Economy & Business

Mumbai :&nbsp;The rupee paired its early losses and settled on a flat note at 78.94 (provisional) against the US dollar on Monday.At the interbank forex market, the local unit opened at 78.97 against the greenback and fell to an intra-day low of 79.06. It finally settled at 78.94, unchanged from its previous close. "Forex markets witnessed relatively less movement than usual as US markets remained closed on account of Independence Day. Nevertheless, the rupee outperformed regional currencies today after last week's worst performance on the back of capital outflows and worry over the twin deficit," said Dilip Parmar, Research Analyst, HDFC Securities. On the domestic equity market front, the BSE Sensex ended 326.84 points or 0.62 per cent higher at 53,234.77, while the broader NSE Nifty advanced 83.30 points or 0.53 per cent to 15,835.35. The dollar index, which measures the greenback's strength against a basket of six currencies, was down 0.13 per cent at 104.99. Brent crude futures, the global oil benchmark, fell 0.26 per cent to USD 111.34 per barrel. Foreign institutional investors remained net sellers in the capital market on Friday as they offloaded shares worth Rs 2,324.74 crore, as per exchange data. Meanwhile, the country's foreign exchange reserves increased by USD 2.734 billion to USD 593.323 billion for the week ended June 24 on the back of a surge in the core currency assets, the Reserve Bank of India (RBI) said on Friday. (PTI)

The rupee paired its early losses and settled on a flat note at 78.94 (provisional) against the US dollar on Monday.  At the interbank forex market, the local unit opened at 78.97 against the greenback and fell to an intra-day low of 79.06. It finally settled at 78.94, unchanged from its previous close.

Rupee settles flat at 78.94 against US dollar

The rupee paired its early losses and settled on a flat note at 78.94 (provisional) against the US dollar on Monday.

At the interbank forex market, the local unit opened at 78.97 against the greenback and fell to an intra-day low of 79.06. It finally settled at 78.94, unchanged from its previous close.

Market

Bengaluru: Enhanced cooperation between India and Bangladesh can go a long way in strengthening their position in the apparel industry and making South Asia the hub for apparel and textile innovations, Bangladesh's High Commissioner H.E Muhammad Imran said here on Saturday."Efforts are being made to boost cooperation between the two countries, and am confident that the Apparel Sourcing Week (ASW) 2022 will play a key role in this," he said.The ASW 2022, Asia's premier sourcing show for the apparel industry, has been held successfully in Bengaluru with new opportunities and avenues to strengthen India-Bangladesh collaboration and bilateral trade and make Asia the global Apparel Sourcing Hub. Organised by Apparel Resources, ASW is taking place in Bengaluru with an overwhelming response from all partners.Some of the topics to be covered on Saturday of ASW 2022 include Mitigating Risks in Sourcing, D2C Opportunities for Fashion, among other panel discussions and industry sessions.Bangladesh's High Commissioner to India Muhammad Imran, Shelley Salehin, Deputy High Commissioner of Bangladesh in Chennai, and Faruque Hassan, President, Bangladesh Garment Manufacturers and Exporters Association (BGMEA), were the guests of honour at the inauguration held on Friday. ASW 2022 features an expanded line-up of manufacturers from leading apparel hubs from across the globe including India, Sri Lanka, and Bangladesh who are showcasing their manufacturing prowess to established and emerging brands.Major Asian economies including India, Japan and China are making Bangladesh their sourcing destination for garment items. In fiscal 2020-21, Bangladesh exported garment items worth 421.86 million to India, which was $420.73 million in fiscal 2019-20, according to an official statement.ASW 2022 also endeavours to take India-Bangladesh collaboration in the industry to the next level by building on the existing and potential synergies between the two countries. The event is expected to attract more than 10,000 visitors from India and overseas, representing the biggest Indian and international apparel retailers/brands and buyers from traditional markets like the US and Europe as also non-traditional markets like China, Japan, and Australia. —IANS

Enhanced cooperation between India and Bangladesh can go a long way in strengthening their position in the apparel industry and making South Asia the hub for apparel and textile innovations, Bangladesh's High Commissioner H.E Muhammad Imran said here on Saturday.

'Enhanced Cooperation Between India, B'desh Will Make S Asia Hub For Apparel Innovations'

Business

New Delhi: As large parts of central and northwest India witnessed delayed monsoon, sowing for Kharif season's mainstay rice and oil seeds has decreased compared to last year, even as that for pulses and coarse cereals has increased, even if slightly, government data showed on Friday.Kharif sowing has taken place over a total of 278.72 lakh hectares (ha), 15.70 lakh ha less compared to 294.42 lakh ha last year this time, a dip of 5.33 per cent. The Southwest Monsoon has had slow progress over central and south peninsular India and after a small hiatus, was active earlier this week. As of Friday, except for some parts of Rajasthan, it has covered the rest of the country.But it is not just this year - several areas are witnessing delayed monsoon rains for a longer time now. "Rainfall has been delayed regularly for the last decade or so. (Therefore), we have seen that farmers in our belt start sowing only by June end or July first week," said N.S. Tomar, Joint Director, Gwalior division in Madhya Pradesh Agriculture Department."For paddy, the nurseries are done while for bajra, maize, and jowar, the sowing has started only now," he said, adding that the state has seen an increase in paddy, maize, and jowar this year.T.N. Prakash Kammardi, former Professor and the head of Department of Agricultural Economics at the University of Agricultural Sciences, Bengaluru, pointed out how the delay in sowing will, in turn, delay production of oil seeds and cereals. "We don't yet have varieties that can deal with delay or failure in monsoon; it is high time we get such seeds.""Also, given the changing climatic conditions, we need to keep in mind that when it comes to monsoon rainfall, uncertainty will be the rule while normal will be an exception," said Kammardi, who was also the former Chairman of the Karnataka Agricultural Prices Commission (KAPC).Data from the Union Ministry of Agriculture showed that rice is sown over 43.45 lakh ha, compared to 59.56 lakh ha in 2021, which is 16.11 lakh ha less (minus 27.05 per cent).Pulses have been sown over 28.06 lakh ha, compared to 26.23 lakh ha in 2021, which is 1.83 lakh ha more (plus 6.99 per cent), among them, moong and other pulses have witnessed higher sowing area while arhar, kulthi, and urad have witnessed far lesser sowing compared to last year. At 10.76 lakh ha and 3.18 lakh ha, moong and other pulses are 31.81 per cent and 71.52 per cent higher compared to last year's.Total coarse cereals have also witnessed a decline with 46.34 lakh ha compared to 50.36 lakh ha in 2021, a decline of 4.01 lakh ha (minus 7.97 per cent). Of them, bajra has seen the maximum sowing with 15.01 lakh ha compared to 10.23 lakh ha in 2021 (plus 46.72 per cent) while jowar is yet to pick up with only 1.78 lakh ha sown area compared to 2.75 lakh ha in 2021, a decline of 35.10 per cent.Even the oil seeds saw relatively lesser sowing at 46.34 lakh ha compared to 50.36 lakh ha last year (minus 7.97 per cent). The government data also showed that even sugar cane has seen a decrease with 52.92 lakh ha sown areas compared to 53.41 lakh ha last year, less by 0.91 per cent. —IANS

As large parts of central and northwest India witnessed delayed monsoon, sowing for Kharif season's mainstay rice and oil seeds has decreased compared to last year, even as that for pulses and coarse cereals has increased, even if slightly, government data showed on Friday.

Kharif 2022: Rice, Oil Seeds Sowing Less, Pulses, Coarse Cereals More Over 2021

Chennai: The share of large borrowers for scheduled commercial banks (SCB) has declined in the recent times while their share in the gross non-performing assets (GNPA) also went down, said the Reserve Bank of India (RBI).According to the RBI's Financial Stability Report, June 22, the share of large borrowers, those having aggregate fund and non-fund based exposure of Rs 5 crore and above, has been declining in the recent years.This indicates the reduction in credit concentration and diversification of borrowers.Their share in total GNPA of SCBs moderated marginally to 62.3 per cent during second half of 2021-22 and remained well below its level in September 2020 (75.6 per cent).The GNPA ratio of large borrowers has been declining over the last two years to reach 7.7 per cent in March 2022, the RBI said. As industrial activity revived during the second half of the year, the share of top 100 large borrowers in SCBs' total loan books as well as in SCBs' GNPA increased.These borrowers accounted for 17.1 per cent of SCBs' total credit and 6.9 per cent of their GNPA, the RBI report said.According to the report, the asset quality of SCBs continued to improve through the year, with GNPA ratio declining from 7.4 per cent in March 2021 to a six-year low of 5.9 per cent in March 2022.The Net non-performing assets (NNPA) ratio also fell by 70 bps during 2021-22 and stood at 1.7 per cent at the year-end. The slippage ratio, measuring new accretions to NPAs as a share of standard advances at the beginning of the period, declined across bank groups during 2021-22.The write-off ratio declined for the second successive year to 20 per cent in 2021-22. —IANS

The share of large borrowers for scheduled commercial banks (SCB) has declined in the recent times while their share in the gross non-performing assets (GNPA) also went down, said the Reserve Bank of India (RBI).

Large Borrowers' Loan Accounts And Bad Loans Decline: RBI

Banking

New Delhi (The Hawk): The Ministry of Skill Development and Entrepreneurship (MSDE) today announced that National Apprenticeship Promotion Scheme (NAPS) will be a part of Direct Beneficiary Transfer (DBT) scheme, providing direct government benefits to all apprentices. Earlier companies used to pay apprentices the entire amount and then seek reimbursement from the government. With the launch of the DBT scheme, the government will directly transfer its contribution to bank accounts of apprentices through National Skill Development Corporation (NSDC), 25% of the stipend payable up to Rs. 1500/- per month.Lauding the initiative, Union Minister of Skill Development and Entrepreneurship, and Education, Shri Dharmendra Pradhan, said that apprenticeship is getting a big boost under Skill India. He said the first set of apprentices have received stipend subsidy in their accounts through DBT under the National Apprenticeship Promotion Scheme. This is not only a boost to apprenticeship but also takes us closer to realising the potential of Skill India.To skill, reskill and upskill young India, increase per capita economic production, and support national missions, it is imperative to turn apprenticeship into a participatory movement. It not only exposes candidates to real-time industrial environments but allows them the opportunity to contribute to the economy even during training. It also gives a boost to the Skill India Mission by creating sustainable skill development strategies in association with the government, businesses, and educational systems. MSDE’s objective is to give further boost to youth's employability through such sustainable model of skill development and help realize Prime Minister Shri Narendra Modi’s vision of Aatmanirbhar BharatNational Apprenticeship Promotion Scheme (NAPS) was launched on August 19, 2016, to promote apprenticeship training in the country and to provide financial support to establishments undertaking apprenticeship. The program aims to motivate employers to hire apprentices and aid them in discovering the right job roles while maximising their potential through in-depth skill development. As of today, more than 12 lakh apprentices have been engaged with various industries.The dream of India becoming the ‘Skill Capital of the World’ seems to be on the path to fruition with the introduction of various apprenticeship reforms aimed at building a skilled manpower. It is envisioned that these schemes will be further scaled up in the coming years and all contracts will be DBT contracts.

The Ministry of Skill Development and Entrepreneurship (MSDE) today announced that National Apprenticeship Promotion Scheme (NAPS) will be a part of Direct Beneficiary Transfer (DBT) scheme, providing direct government benefits to all apprentices.

MSDE launches DBT scheme to extend direct monetary support to apprentices	

New Delhi (The Hawk): The Prime Minister, Shri Narendra Modi participated in the ‘Udyami Bharat’ programme today and launched key initiatives like ‘Raising and Accelerating MSME Performance’ (RAMP) scheme, ‘Capacity Building of First-Time MSME Exporters’ (CBFTE) scheme and new features of the ‘Prime Minister’s Employment Generation Programme’ (PMEGP) to ramp up the MSME sector. He also digitally transferred assistance to beneficiaries of PMEGP for 2022-23; announced results of the MSME Idea Hackathon, 2022; distributed National MSME Awards, 2022; and issued Digital Equity Certificates to 75 MSMEs in the Self Reliant India (SRI) Fund. Union Ministers Shri Narayan Rane and Shri Bhanu Pratap Singh Varma, MSME stakeholders from all over the country, and diplomats from various countries were among those present on the occasion.&nbsp;Addressing the gathering, the Prime Minister said that the efforts of MSME India will be a key driver of Aatmnirbhar Bharat. He said whatever heights the 21st century India will achieve, that will be dependent&nbsp;&nbsp;on the success of the MSME sector. He emphasised that it is important for India’s MSME sector to be strong for increasing India's exports and for India's products to reach new markets. “Our government is taking decisions and making new policies keeping in mind your ability and the immense potential of this sector”, he added. He said that the initiatives launched today and other measures undertaken by the government are linked with the quality and promotion of MSME.The Prime Minister remarked that when we say MSME, it expands in technical language to Micro Small and Medium Enterprises. But these micro, small and medium enterprises are a huge pillar of India's growth journey. The MSME sector accounts for almost one-third of India's economy. Strengthening the MSME sector is strengthening the entire society, making everyone recipient of the benefits of development. That is why this sector is one of the highest priorities of the government, he said.To strengthen the MSME sector, in the last eight years, the Prime Minister said, the government has increased the budget allocation for this by more than 650%. “For us, MSME means - Maximum Support to Micro Small and Medium Enterprises”, the Prime Minister stressed.Noting that more than 11 crore people are connected with the sector, The Prime Minister remarked that MSME is critical for employment generation. During the pandemic, the government decided to save the small enterprises and give them new strength. Under the Emergency Credit Line Guarantee Scheme, the central government has ensured Rs 3.5 lakh crore for MSMEs, he said. As per a report, this resulted in saving about 1.5 crore jobs, the Prime Minister informed. He said that MSME is a major medium for achieving the pledges of ‘Amrit Kaal’ of India’s independence.Shri Modi recalled a time when earlier governments did not recognize the importance of the sector and shackled the sector by adopting policies that kept the small enterprise small. To address this, the definition of MSME was changed. The Prime Minister said if any industry wants to grow and expand, then the government is not only supporting it but is also making necessary changes in the policies. The Prime Minister pointed out that in GeM, MSME has got a very strong platform to provide goods and services to the government. He asked every MSME to get registered on the GeM portal. Similarly, prohibiting global tenders for projects worth less than 200 crore will also help the MSME.The Prime Minister said that the government is taking measures to help MSME in increasing exports. The Indian Mission abroad has been told to work on this. The Prime Minister said that the Missions are being evaluated on three parameters i.e. trade, technology and tourism.The Prime Minister said that Pradhanmantri Rozgar Srijan Karykram was revamped after 2014 as it was not able to achieve its goals in the period between 2008-2012. Since 2014, more than 40 lakh jobs have been created under this programme. During this period 14 thousand crore rupees worth of margin money subsidy was provided to these enterprises. Cost limit for products falling in this scheme has also been increased, he informed.Talking about inclusive development, the Prime Minister said that trans-gender entrepreneurs are being provided with all help to realize their goals.The Prime Minister noted that now for the first time, the turnover of Khadi and Village Industries has crossed Rs 1 lakh crore. “This has been possible because our small entrepreneurs in the villages and our sisters have worked very hard. Khadi sales have increased 4 times in the last 8 years”.The Prime Minister said that difficulty in getting loans without guarantees was a major obstacle for the vulnerable sections of the society to pursue the path of entrepreneurship.&nbsp;After 2014, it was decided to enlarge the ambit of entrepreneurship through Sabka Sath, Sabka Vikas, Sabka Vishwas and Sabka Prayas. Mudra Yojana, he said, has a huge role to play in making entrepreneurship easy for every Indian. This scheme of bank loans without guarantee has created a large section of women entrepreneurs, Dalit, backward, tribal entrepreneurs in the country. So far, about Rs 19 lakh crore has been given as a loan under this scheme. Among the borrowers, there are about 7 crore such entrepreneurs, who have started an enterprise for the first time, who have become new entrepreneurs, he added. He also noted that on Udyam Portal too, more than 18 percent of those registered are women entrepreneurs. “This inclusiveness in entrepreneurship, this economic inclusion is social justice in the true sense”, he said.The Prime Minister concluded by saying “Today, through this program, I assure all my brothers and sisters associated with the MSME sector that the government is committed to making policies that meet your needs and walk pro-actively with you. Every accomplishment of an entrepreneurial India will lead us towards a self-reliant India. I believe in you and in your ability.‘Udyami Bharat’ is reflective of the continuous commitment of the government, right from day one, to work towards the empowerment of MSMEs. The government has launched several initiatives from time to time like MUDRA Yojana, Emergency Credit Line Guarantee Scheme, Scheme of Fund for Regeneration of Traditional Industries (SFURTI) etc. to provide necessary and timely support to the MSME sector, which has helped benefit crores of people across the country.‘Raising and Accelerating MSME Performance’ (RAMP) scheme with an outlay of around Rs 6000 crore, aims to scale up the implementation capacity and coverage of MSMEs in the States, with impact enhancement of existing MSME schemes. It will complement the Aatmanirbhar Bharat Abhiyan by fostering innovation, encouraging ideation, incubating new business and entrepreneurship by developing quality standards, improving practices and processes, enhancing market access, deploying technological tools and Industry 4.0 to make MSMEs competitive and self-reliant.‘Capacity Building of First-Time MSME Exporters’ (CBFTE) scheme aims to encourage MSMEs to offer products and services of international standards for the global market. This will enhance the participation of Indian MSMEs in the global value chain and help them realise their export potential.New features of the ‘Prime Minister’s Employment Generation Programme’ (PMEGP) include an increase in the maximum project cost to Rs 50 lakhs (from Rs 25 lakhs) for the manufacturing sector and Rs 20 lakhs (from Rs 10 lakhs) in the service sector and inclusion of applicants from Aspirational districts &amp; Transgenders in the Special Category applicants for availing higher subsidies. Also, handholding support is being provided to applicants/entrepreneurs through the engagement of banking, technical &amp; marketing experts.MSME Idea Hackathon, 2022 was aimed at promoting and supporting the untapped creativity of individuals, promoting the adoption of the latest technologies and innovation among MSMEs. The selected incubatee ideas will be provided funding support of up to Rs. 15 lakhs per approved idea.National MSME Awards 2022 is a recognition of the contributions of MSMEs, States/UTs, Aspirational Districts and Banks for their outstanding performance in the growth and development of India’s dynamic MSME sector.

The Prime Minister, Shri Narendra Modi participated in the ‘Udyami Bharat’ programme today and launched key initiatives like ‘Raising and Accelerating MSME Performance’ (RAMP) scheme, ‘Capacity Building of First-Time MSME Exporters’ (CBFTE) scheme and new features of the ‘Prime Minister’s Employment Generation Programme’ (PMEGP) to ramp up the MSME sector. 

PM Modi Participates In ‘Udyami Bharat’ Programme

Mumbai: Dissident Shiv Sena MLAs and a group of independent legislators, led by Eknath Shinde, who have been camping at a hotel in Guwahati since June 22, will leave for a neighbouring state of Maharashtra later on Wednesday, official sources said.A chartered flight will depart from the Lokpriya Gopinath Bordoloi International (LGBI) Airport in Guwahati in the afternoon with the MLAs, they said. "It will leave around 3 pm from Guwahati," Asked about the destination, they said it is likely to be a 'neighbouring state' of Maharashtra. Earlier, it was reported that the MLAs will be shifted to a hotel in Goa.Three air-conditioned Assam State Transport Corporation have reached the Radisson Blu hotel to carry the legislators to the airport, the sources added.&nbsp;The development came a day after Maharashtra's opposition leader Devendra&nbsp;<a href="https://www.rediff.com/news/report/fadnavis-meets-maha-governor-seeks-floor-test/20220628.htm" rel="noopener noreferrer" target="_blank" style="color: rgb(71, 123, 196);">Fadnavis met Governor</a>&nbsp;Bhagat Singh Koshyari in Mumbai, requesting him to ask Chief Minister Uddhav Thackeray to prove majority on the floor of the assembly.Koshyari&nbsp;<a href="https://www.rediff.com/news/report/maharashtra-governor-asks-uddhav-govt-to-face-floor-test-on-thursday/20220629.htm" rel="noopener noreferrer" target="_blank" style="color: rgb(71, 123, 196);">has asked Thackeray</a>&nbsp;to prove majority by Thursday 11 am. Rebel Shiv Sena leader Eknath Shinde said on Wednesday that&nbsp;<a href="https://www.rediff.com/news/report/eknath-shinde-says-he-will-be-in-mumbai-on-thursday-floor-test-updates/20220629.htm" rel="noopener noreferrer" target="_blank" style="color: rgb(71, 123, 196);">he will return to Mumbai</a>&nbsp;on Thursday to 'complete the formalities', indicating he would participate in moves to form a new government.The Maharashtra legislators had first come to Guwahati on June 22 and subsequently in several batches from Gujarat's Surat in chartered flights.

Dissident Shiv Sena MLAs and a group of independent legislators, led by Eknath Shinde, who have been camping at a hotel in Guwahati since June 22, will leave for a neighbouring state of Maharashtra later on Wednesday, official sources said.

Sena rebels likely to reach Goa ahead of floor test

Space Science

New Delhi: The biography of billionaire industrialist Gautam Adani, Adani Group chairman, and founder, will hit the stands in October, announced Penguin Random House (PRHI) on Monday.Written by journalist-author RN Bhaskar, ''Gautam Adani: The Man Who Changed India'', claims to bring to light, for the first time, the unknown aspects of one of the richest men in the world. It will be released under PRHI's 'Hamish' imprint.At the helm of a business empire that is now India's largest player in ports and renewable energy, the Ahmedabad-based industrialist is currently also leading the country's largest private sector player in sectors such as airports, city gas distribution, power transmission, thermal power, edible oil, and railway lines.''I met Gautam Adani almost 18 years ago, while the Mundra Port was being built. What I saw then, and what I learned from my discussions with key Adani group people, was that this port could change the transshipment landscape for the Middle East and India. It could reshape logistics, and even make Mundra the country's first destination port,'' Bhaskar said about the upcoming biography in a statement.''I gave talks in Dubai about how this man could change India's trade patterns. I even wrote a cover story for a publication titled: The man who could change India". 18 years later, I discovered that he has,'' he added.The book, according to the publishers, delves deep, detailing a range of fascinating anecdotes from Adani's life, illuminating his early childhood, his initiation into business, and the learnings and opportunities he pursued.It also talks about business, data, storytelling, and hard numbers, giving readers ''the story of Gautam Adani that made him the Gautam Adani we know today, making it a one of kind insightful and inspirational read for industry experts, enthusiasts, and even young students and professionals''.What fuels Adani's motivations and vision? What are those episodes, minor and major, that propelled him to make the choices he did that in turn shaped the world we live in today? Or, were there challenges in his life and how did he deal with those? are among the several questions that the book claims to answer.''Gautam Adani is one of India's most successful first-generation business leaders, and I believe there is no book that captures his story and phenomenal rise over the past decades in detail. I am delighted that RN Bhaskar has taken up the task to fill the gap, and use years of research, insight, and analysis to tell the story of one of the most intriguing business leaders in the country today,'' said Milee Ashwarya, publisher, Ebury Publishing and Vintage, PRHI. Bhaskar is also the author of ''Game India: Seven strategies that could steer India to wealth'' (2019).—PTI

The biography of billionaire industrialist Gautam Adani, Adani Group chairman, and founder, will hit the stands in October, announced Penguin Random House (PRHI) on Monday.

Biography Of Gautam Adani To Release In Oct

New Delhi: The rupee appreciated by 7 paise to settle at 77.98 (provisional) against the US dollar on Monday as crude oil prices retreated from elevated levels. However, unabated foreign fund outflows restricted the appreciation bias in the rupee, forex dealers said.At the interbank forex market, the local unit opened strong at 77.98 against the greenback and witnessed an intra-day high of 77.87 and a low of 78.03. It finally settled at 77.98, a rise of 7 paise over its previous close of 78.05."Rupee consolidated in a broad range despite volatility in domestic and global equities. Fed projection showed economic growth slowing to a below-trend rate of 1.7 per cent," said Gaurang Somaiya, Forex &amp; Bullion Analyst, Motilal Oswal Financial Services. On the domestic equity market front, the BSE Sensex ended 237.42 points or 0.46 per cent higher at 51,597.84, while the broader NSE Nifty advanced 56.65 points or 0.37 per cent to 15,350.15. The dollar index, which measures the greenback's strength against a basket of six currencies, was down 0.37 per cent at 104.31. Brent crude futures, the global oil benchmark, fell 0.11 per cent to USD 112.99 per barrel. Foreign institutional investors were net sellers in the capital market on Friday as they offloaded shares worth Rs 7,818.61 crore, as per exchange data.—PTI

The rupee appreciated by 7 paise to settle at 77.98 (provisional) against the US dollar on Monday as crude oil prices retreated from elevated levels. 

Rupee Gains 7 Paise To Close At 77.98 Against Us Dollar

New Delhi (The Hawk): Income Tax Department carried out search and seizure operations on 15.06.2022 on a leading industrial group of Chennai, engaged in the business of manufacturing of IMFL, logistics, hospitality, entertainment etc. The search operations were carried out at more than 40 premises located in Chennai, Villupuram, Puducherry, Coimbatore and Hyderabad.During the course of the search operations, various incriminating documentary and digital evidences have been seized. The analysis of such evidences indicates that the assessee group has indulged in large-scale tax evasion exceeding Rs. 400 crore by debiting non-genuine purchase bills in the books of account of varied businesses. These non-genuine purchase bills were either obtained from its regular material suppliers or from accommodation entry providers. On gleaning, the seized evidences have also revealed that the payments made to the material suppliers through cheque have been received back in cash for making unaccounted investments and also for other purposes.The group is also found to be controlling, back-office operations of its international chain of hotels, from India. So far, the search action has led to the seizure of undisclosed cash of Rs. 3 crore and unaccounted gold jewellery worth Rs. 2.5 crore.&nbsp;

Income Tax Department carried out search and seizure operations on 15.06.2022 on a leading industrial group of Chennai, engaged in the business of manufacturing of IMFL, logistics, hospitality, entertainment etc. The search operations were carried out at more than 40 premises located in Chennai, Villupuram, Puducherry, Coimbatore and Hyderabad.

Income Tax Department Conducts Searches In TN

New Delhi (The Hawk): Department of Pension and Pensioners’ Welfare (DoPPW) has started a series of Awareness Programme for Central Pension Processing Centres and field functionaries handling pension related work in the bank. Since the major Pension Disbursing Authorities are banks, the first such programme in the series is being held for officers of State Bank of India on 20th and 21st June, 2022 at Udaipur, covering the Northern region of country. Four such awareness programmes will be conducted in collaboration with State Bank of India to cover the whole country. On similar lines, awareness programs will be conducted in collaboration with other Pension Disbursing Banks in 2022-23.Bankers’ Awareness Programme, Udaipur, 20th &amp; 21st June, 2022 has been inaugurated today by Shri V Srinivas, Secretary to Government of India, (DoPPW). Shri Rana Ashutosh Kumar Singh, DMD, SBI, Shri S N Mathur, Joint Secretary (DoPPW), Shri Bhupal Nanda, CCP, CPAO, Shri Subhash Joinwal, CGM, GBSSU, SBI and Shri R K Mishra CGM, SBI, participated in the inauguration ceremony. 50 officers from northern zone from CPPCs and pension dealing branches are participating in this 2 day program. The objective of these programmes is to spread awareness of the various rules and procedures regarding disbursement of pension to Central Government pensioners as well as to update the field functionaries about the changes that take place from time to time through various amendments in the policy and procedures. The purpose of the programme is also to understand issues faced by Bank officials in handling these processes and pensioners’ grievances. Digital life certificate and face authentication technology would be a game changer for pensioners and banks in submission of life certificates. These awareness programmes would serves as huge capacity building exercise for bank officials.To enhance “Ease of Living” of pensioners and family pensioners, Government of India has taken a number of welfare measures in pension policy as well as digitization of pension related processes. There have been a number of amendments in the pension rules and several clarificatory orders/ instructions have been issued during the last 50 years. These have been compiled and brought out as Central Civil Service (Pension) Rules, 2021 in December, 2021.Secretary, Shri V Srinivas stressed on providing seamless experience to pensioners through creation of AI/ML enabled Integrated Pensioners Portal, linkage of Department of Pension &amp; Pensioners Welfare portal Bhavishya and SBI portals, creation of Chat bot to ensure seamless interaction between pensioners, Government and banker. Department in collaboration with SBI may set up a technology team for creating the above digital systems as the first deliverables after this program. Utmost attention is to be given on process and people related grievances by SBI.&nbsp;&nbsp;Digital life Certificate was launched in 2014 which is available through Aadhar based bio-metric devices, Indian Post Payments bank’s 1,90,000 Gramin Dak sevaks and Doorstep banking by banks. Face authentication technology was launched in November, 2021 which will transform the way pensioners submit their life certificate. Use of fintech in much larger way will enable quality of life for pensioners.

Bankers’ Awareness Programme, Udaipur, June 21 & 22, 2022 Inaugurated

Department of Pension and Pensioners’ Welfare (DoPPW) has started a series of Awareness Programme for Central Pension Processing Centres and field functionaries handling pension related work in the bank. Since the major Pension Disbursing Authorities are banks, the first such programme in the series is being held for officers of State Bank of India on 20th and 21st June, 2022 at Udaipur, covering the Northern region of country. 

Mumbai: Three prominent Indian banks have been taken for a dramatic ride of a total Rs 150 crore by a couple of Indian companies, which have now become nightmarish Non Performing Assets, here recently.They are: IDBI Bank Ltd (Rs 92.69 crore), Bank of Baroda (Rs 49.23 crore) and HDFC Bank Ltd. (Rs 6.27 crore), besides interest, penalties, etc.The loans were sanctioned to M/s. Great Indian Nautanki Company Pvt. Ltd. (GINCPL), with directors/guarantors Anumod Sharma, Dr. Anu Appaiah, Viraf Sarkari and Sanjay Chaudhary.The corporate guarantor named is the Great Indian Tamasha Company Pvt. Ltd. (GITCPL), and other guarantors are Wizcraft International Entertainment Pvt. Ltd., S.G. Investments Pvt. Ltd.Now, the IDBI Bank, HDFC Bank and Bank of Baroda have sought bids through an e-caution for the sale of 107.24 acres of lands owned and mortgaged by GITCPL with these banks in an attempt to recover their outstanding dues. The land parcels going under the hammer are situated in the Peroor village's Ballamvati Mandal Panchayat of Kodagu district in Karnataka. The GITCPL was running the Kingdom of Dream in Gurugram, near Delhi, and the auction bids were called under the SARFAESI Act for the default of the huge loans. In May 2021, the National Company Law Tribunal had admitted a plea by IDBI Bank to invoke proceedings under the insolvency and bankruptcy laws against Wizcraft International Entertainment Pvt. Ltd. for failure to pay up around Rs 60 crore, which the original loan borrower, GINCPL has defaulted on.The bids for the properties -- with a reserve price tag of Rs 1,153 lakhs -- will remain open between July 16-22, and the e-auction will be conducted on July 27, as per a public announcement.In the plea before the NCLT, the IDBI Bank had alleged that Wizcraft being the corporate to the loan it granted to GINCPL had issued an "unconditional and unrecoverable" Corporate Guarantee by which it undertook to pay forthwith upon demand without any demur all amounts payable by the borrower, GINCPL.The IDBI Bank also initiated proceedings under the SARFAESI Act to recover its dues.Banking and corporate circles in Mumbai expressed dismay over the development and questioned if the IDBI Bank, HDFC Bank and Bank of Baroda had exercised "due diligence", and especially, the companies' bizarre names with dubious words like 'Tamasha' and 'Nautanki' didn't sound weird or rang warning bells.—IANS

Three prominent Indian banks have been taken for a dramatic ride of a total Rs 150 crore by a couple of Indian companies, which have now become nightmarish Non Performing Assets, here recently.

3 Banks Duped Of Rs 150 Cr By 'Tamasha' & 'Nautanki' Firms-turned-npas

New Delhi (The Hawk): The Department of Consumer Affairs under the Ministry of Consumer Affairs, Food and Public Distribution is conducting a National Workshop on ‘Vision for an effective, speedier and hassle free Consumer Dispute Redressal’with President and Members of the National Commission, Presidents and Members of the State Commissions and Presidents of selected District Commissions along with Principal Secretaries of the States on 20th June, 2022 at New Delhi.Hon’ble Union Minister for Consumer Affairs, Food &amp; Public Distribution, Textiles and Commerce &amp; Industry, Shri Piyush Goyal will inaugurate the workshop.&nbsp;The purpose of the Workshop is to discuss and deliberate on effective and speedy consumer disputes redressal. The Workshop aims at understanding core issues faced by various consumer commissions across the country in the process of disposal of consumer disputes and address these concerns with the support of legal provisions and technology.The key issues to be discussed in the Workshop are: Status of vacancies &amp; pending cases in the State and District Commissions and prescribing a framework for effective and speedy redressal consumer grievances.Status of e-filing in State and District Commissions and suggestions for making e-filing preferred option for the consumers for grievance redressal.Status of Mediation in State and District Commissions and suggestions for putting in place an effective mechanism for mediation as prescribed in Consumer Protection Act 2019. Status of infrastructure in State and District Commissions and suggestions for improving the same.The key issues shall be deliberated by way of panel discussions and representatives from various State Commissions, State Governments and District Commissions will put forth their challenges, views and suggestions in achieving the holistic goal of effective and speedy consumer dispute redressal.Shri Ashwini Kumar Choubey, Hon’ble Minister of State for Consumer Affairs, Food &amp; Public Distribution and Environment, Forest &amp; Climate Change and Sadhvi Niranjan Jyoti, Hon’ble Minister of State for Consumer Affairs, Food &amp; Public Distribution and Rural Development and Mr. Justice R. K. Agrawal, Hon’ble President, National Consumer Disputes Redressal Commission will also grace the occasion and address the participants.

The Department of Consumer Affairs under the Ministry of Consumer Affairs, Food and Public Distribution is conducting a National Workshop on ‘Vision for an effective, speedier and hassle free Consumer Dispute Redressal’with President and Members of the National Commission, Presidents and Members of the State Commissions and Presidents of selected District Commissions along with Principal Secretaries of the States on 20th June, 2022 at New Delhi.

Workshop To Deliberate Over ‘Vision For An Effective, Speedier & Hassle Free Consumer Dispute Redressal’

New Delhi (The Hawk): After a record-breaking coal production of 777 Million Ton (MT) in&nbsp;2021-22, the domestic coal production continues to witness an increasing trend in the current financial year as well. The total domestic coal production in 2022-23, as on 31st May, 2022 is 137.85 MT, which is 28.6% more as compared to the production of 104.83 MT in the same period of last year. This trend is being maintained in June, 2022 also. The coal production by Coal India Ltd (CIL) is 28% more than the production in the same period of the previous year (as on16th June, 2022). Domestic coal production target for the current financial year is 911 MT which is 17.2% more than the previous year.The coal imports for blending by the Domestic Coal Based (DCB) power plants have dropped to 8.11MT in the year 2021-22 which has been the lowest coal import in the last eight years. This was possible solely due to the robust coal supply from domestic sources and increased domestic coal production.The Imported Coal Based (ICB) power plants had imported coal of more than 45 MT per year from 2016-17 to 2019-20. However,&nbsp;coal import by the ICB power plants dropped to the lowest level of 18.89 MT in 2021-22 and the generation from these plants also dropped to 39.82 BU in the year 2021-22 as compared to the 100+ BU which these plants have been generating since quite some time. This year too their generation remains very low due to high price of imported coal.In the last five years, the coal-based power generation has grown at a CAGR of 1.82% whereas the domestic coal supply to power sector had grown at a CAGR of 3.26%. Thus, coal supply to power sector has outpaced the growth in coal-based power generation and continues to do so in the present year too.n the year 2021-22, coal supply from CIL to the DCB power plants has been more than the supply required to be made under Fuel Supply Agreement (FSA). CIL had supplied 540 MT coal, out of which 483 MT coal was supplied against FSA. This coal was sufficient for the power plants to run at 69% PLF whereas the DCB power plants operated at a PLF of only 61.3% in the year 2021-22.&nbsp;In the year 2022-23, as per FSA, CIL was supposed to supply 120.67 MT coal to its linked power plants (at 85% PLF) whereas CIL had supplied 129.58 MT coal (till 16.06.22). This supply is 7.4% more than the supply required by the plants if they operate at 85% PLF. The plants have operated at about 70% PLF and the CIL coal supply to its FSA linked plants is 30.4% more than their requirement.With increased production, the rake supply from CIL to power sector has also been at all-time high. The rake loading to power sector increased from 215.8 rakes per day in 2020-21 to 271.9 rakes per day in 2021-22, registering a growth of 26%. In the current year also (till 16th June, 2022), the rake supply from CIL to power sector has increased by 25% as compared to same period of last year. At the same time, coal stocks at pit head power plants are much higher than distant plants.The DCB power plants have generated a record high power of 3.3 BU per day in the month of June 2022 (till 16th June, 2022). The coal stock at the DCB power plants during this period, however have not depleted, rather the same has increased from 21.85 MT (as on 01.06.22) to 22.64 MT ( as on 16.06.22). This reflects the robust coal production and sufficient supply to keep up with the increasing demand. The coal stock is sufficient for more than 10 days’ requirement.As on 16th June 22, coal stock at different domestic coal mines is more than 52 MT, which is sufficient for about 24 days requirement of power plants. In addition to it, about 4.5 MT coal stock is available at various Goodshed sidings, Private Washeries and ports and is awaiting to be transported to the power plants.During the monsoons, despite having high coal stock at mine ends, the coal companies face problems in transporting coal to the sidings due to flooding of mines and the wet coal jamming the Coal Handling Plants conveyor systems. Even by end of second quarter, coal stocks remain high at CIL mines when stocks are low at thermal plant end. There domestic coal production is not an issue. The coal supplies from CIL are more than the FSA requirements. However, CIL has agreed to import coal for the interested power sector consumers (State Gencos and IPPs) and have floated a short-term tender for 2.4 MT imported coal for supply within three months and two long term imported coal supply tenders of 6 MT each for supply over a period of one year. The ICB power plants and the Gas based power plants have been operating at very low capacities due to constraints in easy availability of required fuel and issues related to PPAs. However,&nbsp;coal supplies from CIL and other domestic sources is sufficient to ensure that there is adequate coal at the power plants during the monsoon season.SIC will now engage the required professionals.—PTI

After a record-breaking coal production of 777 Million Ton (MT) in 2021-22, the domestic coal production continues to witness an increasing trend in the current financial year as well.

Domestic Coal Production Goes Up By 28% As Of June 16

Energy

New Delhi: The Employees' State Insurance Corporation (ESIC) on Sunday decided its health insurance scheme ESI will be implemented throughout the country by the end of 2022. Presently, the Employees' State Insurance (ESI) Scheme is fully implemented in 443 districts and partially implemented in 153 districts. A total of 148 districts are not covered under the ESI Scheme. The ESIC, under the chairmanship of Minister of Labour and Employment Bhupender Yadav, in its 188th meeting held on Sunday has taken significant decisions to augment the medical care and service delivery mechanism across the country, a labour ministry statement said.It has been decided that the ESI Scheme will be implemented in the entire country by the end of 2022, it added.By the end of the year, the districts which are partially covered and not covered under the scheme will be fully brought under the ambit of the ESI Scheme, the statement said.The medical care services will be provided through establishing new DCBOs (dispensary cum branch offices), by empanelling mIMP (Modified Insurance Medical Practitioner) and tie-up hospitals of Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (PMJAY).Besides, the ESIC has decided to set up 23 new 100-bedded hospitals across the country.These include six hospitals in Maharashtra at Palghar, Satara, Pen, Jalgaon, Chakan and Panvel; four in Haryana at Hisar, Sonepat, Ambala and Rohatak; two hospitals each in Tamil Nadu (at Chengalpattu and Erode), Uttar Pradesh (Moradabad and Gorakhpur) and Karnataka (Tumkur and Udupi). ESIC will also set up one hospital each in Andhra Pradesh (Nellore), Chhattisgarh (Bilaspur), Goa (Mulgaon), Gujarat (Sanad), Madhya Pradesh (Jabalpur), Odisha (Jharsuguda) and West Bengal (Kharagpur).Besides these hospitals, five dispensaries at 62 places will also be opened. Further, 48 dispensaries in Maharashtra, 12 dispensaries in Delhi and 2 dispensaries in Haryana will be opened.These hospitals and dispensaries will ensure the delivery of quality medical care to the insured workers and their dependents. To provide quality medical care, the ESIC is augmenting its infrastructure by setting up new hospitals and upgrading the existing ones, it stated. The ESIC in its meeting also decided to allow insured workers and their family members to avail cashless medical care services through Ayushman Bharat PMJAY empanelled hospitals in all the areas where the ESI Scheme is partially implemented or to be implemented, or where existing ESIC healthcare facilities are limited. Beneficiaries of ESI Scheme in 157 districts are already availing cashless medical care through this tie-up arrangement.It was decided that Radiation Oncology and Nuclear Medicine Departments will be established at three ESIC Medical College and Hospitals at Sanathnagar, Faridabad and Chennai.It will be the for the first time that such services will be made available at ESIC-owned facilities, it added.Two cath labs at ESIC Medical College and Hospital at Sanathnagar, Telangana and Alwar, Rajasthan will be established. Decision was also taken to upgrade the existing 200-bedded ESIC Hospital in Pune to a 500-bed facility. The upgradation of this hospital will benefit 7 lakh workers and their family members in Pune.Other important decisions taken in the meeting included improving the medical care services for insured workers and their family members.The ESIC has decided to take over the state government-run ESIS Hospital, Sonagiri, Bhopal to directly run it under its administrative control. For bridging the gap of non-availability of specialists/super specialists in state government-run ESIC Hospitals, ESIC will now engage the required professionals.—PTI

he Employees' State Insurance Corporation (ESIC) on Sunday decided its health insurance scheme ESI will be implemented throughout the country by the end of 2022. Presently, the Employees' State Insurance (ESI) Scheme is fully implemented in 443 districts and partially implemented in 153 districts.

ESIC To Cover Entire India Under Esi Scheme By Year-end

The Employees' State Insurance Corporation (ESIC) on Sunday decided its health insurance scheme ESI will be implemented throughout the country by the end of 2022. Presently, the Employees' State Insurance (ESI) Scheme is fully implemented in 443 districts and partially implemented in 153 districts.

New Delhi: The last time that the FIIs bought on a net basis for the year was in 2019 and 2020 when they invested Rs 40,000 crore and Rs 64,000 crore, respectively. At this time, domestic institutions also bought 42,000 crore in 2019 but sold 36,000 crore in 2020. In 2021, FIIs sold Rs 93,000 crore while domestic funds bought 95,000 crore. In the current year till date, FIIs sold Rs 2.67 lakh crore and Domestic institutions bought 2.15 lakh crore.What has led to this massive sell-off is the first question that comes to mind. The first and foremost reason is of course inflation which is at a record over 40 year high in the US and is threatening to continue to rise. Gas prices and now mortgage rates are hitting the normal citizens in the under-belly. They have both risen very fast and are at levels which are close to double compared to the last six months. With such high outgoings, things are unlikely to improve as the FED raises interest rates to keep inflation under control. With a 75-basis point hike in the previous week and another similar hike imminent in six weeks' time, the rates would be at 2.25-2.5 per cent by July end. Unthinkable for the US which believed that inflation would never hit them in the near future.The next question that comes to mind is why such sharp selling had to be done. India as a market has outperformed the US markets and investments in India even though we are at a 52-week low as of Friday is far better than what the US has done during the same period. Incidentally, the US is also at a 52-week low. While the Indian benchmark indices on a year-to-date basis have seen BSESENSEX lose 11.83 per cent and NIFTY lose 11.87 per cent, Dow Jones has lost a massive 18.09 per cent. NASDAQ has lost much more and is now down 30.98 per cent.The technology sector and particularly companies which gained handsomely when Covid-19 was amongst us have reported sharp drop in business and also reported losses in many cases. This has led people to believe that probably companies involved in e-commerce are just not in favour any more. Post normalcy, markets believe that the business model of these e-commerce companies is under tremendous pressure. Shares from these sectors have lost big time in the US and part of the meltdown is visible even in India. FIIs are busy encashing gains in India so that they are able to reduce their overall exposure at a time when global markets are under pressure. With Indian markets still giving positive returns, sales here are of the first priority. How long and up to what level would be debatable.Domestic funds have been able to keep pace with sales so far. Whether this would continue indefinitely is not sure. The positive fact however remains, post Covid-19 the new investors who have come to the markets are giving substantial muscle power to domestic funds and helping in facing the onslaught. Every person has his day, and its not far before the day would come where domestic institutions would sell shares to FIIs and FPIs on their terms and conditions. In this global meltdown, even the Indian Rupee has held its ground quite well. While we have lost some ground against the Dollar, we have gained against quite a few other currencies including the pound and the euro. In the current Russia-Ukraine war, we have managed our oil purchases quite well and a good crop is helping in this world food crisis.What next? Expect FIIs to stop selling sooner than later and look at Indian equities all over again. The reducing differential between interest rates would be another reason to look at the country. Further the fact that India has one of the best growths amongst global economies is yet another reason.I strongly believe that before the calendar year is over, FIIs will be back on a buying spree in the country. Wait for that to happen and see the markets gain.—IANS

The last time that the FIIs bought on a net basis for the year was in 2019 and 2020 when they invested Rs 40,000 crore and Rs 64,000 crore, respectively. At this time, domestic institutions also bought 42,000 crore in 2019 but sold 36,000 crore in 2020. In 2021, FIIs sold Rs 93,000 crore while domestic funds bought 95,000 crore. In the current year till date, FIIs sold Rs 2.67 lakh crore and Domestic institutions bought 2.15 lakh crore.

The Great Fpi Sell-off

New Delhi (The Hawk): In a joint event held at the Headquarters of the European Union (EU) at Brussels yesterday, Union Minister for Commerce and Industry, Consumer Affairs and Food &amp; Public Distribution and Textiles, Shri Piyush Goyal, and Mr. Valdis Dombrovskis, Executive Vice-President of European Commission formally re-launched the India-EU Free Trade Agreement (FTA) negotiations. Besides, negotiations were also launched for a stand-alone Investment Protection Agreement (IPA) and a Geographical Indicators (GIs) Agreement.Last year, in the India and EU Leaders’ Meeting held in Porto on 8th May 2021, an agreement was reached for resuming negotiations for a balanced, ambitious, comprehensive and mutually beneficial FTA and starting fresh negotiations on the IPA and a separate agreement on GIs.&nbsp;Both partners are now resuming the FTA talks after a gap of about nine years since the earlier negotiations were left off in 2013 due to difference in the scope and expectations from the deal.The Delhi visit of the European Commission President Ms. Ursula von der Leyen in April 2022, and the Prime Minister Shri Narendra Modi’s recent visit to Europe accelerated the FTA discussions and helped in defining a clear roadmap for the negotiations.This would be one of the most significant FTAs for India as EU is its second largest trading partner after the US.&nbsp;The India-EU merchandise trade has registered an all-time high value of USD 116.36 Billion in 2021-22 with a year-on growth of 43.5%.&nbsp;India’s export to the EU jumped 57% in FY 2021-22 to $65 billion.&nbsp;India has a surplus trade with EU.Considering that both partners have similar fundamental values and common interests and are two of the largest open market economies, the trade deal will help to diversify and secure the supply chains, boost economic opportunities for our businesses, and bring significant benefits to the people. Both sides are aiming for the trade negotiations to be broad-based, balanced and comprehensive, based on the principles of fairness and reciprocity. There will also be discussions on resolving the Market Access Issues which are impeding the bilateral trade.&nbsp;While the proposed IPA would provide a legal framework for cross-border investments to enhance the confidence of investors, the GI pact is expected to establish a transparent and predictable regulatory environment, to facilitate trade of GI products including handicrafts and agri-commodities.&nbsp;Both parties are aiming to negotiate all the three agreements in parallel and conclude them simultaneously.&nbsp;The first round of negotiations for all the three agreements will be held from 27th June to 1st July 2022 in New Delhi.India earlier this year has concluded FTAs with Australia and the UAE in a record time.&nbsp;The FTA talks with Canada and the UK are also underway.&nbsp;The FTA negotiations are part of India’s broader strategy to forge balanced trade agreements with key economies and revamp existing trade pacts to improve trade and investment.

In a joint event held at the Headquarters of the European Union (EU) at Brussels yesterday, Union Minister for Commerce and Industry, Consumer Affairs and Food & Public Distribution and Textiles, Shri Piyush Goyal, and Mr. Valdis Dombrovskis, Executive Vice-President of European Commission formally re-launched the India-EU Free Trade Agreement (FTA) negotiations. Besides, negotiations were also launched for a stand-alone Investment Protection Agreement (IPA) and a Geographical Indicators (GIs) Agreement.

After a 9-Year Lull, India & Eu Re-launch Negotiations For India-eu Free Trade Agreement

New Delhi (The Hawk): The Government of India had relaxed the criteria for grant of authorization for marketing of transportation fuel by issuing Resolution dated 8.11.2019, with an objective to ensure greater participation of private sector in the fuel retail business. Simultaneously, it also ensured setting up Retail outlets (ROs) in Remote Areas by these entities.It has been an endeavor of the Government that for Remote area ROs the authorized entities provide quality and uninterrupted fuel supply services to the consumers by way of Universal Service Obligation (USO).These USO include: -&nbsp;maintaining supplies of MS and HSD throughout the specified working hours and of specified quality and quantity; making available minimum facilities as specified by the Central Government; maintaining minimum inventory levels of MS and HSD as specified by the Central Government from time to time; providing services to any person on demand within a reasonable period of time and on non-discriminatory basis and&nbsp;ensuring availability of fuel to the customers at reasonable prices.The Government has now expanded the horizon of USO by including all ROs including Remote Area ROs under their ambit. Now the Authorized entities have been obligated to extend the USO to all the retail consumers at all the retail Outlets. This has been done with an objective to ensure higher level of customer services in the market and to ensure that adherence to the USO forms a part of the market discipline.

The Government of India had relaxed the criteria for grant of authorization for marketing of transportation fuel by issuing Resolution dated 8.11.2019, with an objective to ensure greater participation of private sector in the fuel retail business. Simultaneously, it also ensured setting up Retail outlets (ROs) in Remote Areas by these entities.

Govt Expands Horizon Of Universal Service Obligation By Including All Retail Outlets Including Remote Area Ros

New Delhi (The Hawk): Union Minister of Coal, Mines and Parliamentary Affairs Shri Pralhad Joshi said that the Ministry of Coal has initiated a number of reforms to further increase the production of coal to meet the growing energy demands of the nation. Virtually releasing “Reforms &amp; Achievements of Ministry of Coal Since 2014” that highlights the major achievements of the Ministry during the last eight years, Shri Joshi said that a number of path-breaking reforms have been undertaken to provide further fillip to overall coal production and offtake. The Minister recalled the valuable guidance provided by the Prime Minister Shri Narendra Modi from time to time, to bring about key policy changes.&nbsp;Shri Pralhad Joshi pointed out that coal sector achievements will be an inspiration to the other segments of the economy.Addressing the function, Secretary Coal. Dr. Anil Kumar Jain said that all efforts are on to double the production of coking coal domestically. Despite fast escalating demand, the Ministry of Coal has taken a number of initiative to make available coal at stable prices, he added. The Secretary highlighted the role played by the coal sector in providing further momentum to the economic growth. All senior functionaries of the Ministry attended the function organised here today. CMD, Coal India Ltd and heads of subsidiary organisations also joined the function virtually. The Achievement Report that highlights major policy reforms from 2014, amendments of Acts, innovative efforts in commercial coal mining, coal import substitution, first mile connectivity, corporate social responsibility of Coal India Ltd and subsidiaries, environ- friendly initiatives, afforestation drive etc.&nbsp;is accessible on https://coal.gov.in/sites/default/files/2022-06/14-06-2022bex-wn.pdf

Union Minister of Coal, Mines and Parliamentary Affairs Shri Pralhad Joshi said that the Ministry of Coal has initiated a number of reforms to further increase the production of coal to meet the growing energy demands of the nation. Virtually releasing “Reforms & Achievements of Ministry of Coal Since 2014” that highlights the major achievements of the Ministry during the last eight years, Shri Joshi said that a number of path-breaking reforms have been undertaken to provide further fillip to overall coal production and offtake.

India’s Coal Sector Undergoes Path-Breaking Reforms: Joshi

New Delhi (The Hawk): Income Tax Department carried out search and seizure operations on 15.06.2022 on a leading manufacturer and seller of Jamawar Shawls, Pashmina and Kashmiri Shawls. The search operation covered more than 15 premises spread across Srinagar, Anantnag and Delhi.During the course of the search operation, a large number of incriminating evidences including hard copy documents and digital evidences have been found and seized. A preliminary analysis of the seized documents indicates that substantial portion of sales have been made in cash, which have not been found recorded in the regular books of account. The search action has also revealed that the Group has resorted to large scale tax evasion through undervaluation and under-reporting of stocks. Unaccounted stock of more than Rs. 4 crore has been detected in Delhi alone.The group is also showing exports from India to its various concerns located in Saudi Arabia and the UAE. However, the business in the UAE is found to be carried out in the name of third parties, with informal profit sharing arrangement.The group is found to have made huge unaccounted investment in large number of immovable properties not only in India, but also abroad. Investigations have further revealed the group’s investment in a luxury hotel which is not fully disclosed in the regular books of account.The search action has led to the seizure of unaccounted cash of more than Rs. 46 lakh.Further investigations are in progress.

Income Tax Department carried out search and seizure operations on 15.06.2022 on a leading manufacturer and seller of Jamawar Shawls, Pashmina and Kashmiri Shawls. The search operation covered more than 15 premises spread across Srinagar, Anantnag and Delhi.