QBiz: Surcharges On FPIs Dropped; ED Raids Naresh Goyal

1. FM Axes Two Bad Taxes, Fires First Booster Shot

The government unveiled the much-anticipated stimulus measures to boost the economy and perk up markets, delivering a comprehensive package that sought to address tax issues, lift credit flow and improve interest rate transmission, besides seeking to aid the auto sector.

The recovery package sought to provide immediate succour to some of the worst pain points of the economy, in the hope of effecting a turnaround.

Finance Minister Nirmala Sitharaman announced as many as 32 measures in six “silos” that included dropping the contentious surcharge on foreign portfolio investors (FPIs), doing away with the angel tax on startups and an immediate ₹70,000 crore capital infusion into banks to kickstart credit flow.

(Source: Economic Times)

2. MSMEs to Get Pending GST Refunds Within 30 Days: FM

In a major relief to the MSME sector facing liquidity shortage, the government on Friday announced that all their pending GST refunds will be paid within 30 days.

Also, in future, all GST refunds of micro, small and medium enterprises (MSMEs) will be paid within 60 days from the date of application, Finance Minister Nirmala Sitharaman said while announcing a slew of measures to boost growth.

The minister also said the decision on recommendations of the U K Sinha Committee regarding ease of credit, marketing, technology and delayed payments to MSMEs will be taken within 30 days.

(Source: Financial Express)

3. Home, Vehicle, Other Retail Loans to Become Cheaper: FM

The government on Thursday announced a slew of measures to ensure that loans for home, vehicles and consumption goods become cheaper and widely available through banking and non-banking finance companies.

Addressing the media here, Finance Minister Nirmala Sitharaman also said that banks will pass on RBI rate cut benefits to borrowers through MCLR reduction.

(Source: Financial Express)

4. ‘Shell Co’ Paid Chidambaram’s Travel Bills, Karti CA Tells ED

Investigations into the alleged involvement of former FM P Chidambaram in the INX Media case are relying on a key claim by his son’s chartered accountant that a shell company, also controlled by Karti Chidambaram, allegedly paid for his “travel bills” and “certain expenses”.

ET has reliably gathered that Karti’s chartered accountant Bhaskar Raman, who is also an accused in the case, claimed this in his testimony before the Enforcement Directorate (ED) on May 22 last year. He alleged this when confronted by documents and hard disks seized from the Chennai premises of Karti-promoted Chess Global Advisory Services Pvt Ltd.

(Source: Economic Times)

5. Air India Owes Rs 5,000 Crore in Fuel Dues; Hasn’t Paid in 230 Days: Oil Companies

Air India owes three state-owned oil firms Rs 5,000 crore in unpaid fuel bills with payments being delayed by almost eight months, forcing retailers to snap supplies, Indian Oil Corp (IOC) said on Friday.

IOC, Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) on Thursday afternoon stopped jet fuel or ATF supplies to Air India at six airports – Kochi, Pune, Patna, Ranchi, Vizag and Mohali – over payment defaults.

(Source: Financial Express)

6. Indigo's Rakesh Gangwal Says He Will Support Resolution on Expanding Board

IndiGo co-founder Rakesh Gangwal has decided to vote for a resolution to amend the airline’s Articles of Association.

The resolutions will come up for approval at the company’s annual general meeting (AGM) on August 27. Among the major resolutions, there is one on expanding the size of the board to 10 members, including four independent directors.

Currently, the company’s board has six members with two independent directors.

(Source: Business Standard)

7. Moody's Cuts India's GDP Growth to 6.2% for 2019 Amid Economic Slowdown

Amid an economic slowdown, Moody’s Investors Service has cut India’s gross domestic product (GDP) growth rate to 6.2 per cent for calendar year 2019 against its earlier projection of 6.8 per cent.

The rating agency scaled down India’s economic growth to 6.7 per cent for 2020, a cut of another 0.6 percentage points.

If it happens, Chinese economic growth rate would equal India’s this calendar year. However, India would again become the fastest growing large economy, at least in Asia, next financial year as the Chinese GDP growth rate would come down to 5.8 per cent.

(Source: Business Standard)

8. ED Searches Jet Founder Naresh Goyal's Business, Residential Premises

The Enforcement Directorate (ED), which on Friday conducted extensive search operations at Naresh Goyal’s business and residential premises in 12 locations, has alleged that Tail Winds, incorporated by him in Isle of Man, was controlling the financial activities of Jet Airways.

Goyal will be called for questioning next week, an ED official said. According to the probe findings, Hasmukh Deepchand Gardi, who was named in the Panama Paper global leaks for allegedly holding fraudulent companies and was also Goyal’s partner, made investments in Tail Winds. Gardi’s premises were also searched on Friday. His investments in Goyal’s firm have come from illegal activities, according to the official.

(Source: Business Standard)

9. After More and Future Retail Deals, Amazon Smoothens Road for Offline Play

With access to more than 2,100 offline retail stores spread across the country, global tech and e-commerce giant Amazon has become one of the largest retailers in the country. Late on Thursday evening, Kishore Biyani-led Future Retail, in a filing to BSE, said that Amazon.com was acquiring 49 per cent stake in a group entity — Future Coupons.

Future Coupons, which is into digital payments, has an economic interest of 7.3 per cent in Future Retail by way of convertible warrants. Through this deal, Amazon would have an effective stake of 3.6 per cent in Future Retail.

(Source: Business Standard)

. Read more on India by The Quint.RSS & BJP’s Nehru-Netaji ‘Cosplay’: Irony Dies a Thousand DeathsQBiz: Surcharges On FPIs Dropped; ED Raids Naresh Goyal . Read more on India by The Quint.