BUSINESS
Agri boost: Sugarcane worth Rs 91,000 crore purchased in 2020-21
Also, a record value of sugarcane worth nearly Rs 91,000 crore has been purchased by sugar mills in 2020-21 to facilitate export of surplus sugar and diversion of sugar to ethanol to ensure timely payment of cane dues, said a release issued by the Ministry of Consumer Affairs, Food and Public Distribution. In the past few years, sugar production in the country has been more than the domestic consumption.
Jet Airways staff moves NCLAT against Kalrock-Jalan resolution plan
The appeal comes after the emloyees rejected the resolution plan. The plea by the Bharatiya Kamgar Sena (BKS) and the Jet Airways Cabin Crew Association have cited concerns on unpaid salary dues and continuity. In the voting process of employees, only 35.1 per cent approved the plan while 3.2 rejected it, and 61.6 per cent abstained from the voting.
Rural consumption grew in Apr-Jun, albeit slowly: Report
In contrast, urban consumption surged 27 per cent YoY during the last quarter, primarily on a low base of '-18' per cent YoY in Q1FY21. "In other words, despite the second Covid wave, rural consumption continued to grow in Q1FY22," the report said. It noted that the rural sector claimed a higher share in Covid cases during the second wave.
Resolution professionals can now verify tax returns of bankrupt companies
The Income-tax (24th Amendment) Rules, 2021, notified by the ministry on Wednesday also made it the obligation of the resolution professional to follow the rules meant for tax return preparers of certain assessees. Under clause (c) and (cd) of section 140 of the IT Act, enables any other person, as may be prescribed by the board, to verify the return of income in the cases of a company and a limited liability partnership.
India's housing market likely to reach new peak in 2023: Anarock
The unprecedented rise in homeownership sentiment, faster adoption of technology and digital marketing, and innovative business practices have served to soften the overall impact of Covid-19 on the Indian residential sector. the unprecedented rise in homeownership sentiment, faster adoption of technology and digital marketing.
Taliban can't access Afghanistan's cash reserves, gold stocks: Central bank chief
The Da Afghanistan Bank, which is the central bank of the nation, has around $9 billion dollars in reserves, out of which most of it has been held in overseas banks. The money has been put safely into many banks as per international standards, Ahmady said. Out of these, most assets have been held in liquid assets such as treasuries and gold, he added.
RBI revises guidelines for hiring bank lockers, increases rental charge |10 points
However, it is not just beneficial for banks alone as the new RBI guidelines make it mandatory for banks to settle the claims of customer complaints within a period of 15 days from the original complaint. This would result in a much efficient system overall. This move has come amidst the concern raised by the Supreme Court.
Indian govt's IT spending to reach $8.3 bn in 2022
The software segment is forecast to achieve the highest growth of 24.7 per cent in 2022 as the adoption of citizen service delivery applications with use of artificial intelligence and machine learning will improve across citizen initiatives. "The pandemic forced the government to shift priorities as supply chains and revenue streams dwindled," said Apeksha Kaushik, senior principal research analyst at Gartner.
IndiGo's UAE bound flights cancelled for a week
Industry insiders alleged that the airline ferried few passengers, who violated travel testing norms for entering the UAE. The airline in a statement said that all flights to the gulf country have been cancelled due to operational issues "Due to operational issues, all IndiGo flights to UAE stand cancelled till August 24, 2021," the airline said in a statement.
Diesel prices fall further, petrol holds steady
This is one successive day when diesel prices have been cut across the country. The companies, however, have kept petrol prices unchanged for the 33rd consecutive day as wait and watch continued to analyse the global oil market for some more time before any revision. With the cut, diesel is now priced at Rs 89.47 and with no change in rates petrol continues to be sold for Rs 101.84 per litre in Delhi.
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