Setback for HUL, Nestle, Patanjali and others as HC upholds anti-profiteering provisions under GST
The Delhi High Court has upheld the constitutional validity of anti-profiteering provisions under the Goods and Services Tax (GST) framework. Over 50 top companies, including Hindustan Unilever, Abbott, Johnson & Johnson, and Nestle, had challenged these measures. The court stated that the provisions are a consumer welfare measure and do not violate constitutional provisions. Key Points
Economic TimesRBI looks to soften blow of tighter infrastructure funding rules
RBI is considering a phased approach to increasing provisioning for project financing to ease the impact on lenders and protect profitability. Projects nearing completion may receive some leniency. Despite pushback from lenders and the finance ministry, the RBI is committed to raising provisions to address risks in a sector known for delays, while avoiding cost escalations that could jeopardize project viability. Key Points
Economic TimesDigital India Bill draft bill likely to open for public consultation within 15 days
The draft was due to be released earlier this month, but was held back for fresh consultation with legal and industry leaders. This follows feedback from experts during the governments outreach on the proposed Act, which began in March across multiple cities, including Bengaluru and Mumbai. Key Points
Economic TimesMonsoon Session: Lok Sabha passes 'The Jan Vishwas (Amendment of Provisions) Bill'
The Jan Vishwas Bill, introduced by Commerce and Industry Minister Piyush Goyal, has been passed by the Lok Sabha in the monsoon session. An amendment of provisions is being proposed across 42 Acts administered by 19 ministries. The Bill's proposed amendments include the decriminalisation of minor offences on the lines of the Jan Vishwas Bill, rationalisation of monetary penalties and removal of imprisonment accompanied by a penalty payment. Key Points
Economic TimesRunning a business should be no crime: Govt sits up and takes note
The government has set up a working group to decriminalise laws to further promote ease of doing business. The group will look at areas where more decriminalisation of provisions is required. Key Points
Economic Times
Ease of doing business: DPIIT to help states in simplifying, decriminalising provisions
We will do this in the future as well...We intend to follow with an inter-ministerial working group which will look at other provisions where further simplification, rationalisation or decriminalisation is possible and we are intending to do the same exercise at the state level by providing guidance to the states as well, he told. Key Points
Economic TimesSuryoday SFB’s FY24 provision in line with RBI proposed model
SFB is aiming to lower its GNPA ratio further to below 2% in FY24, and NNPA ratio below 0.5%. Key Points
FinancialexpressGovt proposes trial in absentia, ex parte conviction of fugitives
n the proposed changes, the government has included strict action for mob lynching and snatching, as well as a 10-year jail for sexual relations on false promise of marriage. Under the proposed changes, the government is looking to create a mechanism for ex parte trial and conviction of fugitives and absconders. Key Points
Economic TimesGovt departments split as trade talks with European pharma firms hit last lap, patent key issue
Last month, at least two meetings were held between representatives of India & European Free Trade Association. The FTA with the 4-nation bloc is likely to be finalised this month. Key Points
ThePrintGovt departments split as trade talks with European pharma firms hit last lap, patent key issue
Last month, at least two meetings were held between representatives of India & European Free Trade Association. The FTA with the 4-nation bloc is likely to be finalised this month. Key Points
ThePrint
NewsClick case: Fresh ED summons to American millionaire Neville Roy Singham
Singham, who is accused of spreading Chinese propaganda in India, is reportedly based in Shanghai, China. The summons has been issued under the relevant provisions of the Prevention of Money Laundering Act. People in the know said the notice has been issued after a local court issued Letters Rogatory at the request of the federal agency seeking to record Singham's statement. Key Points
Economic TimesAustria's RBI: realized extra 150 mln euros of property sector risk provisions
Raiffeisen Bank International (RBI) (RBIV.VI) has realized additional forward-looking risk provisions of around 150 million euros ($163 million) for the real estate sector, the Austrian bank's risk chief, Hannes Moesenbacher, said on Tuesday. Key Points
ReutersEurobank posts lower profit on higher provisions, costs
Eurobank (EURBr.AT), Greece's largest lender by market value, on Tuesday reported lower profit for the first nine months of the year, on higher bad loan provisions and operating expenses. Key Points
ReutersInfosys slashes guidance as profit spikes; star power for startups
Every silver lining has a cloud. Infosys announced its first quarter results on Thursday, reporting an 11% rise in profit on-year. However, the company cut its revenue guidance, highlighting the macro challenges for the IT sector. This and more in todays ETtech Morning Dispatch. Key Points
Economic TimesTruist misses profit estimates amid bigger credit-loss provisions
Truist Financial (TFC.N) missed estimates for second-quarter profit on Thursday, as the bank set aside more rainy-day funds to cover for potential defaults in a tough economy. Key Points
Reuters
'Promoters of Essel firm Shirpur Gold diverted assets'
The NSE and BSE have alerted the National Company Law Tribunal (NCLT) that the promoters of Essel Group's Shirpur Gold Refinery may have redirected company assets to benefit themselves. The notification followed instructions from the Securities & Exchange Board of India, which had passed down an interim order and show cause notice against the refiner and mentioned violations of other regulatory provisions. Key Points
Economic TimesLadakh protest for Sixth Schedule has hit an impasse. Govt should propose middle ground
From 1947 until now, we as a nation have accommodated democratic aspirations by making necessary adjustments in our maps, boundaries, and special provisions. Let’s do the same for Ladakh. Key Points
ThePrintNo decision to introduce plastic notes: MoS Finance
Minister of State for Finance Pankaj Chaudhary stated that the government has not made a decision to introduce plastic notes. The government is continuously working to improve the durability and counterfeit resistance of Indian banknotes. According to the RBI Annual Report 2022-23, no cost has been incurred on the printing of plastic notes. Key Points
Economic TimesGST 'anti-profiteering' clause is fine, says HC; many companies to be hit
India News: Delhi High Court has upheld the constitutional validity of the anti-profiteering clause in the GST law. Find out how this decision will impact companies and consumers. Key Points
Times Of IndiaYes Bank Q3 profit surges but falls short of estimates
India Business News: Yes Bank's Q3 net profit more than quadruples as loan-loss provisions drop; net profit rises to 2.31 billion rupees from 515.20 million rupees last ye Key Points
Times Of India
Trading account nominee rule changed; last date to add demat account nomination extended
Demat account nominee rule update: SEBI on September 26 extended the deadline for existing demat account holders to provide choice of nomination by another three months to December 31, 2023. Further, the regulator has also changed the nomination rule for trading accounts. All you need to know Key Points
Economic TimesFive terror suspects arrested in Bengaluru
Bengaluru: Five persons radicalised to carry out terror attacks have been arrested with firearms and ammunition here, the police said on Wednesday. provisions of the stringent Unlawful Activities (Prevention) Act were invoked against them. PTI Key Points
The Tribune IndiaCabinet likely to approve Digital Personal Data Protection Bill
The union cabinet is expected to give a nod to the Digital Personal Data Protection Bill on Wednesday, reported ET NOW, citing sources. The bill is likely to be introduced during the monsoon session of Parliament starting July 20, 2023. Key Points
Economic TimesHC directs patent body to review Oppo’s plea
Calcutta High Court has asked the Controller of Patents, Designs and Trade Marks to evaluate Oppo's appeal against the rejection of its patent application within three months. Oppo challenged the decision under the provisions of the Patents Act, and the high court bench has referred the patent application back to the Controller. Key Points
mintBrought in to protect donors and prospective parents, new ART provisions push up cost and challenges in assisted conception
Earlier this year the Health Ministry notified the Assisted Reproductive Technology Regulations (ART), 2023, which are aimed at providing donors and patients with better medical care and security. The new ART provisions impose restrictions on the number of times a donor, male or female can donate (sperm/oocyte) in their lifetime, and specifies age limits for donors. Key Points
The Hindu
Chandigarh notifies rules for recruitment of constables
According to the notification issued by the home department, 5% sports quota has also been fixed in the recruitment of constables for the first time. These recruitment rules have been made for both female and male categories. provisions have been made regarding direct recruitment to the posts of constables. Key Points
Hindustan Times