains an attractive destination for long-term global investors, Deloitte’s global CEO Punit Renjen told ET.
“Over the long arc of time, and the long investment horizon, India is a very attractive destination. And it is attractive because the fundamentals are attractive: the talent pool, the demographics, the consumer base, the democratic tradition,” the India-born Renjen said in an interview.
Global companies such as Deloitte won’t change their investment plans even if India seems to have faltered in dealing with the aggressive second wave.                                      ET (10-June-2021)

Covid resets corporate credit scene as cautious companies rush to repay loans

Amid deep uncertainties triggered by Covid’s second wave, there has been a noticeable reset in priorities for many Indian companies, a report by SBI NSE -0.22 % showed. A significant number of major corporate borrowers are seeking to deal with this uncertainty by cutting down on loans in order to reduce their debts, the research found. This cautious, conservative approach driven by the current instability is also reflected in the changing nature of companies’ books. There has been a sizeable increase — around 35% — in the cash holding/bank balance of the top 1,000 Indian companies as of March 2021 compared to the same period a year ago.  ET (09-June-2021)

Devendra Kumar resigns from the directorship of SBI Cards and Payment Services

SBI Cards and Payment Services (SBI Card) on Wednesday said State Bank of India NSE -0.30 % nominated director Devendra Kumar has resigned from its board. In a regulatory filing SBI Card said Devendra Kumar, Director (nominated by State Bank of India) has tendered his resignation from directorship of the company with effect from the close of business of June 8, 2021.
The resignation comes consequent to change in Devendra Kumar’s responsibilities in State Bank of India, the filing added.                                                                                                ET (09-June-2021)

HDFC extends contribution for COVID-19 relief

The country’s largest mortgage lender Housing Development Finance Corp (HDFC Ltd) extended its contributions addressing the second wave of the pandemic through healthcare and immediate relief measures. It has committed an initial amount of Rs 40 crore this year for Covid-19 support and will increase this commitment over the next 2 quarters, based on need, the home financier said in a release on Sunday. The funding was part of its Corporate Social Responsibility (CSR) initiatives.                                                                                      ET (08-June-2021)

Central Bank of India, IOB could be the two state-run banks to be privatized in the current fiscal
The Centre could privatize the Central Bank of India NSE 1.09 % and Indian Overseas Bank (IOB NSE 5.12 %) after the names of the two state-run banks were shortlisted by the government think-tank NITI Aayog, according to a report in Times of India. The report further added that the Bank of India could be a potential candidate for privatization too.                        ET (08-June-2021)

Lenders can recover dues from personal guarantors: Supreme Court
The Supreme Court said promoters or directors who have furnished personal guarantees will still be on the hook if a company is taken to bankruptcy court or goes into liquidation. The ruling clears the way for banks to attach the personal assets of Reliance Group’s Anil Ambani, Dewan Housing Finance Ltd’s Kapil Wadhawan, Videocon Group’s Venugopal Dhoot, and Bhushan Power & Steel’s Sanjay Singal among others.                                                             ET (04-June-2021)

Microlenders face rating downgrade risk amid the second wave
Microfinance companies (MFIs) may be facing rating downgrades as the share of bad loans is rising as the second wave of the pandemic has derailed the loan repayment again. Rating companies are now assessing the scenarios as select few last-mile lenders with significant exposure in Assam, Maharashtra and West Bengal are witnessing higher stress in asset quality with non-performing assets rising to as much as 25%, people familiar with the matter said.                                                                                                                                                       ET (04-June-2021)

The resurgence of Coronavirus to hurt commercial vehicle loans: Moody’s
India’s coronavirus resurgence has delayed the country’s economic recovery, which will hurt the performance of asset-backed securities backed by commercial vehicle loans, according to a report by Moody’s Investors Service.                                                                           ET (03-June-2021)

FPI investors not sharing mobile, income details over data confidentiality concerns
Large investors in foreign funds and persons controlling them are unwilling to disclose their personal information such as mobile number, email ID, and income details with Indian depositories and the Securities and Exchange Board of India (Sebi). Top multinational banks, which act as custodians of these offshore funds                                                       ET (03-June-2021)

Carlyle, others pump Rs 4,000 crore in PNB Housing Finance
A group of investors led by Carlyle Group has agreed to invest as much as Rs 4000 crore in PNB Housing Finance NSE 10.00 % through a preferential issue of shares and warrants, the company said in an announcement.
Pluto Investments, an affiliated entity of Carlyle Asia Partners has agreed to invest up to Rs 3,185 crore through a preferential allotment of equity shares and warrants, at a price of Rs 390 per share.                                                                                                                                 ET (02-June-2021)

NBFC collections fall, NPAs to rise due to lockdowns: ICRA
Stricter localized lockdowns in May have most likely hit loan collections for non-banking finance companies (NBFCs) and could increase non-performing assets (NPAs) by 50 to 100 basis points, credit rating agency ICRA NSE 0.10 % has said. One basis point is 0.01 percentage point.                                                                                                                                                             ET (02-June-2021)

Gold loan business may slow due to financial stress, lower loan-to-value rule
On Wednesday evening, after Manappuram Finance said in an investor presentation that it had auctioned gold worth Rs 404 crore during the January-March quarter (Q4FY21), compared to Rs 8 crore during the previous three quarters put together, it raised doubts among lenders if the Covid-induced stress was showing up. Although the jury is still out on this issue, there are signs that gold loans may be losing some shine after the RBI reverted to its pre-Covid loan-to-value (LTV) ratio of 75% from 90% level (which it had announced in August.                 ET (01-June-2021)

Individual banks indicated spend growth has fallen further in April and May
Credit card spends grow at slow pace as Covid second wave hits sentiment- Credit card spends in the country grew by only 7.8% in the year ended March 2021, down from a jump of 22.5% in FY20, a sign that discretionary spending continues to remain elusive.                  ET (01-June-2021)

Mental health app Wysa gets $5.5 million in Series A funding
New Delhi: Wysa, an AI-powered mental health app, has raised $ 5.5 million in a Series A funding round led by Boston-based digital health investors W Health Ventures.ET (21-May-2021)

BricSpaces raises $350,000 in pre-seed round
Bengaluru-based prop-tech startup BricSpaces has raised $350,000 in a pre-seed round from marquee investors. The investors include Freshworks co-founder Shan Krishnasamy, serial tech investor Bharat Kapoor from 50K Ventures, and Eeva developer Vishal along with other angels.                                                                                                                                                ET (21-May-2021)

ANSR gets $15 million from Sistema and Evolvence
ANSR, which helps multinational firms set up global capability centers, has raised $15 million in Series-B funding from Sistema Asia Fund and Evolvence India Fund.                    ET (20-May-2021)

BlissClub lands $2.25 million in seed funding led by Elevation Capital
Women’s activewear brand BlissClub has raised $2.25 million in seed funding led by Elevation Capital.                                                                                                                               ET (20-May-2021)

Affable.ai gets $2 million funding from Prime Venture, others
Bengaluru: Singapore-based Affable.ai has raised $2 million from Prime Venture Partners, Decacorn Capital, and SGInnovate, to fuel its expansion into international markets such as the US.                                                                                                                                       ET (19-May-2021)

High Street Essentials raises Rs 25.5 crore led by existing investors
High Street Essentials (HSE), which owns brands FabAlley and Indya, has raised Rs 25.5 crore led by existing investors Elevation Capital, India Quotient, Dominor Holding, and family offices.                                                                                                                                                        ET (19-May-2021)

Exclusive: India’s sovereign wealth fund may make a first digital bet with FirstCry
The National Investment and Infrastructure Fund (NIIF) has held talks to invest in SoftBank-backed vertical e-commerce player FirstCry, three sources aware of the discussions said.                                                                                                                                                            ET (18-May-2021)

Edtech startup Virohan raises $200,000 more in Series A funding round
New Delhi: Virohan, a Gurugram-based edtech startup that provides vocational training to paramedics, has raised $200,000 more in its Series A funding round led by existing investor Rebright Partners Pte Ltd.                                                                                              ET (18-May-2021)

Pine Labs raises $285 million in a new funding round
Bengaluru: Pine Labs, the digital payments and commerce solutions provider to merchants, said it has raised $285 million in new funding from public market crossover investors, including Marshall Wace, Baron Capital Group, Duro Capital, Moore Strategic Ventures, and Ward Ferry Management. Its existing investors—Temasek, Lone Pine Capital, and Sunley House Capital have also participated in this funding round.                                                                       ET (17-May-2021)

B2B e-commerce platform Moglix enters unicorn club with $120 million funding
Business-to-business (B2B) commerce platform Moglix has raised $120 million in a new financing round led by Falcon Edge and Harvard Management Company at a valuation of $1 billion.                                                                                                                                 ET (17-May-2021)

SuperOps.ai raises $3 million funding from Elevation Capital, Matrix Partners India
The company plans to use the proceeds of this funding to strengthen its R&D in terms of product innovation and usability                                                                                   ET (14-May-2021)

ETtech Deals Digest: Amazon Pay, Cron AI raise funds this week
Funding activity among Indian startups remained muted this week                      ET (14-May-2021)

AI startup Myelin Foundry gets funding from Japan’s Beyond Next Ventures
Bengaluru: Myelin Foundry, a deep tech AI startup backed by Infosys Ltd.’s co-founder Kris Gopalakrishnan, has raised $1 million in a pre-Series A funding round led by Beyond Next Ventures, a Japanese venture capital fund.                                                                 ET (13-May-2021)

SuperOps.ai raises $3 million funding from Elevation Capital, Matrix Partners India
SuperOps.ai, a professional services automation (PSA) and remote monitoring and management (RMM) platform, on Wednesday, said it has raised $3 million (about Rs 22 crore) in funding, led by Elevation Capital and Matrix Partners India.                                                          ET (13-May-2021)

Chinese grocery app Dingdong Maicai raises $330 million in funding
Beijing: Chinese grocery app Dingdong Maicai has raised $330 million, adviser Cygnus Equity said on Wednesday, amid a surge of fundraising in the sector.                              ET (12-May-2021)

AI startup Myelin Foundry gets funding from Japan’s Beyond Next Ventures
Bengaluru: Myelin Foundry, a deep tech AI startup backed by Infosys Ltd.’s co-founder Kris Gopalakrishnan, has raised $1 million in a pre-Series A funding round led by Beyond Next Ventures, a Japanese venture capital fund.                                                                 ET (12-May-2021)

Exclusive: Flipkart plans $1 billion fundraising ahead of IPO
Mumbai|Bengaluru: Walmart Inc.-owned homegrown e-commerce firm Flipkart is in preliminary talks with a clutch of new investors to raise at least $1 billion, even as it weighs an initial public offering (IPO) in the United States around the fourth quarter this year, at least four people in the know said.                                                                                                                          ET (11-May-2021)

Locobuzz gets pre-Series A funding from SIDBI Venture Capital
Pune: Locobuzz, a digital customer experience platform, has raised Rs 9 crore in pre-Series A funding from Maharashtra State Social Venture Fund of SIDBI Venture Capital Ltd. The funds will be used to enhance the technological capabilities of the platform, scale up the team across functions and marketing and sales efforts.                                                                 ET (11-May-2021)

ETtech Deals Digest: Teachmint, Hwy Haul raise funds this week
The Indian startup ecosystem saw fewer funding deals this week than the previous one. Edtech startup Teachmint and supply chain logistics enterprise Hwy Haul were among the startups that raised funds this week.                                                                                                   ET (10-May-2021)

Amazon Seller Services gets a fresh capital infusion of Rs 915 crore
Amazon Seller Services, the marketplace unit of the US-based e-tailing giant Amazon, has received a fresh capital infusion of Rs 915 crore (approx. $125 million), documents filed with the Registrar of Companies showed.                                                                                   ET (10-May-2021)

Tiger Global in talks to raise $10 billion for new growth equity fund
This comes just a month after the firm raised a mammoth $6.65 billion in its thirteenth global fund, its biggest corpus so far. It had also racked up $3.75 billion in capital commitments in its twelfth fund last year.                                                                                                      ET (06-May-2021)

Mexican cryptocurrency trading platform Bitso raises $250 million
Mexican fintech Bitso, a cryptocurrency trading platform, has raised $250 million, venture capital fund Cometa, an investor in Bitso, said on Wednesday.                                           ET (06-May-2021)

Klub to invest Rs 250 crore in 350 new-age consumer companies
Klub, a fintech platform that provides revenue-based financing (RBF), will invest over Rs250 crore in nearly 350 companies in eCommerce and online consumer businesses. So far, the company has funded more than 55 digital-first businesses including Eat. Fit, The Man Company, Tjori, and Healthy Cravings.                                                                                            ET (05-May-2021)

Teachmint raises $16.5 million in funding led by Learn Capital
Edtech startup Teachmint said it has raised $16.5 million in Series A funding led by Learn Capital. Existing investors Lightspeed and Better Capital also participated in the round, along with CM Ventures.                                                                                                            ET (05-May-2021)

IFC to invest $40 million in upGrad promoters pare stake to 75%
The equity infusion of $160 million in two quick rounds takes the Mumbai-based startup closer to unicorn status, valuing the around six-year-old company at $850 million. This is the second external funding for the company.                                                                               ET (04-May-2021)

Ranjan Pai’s family office invests Rs 40 crore in Finnable
Ranjan Pai-led MEMG family office, which has made investments in several ed tech and health tech startups, is investing Rs 40 crore in a fintech startup Finnable for a significant minority stake.                                                                                                                                  ET (04-May-2021)

Andreessen Horowitz plans $1 billion cryptocurrency VC fund
Venture capital giant Andreessen Horowitz is looking to raise a fund of as much as $1 billion to invest in cryptocurrencies and crypto startups, the Financial Times reported on Friday.                                                                                                                                                                ET (03-May-2021)

ETtech Deals Digest: Urban Company, ElasticRun raise funds this week
On-demand home service provider Urban Company and corner-stores commerce platform ElasticRun were among the startups that raise funds this week.                            ET (03-May-2021)

UpGrad in talks to raise $40 million at $850 million valuation
Singapore’s sovereign fund Temasek wrote a cheque of $120 million as upGrad’s first external investor this week.                                                                                                          ET (30-April-2021)

IFC to invest $40 million in Upgrad; promoters pare stake to 75%
The equity infusion of $160 million in two quick rounds takes the Mumbai-based startup closer to unicorn status, valuing the around six-year-old company at $850 million       ET (30-April-2021)

UpGrad in talks to raise $40 million at $850 million valuation
Singapore’s sovereign fund Temasek wrote a cheque of $120 million as upGrad’s first external investor this week.                                                                                                          ET (29-April-2021)

ElasticRun raises $75 million led by existing investors
The latest round values the company at $400 million post-money and will help expand its reach further into rural markets                                                                                              ET (29-April-2021)

Dental software startup Carestack raises $25 million, plans to double employees
The startup plans to use the funds raised to expand its operations and double its employee base                                                                                                                                             ET (28-April-2021)

Fintech startup Current valuation triples after Andreessen funding
Fintech startup Current has raised $220 million in a funding round led by venture capital giant Andreessen Horowitz that lifted its valuation by three-fold to $2.2 billion.          ET (28-April-2021)

GameStop raises $551 million to accelerate e-commerce push
The company, which was at the center of a Reddit-fueled trading frenzy earlier this year, said in a statement it had sold 3.5 million shares in the at-the-market offering.             ET (27-April-2021)

Pi Ventures gets Sebi nod to launch its second fund
Pi Ventures said it was targeting to close Fund II this fiscal year.                           ET (27-April-2021)

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