The Reserve Bank of India (RBI) on Monday said it would inject Rs. 12,500 crore into the system through purchase of government securities on Thursday to increase liquidity. The purchase will be made through Open Market Operations (OMO).
Two years before Parliament amended the Enemy Property Act to ensure that the successors of those who migrated to Pakistan and China during partition and 1962 war respectively will have no claim over the properties or shares left behind in India. Now, the centre has constituted a high-level committee, comprising top bureaucrats, to recommend the quantum and price or price band for sale of 'enemy shares' worth Rs 3,000 crore.
New Zealand said on Monday that it plans to update its laws so it can tax revenue earned by multinational digital firms such as Google, Facebook and Amazon, extending a global effort to bring global tech giants into the tax net."Our current tax system is not fair in the way it treats individual taxpayers, and how it treats multinationals," said New Zealand, prime minister Jacinda Ardern. Digitalized companies, earn a significant income from New Zealand consumers without being liable for income tax, the government said in a statement released after the announcement.
Occupancy fell for the first time in 10 quarters in the three months ended December as carriers increased ticket prices to cover higher costs, according to Directorate General of Civil Aviation data. The passenger load factor (PLF), declined 296 basis points over the previous quarter to 84.9 %.
SEBI had issued a notice to Infosys in November 2017 to investigate alleged disclosure lapses with respect to severance payment made to its former chief financial officer Rajiv Bansal. During the examination, prima facie, it was found that the severance payment was made without prior approval of the audit committee as well as nomination and remuneration committee. These were violations of various listing norms. Infosys paid Rs 34.35 lakh towards settlement charges on February 4, following which the regulator has disposed of the "proposed adjudication proceedings in respect of the applicant for the defaults".
The standing committee of IT chaired by a BJP MP, Anurag Singh is reportedly planning to summon Facebook and WhatsApp to further the hearing on safeguarding citizens’ rights on social and online news media platforms. The parliamentary committee had earlier summoned Twitter for a hearing on safeguarding citizen rights on social media platforms. Twitter’s global executives will be questioned in the upcoming hearing next Monday (February 25). Meanwhile, Ministry of Electronics and Information Technology (MeitY) has proposed a draft of amendments to Intermediary Guidelines, which would make content sharing platforms like WhatsApp liable for the content their users share.
The central board of the Reserve Bank of India on Monday decided to pay Rs 28,000 crore as an interim dividend to the government. The central bank has already paid Rs 40,000 crore as interim dividend to the government, taking the total to Rs 68,000 crore now. The interim surplus was decided after the application of the economic capital framework.
Sensex and Nifty extended losses on Monday. The Sensex closed 311 points down to 35,498.44, while the Nifty ended 95 points down at 10,630.15 led by TCS and Yes Bank. At the end of Monday, Reliance Industries remained the most valued company in terms of markep capitalisation at Rs 7.88 lakh crore, followed by TCS at Rs 7.62 lakh crore. HDFC Bank ranks third with an overall market capitalisation of Rs 5.71 lakh crore. HUL with overall market-cap of Rs 3.83 lakh crore, ranked fourth in the list. ITC at Rs 3.42 lakh crore m-cap came in at fifth position.
The Confederation of Real Estate Developers Association of India (CREDAI) on Monday said it will offer a two-bedroom house to each family of CRPF personnel who lost their lives in the terror attack at Pulwama in J&K. "In a modest gesture of our solidarity and support to the grief-stricken families, CREDAI proposes to offer them one house each (2BHK) in the area or city of their state," President, Jaxay Shah, said in a statement. CREDAI is the apex body for private real estate developers in India, representing over 12,000 developers through 23 states and 203 city chapters across the country.
The Union Cabinet is likely to consider approval of the second phase of Faster Adoption and Manufacturing of Electric (and Strong Hybrid) Vehicles (FAME) scheme this month. It may allocate an outlay of Rs 5,500 crore, spanning five years, for the scheme. The scheme will most likely offer a host of incentives including exemption from paying road tax, registration fee and parking charges for various categories of electric and strong hybrid vehicles. The scheme is unlikely to set any target for sale of EVs, instead will focus on boosting demand for EVs and creating the necessary charging infrastructure.
Shares of Reliance ADAG companies on Monday surged after 90% of the lenders agreed to avoid selling any pledged shares until September 30 in view of lower collateral cover or reduced margin due to the recent decline in share prices. The shares of Reliance Infrastructure, Reliance Power and Reliance Capital jumped between 11.3% and 19.9%. Prices of ADAG Reliance group had tanked as much as 60% after two lenders L&T Finance Holdings and certain entities of Edelweiss Group sold pledged shares to reduce their group exposure. The Reliance Group, however, termed the sale as ‘illegal and excessive.’
The Department of Telecommunications (DoT) is likely to hold a meeting on Monday, February 18 to discuss the possible ways to expedite 5G spectrum allocation policy and its commercial roll-out. The meeting, to be chaired by Anshu Prakash, additional secretary (telecom), will also review the approximate budgetary support required by the telecom companies for the implementation of ultra-high-speed mobile broadband network. Other key issues likely to be discussed include the ways to reduce investment risk for telecom firms in rolling out 5G network, inclusion of Public-Private Partnership (PPP) models, other governmental supports, and facility of low-cost capital, etc.
State Bank of India (SBI), India’s largest bank by assets and customers on February 18, 2019, announced that the bank is taking steps to expedite the release of insurance money to the immediate kin of martyred soldiers. All the CRPF soldiers have been the customers of the SBI under Defence Salary Package under which the bank had provided insurance of Rs 30 lakh to each of the defence personnel, SBI said. SBI has also decided to waive off all the outstanding loans of 23 of the martyred CRPF soldiers who had availed loans from the bank with immediate effect.
HDFC Bank, does not intend to cut down on branch expansion, HDFC Bank's managing director and chief executive Aditya Puri said. It can be noted many banks globally are focusing on technology more than the physical presence in recent times. He said the bank will give a choice to the customers, who can transact either through a mobile phone or a laptop or visit a branch. India is the fastest growing major economy in the world and banking services are yet to reach all the people, Puri added. The bank is targeting to take its services to 1 lakh villages.
According to a survey by National Sample Survey Office (NSSO), while literacy rate went up in 2017-2018, the unemployment rate also sharply increased among educated people in 2017-2018. According to the survey reported by Business Standard, the national rate of joblessness was seen at 6.1%. The literacy rate also went up from 67.3% in 2004-05 and 74.67 percent in 2011-12 to 76.9% in 2017-18. The unemployment rate was higher among literate people than those of illiterate ones in the past decade. In fact, in urban areas, the unemployment rate among educated women was twice their male counterparts.