Plan and Policy

Plan & Policy

AAP gets EC notice in hawala case

Suspecting fudging of records, the Election Commission (EC) has issued a show-cause notice to Aam Aadmi Party (AAP) and asked it to explain discrepancies in the electoral funding statement.

The EC notice is based on information available with it and the tax department. The notice has mentioned transactions with hawala dealers claiming that the party has taken "accommodation entries from hawala operators to the tune of Rs 2 crore. A Delhi-based hospital chain is learnt to have donated the money to the start-up political party.

Suppliers liable to pay penalty for not passing GST rate cut benefits: NAA

In a first of its kind ruling, the National Anti-Profiteering Authority (NAA) on Mo­n­day ruled that suppliers will be liable to pay penalty for not passing the benefits of GST (goods and services tax) rate reduction on sale of goods. NAA gave its ruling in a case against Jaipur-based Sharma Trading Company, wherein it was alleged that the supplier had not red­uc­ed the price of ‘Vaseline’ in line with  reduction of GST and thus indulged in pr­ofiteering in contraventi­on of section 171 of CGST Act.

India’s economic growth to slow in H2 of FY19, says UBS

India’s economic growth is expected to moderate in the second half of this financial year after a strong first quarter, owing to tighter financial conditions, high oil prices and slowing global growth, says a UBS report.

The global financial services major expects real gross domestic product (GDP) growth to slow to 7-7.3 per cent in the second half of this financial year from 8.2 per cent in June 2018 quarter.

Google to comply with RBI norms for payment services

Internet major Google is learnt to have agreed to following the RBI’s local data storage norm for payment services but wants time until December to comply with.

“Google during the US visit of law and IT minister Ravi Shankar Prasad conveyed to him that they are ready to comply with RBI rules but want two months more to comply with data storage rule,” a government source told reporters.

Prasad visited Google headquarters in California in August-end where he met Google CEO Sundar Pichai.

Studying abroad just got costlier

A weak rupee has hit the students studying abroad hard. A steep fall in exchange value of rupee is making them shell out an estimated Rs one lakh more for tuition fee. Their other expenses have also gone up due to depreciation of the domestic currency.

Govt feels the heat as rupee hits record low

As the rupee fell to its new lifetime low of Rs 72.67 against the dollar intraday Monday, a worried government expressed concerns over on the currency decline after continuously cautioning against 'knee jerk' reactions'. The Centre is now considering various options, including the one to tap NRI deposits, to stem the rupee fall. “We can go for overseas borrowing like NRI bonds or deposit scheme. The government is vigilant on rupee fall. The ministry along with the RBI will not shy away from taking measures on the depreciating rupee.

Weakening currency credit negative for firms: Moody’s

A sustained weakening of the rupee would be credit negative for its rated Indian companies, particularly tho­se that generate revenue in rupees but rely on the dollar debt to fund their operations and have significant dollar-ba­sed costs, including capital expenses, said Moody’s on Monday.

“The Indian rupee hit a new low of 72.1 to the dollar on Thursday, and has now weakened around 13 per cent since the beginning of 2018,” said Annalisa DiChi­ara, Moody’s vice-president and senior credit officer.

Rupee not to go in for free-fall: Rajan

Former Reserve Bank governor Raghuram Rajan Monday hoped that the rupee will not go in for a free fall as the central bank is appropriately raising interest rate to control inflation. The rupee crashed below the 72-mark to end at a life-low of 72.45 against the US dollar on growing fears of contagion from an emerging-market rout and escalation of a global trade war.