New Delhi

Onus of pulses procurement may go to states

The government is planning to shift the responsibility of procuring and distributing pulses to states while the Centre will play a supervisory role in the functioning of Rs 11,000 crore price stabilisation fund (PSF).
Since the fund is huge and the procurement has to be completed within a specified period, states will do a better job if they are provided the necessary policy support and funds, sources in the consumer affairs ministry said.

Cost pressures weigh on Q2 revenues

The earnings season that kicked off this week on a strong note may report 12 per cent year-on-year revenue growth, marking the fourth consecutive quarter of double-digit growth.

Of the handful of major companies that have reported September quarter results this week, IT major Infosys has surprised analysts with a strong 4.2 per cent quarter-on-quarter constant currency (CC) revenue growth in Q2, along with the highest volume growth in the last 10 quarters and highest ever large deal wins of $2 billion.

No respite for Kapoor, Yes Bank has to get new chief by Feb 1

The Reserve Bank of India on Wednesday refused to grant more time to Yes Bank’s long serving CEO and MD Rana Kapoor and asked the private sector lender to appoint his successor latest by February 1, 2019.

Last month, the Yes Bank board had sought at least a three-month extension for Kapoor from the RBI beyond January 31, 2019, stating that finding a suitable successor is a time consuming challenge.

RIL net jumps 17%; to buy Den, Hathway stake for Rs 5,230 cr

Oil-to-telecom conglomerate Reliance Industries on Wednesday reported its highest ever quarterly net profit for July-September as record earnings from the petrochemical business and bumper earnings from the retail business and telecom arm made up for a decline in refinery margins.

RIL net jumps 17%; to buy Den, Hathway stake for Rs 5,230 cr

Oil-to-telecom conglomerate Reliance Industries on Wednesday reported its highest ever quarterly net profit for July-September as record earnings from the petrochemical business and bumper earnings from the retail business and telecom arm made up for a decline in refinery margins.

Composition scheme biz need not file purchase details under GST

Businesses opting for composition scheme under GST need not file purchase details while filing their quarterly returns.

In a clarification, the finance ministry has said there have been doubts regarding the manner of filing the quarterly return by composition dealers in Form GSTR-4 in the absence of auto-population of the details of inward supplies received from registered suppliers.

MJ Akbar steps down

Under severe pressure after being accused of sexual harassment by several women, minister of state for external affairs MJ Akbar resigned on Wednesday evening, a day ahead of the first hearing of the defamation case filed by him in a Delhi court.   Prime Minister Narendra Modi and President Ramnath Kovind accepted his resignation from the council of ministers.

Air India sinking deeper, hints chief

Crisis in Air India seems to be deepening by the day with headwinds getting stronger and a government bailout remains elusive.

Airline chief Pradeep Singh Kharola has hinted at impending trouble. He noted that there is need to generate revenues in every possible manner to “stay afloat.”

“Our path towards turnaround has become more difficult with the market throwing fresh challenges by way of rising fuel costs, a volatile currency and overall increase in operational expenditure, besides, of course, a fierce competition,” Kharola has told A-I employees.

SAME OLD SCHOOL TRICKERY IN ALL TOP 100 BANK FRAUDS

Skulduggery, jiggery pokery and financial defalcation are rampant across Indian companies leading to all round malfeasance and a propensity for frauds. The unscrupulousness and swindle, a result of human ingenuity, always find a way due to the complicity of players within the banks who share a sense of underhandedness for 20 pieces of silver. Probity watchdog Central Vigilance Commission (CVC) submitted an analysis of the top 100 banking frauds on Tuesday, including those in the jewellery and aviation sectors, and shared its findings with RBI, ED and CBI, among others.

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