BUSINESS
IMF expected to complete new SDR allocation by Aug end
The IMF executive board on Friday discussed a proposal for a new SDR allocation of $650 billion, "the largest issuance in the IMF's history" aimed at helping its membership, especially the most vulnerable, overcome the Covid-19 crisis, Rice said in a statement at the end of the meeting. "The Board discussion is another step in the process toward a new SDR allocation which we expect to be completed by the end of August," Rice said.
Petrol, diesel on a roll, rates rise by sharp 35 p/ltr
The retail prices of both petrol and diesel rose by a sharp 35 paise per litre on Saturday to touch new high of Rs 98.11 and Rs 88.65 per litre respectively in Delhi. With the rise, petrol price has reached very close to hitting the century mark all across the country extending the scope of historic high prices that had already made the fuel rate cross the Rs 100 per litre mark in certain cities and towns of Maharashtra.
RBI extends restrictions on PMC Bank till Dec 31
The decision came a week after the RBI granted an "in principle" approval to Centrum Financial Services for setting up a small finance bank (SFB), thereby clearing the decks for the takeover of th crisis-hit PMC Bank by Centrum and BharatPe as equal partners. In response to the Expression of Interest (EOI) dated November 3, 2020 floated by PMC Bank for its reconstruction, certain proposals were received.
SEBI considers easier delisting framework post open offer
As per the current norms, a mandatory open offer of 26 per cent is required for acquisition of shares held by all shareholders other than the acquirer, if the acquirer has agreed to acquire shares representing an entitlement to vote (25 per cent or more), or control over a listed company.
Govt liabilities rise to Rs 116.2 lakh cr in Q4: FinMin report
This represented a quarter-on-quarter increase of 6.36 per cent in Q4 FY21. Public debt accounted for 88.10 per cent of total outstanding liabilities at end-March 2021, the quarterly report on public debt management released on Friday said.
RBI extends restrictions on PMC Bank till Dec 31
The decision came a week after the RBI granted an "in principle" approval to Centrum Financial Services for setting up a small finance bank (SFB), thereby clearing the decks for the takeover of th crisis-hit PMC Bank by Centrum and BharatPe as equal partners.
India's forex reserves declines by over $4 bn
According to the Reserve Bank of India's (RBI) weekly statistical supplement, the reserves decreased to $603.933 billion from $608.081 billion reported for the week ended June 11. India's forex reserves comprise foreign currency assets (FCAs), gold reserv es, special drawing rights (SDRs), and the country's reserve position with the International Monetary Fund (IMF).
UK probes Amazon, Google for fake reviews of goods
The move follows the CMA's initiation of an inquiry last May that raised concerns over the companies' handling of fake or misleading reviews on their respective sites, Engadget reported. At the time, the regulator did not specify which websites it was investigating. Instead, it said that it was looking into issues including suspicious behaviour, such as a single user posting multiple reviews for an unlikely range of products or services.
Govt announces tax relief on expenditure towards Covid treatment, extends deadlines
The government also provided relief to the family members of a taxpayer falling prey to Covid by providing income-tax exemption on the ex-gratia payment received by them from the employer or from any other person. This exemption shall be allowed without any limit for the amount received from the employer, while the exemption shall be limited to Rs 10 lakh in aggregate for the amount received from any other person, a Finance Ministry statement said.
Ex-Infosys CEO to lead task force for bureaucratic reforms
Govind Iyer, Consultant, Egon Zehnder, and Pankaj Bansal, Co-founder and Group CEO, PeopleStrong, are the two other members of the task force. Adil Zainulbhai, Chairman designate of Capacity Building Commission, Department of Personnel and Training (DoPT), would be a special invitee to the discussions of the task force.
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