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FINANCIAL NEWS IN A NUTSHELL

Yatheendradas C.k. at 05:59 AM - Jul 08, 2019 ( ) Views: 79

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Finance Minister Nirmala Sitharaman is scheduled to address the post-Budget meeting of the RBI’s central board on Monday and highlight the key points of the Budget, including the fiscal consolidation roadmap.

-Business Line

Assuring that all the numbers mentioned in the Budget are realistic and achievable, Finance Minister Nirmala Sitharaman said as a Govt minister she is duty bound to follow glide path to achieve  fiscal deficit target of 3% as per the law.
-Economic Times

The NCLAT has directed the Mumbai bench of the NCLT to pass an order over the insolvency plea against 15  Videocon group companies within next 3 weeks.
-Economic Times

Deutsche Bank is planning to shutter the majority of its equities business in the Asia-Pacific  region as part of a restructuring to be announced as soon as Sunday, person with knowledge of the matter said.
-Economic Times

The Government has made income tax return filing mandatory for high spenders even if their taxable income is below the threshold exemption limit of Rs 5 lakh. Those mandated to file returns include people spending more than Rs 2 lakh on a foreign trip or depositing Rs 1 crore in a year in a bank account or paying electricity bill of more than Rs 1 lakh in a year.
-Business Line

The taxman will "suo motu" allot a fresh PAN to a person who files I-T returns with only Aadhaar as part of a new arrangement to link the two databases, the CBDT chief said after the Budget proposed that only the biometric ID is enough for tax purposes.
-Economic Times

7 of the 10 most valued domestic firms together added Rs 53,732.55 crore in market valuation last week, with HDFC emerging as the biggest gainer. TCS, Infosys and ICICI Bank were the only companies in the top-10 list which suffered losses in their market capitalisation (m-cap) for the week ended Friday. Among the gainers, the valuation of HDFC zoomed Rs 14,941.11 crore to Rs 3,93,135.72 Cr. SBI’s m-cap rallied Rs 8,656.87 Cr to Rs 3,30,746.10 Cr and that of HDFC Bank jumped Rs 7,925.16 to reach Rs 6,76,480.35 Cr.
-Business Line

Stating that the Union Budget has revealed the intention of the Govt to go ahead "aggressively" towards corporatisation and privatisation of railways, the National Federation of Indian Railwaymen has said its affiliates are going to launch massive protests across the country against the move. Union Finance Minister, in her Budget speech proposed that railways should use Public Private Partnership (PPP) model for faster development, rolling stock manufacturing and the delivery of freight.


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