BUSINESS
Petrol, diesel prices unchanged on Tuesday
The oil marketing companies (OMCs) on Tuesday kept pump prices of petrol and diesel unchanged, marking ninth consecutive day of no revision, and decided to wait and watch the global oil situation before making further changes.
'Serious possibility of complete economic collapse in Afghanistan'
Guterres made the remarks here on Monday while convening a high-level ministerial meeting on the humanitarian situation in Afghanistan, reports Xinhua news agency. He highlighted the acute and urgent need for funding support and action in the country. "The people of Afghanistan need a lifeline. After decades of war, suffering and insecurity, they face perhaps their most perilous hour," he said during his opening remarks at the meeting.
Smooth and transparent procurement from this season: Govt
Last year, procurement of foodgrains under the minimum support price (MSP) continued despite disruptions in logistics during the initial days of the lockdown in the wake of the Covid-19 pandemic. "However, the government increased the number of procurement centres compared to previous years to facilitate the farmers in selling their produce at the nearest procurement centre maintaining Covid protocols," Agriculture Secretary Sanjay Agarwal said on Monday.
Refund for unutilised Input Tax Credit can't be claimed on input services: SC
A bench comprising Justices D.Y. Chandrachud and M.R. Shah upheld the validity of Rule 89(5), overturning a 2020 Gujarat High Court judgment which had held that Rule 89(5) was ultra vires Section 54 (3) of the CGST Act, 2017. Rule 89(5) of the CGST Rules provides for the computation of the refund of ITC on account of an inverted duty structure.
IndiGo to strengthen domestic network with 38 new flights in Sept
These 38 flights will include 24 connecting flights, two new flights and 12 flights that the airline will be relaunching after the second wave of the Covid-19 pandemic. IndiGo said in a statement that it will operate new flights between Raipur and Pune, besides restarting flights between Lucknow-Ranchi, Bengaluru-Vishakhapatnam, Chennai-Indore, Lucknow-Raipur, Mumbai-Guwahati and Ahmedabad-Indore routes.
'Timely announcement of MSP for rabi can help farmers plan better
The Minimum Support Price (MSP) for rabi crops is, in most years, announced in October or later, when most of the farmers are done with sowing. Last year, it was announced on September 23 and for the year 2022-23, it was announced last week, on September 8."This has been a deliberate attempt to announce the MSP for rabi season early so that the farmers get ample time to plan their crop," Agarwal.
ARCs may hunt MSME, retail assets as ground shifts
ARCs have been facing headwinds since the past two fiscals, with assets under management (AUM) - as measured by security receipts (SRs) outstanding - contracting after a strong run-up in the previous five fiscals. Between fiscals 2015 and 2019, their AUM had expanded steadily on supportive regulations introduced in 2014 fiscal. But that trend then reversed in fiscal 2020 with 4 per cent contraction.
RBI warns against frauds in guise of KYC update
In a statement on Monday, the RBI said that it has been receiving complaints and reports about customers falling prey to frauds being perpetrated in the name of KYC updation. The usual modus operandi in such cases include receipt of unsolicited communication, such as, calls, SMSs, emails among others from customers by urging them to share certain personal, account, or login details.
219 deals worth $8.4 bn in August, record volumes since 2005
"Domestic consolidation led to 68 per cent of the deal volumes in M&A. Unicorns, such as Byju's, Unacademy and Dream Sports sealed some of the M&A deals. As improvement in industrial indicators and external demand unfold, we hope economic activities would normalize in the coming months driven by pent-up demand, ongoing vaccination drive, support from policy mix and a resurgence in global growth," said Shanthi Vijetha,
Can't let IBC fail, avoid delay in resolution processes, SC tells tribunals
Observing that judicial delay was one of the major reasons for the failure of the insolvency regime that was in effect prior to the Insolvency and Bankruptcy Code (IBC), the court said: "We cannot let the present insolvency regime meet the same fate." The bench, headed by Justice D.Y. Chandrachud, said that the NCLT and the NCLAT should endeavour, on a best effort basis, to strictly adhere to the timelines.
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