SBI account holder? Know new ATM withdrawal, loan rules kicking in today

SBI will use repo rate as the external benchmark to price all new floating-rate loans for MSMEs, housing and retail loans and credit for medium-sized enterprises from today

Starting today (October 1), State Bank of India has revised its service charges and also adopted the repo rate as the external benchmark for its floating-rate loans. Here are some of the most important changes that you must know about if you are an SBI customer:

New ATM withdrawal rules: According to new rules, SBI will allow 8-10 free ATM transactions in a month for its customers with average monthly balance (AMB) of up to Rs 25,000 in their savings accounts. For customers with AMB above Rs 25,000, State Bank of India will allow unlimited transactions at its own ATMs. The free limit at other banks’ ATMs would remain the same for all customers — three transactions in metro cities and 5 transactions at ATMs in other cities and towns.

Customers who exceed the number of free transactions will have to pay a fee ranging from Rs 5 plus GST to Rs 20 plus GST. Cardless cash withdrawals at ATMs will be charged at Rs 22 plus GST. SBI salary account holders will continue to enjoy unlimited free transations at all ATMs.

Cash withdrawal: SBI account holders with AMB of up to Rs 25,000 are allowed two free cash withdrawals at bank branches. Those with AMB between Rs 25,000 and Rs 50,000 will get 10 free cash withdrawals...

Second wave of NPAs? SBI, BoB, YES Bank could be hit, says Jefferies

YES Bank, Bank of Baroda, SBI, IndusInd Bank, and RBL Bank are amongst the banks most prune to “high risk” emanating from Anil Dhirubhai Ambani Group (ADAG), Cox & Kings, CG Power, and DHFL

Bank of Baroda (BoB), Axis Bank, ICICI Bank, and State Bank of India (SBI) could be staring at another wave of non-performing assets (NPAs), especially in the telecom and construction sector, as there appears to be a divergence between the credit rating assigned and the financial health of the corresponding corporate entity, says the latest sector report by Jefferies.

In a note on Indian banks and financial institutions co-authored by Nilanjan Karfa and Harshit Toshniwal, Jefferies suggests there is a potential “meaningful divergence” between the ratings and the debt repayment ability. YES Bank, Bank of Baroda, SBI, IndusInd Bank, and RBL Bank are amongst the banks, Jefferies says, that are most prone to “high risk” emanating from Anil Dhirubhai Ambani Group (ADAG), Cox & Kings, CG Power, DHFL and Essar Shipping.

Given the elevated debt serviceability ratio (the higher the ratio the poorer the ability to sustain debt levels), the ‘A’ rated corporate are the most prone to further credit rating downgrades. The report, however, points out that debt or interest repayment abilities of ‘BBB’ and below rated companies have seen an improvement….

DGCA orders check for cracks in 23 SpiceJet Boeing 737-NG aircrafts

Nineteen passenger aircraft above 26,000 flight cycles and four freighters having above 36,000 cycles of SpiceJet will be affected by the order

Indian aviation regulatory body, Directorate General of Civil Aviation (DGCA), has ordered checks of the joining areas of wings and body of all Boeing 737 Next-Generation (NG) aircraft in India for those which have completed over 26,000 flight cycles (FC).

Recently, cracks were found in three Boeing 737 NG planes having more than 36000 flight cycle at the wing to body frame fitting during a check. Boeing has been apprised about the cracks. Nineteen passenger aircraft above 26,000 flight cycles and four freighters having above 36,000 cycles of SpiceJet will be affected by the order. Vistara and Air India Express are currently flying nine and 25 aircraft of Boeing 737s but they will not be affected as their aircraft have yet to touch 17,000 flying cycles. A flight cycle is one complete flight from take-off to landing.

A senior DGCA official said the checks will start this week. “An airworthiness directive is expected on Wednesday that will be effective from Thursday (for the checks). The inspection will last an hour and will be done with the help of Boro equipment,” he said…

Trump allies Giuliani, Pompeo, Barr drawn deeper into impeachment focus

The rapid-fire developments expanded the potential scope of the House’s inquiry, which began last week after revelations of Trump’s call with Zelensky

Donald Trump’s personal lawyer, Rudy Giuliani, his Secretary of State Michael Pompeo and Attorney General William Barr were all drawn deeper into the House impeachment inquiry after new details of the administration’s foreign contacts emerged on Monday.

Three House committees said they had subpoenaed Giuliani for records of his dealings with Ukraine on Donald Trump’s behalf. And Mike Pompeo was among those listening in on a July 25 phone call between Trump and Ukrainian President Volodymyr Zelensky, according to a person familiar with the matter. That conversation is central to the impeachment investigation.

Barr has asked Trump to contact “other countries” for help with a probe into the origins of the Justice Department’s investigation of Russian interference in the 2016 election, department spokeswoman Kerri Kupec said in an email. The prosecutor leading the investigation, U.S. Attorney John Durham, “is gathering information from numerous sources, including a number of foreign countries,” she said.

The New York Times reported that Trump recently asked Australian Prime Minister Scott Morrison to assist Barr in his probe, and the Washington Post reported that Barr has held meetings overseas with foreign intelligence officials to seek their help….

China celebrates 70 years of Communist rule with grand military parade

The official ceremonies began on Monday with Chinese President Xi Jinping paying his respects to the founder of the ruling Communist Party of China (CPC) Mao Zedong’s embalmed body in Beijing

China celebrated its 70th anniversary of the Communist rule on Tuesday with a massive military parade, showcasing its most advanced weapons, including nuclear and hypersonic missiles, amid mounting political and economic challenges.

The official ceremonies began on Monday with Chinese President Xi Jinping paying his respects to the founder of the ruling Communist Party of China (CPC) Mao Zedong’s embalmed body in Beijing. Xi, accompanied by six other members of the CPC’s Standing Committee, visited Mao’s mausoleum located in the heart of the power centre, the Tiananmen Square. They bowed three time in front of the former chairman’s statue.

Later, addressing a reception at the Great Hall of the People to celebrate the 70th anniversary of the founding of the People’s Republic of China (PRC) Xi, 66, said over the past 70 years, the Chinese people under the leadership of the ruling CPC had successfully blazed a path of socialism with Chinese characteristics and advanced socialism with Chinese characteristics into a new era. Hailing the remarkable achievements made by the Chinese people in the past 70 years, Xi said absolute poverty, a problem that has plagued the Chinese nation for thousands of years, was coming to an end…

Mumbai police file FIR in PMC Bank fraud case; ED may initiate probe soon

Police to set up SIT team, hire forensic auditor

A first information report was registered against Punjab and Maharashtra Co-operative Bank Chairman S Waryam Singh, office-bearers, suspended managing director Joy Thomas, Housing Development & Infrastructure (HDIL), its associate firms and promoters Rakesh and Sarang Wadhawan, among others, by the economic offences wing (EoW) of the Mumbai Police on Monday.

A look out notice has also been issued against Thomas, sources told Business Standard. According to a PTI report, a lookout circular was also issued against Wadhawans. The Enforcement Directorate is likely to register a case under the Prevention of Money Laundering Act in the next few days based on the FIR, sources said. The case filed is a base offence under money laundering, said an ED official.

In the EoW case, the accused have been charged under Sections 409 (breach of trust), 420 (cheating), 465 (forgery), 466 (aggravated form of forgery), 471 (using a forged document as genuine), and 120 (B) (criminal conspiracy) of the Indian Penal Code. The EoW has formed a special investigation team to probe the matter. The FIR was lodged following a complaint by the Reserve Bank of India (RBI) appointed administrator of PMC Bank for financial irregularities at the lender. Separately, the police will appoint a forensic auditor to study the money trail and a legal advisor for carrying the probe further….

Read More: PMC Bank Crisis

Forever 21 files for bankruptcy, will shutter most stores in Asia, Europe

Forever 21 has obtained $275 million in financing from lenders with JPMorgan Chase & Co. as agent, as well as $75 million in new capital from TPG Sixth Street Partners and its affiliated funds

Forever 21 Inc. filed for bankruptcy protection, the latest big fashion merchant who couldn’t cope with high rents and heavy competition as the shift to e-commerce cut a swathe through traditional retailers.

Court papers filed in Wilmington, Delaware, show Forever 21 has estimated liabilities on a consolidated basis of between $1 billion and $10 billion. The Chapter 11 filing allows the Los Angeles-based company to keep operating while it works out a plan to pay its creditors and turn around the business.

Forever 21 has obtained $275 million in financing from lenders with JPMorgan Chase & Co. as agent, as well as $75 million in new capital from TPG Sixth Street Partners and its affiliated funds. It plans to exit most of its international locations in Asia and Europe, but will continue operations in Mexico and Latin America. The stores expect to honor gift cards, returns and exchanges.

Once popular among teenagers in the 2000s for its affordable but eye-catching designs, Forever 21’s signature bright-yellow shopping bags have become a rarer sight as Generation Z consumers — those born from 1998 onwards — shifted rapidly over to e-commerce and streetwear brands in recent years. The bankruptcy filing could help Forever 21 get rid of unprofitable stores and raise fresh funds, allowing the private, family-held company to restructure its flailing business for a new generation….

Keep Reading: International News

Xi bows to Mao as China prepares to celebrate 70 years of Communist rule

The last time a Chinese leader bowed to the statue of the “Great Helmsman” was six years ago, when Xi commemorated Mao’s 120th birthday

Chinese President Xi Jinping paid his respects to Chairman Mao Zedong’s embalmed body Monday in a rare gesture ahead of China’s celebration of 70 years of Communist rule. Xi and other top Chinese officials visited Mao’s mausoleum — located in the heart of Beijing in Tiananmen Square — and bowed three times to the late leader’s statue, reported official news agency Xinhua.

He also paid respects to the remains of Mao, whose embalmed body is kept in a glass display at the memorial hall. The last time a Chinese leader bowed to the statue of the “Great Helmsman” was six years ago, when Xi jinping commemorated Mao’s 120th birthday. The move to honour the founder of the People’s Republic of China comes as the country readies itself for a day of tightly-choreographed festivities, including a massive military parade and the release of 70,000 doves.

The anniversary is meant to showcase China’s extraordinary rise from the ravages of war and famine to a modern, powerful nation state whose economic and military muscle is viewed by many with increasing concern. But the celebration comes in a very bad year for the Chinese president. The US-China trade spat threatens to pummel the global economy, while African swine fever has sent the price of pork — the country’s staple — soaring….

Govt may seek Rs 30,000 crore interim dividend from RBI, says report

Last fiscal, the RBI paid Rs 28,000 crore as interim dividend

The government may seek an interim dividend of about Rs 30,000 crore from the RBI towards the end of the financial year to meet its fiscal deficit target of 3.3 per cent of GDP for 2019-20, sources said.

Government finances have come under pressure due to moderation in revenue collection and a slew of measures taken to lift growth from a six-year low of 5 per cent in the first quarter of the current fiscal. “If required, the government may request the Reserve Bank of India for interim dividend of Rs 25,000-30,000 crore during the current fiscal,” an official said.

The assessment in this regard would be made in early January, the official added. Apart from the RBI dividend, there are other means of bridging any shortfall, including mop up from disinvestment and higher utilisation of National Small Saving Fund (NSSF), sources added. In the past, the government has taken the route of seeking interim dividend from the RBI to balance its account. Last fiscal, the RBI paid Rs 28,000 crore as interim dividend.

During 2017-18, the government received Rs 10,000 crore as interim dividend from the central bank. Last month, Governor Shaktikanta Das-led RBI central board gave its nod for transferring to the the government a sum of Rs 1,76,051 crore, comprising Rs 1,23,414 crore of surplus for the year 2018-19 and Rs 52,637 crore of excess provisions identified as per the revised Economic Capital Framework (ECF)….

Saudi Arabia to invest $100 billion in India, eyes long-term partnership

Vision 2030 of Crown Prince Mohammed bin Salman will also result in significant expansion of trade and business between India and Saudi Arabia

Saudi Arabia, the world’s biggest oil exporter, is looking at investing $100 billion in India in areas of petrochemicals, infrastructure and mining among others, considering the country’s growth potential. Saudi Ambassador Dr Saud bin Mohammed Al Sati has said India is an an attractive investment destination for Saudi Arabia and it is eyeing long-term partnerships with New Delhi in key sectors such as oil, gas and mining.

“Saudi Arabia is looking at making investments in India potentially worth $100 billion in the areas of energy, refining, petrochemicals, infrastructure, agriculture, minerals and mining,” Al Sati told PTI in an interview. He said Saudi Arabia‘s biggest oil giant Aramco’s proposed partnership with Reliance Industries Ltd reflected the strategic nature of the growing energy ties between the two countries.

The envoy said investing in India’s value chain from oil supply, marketing, refining to petrochemicals and lubricants is a key part of Aramco’s global downstream strategy. “In this backdrop, Saudi Aramco’s proposed investments in India’s energy sector such as the $44 billion West Coast refinery and petrochemical project in Maharashtra and long term partnership with Reliance represent strategic milestones in our bilateral relationship,” he said….

110 dead in four days due to heavy rains across country; Patna worst hit

As many as 13 deaths were also reported on Saturday from Uttarakhand, Madhya Pradesh and Rajasthan in incidents triggered by heavy rains

Nearly 110 people died in rain-related incidents across the country in the past four days, with Uttar Pradesh reporting the maximum deaths, while incessant rainfall in Bihar has badly hit normal life, with almost all areas of capital city Patna under knee-deep waters and people struggling to meet their daily needs.

In what the weather department said could be the longest delayed withdrawal of Monsoon, rains continued to lash several states including Bihar, where at least 13 people have died over the past 48 hours, while large swathes were inundated, affecting railway traffic, healthcare services, schools and disrupting power supply. In Uttar Pradesh, at least 79 people have died since Thursday. According to a state government report, 25 people died on Saturday, 18 lost their lives on Friday and 36 the day before.

In Gujarat, three women drowned after their car was swept away at a flooded causeway in Rajkot district on Sunday following heavy rains in several parts of Saurashtra region, officials said. As many as 13 deaths were also reported on Saturday from Uttarakhand, Madhya Pradesh and Rajasthan in incidents triggered by heavy rains…

Read More: Patna Flood

It is a ‘jihad’: Pakistan PM Imran Khan on Kashmir after returning from US

Khan on Friday raised the Kashmir issue in his address to the UNGA and demanded that India must lift the ‘inhuman curfew’ in Kashmir and release all ‘political prisoners’

Prime Minister Imran Khan on his return from the US on Sunday said that those standing by Kashmiris were doing “jihad” and Pakistan will support Kashmiris even if the world does not.

Prime Minister Khan, who focussed on the Kashmir issue in his maiden address to the UN General Assembly, told his party workers at the airport in Islamabad that “whether the world is with the Kashmiris or not, we are standing with them.” “It (standing by Kashmiris) is jihad. We are doing it because we want Allah to be happy with us,” he said.

“It is a struggle and do not lose heart when the time is not good. Do not be disappointed as the Kashmiris are looking towards you,” he said. He said “Kashmiris would win if the Pakistani people stood by their side”. Khan on Friday raised the Jammu and Kashmir issue in his address to the UNGA and demanded that India must lift the “inhuman curfew” in Kashmir and release all “political prisoners”.

In his speech that went on for about 50 minutes, far exceeding the 15-minute limit for UN speeches during the General Debate, Khan devoted half of his address to the Kashmir issue, warning that if there’s face-off between two nuclear-armed neighbours, the consequences would be far beyond their borders.

His war rhetoric was in sharp contrast to Prime Minister Narendra Modi’s peace message from the same podium few minutes earlier in which he said India is a country, that has “given the world, not war, but Buddha’s message of peace.” Pakistan has….

Vikram had hard landing; NASA releases images of Chandrayaan 2 landing site

Vikram was scheduled to touch down on September. 7. This event was India’s first attempt at a soft landing on the Moon

NASA on Friday released high-resolution images captured by its Lunar Reconnaissance Orbiter Camera (LROC) during its flyby of the lunar region where India’s ambitious Chandrayaan 2 mission attempted a soft landing near the Moon’s uncharted south pole, and found Vikram had a hard landing.

The Vikram lander module attempted a soft landing on a small patch of lunar highland smooth plains between Simpelius N and Manzinus C craters before losing communication with ISRO on September 7. “Vikram had a hard landing and the precise location of the spacecraft in the lunar highlands has yet to be determined, NASA said. The scene was captured from a Lunar Reconnaissance Orbiter Camera Quickmap fly-around of the targeted landing site image width is about 150 kilometres across the centre.

Vikram was scheduled to touch down on September. 7. This event was India’s first attempt at a soft landing on the Moon. The site was located about 600 kilometres from the south pole in a relatively ancient terrain, according to the US space agency.

The LRO passed over the landing site on September 17 and acquired a set of high-resolution images of the area; so far the LROC team has not been able to locate or image the lander…

Read More: Chandrayan 2

RBI hikes withdrawal cap to Rs 10,000 from Rs 1,000 for PMC Bank customers

The amount is the maximum one can withdraw in six months, and includes the Rs 1,000 withdrawal allowed earlier

PMC Bank Crisis: The Reserve Bank of India (RBI) on Thursday increased the withdrawal limit for depositors in Punjab and Maharashtra Cooperative Bank (PMC) to Rs 10,000 from Rs 1,000 earlier.

“The relaxation has been granted with a view to reducing the hardship of the depositors. The Reserve Bank is closely monitoring the position and shall continue to take further steps as are necessary to safeguard the interest of the depositors of the bank,” the RBI said in a statement.

The amount is the maximum one can withdraw in six months, and includes the Rs 1,000 withdrawal allowed earlier. So the additional the customer can withdraw now is Rs 9,000. This was done “on a preliminary assessment of the bank’s latest depositor and liquidity profile as furnished by the administrator,” the RBI said. With the relaxation, “more than 60 per cent of the depositors of the bank will be able to withdraw their entire account balance,” the RBI said in a statement.

The statement said the RBI was forced to clamp down on deposit withdrawal from the bank “on account of major financial irregularities, failure of internal control and systems of the bank and wrong/under-reporting of its exposures under various off-site surveillance reports to RBI that came to the Reserve Bank’s notice recently.”

E-commerce firms expect 60% increase in business this Diwali season

The estimate is in sharp contrast to the prevailing economic scenario in the country, with every other industry blaming slowdown for affecting businesses

Almost 32 million users are expected to buy from the e-commerce firms during the upcoming mega Diwali sale, RedSeer Consulting has said. The firm claims the period will see users make 75 million transactions this year, against over 45 million in the last.

The estimate is in sharp contrast to the prevailing economic scenario in the country, with every other industry blaming slowdown for affecting businesses. A few days ago, however, the two e-commerce majors in India — Flipkart and Amazon — shrugged off slowdown stories.

RedSeer’s numbers show that might be true for the e-commerce sector in the country. During this year’s festive sale, e-commerce firms are expected to clock business of $3.7 billion, 60-65 per cent higher than $2.3 billion last year, according to estimates from RedSeer. Forester Research also estimates $3.8 billion in overall e-commerce sales. However, its estimate of growth is 36 per cent, given that it believes 2018 festive season sales were $2.9 billion.

“Our consumer and business research and prediction modellers clearly indicate that market is ready to grow significantly during the festive days of 2019,” said Anil Kumar, founder and chief executive, RedSeer….

No liquidity crisis: FM after ‘tonic-like’ meeting with private banks

Says sentiment driving lower passenger vehicle sales, says Finance Minister Nirmala Sitharaman

Demand is back in the system, Finance Minister Nirmala Sitharaman said on Thursday, expressing hope that it, along with increased lending, would perk up the economy in the second half of the current financial year. The finance minister’s statement came amid growing concerns about a slowing economy. The economic growth plunged to an over six-year low of 5 per cent in the first quarter.

“Things are looking forward and upward from here, and we hope to take this message across,” Nirmala Sitharaman said after holding a meeting with top executives of private sector banks, housing finance companies, and micro finance institutions (MFIs). Last week, she had met heads of public sector banks and asked them to go for an outreach programme to step up lending.

None of the bankers in the meeting on Thursday said they faced any liquidity issues. They, however, admitted there were some glitches, such as those related to know-your-customer (KYC) norms and co-origination of loans by non-banking financial companies (NBFCs) and others. They also said there was enough demand for loans, she added.

“On the whole, it was a very tonic-like meeting where I heard good things, positive things,” she said, adding that “the message I got is that consumption is happening and there are no liquidity issues”.Finance Secretary Rajiv Kumar invited private sector banks to join the outreach programme in 400 districts for potential lending. The first phase of the programme will start in 250 districts from October 3-7, he said. The next phase will begin around Diwali. Maintaining that there was no liquidity issue, Kumar said the outreach programme was being organised to take advantage of the festival season.

World leaders come up short at UN summit as millions demand climate action

Under the Paris Agreement, countries are expected to submit new, and ideally more ambitious, climate action plans every five years. The next presentations are due in 2020

Millions of people in 170 countries took to the streets to protest. World leaders lined up at the United Nations to pledge action. A 16-year-old girl, close to tears, shamed them for robbing her of a future.

The pressure to act on climate change is mounting. Titans of global business and politics gathered in New York this week for a series of events, including the Bloomberg Global Business Forum in New York, to acknowledge that more must be done — but fell short of saying exactly what will be done.

“Time is running out in the court of public opinion, because time is running out to address climate change,” New Zealand Prime Minister Jacinda Ardern told heads of state and business chiefs at the Global Business Forum on Wednesday. “It’s right for them to hold our feet to the fire.”

The stakes have indeed never been higher. Temperatures have already risen 1 degree Celsius (2 degrees Fahrenheit) since the 1880s. The world must limit that warming to no more than 2 degrees above Industrial Revolution levels, the UN has warned, to avoid the most catastrophic of droughts, floods, mass migrations and conflicts. “You can just feel the groundswell of popular sentiment, that the urgency of this is elevated,” Goldman Sachs Group Inc. Chief Executive David Solomon said during the forum.

When asked whether there’s enough information out there to determine his own bank’s exposure to climate change, Solomon said, “We’re working on it. The answer is we’re working on it.” It was a response that underscored both the heightened awareness among leaders that they will be held responsible for global warming and the work that still lays ahead of them…

No UN breakthrough: Iran closes the door on talks as US ramps up sanctions

Trump had already ruled out easing economic pressure and, hours before Rouhani’s speech, his administration said it was stepping up sanctions

Iran’s president has closed the door on meeting Donald Trump despite last-minute European efforts to ease tensions as the United States again ramped up punishing sanctions. French President Emmanuel Macron had shuttled between his US and Iranian counterparts over two days at the United Nations, trying to arrange a historic encounter that he hoped could reduce the risk of all-out war in the Middle East.

But Iranian President Hassan Rouhani, addressing the UN General Assembly, saidon Wednesday he would refuse talks so long as the United States maintains its economic pressure. “I would like to announce that our response to any negotiation under sanctions is negative,” Rouhani said.

He dismissed the idea of a photo-op with Trump, who is fond of drama and held three made-for-television meetings with North Korean leader Kim Jong Un. “Memento photos are the final stage of negotiations, not the first one,” he said. He doubted the sincerity of the Trump administration to negotiate, pointing to officials’ boasts of applying “the harshest sanctions in history” against Iran.

“How can someone believe them when the silent killing of a great nation, and pressure on the lives of 83 million Iranians, especially women and children, are welcomed by American government officials?” “The Iranian nation will never, ever forget and forgive these crimes and these criminals,” he said.

Transcipt shows Trump prodded Ukraine leader to help in Joe Biden probe

In the call, Trump raised unsubstantiated allegations that Biden sought to interfere with a Ukrainian prosecutor’s investigation of the former vice president’s son Hunter

President Donald Trump repeatedly prodded Ukraine’s new leader to work with the US attorney general and lawyer Rudy Giuliani to investigate Democratic political rival Joe Biden, according to a rough transcript summarizing the call released Wednesday.

In the call, Donald Trump raised allegations, without citing any evidence, that the former vice president sought to interfere with a Ukrainian prosecutor’s investigation of his son Hunter. “There’s a lot of talk about Biden’s son, that Biden stopped the prosecution and a lot of people want to find out about that,” Trump said to Ukrainian President Volodymyr Zelenskiy.

The conversation between the two leaders is one piece of a whistleblower’s complaint, which followed the July 25 call. The complaint is central to the formal impeachment inquiry launched Tuesday by House Speaker Nancy Pelosi.

The White House account of the call reveals that Trump was willing to engage a foreign leader to dig up dirt on a political foe and he goes so far as to volunteer his attorney general to help. But Trump appears to stop short in the call of any explicit quid pro quo, such as linking Ukraine’s help to American military aid or other assistance…

400,000 taxpayers to face scrutiny under new e-assessment system

Notices were being served to a little over 100,000 assesses, seeking explanation on the returns filed within 15 days

The income-tax (I-T) department has identified about 400,000 taxpayers who will face scrutiny under the new faceless assessment scheme. Notices were being served to a little over 100,000 assesses, seeking explanation on the returns filed within 15 days, said an official privy to the development. However, about 10,000 such letters were undelivered and, in some cases, bounced back. The deadline of sending scrutiny letters ends on September 30.

The tax department is learnt to have finalised computer-assisted scrutiny selection (CASS) cycle for the current year and has selected about 100 parameters to scrutinise returns under the new system. Sources said some of the parameters, based on which notices were served, included undisclosed foreign income and immovable properties, high-value transactions, misreporting of long-term capital gains, TDS claimed not matching with the tax forms, non-disclosure of investments made in the name of spouse, relatives, filing defective return, tax evasion in earlier years, and so on.

According to the action plan, the e-assessment may not be fully faceless initially, as the jurisdiction assessing officer would be knowing the profile of the assessee and can also view it at the time of serving notices. “For CASS 2019, the notices shall be generated and issued in a centralised manner by the prescribed tax authority, for cases selected for scrutiny. After the issuance of notices, further assessment proceedings shall be conducted by the jurisdictional assessing officer in a regular manner through Income-tax Business Application (ITBA),” according to the assessment module prepared by the I-T department…

HDFC Bank is the most valued brand in India, LIC takes second spot: Survey

The top rung is unchanged but overall brand value growth slows to 6% in 2019 from 34% in the previous year: BrandZ

HDFC Bank beat the crowds to top the list of 75 most valued brands in India, keeping its position intact from the previous year. At second and third spots, too, the old order held its grip. Public sector insurer Life Insurance Corporation of India (LIC) and IT major Tata Consultancy Services (TCS) retained their second and third ranks in the list of most valued Indian brands.

The big change, however, has been in the overall growth of brand values in the BrandZ 2019 Most Valuable Indian Brands, a report by WPP and Kantar Millward Brown. The total value of the top 75 brands increased to $228.2 billion, growing at a moderate 6 per cent over 2018, far slower than 34 per cent recorded the previous year. The report calculates valuations and ranking by combining companies’ financial data with consumer insight and opinion.

While brands grappled with many challenges this year, a few managed to push valuations up significantly. With a 34 per cent jump in brand valuations, Jio led the band of top risers, a diverse set of brands on the list. Preeti Reddy, CEO South Asia, Insights Division, Kantar, said, “They (Reliance Jio) have built an entire ecosystem around Jio which is feeding into each other and they continue to be disruptive.” Among the other brands that increased their valuations at a significant clip are Infosys, TCS, Maggi, Ola, and others….

Come to India, if there’s any gap I’ll act as bridge: Modi tells investors

India is a unique combination of four factors: democracy, demography, demand, decisiveness, said the PM

Prime Minister (PM) Narendra Modi on Wednesday pitched India as ‘the’ investment destination for global investors, saying reforms by his government were just the beginning of a long innings. Modi promised to personally act as a bridge for businesses and said India had a government that respected corporates and wealth creators.

“India’s growth story has four important factors that are rare to find anywhere else in the world. These factors are democracy, demography, demand, and decisiveness,” he said. “Democracy together with political stability, predictable policy and independent judiciary gives confidence of safety and security of investment and of growth,” he said, speaking at the Bloomberg Global Business Forum in New York.

The PM Narendra Modi said his government’s decision to slash corporate tax rates was a “big revolutionary step” for investment, and that the move had been hailed by businesses as historic.

“If you want to invest in a market where there is scale, come to India,” Modi said. “If you want to invest in a market where the latest trends and features are appreciated, come to India. If you want to invest in start-ups with a huge market, come to India. If you want to invest in one of the world’s largest infrastructure ecosystem, come to India.” India, he said, was waiting for global investors. “India is your only destination. I am waiting to welcome you,” he said….

Trump takes China head-on at UN, says he won’t accept a bad trade deal

Trump said he hoped an agreement that was mutually beneficial for the US and China could be reached

United States President Donald Trump brought his nationalistic rhetoric to the United Nations, declaring in his address to world leaders that the future does not belong to globalists but patriots. “Wise leaders always put the good of their own people and their own country first,” Trump said at the 74th General Assembly of the UN in New York on Tuesday, Efe news reported.

“The future does not belong to globalists, the future belongs to patriots, the future belongs to sovereign and independent nations, who protect their citizens, respect their neighbours, and honour the differences that make each country special and unique.”

The president spoke about his country’s trade relations with China and said the US had “lost 60,000 factories after China entered the WTO”. He said other countries were also affected and that the WTO needed “drastic change”. Donald Trump added: “To confront these unfair practices, I placed massive tariffs on more than $500 billion worth of Chinese-made goods.”

He said supply chains were now returning to America and other countries as a result of his administration’s measures. Trump said he hoped an agreement that was mutually beneficial for the US and China could be reached, but added: “I will not accept a bad deal for the American people.” “We are all counting on President Xi as a great leader,” the president said. “The United States does not seek conflict with any other nation, we desire peace, cooperation and mutual gain with all.”

Women must come out of their ‘comfort zones’, says FM Nirmala Sitharaman

The FM said it was her experience as the commerce and defence minister in the previous term of the Modi government, and now as the finance minister, that women do not come forward to stake claim

Finance Minister (FM) Nirmala Sitharaman on Tuesday implored women to come out of their “comfort zones”, stating that while there are laws to ensure more representation to women in governing boards and as independent directors in companies, her experience in the government is that it is difficult to find women.

Sitharaman was addressing a gathering after Rashtriya Swayamsevak Sangh (RSS) chief Mohan Bhagwat unveiled the findings of a survey on Status of Women in India by a Sangh Parivar-backed women’s organisation. One of the findings of the survey is that none of the 24 Parliamentary standing committees has had a woman head.

The FM Nirmala Sitharaman said it was her experience as the commerce and defence minister in the previous term of the Modi government, and now as the finance minister, that women do not come forward to stake claim. She said it is not that there is a dearth of capable women, but they just “do not bother” to come out.

The FM said laws for more participation of women should not get reduced to “tokenism”, and while laws that make increased women’s representation mandatory are needed, but it is equally important for women to come out of their “comfort zones” and take up challenges...

Amazon, Flipkart create over 140,000 temporary jobs ahead of festive sales

Amazon.in, in a statement on Tuesday, said it has created more than 90,000 seasonal employment opportunities. Similarly, Walmart-owned Flipkart has added over 50,000 direct jobs

E-commerce giant Amazon and Flipkart have created over 1.4 lakh temporary jobs across supply chain, last-mile connectivity and customer support in preparation for their festive sales that kicks off later this month.

Amazon.in, in a statement on Tuesday, said it has created more than 90,000 seasonal employment opportunities across its fulfilment centres, sortation centres, delivery stations, partner fulfilment network and customer service sites.

Similarly, Walmart-owned Flipkart has added over 50,000 direct jobs across its supply chain, logistics arm and customer support. It expects to have increased the indirect jobs through the seller network by 30 per cent over last year taking it to 6.5 lakh in the run up to its Big Billion Days sale, a Flipkart statement said.

Like in offline retail, e-commerce companies see a significant jump in sales during Dusshera and Diwali. The September-November period typically generates a majority of annual sales of these companies, which prepare months in advance for the sale events.

Amazon said it has created seasonal positions in cities like Mumbai, Delhi, Hyderabad, Chennai, Bengaluru , Ahmedabad and Pune, along with indirect opportunities through its fulfilment partner networks such as its trucking partners and packaging vendors...

Rs 25,000-cr scam: ED books Sharad Pawar, nephew for money laundering

The probe agency said that loans were sanctioned to CSF despite weak financial and negative network

The Enforcement Directorate (ED) has registered a money laundering case against Nationalist Congress Party (NCP) chief Sharad Pawar, nephew Ajit Pawar and several former directors of Maharashtra State Co-operative Bank in connection with a Rs 25,000-crore loan scam. The setback for the Pawars comes a month before Maharashtra goes to the polls. The NCP had won 41 seats in the 2014 Assembly elections.

According to the probe agency, loans were provided to cooperative sugar factories (CSFs) in connivance with then senior officials of the co-operative bank with the purpose of siphoning off money, causing a huge loss to the bank.

“There were several irregularities in the sanctioning of loans… only with the purpose of extending benefits to the directors of the lending bank, for personal gains,” the ED said. These loans were sanctioned between 2007 and 2010.

Explaining the modus operandi, the probe agency said loans were sanctioned to CSFs despite weak financials and negative net worth. No collateral was taken in many cases, and credit was extended based on incorrect representation made by the bank. The bank even extended additional working facilities to certain sugar factories without having any prudent reason….

US House speaker Pelosi launches Trump impeachment inquiry over Ukraine

Pelosi said that six separate committees will be reporting to her on their findings related to Trump’s actions while in office under the umbrella of a formal inquiry

Pelosi said that six separate committees will be reporting to her on their findings related to Trump’s actions while in office under the umbrella of a formal inquiry Speaker Nancy Pelosi said the House is opening a formal impeachment inquiry of President Donald Trump, saying he’s violated his oath of office and obligations under the Constitution.

“The president must be held accountable. No one is above the law,” Pelosi said at a news conference Tuesday after a closed-door meeting with her party. She said that six separate committees will be reporting to her on their findings related to Trump’s actions while in office under the umbrella of a formal inquiry.

It’s not clear how much it will change the direction of existing investigations. Judiciary Chairman Jerrold Nadler has already described his panel’s inquiry as an impeachment investigation and several other committees already have been holding hearings on Trump’s conduct. There was no announcement of a vote on the floor to endorse an inquiry, and Pelosi’s action doesn’t necessarily mean it will lead to actual charges against the president.

Still, the announcement is an escalation of the months-long confrontation between the House and the president. After previously tamping down calls from many Democrats to begin impeachment proceedings, Pelosi is now shifting to support the effort despite concerns within her party that the Republican-controlled Senate will continue shielding the president...