Department Financial News

cobra was rescued in Karnataka's Agumbe village after causing panic earlier this week. Ajay Giri, the field director at Agumbe Rainforest Research Station (ARRS), shared a video of the rescue on Instagram. According to Giri, the 12-foot snake was crossing a road when it was disturbed by onlookers and took refuge in a bush within a house's compound. When the home owners discovered the highly venomous snake on their property, they became worried and contacted the forest department, which then informed ARRS about the situation. Recognizing the danger to both residents and the snake, ARRS staff promptly sprang into action and rushed to the location. A video shared by Ajay Giri shows snake rescuers gently removing the snake from the premises.

G Kishan Reddy said there is «no shortage» of coal for the power sector and the Centre will ensure adequate supply of the dry fuel to meet demand. The long-term demand will be met by increased productivity of Coal India and commercial mines, he said. «We are supplying coal to all thermal power plants. We have requested plants based on imported coal to switch their technology to utilise domestic fuel. There is no shortage of coal in the country,» Reddy, the minister for coal and mines, told PTI. Coal production usually faces hindrances during the monsoon season.

₹5 lakh do not have to pay any income tax in both old and new tax regimes. She proposed increasing the rebate limit in the new tax regime, under which persons with income up to ₹7 lakh will not have to pay any tax. The updates to Section 87A of the Income Tax Act aimed to make taxpayers with a total taxable income of up to ₹7 lakh eligible for a rebate equivalent to their tax liability, capped at ₹25,000.

Tata Education Trust, later renewed. This event cast a spotlight on the instability and challenges faced by India’s philanthropies and nonprofits. Shortly after, the Centre for Financial Accountability's parent trust had its Foreign Contribution Regulation Act (FCRA) licence revoked. Many prominent NGOs and think tanks in India are now struggling, along with the communities they serve. In the past few years, the sector has faced administrative hurdles, financial losses, and workforce reductions, retreating from various areas of service. Accurate data on the sector's impact is hard to come by due to the broad definition of civil society organisations, encompassing grassroots groups, large networks, faith-based organisations, research bodies, social movements, and youth groups.

India Meteorological Department has issued an orange alert for several districts of Himachal Pradesh, predicting heavy to very heavy rainfall on Monday and Tuesday. The weather department also informed that light to moderate rainfall accompanied by thunderstorms and lightning is likely to occur in various districts of Himachal Pradesh. According to the weather department, the districts where rainfall is predicted include Kangra (Dharmsala, Jaisingpur), Mandi (Sarkaghat, Dharmpur, Slapper, Kotli, Mandi, Sundernagar), Hamirpur (Sujanpur Tihra, Hamirpur), Bilaspur (Swarghat, Bilaspur), Chamba Solan, Shimla, Sirmaur, and Kullu.

Shoppers Stop, Reliance Retail, Lifestyle and VMart bet on a flurry of nuptial celebrations in the second half of this fiscal to reverse their tepid sales growth and boost demand. There will be about 47 auspicious wedding dates in the second half, three times more than 14 in the first half, they reason. “We are looking at a very strong festive campaign, and weddings will be very, very big as we have somewhere around 50-odd (auspicious) days,” Kavindra Mishra, managing director of Shoppers Stop, said during its first quarter earnings call on Friday. “We believe we have got the right kind of merchandise to be a wedding destination,” he said. In FY24, year-on-year retail sales growth rate declined every month, reflecting weak consumer sentiment across segments such as apparel, footwear, and quick service restaurants (QSR).

Karnataka’s only registered union of IT/ITeS sector employees has called for the state government to reconsider its plan to extend the working hours of employees in the IT/ITeS/BPO sector, terming the move “inhuman” and an “attempt to impose slavery”. Karnataka State IT/ITeS Employees Union, which has more than 10,000 members, also said the plan to amend the Karnataka Shops and Commercial Establishments Act, 1961 is an “open challenge” to the 2 million employees working in the IT/ITeS sector in the state.

Imported items sourced from local suppliers and royalties, technical charges paid out of India as well as supply of repackaged or refurbished goods will be excluded from the calculation of local content, an official said. These changes are included in the modified public procurement norms with an objective of giving maximum preference to companies that use higher levels of local content in their products. The government prefers made in India goods in their purchases, which run into lakhs of crores of rupees every year. Major preference in government purchases is given to companies whose goods and services have 50 per cent or more local content, a move aimed at promoting 'Make in India' and making the country self-reliant.

petrochemicals industry and boost the sector's growth. The minister was speaking after launching the 13th edition of the India Chem 2024 event to be held in October this year in Mumbai. «The Prime Minister desires that we have to become a USD 5 trillion economy. If we have to become a 5 trillion economy, we have to align our programmes or policies accordingly, to see to it that this petrochemical industry chemical industry also goes in the same way and aligns itself, so that we all together contribute to that USD 5 trillion economy,» Nadda said. The minister mentioned that industry representatives have talked about the challenges faced by the chemicals and petrochemicals industry and also offered various suggestions to address those issues.

Retired Trump Organization executive Allen Weisselberg has been released from jail in New York City after serving a sentence for lying under oath

income tax systems work more reliably, the Central Board of Direct Taxes (CBDT) has awarded the Taxnet 2.0 project to Bharti Airtel. As per a press release by CBDT on July 19, 2024, this collaboration with Airtel is aimed at providing network connectivity, facility management services, and video conferencing solutions to the Income Tax Department. Experts say that this project can make the e-filing ITR portal work faster, as currently it is plagued with various network-related glitches and issues. «Recently many taxpayers faced issues while using the online facility for ITR filing as opening each page of the tab was taking substantial time. We can expect that in the next season of ITR, taxpayers may find the e-filing portal's interface to load at a faster speed,» says Mihir Tanna, Associate Director-Direct tax, S.K Patodia & Associates LLP.

Mumbai and its suburbs experienced intermittent heavy rainfall on Saturday, causing waterlogging in several areas. However, local train services continued to operate normally, according to the latest updates from Western Railway and Central Railway. According to the India Meteorological Department (IMD), Mumbai received 91 mm of rainfall in the 24-hour period ending at 8 AM on Saturday, while its eastern and western suburbs recorded 87 mm and 93 mm of rainfall, respectively. The IMD has predicted moderate to heavy rainfall for Mumbai and Pune y in the coming days.

technology outage caused thousands of flights worldwide to be canceled or delayed, the ripple effect from the disruption left airports crowded with passengers and airlines working to get planes and crews back in position. «These flights, they run so tightly, so back to back, that even after a root cause is addressed, you can still be feeling those impacts throughout the day,» said Pete Buttigieg, the transportation secretary, in an appearance on CNBC.

behavioural finance plays a key role in his investment strategy, making him a force to be reckoned with in the finance world. Let's start with your personal story I was born and brought up in Mumbai. My family was in the business of importing and trading dry fruits and spices. I used to accompany my father to his office during my school and college vacation. That gave me an early exposure to business. At an early age of 14, I was fascinated by learning about business management and decided to pursue an MBA after my graduation. However, by the time I graduated, my interest shifted towards finance and capital markets. After completing my MMS (Finance) from Somaiya Institute of Management and Research, I worked as a sell-side research analyst wherein I tracked key sectors like IT and pharma. I came across the concept of behavioural finance in 2004 and decided to move to buy-side or the mutual fund side to learn about how psychology impacts investment decisions.

The Treasury Department is warning that state laws that restrict banks from considering environmental, social and governance factors could harm efforts to address money laundering and terrorism financing

Prosecutors are expected to give new details next week about Boeing's plea deal in a case stemming from two deadly crashes of 737 Max jetliners

The Biden administration is cancelling an additional $1.2 billion in student loans for borrowers who work in public service through changes to an existing forgiveness program

Wall Street Journal reporter Evan Gershkovich was convicted on Friday of espionage charges in an unusually rapid trial in the country’s highly politicized legal system

The U.S. government says $325 million in federal funds will be available for solar and battery storage installations across Puerto Rico as the U.S. territory struggles with chronic power outages

Airports Authority of India, the Urban Development Department, the government of Rajasthan, and the Civil Aviation Department, for the development of Kota Greenfield Airport in Rajasthan, according to an official press release issued by AAI. As per the MoU, the government of Rajasthan will provide land for the development of the greenfield airport and AAI will be responsible for the construction, development, and operation of the airport. As per the information, the Greenfield airport at Kota will be constructed on 440.086 hectares of land for which a Detailed Project Report (DPR) is being prepared by the Airports Authority of India.

Union Budget Expectations: The Modi government, in its first Budget of the third term, is expected to stick to the disinvestment target set for this fiscal year in the interim Budget. Finance minister Nirmala Sitharaman set the target for 2024-25 at Rs 50,000 crore. However, in the Interim Budget tabled in February, the 2023-24 disinvestment estimate was revised downward to Rs 30,000 crore from the previously budgeted Rs 51,000 crore. Ahead of the full Budget for 2024-25, scheduled for July 23, SBI Research has suggested that the government may take a clear stance on the disinvestment of public sector banks (PSBs). The report, led by Soumya Kanti Ghosh, Group Chief Economic Adviser at SBI, emphasised the need for a concrete roadmap to attract capital and boost confidence in financial institutions. A recent CareEdge Ratings report noted a total disinvestment potential of approximately Rs 11.5 trillion at current market capitalization, assuming the government retains at least a 51 per cent stake in these public enterprises. Public sector enterprises could contribute around Rs 5 trillion, while public sector banks and insurance firms could potentially add another Rs 6.5 trillion.