City New Delhi Financial News

12.07 / 19:15

Aware Merit Action audit NFRA to clarify on past audit jurisdiction soon

New Delhi: The National Financial Reporting Authority (NFRA) will soon offer clarity on its authority to review the statutory audits of companies conducted before its establishment on 1 October 2018. The clarification will address concerns of stakeholders following a Supreme Court ruling on Monday dismissing a petition which raised questions on the watchdog’s retrospective jurisdiction, a person aware of the development said. The watchdog will dispel doubts about its jurisdiction for past periods, and clarify the extent of regulatory oversight of statutory auditors in the country.

12.07 / 14:09

Central Railways AC local trains generate ₹23.36 crore in revenue in Q1

New Delhi: The Central Railways AC local train service has witnessed a significant surge in passenger numbers, carrying a total of 49.47 lakh commuters between April 2023 and June 2023, the ministry of railways said in a statement. During this period, the service recorded a revenue of Rs.

12.07 / 13:33

Cooper Progressive Goyal concludes meeting with delegation from EFTA

New Delhi: Commerce and industry minister Piyush Goyal concluded a meeting with a delegation from the European Free Trade Association (EFTA) led by Helene Budliger Artieda, Swiss state Secretary for economic affairs. The deliberations between Goyal and Artieda revolved around crucial issues and aimed to swiftly conclude the negotiations for the Trade and Economic Partnership Agreement (TEPA).

12.07 / 13:33

FIVE Waters IMD issues red alert for northeast India, Sikkim, Bihar

New Delhi: The India Meteorological Department has issued red alert for northeast India, Sikkim, and Bihar with the region expected to receive over 204.4 mm of rainfall. The weather office also expects localised flooding, landslides and flash floods in these regions and has advised people to avoid areas prone to water logging and stay away from vulnerable structures.

12.07 / 13:03

UPS Manufacturing Gap Apple HON Indian Joint Venture exits Chip maker Foxconn exits a semiconductor joint venture with Indian mining company Vedanta

Apple iPhone manufacturer Foxconn has announced it is backing out of a $19.5 billion semiconductor joint venture with Indian mining conglomerate Vedanta Ltd

12.07 / 12:51

Provident Target Aware CEO International Razorpay launches first international payment gateway in Malaysia through Curlec

New Delhi: Razorpay has announced the launch of its first international payment gateway for the Malaysian market with Curlec, now known as ‘Curlec by Razorpay’. In February 2022, Razorpay had acquired a majority stake in Kuala Lumpur-based fintech Curlec at a valuation of $20 million with an aim to fuel its global expansion plans. The balance stake acquisition was to be completed in 2023.

12.07 / 12:37

Citi Provident Pool Accenture IBM SAYA Group to invest Rs 100 cr to develop studio apartments in Greater Noida West

The SAYA Group, NCR’s leading real estate developer, has introduced ‘Biztop’ Business Suites, featuring fully-furnished studio apartments at its project SAYA South X, Greater Noida West’s prominent commercial destination. Built from 7th to 25th floor with sleek design with modern amenities, the development is set to be carried out with an investment of approximately Rs 100 crore.

12.07 / 08:33

Cooper Progressive Waters Align BAY EAM S Jaishankar's visit to Indonesia, Thailand sets stage for bilateral ties. What to expect?

Jakarta Post. Moreover, this intersection is also characterized by crucial Sea Lines of Communication (SLOC) and maritime choke points that serve as vital arteries for the economic well-being of the entire area. Given their stature as maritime powers, both Indonesia and India play a crucial role as de facto gatekeepers of this region, serving as transit points for approximately 60 per cent of global maritime trade.

11.07 / 20:50

UPS Platform Action Stiff tax on gross revenue spooks online gaming cos

NEW DELHI : The Goods and Services Tax (GST) Council on Tuesday decided to tax online gaming companies at 28% of their gross revenue, or full face-value of transactions and entry fees paid by gamers, disappointing an industry that has lobbied for months to be taxed on its profit rather than revenue. Online gaming firms have so far paid 18% GST on their net profit. Alongside the new tax regime, Union finance minister Nirmala Sitharaman said at a press conference after the GST Council’s 50th meet that online gaming services “are not actionable claims".

11.07 / 20:49

Provident Shell FPIs from Mauritius under taxman’s lens

NEW DELHI : Mauritius-based foreign portfolio investors (FPIs) trading Indian derivatives are under heightened scrutiny by the Indian tax department, two people with direct knowledge of the matter said. Several FPIs have received queries from the tax department seeking additional details related to ‘commercial substance’ and control residing in Mauritius.

11.07 / 20:49

COST UPS Citi Gap India plans LNG terminal in Iraq

NEW DELHI : India is planning to build a liquefied natural gas (LNG) terminal in Iraq as it looks to diversify supplies and strengthen its energy security, a government official said. The terminal will liquify some portion of the gas currently flared by Iraq and transport it to India, where it will be converted back to LNG for use in city gas distribution as well as power, fertilizer, and steel sectors. A team from state-run Indian Oil Corp.

11.07 / 20:49

UPS Provident Target Aviat boost Global Trade Global Biofuel Alliance to boost global trade: Puri

New Delhi: The Global Biofuel Alliance (GBA) will boost global trade and secure availability of biofuels, said the union minister for petroleum and natural gas Hardeep Singh Puri. Addressing an event here on Tuesday, the minister said: "The alliance will provide a boost to global trade, secure the supply and availability of biofuels and coordinate internationally recognized standards and codes." The alliance will be a competent organization which will set technical standards for sustainable aviation fuel business in collaboration with relevant industry bodies. It would have a three-category membership structure bringing together member countries, partner organizations and industries.

11.07 / 20:49

Extreme Manufacturing Racing Toyota Innova GST Council decides on 28% tax on online gaming, horse racing, casinos; exempts tax on certain imported drugs

New Delhi: Federal indirect tax body the Goods and Services Tax (GST) Council on Tuesday exempted integrated GST (IGST) levied on select drugs when imported for personal use, redefined sports utility vehicles to prevent car makers side stepping the highest tax bracket and decided on levying 28% uniform GST on online gaming, horse racing and casinos on the full-face value of bets. Finance minister Nirmala Sitharaman who also chairs the GST Council said at a briefing that tax rates were brought down on four items--uncooked snack pellets, fish soluble paste, certain yarn and LD slag--a byproduct of steel production that is used in certain industries.

11.07 / 20:49

Extreme Manufacturing Racing Toyota Innova shock GST shock: Online gaming, casinos to be taxed at 28%

NEW DELHI : The Goods and Services Tax (GST) Council on Tuesday exempted integrated GST on select drugs when imported for personal use, redefined sport utility vehicles (SUVs) to prevent carmakers from side-stepping the highest tax bracket and levied a 28% uniform GST on online gaming, horse racing, and casinos on the full value of the bets. Finance minister Nirmala Sitharaman, who chairs the GST Council, said at a briefing that tax rates were cut on four items—uncooked snack pellets, fish soluble paste, certain yarn, and LD slag—a by-product of steel production that is used in certain industries.

11.07 / 20:49

Provident Digital Aware Platform Amit Shah to address inaugural session of G20 meet on crime, security on 13 July

New Delhi: Union Home Minister Amit Shah will address the inaugural session of the G20 conference on crime and security to be held in Gurugram on July 13, the ministry of home affairs said in a statement. The two-day 'G20 Conference on Crime and Security in the Age of Non-Fungible Tokens (NFTs), Artificial Intelligence and Metaverse' will bring together over 900 participants from member countries, nine special invitee countries, international bodies and technology leaders and domain experts from India and across the world, it added.

11.07 / 19:17

Provident Cooper Booking Aware Chase Discover Deloitte Centre Centre begins inspection into Byju’s financials

NEW DELHI : The ministry of corporate affairs (MCA) has begun an inspection of the books of edtech firm Byju’s as corporate governance concerns mount following the resignation of its auditor as well as three shareholder directors. MCA has begun an inspection of Think and Learn Pvt.

11.07 / 19:17

UPS Provident FIVE BLOCK Aware Manufacturing Railways plans ₹1 tn signal system recast

NEW DELHI : Signalling systems along India’s sprawling rail network will turn fully electronic over the next six years as part of a ₹1 trillion plan to avert the kind of errors that led to the Balasore rail tragedy in June, two people aware of the plans said. The mission mode programme will replace the existing electro-mechanical system with solid-state electronic route relay devices and signals to reduce chances of human error and signalling failures, the people said on condition of anonymity.

11.07 / 18:39

UPS Disney CEO Platform Sony Lost Boxed out: Inside Bollywood’s lost magic

NEW DELHI : Pravin Chalikwar refused to restart his single screen theatre, in Maharashtra’s Parbani district, between different lockdowns—in 2020 and 2021. Theatrical releases of films were rare and he decided to wait. His theatre, called Priti Cinema, reopened to the public only in early 2022.

11.07 / 18:39

UPS Action Rains hit hydropower ops in North India

New Delhi: The heavy rains in North India have impacted operations at hydropower plants for the past couple of days. Officials with hydropower companies said that power generation has been impacted by accumulation of silt. Several hydropower projects in Jammu and Kashmir and Himachal Pradesh have been shut for the past two days.

11.07 / 18:39

UPS Progressive Manufacturing Gap Apple HON Foxconn eyes partner for new chip venture

New Delhi: A day after withdrawing from the $19.5 billion joint venture (JV) with Vedanta, the world’s largest contract manufacturer Foxconn said it remains committed to building India’ssemiconductor ecosystem and will begin afresh with new partners. In a statement Foxconn said it has initiated talks with both Indian as well as global companies for a potential partnership and will resubmit its application to the government under the Modified Programme for Semiconductors and Display Fab Ecosystem policy.

11.07 / 18:39

UPS Citizens Progressive Compilation hearing SC to start hearing Art 370 cases in Aug

New Delhi: The Supreme Court on Tuesday said it will begin day-to-day hearings from 2 August on a clutch of petitions pertaining to the nullification of Article 370, and recorded a statement by the Union government that it will not rely upon the contents of an affidavit filed a day ago to bring on record the scenario in Jammu and Kashmir since the move. Observing that the challenge to the abrogation of Article 370—which conferred special status on J&K until August 2019— is a “pure question of constitutional validity", a five-judge bench, comprising Chief Justice of India Dhananjaya Y.

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