SC asks UP Congress to deposit ₹1 cr for hiring buses, taxis for rallies during 1981-1989
Senior advocate Salman Khurshid, appearing for the Congress, said the petitioner is assailing the findings of the high court as the total amount of ₹2.68 crore is disputed. | Latest News Delhi Key Points
Hindustan TimesNo proposal to hike amount under PM-Kisan: Narendra Singh Tomar
Agriculture Minister Narendra Singh Tomar stated that there is currently no proposal to increase the amount provided to farmers under the Pradhan Mantri Kisan Samman Nidhi (PM-Kisan) from the existing Rs 6,000 per farmer annually. The PM-KISAN scheme, initiated in December 2018, transfers Rs 6,000 per year in three four-monthly instalments of Rs 2,000 directly into the bank accounts of farmers. Key Points
Economic TimesFinancial planning: Things to remember before you turn 40
Before turning 40, it is important to check if one has the basics of financial planning in place, such as emergency cash and life and health insurance. Saving at least 30-40% of take-home pay is crucial for those who want to retire at 50. It is also important to reduce unsecured loans to only have a home loan by the age of 40. Setting clear financial goals, considering inflation, and starting to save for retirement early are important steps. Key Points
Economic TimesTamil Nadu man dies by suicide after being threatened by loan app 'agents'
A man from Tamil Nadu's Yeriyavalur took his own life after he was threatened by 'agents' from an online app to pay back the excess interest amount. The victim was working in a private loan company and had a habit of taking loans through online apps and paying them back. Key Points
India TodayWho has won Powerball USD 1.08 billion Jackpot?
Just six numbers and his life will be changed forever. An unknown man has won the Powerball USD 1.08 billion Jackpot. Key Points
Economic Times
PKH Ventures cancels IPO: here's how the refund process works
PKH Ventures Ltd has withdrawn its IPO due to lack of subscriptions from qualified institutional buyers (QIBs). Investors will receive a full refund of the amount blocked. Key Points
mint₹10-crore ransom sought from Hisar shopkeeper
The incident took place when two men, one of them with covered face, ordered for samosas and paid the amount. Then they put a paper on the counter on which they wrote the ransom amount of ₹10 crore from Hisar shopkeeper and threatened him with dire consequences if he failed to pay the money. Key Points
Hindustan TimesVillagers lock cooperative bank in Rohtak
Rohtak villagers here locked the main gate of the cooperative societies bank. They alleged that the bank manager was involved in a ₹98-lakh scam. They claimed the amount was meant to be distributed to farmers for their crop loss in 2017. Key Points
Hindustan TimesSupreme Court orders SpiceJet to pay settlement amount to Credit Suisse by July 18
Credit Suisse told the court that while SpiceJet had made some payments, an outstanding amount of around $4.4 million is yet to be paid. Key Points
Economic TimesBanks want cover for one-time settlement option under ECLGS
At present, lenders need to initiate legal proceedings to avail of the full credit guarantee coverage provided by the NCGTC under the scheme. One-time settlement schemes are not considered legal recourse and are not covered by the guarantee. Key Points
Economic Times
Staying away from Paytm, focusing on PSUs: Chakri Lokapriya
“Unsecured lending has become an RBI focus and therefore some of the loan growth rates will taper down and they will have to do a certain amount of cherry picking within their customer base to reinvent the quality of the book so that it does not become an NPA in the future. Meanwhile, we stay on the sidelines in Paytm and the likes of Paytm.” Key Points
Economic TimesCentre releases Rs 7,532 cr to 22 States as disaster response funds
The Centre released an amount of Rs. 7,532 crores to 22 State governments for the respective State Disaster Response Funds (SDRF) on Wednesday. Key Points
FirstpostGovt borrowings via a single bond top Rs 2-lakh crore
After its last auction in the primary market on January 19, the outstanding amount on a bond maturing in 2063, has risen to ₹2.04 lakh crore, Reserve Bank of India (RBI) data showed. The outstanding amount refers to the amount the government has borrowed by issuing a bond. Key Points
Economic TimesUse SWP to even out the variations in earnings: Harsh Roongta
A Systematic Withdrawal Plan (SWP) is a method by which individuals can withdraw a predetermined fixed amount of money, usually monthly, from their savings, such as mutual funds. The SWP is similar to an income or pension and is ideal for those who need a steady cash flow, including retirees. It is extremely flexible, allowing individuals to increase or decrease the amount as needed. One can invest in mutual funds and then attach a withdrawal plan to their savings. This plan is tax-advantaged. Key Points
Economic TimesSebi cracks down on ‘pump & dump’ schemes, slaps Rs 5.7 crore penalty on 3 entities
It has imposed a penalty of twice the amount made in unlawful gains — Rs 5.68 crore 56.85 million — on three entities, and Rs 5 lakh on the remaining three for violations on their part. Key Points
Financialexpress
Ajay Singh's consortium raises offer for Go First by ₹100-150 crore, says report
The consortium, which includes budget carrier SpiceJet's managing director Ajay Singh and Busy Bee Airways, increased the bid amount between 1 billion rupees ($12.06 million) and 1.5 billion rupees, one of the sources said. Key Points
mintThe power of balance sheet will finally matter in EVs: 7 auto stocks with upside potential of up to 53%
If one looks at reasons for the out-performance of stocks like TVS motors and Tata motors, a large part of it can be attributed to their moving early into EV space. Now let’s go back a couple of years. What dominated the headlines was the XYZ startup focused on EV space has become a unicorn because it has raised US $ 20 million at such and such valuations. Here we need to make a distinction between the total amount raised which will go into operation of the company and the valuations. The total amount which is real business is just Rs 150 crore, though the valuation has crossed more than a US $ one billion dollar. Valuations don't run business, they only get headlines. It is cash which a company will be able to pour into EV business and price wars which are bound to take place in the long term which will decide the final winner. Key Points
Economic TimesQuickest way to get defaulters to pay up? The threat of insolvency
In absolute terms, the default amount involved in the withdrawn cases was almost three times the Rs 3.16 lakh crore realised through the resolution of a total of 808 insolvent firms under the IBC until September 2023. The recovery from these 808 rescued firms constituted 31.85% of the creditors' claims that were endorsed by the NCLT. Key Points
Economic TimesWhat are FASTag charges? Check details for issuers - SBI, HDFC Bank, ICICI Bank, Airtel Payments Bank & more
India Business News: Learn about the charges for FASTag activation and details for issuers such as SBI, HDFC Bank, ICICI Bank, Airtel Payments Bank, and more. Find out the joining fee, security deposit, and threshold amount for each issuer. Key Points
Times Of India7th Pay Commission: Dearness allowance (DA) hike in news again; 4% increase expected
DA hike by 7th Pay Commission: DA is an amount paid to employees as part of salary to make up for inflation. When a hike is effected, it raises their salary. Dearness relief (DR), on the other hand, is an amount paid to pensioners under the same principles. Key Points
Economic Times
China ramps up campaign to boost fragile economy, currency
The central bank will trim the amount of foreign currency deposits banks are required to hold as reserves for the first time this year, the Peoples Bank of China said Friday. The move came hours after authorities announced fresh stimulus for the beleaguered property sector and unveiled plans to expand tax breaks for child and parental care and education. Key Points
Economic TimesMP cabinet approves to give domestic gas cylinder at Rs 450 in Sawan month
The Madhya Pradesh cabinet, chaired by Chief Minister Shivraj Singh Chouhan, made several important decisions during a recent meeting. These decisions include providing domestic gas cylinders at a rate of Rs 450 during the Sawan month, postponing increased electricity bills until August 31, 2023, and increasing incentives for ASHA workers and supervisors, among others. Key Points
Economic Times'Deliberately indifferent': Consumer panel order to Byju’s to refund 'dissatisfied' customer Rs 65k
Hooghly Consumer Disputes Redressal Commission also ordered firm to pay student's father Rs 5k for causing mental agony. Order issued ex-parte as Byju’s only submitted written response. Key Points
ThePrintAdani group to prepay $130 million debt to boost investor confidence
Adani Group to prepay $130 million debt after being targeted by a U.S. short-seller to boost investor confidence post being targeted by a U.S. short-seller Key Points
The HinduMadhya Pradesh: Man invests Rs 49 on online gaming app, wins Rs 1.5 crore overnight
Shahabuddin has withdrawn Rs 20 lakh from his app wallet, out of Rs 1.5 crore of the winning amount. A total of Rs 6 lakh will be deducted as tax and Rs 14 lakh will be credited to his bank account. Key Points
India Today
Higher EPS pension calculator: How to use it, calculate the amount payable for higher pension
The Excel calculator released by the EPFO on the Member Sewa portal will help an employee to know how much of the past contributions he/she has to pay to opt for higher pension. Once the amount is known, it will make easier for him/her to evaluate the pros and cons of opting for it. Key Points
Economic TimesFinal ONDC sellerto be liable for TCS, CBDT clarifies
In detailed guidelines, the CBDT said TCS will be collected on the gross amount charged to the customer. In case the buyer receives a discount, the TCS will be on the final invoice raised to the buyer irrespective of whether the first e-commerce operator is offering the discount or the second. The CBDT also said in case of purchase of goods which are not under the purview of Goods and Services Tax, the TDS will be applicable on the amount without including state levies, VAT or other tax. Key Points
Economic TimesDeadline extended: Vivad se Vishwas II scheme allows claim submission till December 31
The Ministry of Finance has extended the deadline for submitting claims under the Vivad se Vishwas II scheme, aimed at settling disputes in government contracts, to December 31, 2023. The scheme, applicable to domestic contractual disputes involving the government of India or government undertakings, offers settlement amounts based on court or arbitral awards. Key Points
Economic Times15 financial transactions that cannot be done by an individual with an inoperative PAN
Your Aadhaar number and Permanent Account Number (PAN) must be linked by 30 June 2023 in accordance with section 139AA of the Income Tax Act of 1961. If it is not linked, PAN will cease to function as of July 1, 2023, in accordance with CBDT Guidelines. Key Points
Economic TimesHC seeks Delhi govt stand on Covid compensation for kin of cops
The plea also refers to CM Kejriwal's tweet on May 7, 2020 regarding constable Amit Kuamr's death who was the first police personnel who succumbed to Covid-19 and the tweet stated that "His family shall be given ex-gratia of Rs. 1 crore". Key Points
The Indian Express
How to put in place a simple SWP system to work over a long time?
“The way to start off will be with a rough thumb rule that you should have at least 25 times your annual money requirement as your portfolio size to build a good monthly income. So, if you want Rs 1 lakh every month, then for a year you will need Rs 12 lakh; 25 times of that would be close to Rs 3 crore.” Key Points
Economic TimesPowerball jackpot in US: Winner won't get $1.4 billion prize money
$1.4 billion is now the third-highest amount in Powerball jackpot history. | World News Key Points
Hindustan TimesDabbled in F&Os? Making these tax filing mistakes can cost you dearly
More than 4.5 million people traded in equity F&Os in FY22, and they need to mandatorily file their (ITR) in the current assessment year, irrespective of whether they are individuals with total taxable income below the ₹2.5 lakh exemption limit or are salaried individuals. Key Points
mintHow should borrowers decide between a term loan and availing an overdraft facility? MintGenie explains
A term loan involves borrowing a fixed amount with a predetermined repayment schedule from a bank, NBFC, or any financial institution. In contrast, with an overdraft, interest is calculated solely on the amount withdrawn using the overdraft facility. Key Points
mintDeep pockets for EV wars: 5 auto stocks with upside potential of up to 52%
Everyone who was thinking that EV space belongs to startups and old companies that dominate the internal combustion engine (ICE) segment would not make it to EV space, probably would have to go and again read the story of the tortoise and rabbit. A large part of the out-performance that stocks like TVS Motors & Tata Motors have seen in the last 2 years can be attributed to their moving early into the EV space. Let’s go back a couple of years. What dominated the headlines was the XYZ startup focused on EV space has become a unicorn because it has raised $20 million at such and such valuations. Here we need to make a distinction between the total amount raised which will go into the company operation and the valuations. The total amount which is real business is just Rs 150 crore, though the valuation has crossed more than $1 billion. Valuations don't run business, they only get headlines. Key Points
Economic Times
Budget 2024: Govt likely to announce a women-centric scheme in interim budget, says report
In the upcoming interim budget, the central government is reportedly considering the introduction of a women-centric scheme, as per sources. The discussions are currently underway, focusing on eligibility criteria, annual income, and the proposed financial assistance amount. Key Points
Economic TimesDelhi govt ‘snooping unit’: Ledger shows cash paid to ‘sources’
Records of cash with the unit were allegedly maintained in a register titled the ‘SSF (secret service fund) cash cum expenditure book’, which contained notings of money being given to “sources” for “operations”. This register alone tracked Rs 5 lakh the unit received, and by the time the unit wound up operations, the amount left was Rs 2,300, it is learnt. Key Points
The Indian ExpressChakri Lokapriya on how to play defence and premiumisation themes
“With valuations way up there, FMCGs will tread water for the next couple of quarters because there are no real signs of an acceleration of push. But there are pockets where you will start to see spending because things like, four- wheelers SUVs, which are rural plays but also election related plays.” Key Points
Economic TimesHow to Avail Benefits of Pradhan Mantri Mudra Yojana
The Pradhan Mantri Mudra Yojana, also known as PMMY, is the government of India's flagship programme for providing micro and small businesses with accessible loans.Mudra programmes aim to fund the unfunded or integrate businesses into the formal financial system. Key Points
Times of IndiaBSNL AGR dues payment: DoT seeks ₹33.1k cr
The increased amount is towards the payment of AGR dues to BSNL, which is a part of its revival package. The Department had proposed an amount of ₹33,111.00 crore for the AGR dues. The payment will be made once BSNL claims the amount and is most likely to happen in the first quarter of FY24, the DoT informed in a written reply to the panel. Key Points
Economic Times
How to Calculate Gratuity? Learn the Formula of Gratuity Calculation
Gratuity refers to the amount that an employer pays his employee, in return for services offered by him to the company. However, only those employees who have been employed by the company for five years or more are given the gratuity amount. Key Points
Times of IndiaEV makers may legally challenge govt move to withhold FAME subsidy
Electric vehicle makers whose subsidies under a Rs 10,000-crore scheme to promote clean mobility have been withheld over allegations of non-compliance are likely to challenge the government move in courts. If the companies are successful, the government may have to reimburse them the full amount of the subsidy. Key Points
Economic TimesNot only is FDI into India falling, but foreign firms are increasingly taking their money out
Actual foreign direct investment is the difference between how much companies put in and how much they take out. While the former is falling, the latter is rising sharply. Key Points
ThePrintRelief on old tax demand can’t exceed Rs 1 lakh: Sanjay Malhotra, Revenue secretary
The details are being worked out. The only condition is the relief to a single taxpayer will not exceed ₹1 lakh. If an individual demand amount is limited to ₹25,000, the taxpayer can have more than one demand. But the total amount that will be withdrawn per individual will not exceed a lakh. Key Points
Economic Times