The National Company Law Appellate Tribunal on Monday said the provisions of the Insolvency & Bankruptcy Code (IBC) cannot be turned into a debt recovery proceeding as the idea of this special code is to bring a debtor company back on its feet. Setting aside an order of the National Company Law Tribunal (NCLT) to [...]
The Reserve Bank is likely to hike benchmark lending rates by 25 basis points in its bi-monthly policy next month to bring down inflation within the central bank's comfort zone, DBS Group Research said on Monday. To contain the rising prices, the RBI has hiked interest rates by 250 basis points since May last year. [...]
The government on Monday sought Lok Sabha approval for net additional spending of over Rs 1.48 lakh crore in the current fiscal. The second batch of supplementary demands for grants for the 2022-23 fiscal was tabled in the Lok Sabha by Minister of State for Finance Pankaj Chaudhary. "Approval of the Parliament is sought to [...]
Trade unions of most state sector establishments in Sri Lanka went on a strike on Monday against the government’s tax reforms to secure approval for the much-required USD 2.9 billion bailout package from the IMF. The debt-struck country introduced painful economic measures such as tax hikes, and utility rate increases, part of the reforms prescribed [...]
Falling for the third straight session, equity benchmark Sensex tanked nearly 900 points to close below the 59,000 mark on Monday due to a massive sell-off in banking, finance and auto stocks amid one of the biggest US bank failures. Besides, unabated flight of foreign capital and a weak domestic currency amid global rate hike [...]
Mutual funds focussed on investing in fixed-income securities witnessed an outflow of Rs 13,815 crore in February, making it the third month of withdrawals in a row despite expectations that the rate hike cycle was nearing its end. In comparison, such funds saw an outflow of Rs 10,316 crore in January and Rs 21,947 crore [...]
Regulator Sebi is investigating market allegations against Adani group, whose 9 listed companies saw a 60 per cent decline in their market capitalisation between January 24 and March 1, Parliament was informed on Monday. Minister of State for Finance Pankaj Chaudhary said in the Lok Sabha that the volatility in the stocks of these companies [...]
Digital or e-rupee worth over Rs 130 crore is in circulation on a pilot basis as of February 28, finance minister Nirmala Sitharaman said on Monday. The Reserve Bank of India (RBI) had launched pilots in digital rupee in the wholesale segment (e₹-W) on November 1, 2022 and in the retail segment (e₹-R) on December [...]
As many as 68,000 cases have been picked up for e-verification by the income tax department for unreporting or under reporting of income in tax returns for 2019-20 fiscal, CBDT chief Nitin Gupta said on Monday. Under the e-verification scheme, the I-T department informs the taxpayers about mismatch in Annual Information Statement (AIS) about financial [...]
Prime Minister Narendra Modi on Monday said the government's MSME Competitive (LEAN) scheme is a part of its efforts to strengthen the MSME sector, which is a key pillar of India's economic growth. The government on Friday launched the revamped MSME Competitive (LEAN) scheme to make it more beneficial for enterprises and stakeholders. Under the [...]
