1. 88 Lakh Taxpayers Didn’t File Returns in Demonetisation Year
As many as 88 lakh taxpayers turned out to be 'stop filers' in the financial year 2016-17 - the year of demonetisation.
Stop filers are individuals who filed returns in the earlier years but did not do so in the current year even though they are liable to do so. They do not include taxpayers who have passed away or whose PAN cards have been cancelled or surrendered.
Records suggest that the number of stop filers saw a 10-fold hike from 8.56 lakh in 2015-16 to 88.04 lakh in 2016-17 - the steepest increase in two decades.
Officials suggest that the spike in stop filers can be attributed to loss of jobs or drop in income.
(Source: The Indian Express)
2. RBI to Announce Policy, Market Expects Repo Rate Cut
The six-member Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) is likely to cut short-term policy rate by 25 basis points in its first bimonthly review of FY20 on Thursday.
In its last policy review in February, the MPC had shifted the monetary policy stance to ‘neutral’ from ‘calibrated tightening’. Economists believe it may signal an 'accommodative' stance this time.
Analysts are also keeping a watch on change in inflation and growth target by the RBI.
3. ADB Lowers India's Growth Projection to 7.2% for FY20
Asian Development Bank (ADB) has lowered India's growth forecast for 2019-20 to 7.2 per cent from 7.6 per cent estimated earlier due to moderation in global demand and likely shortfall in revenue on the domestic front.
For the just concluded fiscal (2018-19) also, ADB has cut the growth estimate to 7 per cent from 7.3 per cent projected in December last year.
"Growth slowed from 7.2 per cent in fiscal 2017 to 7 per cent in 2018, with weaker agricultural output and consumption growth curtailed by higher global oil prices and lower government expenditure.
"Growth is expected to rebound to 7.2 per cent in 2019 and 7.3 per cent in 2020 as policy rates are cut and farmers receive income support, bolstering domestic demand,"ADB said in its Asian Development Outlook (ADO) 2019 released Wednesday.
(Source: The Indian Express)
4. March Salary for Jet Airways Pilots, Staff Deferred
Struggling carrier Jet Airways engineers body, Jamewa Wednesday met chief executive Vinay Dube and sought an early payment of salary dues even as the airline delayed March payment to its all 16,000 employees for the third time since September last year.
Meanwhile, the operational fleet strength Jet Airways, where the lenders are set to take control as part of a debt resolution plan, reduced to 26, as per a flight tracking website.
However, aviation regulator DGCA and civil aviation secretary Pradeep Singh Kharola said that Jet Airways is operating "28 planes", including 15 aircraft in the domestic route.
"Jet Airways Maintenance Engineers Welfare Association (JAMEWA) during the meeting pressed for the early payment of overdue salaries. We were told that the intent of management is to clear the arrears as soon as the lenders release the much-needed funds," the association informed its members in a post-meeting communication.
(Source: Hindu BusinessLine)
5. Govt, RBI Will Have to Bring New Rules on NPA Resolution: Niti Aayog
The government and the Reserve Bank will have to bring in a new set of regulations to ensure that borrowers repay their debt on time following the Supreme Court striking down an earlier rule of the monetary authority, Niti Aayog chief executive Amitabh Kant said Wednesday.
Amidst a rash of announcements over income support schemes, the bureaucrat also stressed on the need to ensuring higher growth to fund such dole-outs.
With the Supreme Court striking down (the February 12, 2018 RBI circular on NPAs) as ultra vires, the issue needs to be relooked by both the RBI and government to arrive at a new regulation that will ensure that financial discipline from borrowers should continue, he told reporters.
6. IL&FS Financial Services Gross NPA at 90% in Dec 18
Government appointed board of cash strapped IL&FS Wednesday said the gross non performing loan of it's lending arm IL&FS Financial Services (IFIN) has touched unprecedented level of 90 percent in the December, 2018 quarter.
The board led by veteran banker Uday Kotak said that IFIN had reported a gross NPA of 61.8 percent and 5.3 percent in the quarter ended September 2018 and March 2018, respectively.
"The company which reported a GNPA of 5 percent in March 2018. I have heard double digits NPAs but 90 percent GNPAs is very unusual by any standards. That's the challenge that we have faced," Kotak, who is the chairman told reporters.
In recent past the highest NPA reported in the banking sector was around 27.9 percent by IDBI Bank.
(Source: The Indian Express)
7. ICICI Bank Moves SC Seeking Rs 250 Crore from Malvinder Singh
Claiming Rs 250 crore in dues from the erstwhile promoter of Ranbaxy Laboratories Ltd and Religare Enterprises Ltd, Malvinder Singh, ICICI Bank Ltd has filed an application with the Supreme Court, asking to be made a party in the case filed by Japanese drug maker Daiichi Sankyo Co. Ltd.
Daiichi Sankyo is seeking enforcement of a Rs 3,500 crore arbitration award by a Singapore-based tribunal.
The matter is likely to be taken up on Friday for hearing in the Supreme Court.
The lender has filed an intervention application in the Supreme Court stating that both ICICI Bank and Daiichi Sankyo have equal rights in seeking dues and should be treated on a par, two people aware of the matter said.
8. Flipkart, Amazon, Oyo Top Workplaces in India: Report
Walmart-owned Flipkart is the most preferred workplace in India, followed by Amazon and Oyo in the second and third places, respectively, according to a list compiled by professional social media network LinkedIn.
Internet companies dominate the top 10 spots in LinkedIn's fourth edition of the '2019 Top Companies' list for India.
IT giant Tata Consultancy Services (TCS) made its debut at the seventh place, new entrants and homegrown internet and consumer services companies Swiggy and Zomato were ranked sixth and eighth, respectively.
Uber, another new entrant, took the fifth spot, while, One97 Communications was at the fourth rank and Oil and Energy conglomerate Reliance Industries was at the 10th place.
9. Reliance Jio Digital Services Acquires AI Firm Haptik
Reliance Jio Digital Services has acquired artificial intelligence firm Haptik in a Rs 700 crore deal.
Reliance will hold about 87 per cent of the business with the rest being held by Haptik founders and employees through stock option grants.
"We believe voice interactivity will be the primary mode of interaction for Digital India.
"We are delighted to announce this partnership, and look forward to working with the experienced team of Haptik in realising this vision for offering greater connectivity and rich communication experiences to the over billion Indian consumers," Reliance Jio Director Akash Ambani said in a statement.
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