BUSINESS
IT raids Maha steel producer, detects Rs 175 cr black income
The series of simultaneous raids started on Wednesday in Ahmednagar, Nashik, Pune and Goa and investigations are still on with the recovery of incriminating documents and digital evidences. The seizures effected so far include unaccounted investments in property, cash of Rs 3 crore, jewellery worth Rs 5.20 crore, silver articles of 194 kgs worth around Rs 1.34 crore, said the ITD.
7 Years of Pradhan Mantri Jan Dhan Yojana | 10 points
Finance Minister Nirmala Sitharaman underlined the importance of the scheme in a series of tweets. She said that the 7 years of PMJDY have steered a directional as well as transformational change. This has enabled a system that can deliver financial services to the poorest of the poor.
Discussions on FTAs with several countries progressing fast: Union min
Currently, India is in discussions on FTAs with several countries including the UK, UAE and GCC countries, Australia and European Union. The Union Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles cited that India and US have agreed to aspire for $500 billion trade in near future.
CAIT slams Niti Aayog for interfering in e-commerce rules
CAIT Secretary General Praveen Khandelwal came down vehemently on Niti Aayog and said, "It is highly unfortunate that Niti Aayog in the last seven years since it's inception had done absolutely nothing to support the 8 crore traders of India and now when the government is trying to create a level playing field in the retail sector, Niti Aayog is interfering in between and trying to derail the process."
Increased consumption prompts higher natural gas imports: Ind-Ra
"Ind-Ra believes that 11.8 per cent month-on-month (MoM) growth in liquified natural gas (LNG) import volume to 93 metric standard cubic metre per day (mmscmd) in June 2021 was led by 7.7 per cent MoM growth in domestic gas consumption to 166 mmscmd," the report said. "In June 2021, the city gas distribution segment volumes increased 61.2 per cent YoY and 10.3 per cent MoM to 28.9mmscmd."
Google may invest 'several thousands of crores' into Airtel
Both the companies are already in advanced stage of discussions and negotiations since last year, media reports said. These reports suggest the investment from Google into Airtel can be quite large in amount. It remains to be seen what are the underlying dynamics because the Jio and Google partnership might have come with a restriction for the latter to invest in any of its rival companies, including Airtel or Vodafone Idea.
OMCs keep petrol, diesel retail prices unchanged on Saturday
Accordingly, in the national capital, petrol continues to be sold for Rs 101.49 per litre and diesel Rs 88.92 a litre. This is fourth consecutive day when fuel prices have escaped any revision. Across the country as well, fuel prices remained unchanged on Saturday, but their retail rates varied depending on the level of local taxes in each state. After falling, global crude oil prices had firmed up over the past week to cross $72 a barrel mark.
Govt inks Rs 1,350 cr deal with Mahindra Defence for ASW defence suites
"Contract for procurement of 14 integrated anti-submarine warfare defence suites at the cost of Rs 1,349.95 crore under 'Buy and Make (Indian)' category to boost 'Atmanirbhar Bharat' mission," the Ministry said in a statement. It said that the contract with an Indian firm is an important boost to 'Atmanirbhar Bharat' mission and provides a major fillip to indigenous defence industry in technology development and production. The system will enhance anti-submarine warfare capability of Indian Navy.
India's forex reserves slide by over $2.47 bn
According to the Reserve Bank of India's (RBI) weekly statistical supplement, the reserves decreased to $616.895 billion from $619.365 billion reported for the week ended August 13. India's forex reserves comprise foreign currency assets (FCAs), gold reserves, SDRs, and the country's reserve position with the International Monetary Fund (IMF).
RBI raises incentive for banks for distribution of coins
In a circular, the RBI said that an additional incentive of Rs 10 per bag would be paid for coin distribution in rural and semi-urban areas on the submission of a auditor certificate to this effect. The distribution of coins shall also be verified by RBI Regional Offices during inspection of currency chest or incognito visit to branches among others.
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