SpiceJet has become the first Indian low-cost carrier to join the International Air Transport Association (IATA) as a member. IATA represents more than 290 global airlines, including Air India, Jet Airways and Vistara. The membership would help SpiceJet to have codeshares and agreements with other carriers. IATA membership is significant for SpiceJet's plans for expanding its international footprint.
Jet Airways pilots’ union, National Aviators Guild, on Tuesday threatened to stop flying from April 1, if the resolution plan is delayed and salary dues are not cleared by the end of this month. The decision was taken at the annual meeting of the union. The union, which was formed almost 10 years back, represents around 1,000 domestic pilots of Jet Airways.
State-owned Indian Oil Corp (IOC) on Tuesday declared a second interim dividend of Rs 1,412 crore for the current financial year IOC, the nation's biggest oil company, said its board on Tuesday approved payment of Rs 1.50 per share as second interim dividend for 2018-19 to shareholders. The government owns 53.88% stake in IOC. Oil and Natural Gas Corp (ONGC) said a board meeting has been convened on March 23 to consider and declare a second interim dividend. Coal India Ltd on March 14 declared a second interim dividend of Rs 5.85 per share.
Indian aviation regulator DGCA held a meeting on Tuesday to review the hike in airfare on specific routes across the country and it has advised airlines to increase flights so that the fares remain in check. "We have not issued any diktat to the airlines. We have just advised them that they should increase their capacity to keep airfares in check," the senior DGCA official said.
Denmark's biggest telecom group TDC has preferred Swedish firm Ericsson over existing provider Huawei to roll out its ultra-fast 5G mobile network across the country. The US and several other Western nations have blocked Huawei from participating in tenders for the development of fifth-generation, or 5G, networks, because of the company's close ties to the Chinese government. Huawei has been providing telecom equipments to TDC since 2014.
On March 13, the RBI introduced a new liquidity management tool in the form of dollar-rupee swap to inject rupee liquidity. At the auction to be held on March 26, RBI will buy dollars worth $5 billion from market participants at a market-determined premium and inject rupee liquidity amounting to Rs 35,000 crore into the Indian banking system. The tenure of the swap has been fixed at three years. Once the auction window is closed, all the bids would be arranged in descending order of the swap premium quoted. The move is expected to benefit corporate borrowers.
Chinese smartphone maker Xiaomi on Tuesday announced its foray into the digital payment segment with launch of MiPay app for Indian users. The company has received approval from the National Payments Corporation of India (NPCI) and has partnered ICICI bank for the service. Xiaomi also announced to set up a new manufacturing unit in partnership with electronics manufacturing services firm Flex to expand its mobile production in the country. The Chinese firm claims that 99 per cent of its mobile phones sold in India are manufactured locally.
Three large mutual funds have reportedly opposed L&T's attempt at a hostile takeover of Mindtree, and have lent their support to the present management. But the mutual funds, which hold shares of IT services firm, Mindtree, might accept L&T's open offer to minority shareholders if a higher price is offered. “The price difference in the current market price and what L&T has agreed to pay to buy the entire stake held by Siddhartha and two of his CCD firms is just Rs 18. That does not make sense for us," the CIO of a fund house said.
Huawei India on Tuesday said that it is fully prepared to roll out 5G services in the Indian market and can do so in a matter of 20 days once given the go-ahead. Huawei India CEO Jay Chen said, “We are committed to the India market and will be happy to work with service providers and enterprises to bring 5G faster, safer and smarter to this market.” Huawei is a global leader in 5G and up till now it already has 30 5G commercial contracts globally.
Intensifying his 'Main Bhi Chowkidar' campaign, Prime Minister Narendra Modi on March 31 will interact with people, who have pledged their support to the campaign, from 500 places across the country. Union Minister Ravi Shankar Prasad said the campaign has become a "people's movement" as the 'Main Bhi Chowkidar' hashtag has been tweeted 20 lakh times and had 1680 crore impressions.
The government has asked public sector banks (PSBs) to rescue privately held Jet Airways without pushing it into bankruptcy, as PM Narendra Modi seeks to avert thousands of job losses weeks before a general election. In a rare move, the government has urged PSBs to convert their debt into equity prompting it to use taxpayer money to save a struggling private-sector company from bankruptcy. The government has also asked its National Investment and Infrastructure Fund (NIIF) - created to invest in stalled and new infrastructure projects - to buy a stake in Jet.
The investor education and protection fund authority (IEPFA) has unclaimed dividends of Rs 2,000 crore. Senior government officials say there are at least 2.5 million investors who have not claimed their dividends. Most of the cases are related to those who have shares in physical papers and not in dematerialized forms. Any dividend that has not been claimed by investors has to be transferred by a company to this authority. The investor then has to claim it from the authority.
The net direct tax collection figure has crossed the Rs 10 lakh crore mark as on March 16, helped by the fourth and final installment of advance tax payment. The entire advance tax data from across the country has not come yet. The government has targeted direct tax collections of Rs 12 lakh crore for the entire fiscal of 2018-19. The net direct tax collection during April-January of this fiscal stood at Rs 7.89 lakh crore.
The GST Council in its meeting on March 19, 2019, may provide the under construction projects as on 31st March 2019 with the option to choose the old rate of 12% with the input tax credit or switch to new rates without ITC. In case new rate is opted by builders, the unutilized ITC balance may have to be reversed. Buildings that will start construction after March 31, 2019, will have to follow the new tax structure. The government had reduced the rates on under construction property from 12% (with input) to 5% (without input).