Name: FM & RBI head meet PSU Chiefs before Budget
Uploaded: 2019-01-28T01:17:36.fff+05:30
Duration: T00M18S
Channel: editorji
Description: Finance Minister Piyush Goyal and the RBI governor today met CEOs of public sector banks. RBI governor Mr Das said the meeting was held to understand the current situation for PSU lenders. He also said the regulator's expectations were communicated to the banks.

Finance Minister Piyush Goyal and the RBI governor today met CEOs of public sector banks. RBI governor Mr Das said the meeting was held to understand the current situation for PSU lenders. He also said the regulator's expectations were communicated to the banks.  

Probably drawing some lessons from his rivalry with his brother after the death of their father, Reliance Industries boss Mukesh Ambani is setting up a &lsquo;family council&rsquo; to implement a collective governance structure to manage the family&rsquo;s sprawling business empire as part of the group&rsquo;s succession-planning process, the Hindustan Times has reported. The council will provide equal representation to all family members, including the three Ambani siblings&mdash;Akash, Isha and Anant&mdash;who are expected to take over the reins of Reliance Industries. Ambani, who is now world's fourth richest man, is aiming to complete the succession planning process by the end of next year, the report added.

Retail inflation rose to 6.93% in July, mainly on account of higher prices of food items, government data showed on Thursday.
The food inflation, according to the Consumer Price Index (CPI) data, increased to 9.62% in July.
The retail inflation in June was 6.23 per cent, while the food inflation stood at 8.72 per cent.
It is for the second consecutive month that the retail inflation has been above the RBI's comfort level. The government has mandated the central bank to restrict the inflation at 4%

After opening the day with mild gains, equity markets slumped to end in the red on Thursday.&nbsp;
The Sensex&nbsp;closed 59 points down at 38,310 and the Nifty ended the trade almost flat at 11,300.
Sun Pharma, Eicher&nbsp;Motors, Bharti&nbsp;Airtel, HDFC&nbsp;Life and ITC were the top Nifty losers.
The rupee settled on a flat note at&nbsp;74.84 against the US dollar.

Bicycles are flying off the shelves in major cities, worrying distributors that they may run out of supplies amid a lack of spare parts from China and availability of workers in factories, Mint reported.
Sales zoomed after the easing of the lockdown in May, and a large chunk in demand came from fitness enthusiasts shut out from their gyms hitting the empty streets.
Most companies are not able to manufacture since there is a shortage of manpower in industrial hubs. Also, lack of supply of some parts from China, like shock absorbers and gears, has impacted the manufacturing of medium and high-end bicycles.
&nbsp;

Here are the key features of the 'Transparent Taxation' platform launched by the Prime Minister:
Taxpayer's appeals to be randomly allotted&nbsp;to any officer in the country
No physical interface, no need to visit income tax office
Taxpayer Charter' to provide a transparent and taxpayer-friendly tax regime
Every communication with the IT Department will now carry a unique document identification number
Faceless assessment and taxpayer charter are applicable starting today
Appeals will become faceless from September 25
&nbsp;
&nbsp;

China's ByteDance is in early talks with Reliance Industries for investment in&nbsp;TikTok's&nbsp;business in India, TechCrunch reported on Thursday, citing sources.
The Indian government in June banned 59 Chinese apps, including TikTok and WeChat, for threatening its sovereignty and integrity after border tensions with China.
Microsoft Corp has been in talks to acquire the US operations of the video-sharing app.
Social media platform Twitter Inc has also expressed interest in having a deal with TikTok, sources familiar with the matter told Reuters late last week.

The Taxpayer Charter launched by Prime Minister Narendra Modi promises to maintain the privacy and confidentiality of income taxpayers and to reduce the cost of compliance with tax laws.
"The taxpayer charter is an important step in India's development," Prime Minister Modi&nbsp;said.
The charter lists out the income tax department's commitments to the taxpayer as well as what the department expects from them. The IT department expects taxpayers to be honest, informed and keep accurate records. It also expects taxpayer to respond in time and pay dues as per law in a timely manner.

As many as 1,787 big wilful defaulters owe outstanding loans of ₹37,020&nbsp;crore&nbsp;to Punjab National Bank&nbsp;at the end of June, according to the list of wilful defaulters uploaded on the PNB website.
The list consists of wilful defaulters with outstanding of ₹25 lakh and above as of June 30.&nbsp;Leading the chart is Mehul Choksi-promoted Gitanjali Gems Ltd with an outstanding loan of ₹5,065 crore. Vijay Mallya-promoted Kingfisher Airlines has outstanding loan of ₹522&nbsp;crore.&nbsp;
Gross NPAs&nbsp;of the second largest public bank stood at ₹73,478&nbsp;crore at the end of 2019-20. While net NPAs were valued at ₹27,219 crore.

Stock markets started Thursday on a positive note following global peers. Most of the Asian markets were in the green and the US also posted sharp gain with benchmarks surging up to 2%.
At 9:20 am, the Sensex was over 100 points higher at 38,472 and the Nifty was at 11,354, up 0.41%.
Hindalco, JSW&nbsp;Steel, TCS, NTPC&nbsp;and SBI&nbsp;were leading the markets up.

With an aim to make tax system seamless, painless and faceless, Prime Minister Narendra Modi on Thursday launched 'Transparent Taxation - Honoring the Honest' platform.
Three main features of the platform are faceless assessment, faceless appeal and tax payers' charter, the PM announced.&nbsp;Faceless assessment, taxpayer charter starts from today, while faceless appeal will begin from September 25.
"Right now, the tax department of the city we live in handles everything. Now this will end. With technology, matters of scrutiny will be assigned to IT department officials randomly. Algorithms will decide who will handle the case," the Prime Minister said. Apart from issues related to taxation, appeals will also be faceless, he added.

At least 23 companies&nbsp;have shown interest in running private trains in the country. The companies which include top names like L&amp;T, Alstom, Siemens,&nbsp;Bombardier and GMR participated in an official pre-application online conference&nbsp;on&nbsp;Wednesday&nbsp;as a prelude to the Request for Qualification. In the first meeting, 16 companies had participated as India opens its rail sector to private firms to run passenger trains.&nbsp;The government has identified 109 busy routes across India to run 151 private trains for 35 years. These are routes with huge waiting lists and offer a potential to earn. The 151 trains represent only around 5 per cent of total trains run in India.&nbsp;&nbsp;

Even as gold&nbsp;fell over 5% in just two sessions to ₹50,000 per 10 gram after hitting a high of ₹56,000, analysts remain highly bullish on the yellow metal as they expect the recent rally to resume soon.
Fall in the prices was mainly&nbsp;due to the profit booking as global risk sentiment improved after Russia cleared the first-ever coronavirus vaccine for use. A 10 basis points spike in the US 10-year treasury&nbsp;yields also led to some shift of investment from the bullion.
This is not the end of the road for gold and silver prices and&nbsp;the rally will resume after prices consolidate lower, analysts at&nbsp;Commerzbank&nbsp;said.
In the international market, gold fell below the $1,900 per ounce level on Wednesday as a resurgent dollar prompted investors to reassess their positions after a record-breaking price rally.
It is the right time of profit booking in Gold and Silver, however, the trend of bullions is still positive,&nbsp;Angel Broking said.
Just as gold hasn&rsquo;t&nbsp;dropped below $1,000 an ounce since 2009, notwithstanding&nbsp;a prolonged slump through most of the decade, once the current volatility has cleared it's unlikely to see the south side of $1,700 again, either, Bloomberg mentioned in its report.

Equities ended with minor losses on Wednesday, however, recovering most of their early morning fall.&nbsp;
The Sensex ended 37 points down and the Nifty closed the session at 11,308, down 0.12%.
Kotak&nbsp;Mahindra&nbsp;Bank, Cipla, Sun Pharma, Britannia and DRL were the top losers.
The rupee slipped 5 paise to close at 74.83 against the US dollar.

Mutual funds&nbsp;focussed on fixed-income securities saw a multi-fold surge in investment to ₹91,392 crore in July, with short duration funds contributing a major chunk of the infusion, data from the Association of&nbsp;Mutual Funds&nbsp;in India (Amfi) showed.
Given the current interest rate scenario, investors are largely focusing on fixed income categories having a relatively shorter duration profile.
According to the data,&nbsp;mutual funds&nbsp;that invest in fixed-income securities saw an inflow of ₹2,862 crore&nbsp;in June.

Gold October futures fell 3% or&nbsp;₹1,500 on Wednesday to&nbsp;₹50,441 per 10 gram. Silver futures tumbled 5% or&nbsp;₹5,000 per kg to&nbsp;₹61972.
In the previous session, gold prices collapsed nearly 6% or&nbsp;₹3,200 per 10 gram while silver crashed 12% or&nbsp;₹9,000 per kg.
Last week, gold prices in India had jumped over&nbsp;₹56,000 while silver had almost touched&nbsp;₹78,000.
Some analysts say that the trigger for the collapse was the news about&nbsp;Russia&rsquo;s Covid-19 vaccine&nbsp;which led to some profit-taking.

The&nbsp;index of industrial production&nbsp;(IIP) contracted by 16.6% in June compared to 33.8% in May and a record 57.6% slide in April,&nbsp;data released by the National Statistical Office showed.
This is likely to pull down the first-quarter&nbsp;GDP of FY21, the data for which would be released this month-end.

Equity markets opened lower on Wednesday following weak global cues. Metal and Pharma&nbsp;stocks led the markets down.
At 9:25 am, the Sensex was 200 points in the red at 38,207 and the Nifty was trading around 11,259, falling 0.55%.
Hindalco, Bajaj&nbsp;Finance, Cipla, UPL&nbsp;and JSW&nbsp;Steel were the top Nifty losers.

The sales contraction in the domestic passenger vehicles segment eased in July compared with the previous month, IANS reported citing industry data.
A total of 1,82,779 passenger vehicles were sold in July 2020 in India, 3.86% lower than the period of 2019.
In June, domestic passenger vehicle sales had halved on a&nbsp;yearly&nbsp;basis, due to the economic turbulence caused by the coronavirus crisis.

Employment in the UK fell by the largest amount in over a decade during the June quarter, official figures showed.
The number of people in work decreased by 2.2 lakh on the quarter, said the Office for National Statistics.
This was the largest quarterly decrease since May to July 2009, during the financial crisis.

Indian equities ended Tuesday in the green with benchmarks closing at a five-month high tracking positive global cues.
The Sensex&nbsp;surged 224 points and the Nifty jumped 0.46% to end the session at 11,322.
Zee, JSW Steel, Axis Bank, BPCL and IndusInd&nbsp;Bank were the top market movers.
The rupee appreciated 12 paise to close at 74.78 against the US dollar.

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FM & RBI head meet PSU Chiefs before Budget

Jan 28, 2019 13:17 IST

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