Indian airlines Air India Ltd will operate 70 flights to evacuate Indians stranded in the US and Canada under the third phase of Mission Vande Bharat, between June 11 and June 30, said civil aviation minister Hardeep Singh Puri in a tweet late on Monday. This move comes as the Indian aviation ministry was getting numerous requests to restart international flights.
Edelweiss AMC is set to launch its second tranche of Bharat Bond ETF offerings. Two new sets of ETFs, one maturing in April 2025 and the other in April 2031 respectively, will be rolled out in July. The Bharat Bond ETF is an exchange-traded fund with a fixed maturity date. It will invest only in AAA rated bonds issued by public sector companies maturing on or before the maturity of the ETF. If any bond issuer gets downgraded below AAA or ceases to be a PSU, it is removed from the portfolio on the next rebalancing date.
The income tax department has released ITR-1 utility (e-form) on its e-filing website. The ITR-1 form is available in Excel and Java formats. The latest ITR-1 form allows individuals to claim the deductions on tax-saving investments made between April 1, 2020 and June 30, 2020 for FY 2019-20 under the DI Schedule. Resident individuals with total income not exceeding Rs 50 lakh can file ITR-1. The sources of total income should be salary income, one house property, other sources of income such as interest income and Agriculture income up to Rs 5,000 in a financial year.
Tata Motors on Tuesday said it has resumed operations across all its manufacturing plants including the Jamshedpur facility, in the country. Around 59% of company's passenger vehicle showrooms, covering 69% of the retail market, have commenced operations.As of March 31, 2020, the company had cash and cash equivalent of Rs 4,700 crore.
Delhi Lieutenant Governor Anil Baijal today launched a mobile application “Delhi Corona” with CM Arvind Kejriwal to help residents track the availability of hospital beds and ventilators in Delhi for Covid-19 patients. The App-Dashboard will provide updated information about all COVID centers, guidelines, important helplines, etc.
Market regulator SEBI has hired the services of a Mumbai-based Chokshi & Chokshi LLP, chartered accountant and forensic audit firm, to probe into the dealings of six mutual fund schemes that were shut down by Franklin Templeton, one of India’s leading asset managers. The firm is likely to investigate if there was collusion between the mutual found house and bond-issuing companies, instances of conflicts of interest of directors or senior officials, and transactions that were prejudicial to the interest of investors in the schemes.
The government on Monday extended the validity of scrips or certificates, provided under export incentive schemes, which are expiring between March 1 and June 30 this year till September 30. The Foreign Trade Policy (FTP) provides tax incentives for goods and services under the Merchandise Exports from India Scheme (MEIS) and Services Exports from India Scheme (SEIS). Depending on the nature of services and product, the government gives duty credit scrips or certificates to exporters. These scrips can be transferred or used for payment of a number of duties including the basic customs duty.
The government is encouraging global telecom network manufacturers like Ericsson, Nokia, Samsung, Huawei, etc to make all their equipment in India with 100% local content. The government is also ready to provide a slew of incentives. The Department of Telecommunications (DoT) is scheduled to meet with the vendors on June 3 to take their suggestions and discuss how manufacturing in India can be expanded. The government wants to become self-sufficient in telecom equipment manufacturing, primarily because of security concerns. Currently, players like Nokia and Ericsson are making telecom equipment in India but the local content addition is around 40%.
Kotak Mahindra Bank (KMB) promoter Uday Kotak is set to sell up to 56 million shares of the bank, equivalent to a 2.83% stake, in the secondary market on Tuesday. The size of the deal is expected to range between Rs 6,804 crore and Rs 6,944 crore. The stake sale will help KMB comply with regulatory norms by bringing down the promoter stake in the bank to 26.1%. Last week, KMB raised at least Rs 7,442.5 crore by issuing 65 million shares in a qualified institutional placement (QIP), which brought down Uday Kotak’s stake in the bank to 28.93%.
According to RBI data, outstandings on credit cards fell for two straight months — in March and April — as the Covid-19 outbreak and the associated lockdown hurt consumption. Between February 28 and April 24, the credit card outstanding in the system dropped 12.6% to Rs 96,978 crore. The decline in credit card outstandings has been led by the ban on supply of non-essential goods by e-commerce platforms, rail and air travel. E-commerce accounts for about 40-45% of credit card usage and spends. Earlier, banks had admitted to a drop in credit card spends since the imposition of the lockdown.
Hit hard by Covid-19 pandemic and the nationwide lockdown, India's hotels have fared among the worst in the world in terms of declining occupancies and cancellations As per hospitality consultancy HVS Anarock’s Hotels & Hospitality Overview, occupancies in Indian hotels declined 81% in April from a year earlier. Indian hotels are currently awaiting clearances from various state governments to resume operations. In the U.S., occupancies during April declined almost 64% while in the UK, the decline was 71.3%. In Singapore, occupancies fell 29.2%.
More than 7 million user records on the CSC BHIM website were exposed in a data leak, Israeli cybersecurity website vpnMentor said in a blog post. The cyber security firm reported the breach to Indian authorities in April. The breach was then plugged by CSC e-Governance Services, which had developed the portal, on May 22. The website was used in a campaign to sign up users and business merchants for the BHIM payments app, which has been developed by the National Payments Corporation of India (NPCI).
Over a thousand imported products have been delisted from Kendriya Police Kalyan Bhandars (KPKB), the parent body that runs paramilitary canteens across India. Products like microwave ovens, Tommy Hilfiger shirts, Skechers, Ferrero, Red Bull, Victorinox, Safilo have been delisted. Firms that have not provided information sought by KPKB have also been delisted. Almost 50 lakh family members of about 10 lakh personnel serving in CRPF, BSF, CISF, ITBP, SSB, NSG, and Assam Rifles buy products from the central police canteens.
A survey has revealed that about 35% of micro, small and medium enterprises (MSMEs) and 37% of self-employed individuals have started shutting their businesses, saying they saw no chance of a recovery amid the Covid outbreak. The All India Manufacturers’ Organisation (AIMO) survey said the government’s financial package has not reached the MSMEs and is also not adequate to make up for the loss of business activity during the lockdown period. The survey was based on over 46,000 responses from various associations and industry groupings in the country. India has over 65 million MSMEs employing over 150 million people.
The Ministry of Road Transport and Highways on June 1 issued a circular stating that a person driving a commercial vehicle and carrying valid driving license or international driving permit and a copy of license for renting motor cab or motorcycle would not be insisted for any badge. These vehicles are meant to be used by tourists, corporate officials, business travellers and families on holidays. The driver of a commercial vehicle is required to display a driver badge issued by the Commissioner along with the name of the authority permitting to drive a public service vehicle and the identification number.