Lower income class taxpayers took the centrestage in the Interim Budget 2019-20 presented by the Finance Minister Piyush Goyal with significant relief being granted in direct taxes.
The government may launch a new Rs 18,000 crore subsidy scheme for stressed gas-based power projects that will enable these fuel starved plants to run using a mix of domestic and imported gas. The move is expected to benefit 31 stranded projects worth 15,000 MW belonging to Essar Power, Torrent Power, GSPC, Reliance Infra, GMR, GVK, NTPC and Lanco. Another 10,000 MW of projects running but at lower load factor of 25-30 per cent could also take advantage of the scheme.
The rupee continues to remain under pressure. The local currency on Monday plunged to a new record closing low of 74.06 against Friday’s close of 73.76, a depreciation of 30 paise against the US dollar. It was the sixth straight session of loss for the rupee.
Experts said the rupee is weighed by a further rise in long-term US treasuries after the country’s unemployment rate fell to the lowest in 49 years.
Rupee’s free fall continues unabated. The measures announced by government and the central bank’s intervention in the forex marker haven’t had any substantial impact on domestic currency’s exchange value which has depreciated by 15.46 per cent this calendar year.
The row has erupted amid heightened debate about user privacy and how technology firms treat data in India and abroad. India is developing a new data protection law which could force companies to change how they transfer or store customer data.
In a major blow to private power companies, the Allahabad High Court on Monday refused to grant interim relief to them against the central bank’s February 12 circular on debt resolution framework. The court order now opens the road for banks to initiate insolvency proceedings against them.
The 180-day period given by the Reserve Bank of India (RBI) for finalising the resolution plans for such assets expired on Monday. The high court ruling will affect around 34 stressed power projects having outstanding loans of about Rs 1.77 lakh crore.
Debt-laden Infrastructure Leasing & Financial Services (IL&FS), which is in news for its balance sheet problems, has hundreds of complex subsidiaries some of which are listed. A high leverage resulting from the sizeable capital requirements across subsidiaries, many of them are overseas, has landed the company in the current mess.
Aditya Birla Capital, Indiabulls Housing Finance, Kotak Bank and Hero Group’s unlisted arm Hero FinCorp are some of the prominent suitors lined up to buy majority stake in PNB Housing Finance.
Ahead of the August 25 deadline for the submission of the expression of interest, many players have strategically tied up with private equity players to bid for the housing finance company.
The Enforcement Directorate is set to move a special Mumbai court seeking the ‘fugitive economic offender’ tag for Gitanjali Gems owner Mehul Choksi and confiscate his assets worth over Rs 6,000 crore in the $2 billion PNB scam. The special Prevention of Money Laundering Act (PMLA) court on Tuesday took cognisance of a chargesheet filed by the agency against Choksi and 13 others on June 28 under the anti-money laundering law.
With BSNL all set to get more 4G spectrum to expand its services across the country and consultations on for MTNL revival, the two telecom PSUs are in for a big push from the communications ministry.
“Consultations with MTNL are on... let’s see how MTNL gets out of it. We have received a request from BSNL for providing 4G spectrum and we are considering it positively to provide the same to them,” Telecom minister Manoj Sinha told Financial Chronicle in an exclusive interview.