Apart from the exercise of recasting the financial statements, an SFIO probe report regarding an IL&FS subsidiary is nearing completion and some matters are before the National Company Law Appellate Tribunal (NCLAT) and the Bombay High Court. In late 2018, the problems at IL&FS came to light after some group companies defaulted on loan repayments.
The World Bank's first set of aid projects, amounting to USD 1.9 billion, will assist 25 countries, and new operations are moving forward in over 40 nations using the fast-track process, the bank said.The largest chunk of the emergency financial assistance has gone to India $1 billion."In India, USD 1 billion emergency financing will support better screening, contact tracing, and laboratory diagnostics; procure personal protective equipment; and set up new isolation wards," the World Bank said after its Board of Executive Directors approved the first set of emergency support operations for developing countries around the world, using a dedicated, fast-track facility for COVID-19 response.
India’s package as a percentage of GDP is comparable with that of China and Italy. More stimulus measures are likely in the coming days as the govt has adopted a phased rollout approach.
Remittances within India are pegged at about Rs 2 lakh crore a year.
The decision was taken after field formations flagged the unavailability of notarised stamp papers for furnishing the bonds that was being faced by importers, exporters and their authorised custom brokers, during the lockdown period. The Board will review the order after April 14, when the nationwide lockdown ends.
Adityanath said his government has transferred Rs 1,000 to the account of each of the 27.15 lakh construction workers. The process of providing free ration to MGNREGA workers, Antyodaya card holders and other people affected by joblessness due to the lockdown is in operation from April 1, he said.
N R Bhanumurthy, a Professor at National Institute of Public Finance and Policy, said that with the current lockdown, the state of the Indian economy has aggravated further.
The tax department which was relying on the direct tax dispute resolution or the Vivad se Vishwas (VsV) scheme to meet its tax mop-up was unable to implement the scheme owing to the outbreak of the pandemic Covid-19 and the subsequent 21-day lockdown declared by the central government.
Direct tax collections declined to Rs 10.27 lakh crore in the year ended March 31, falling 12.2% short of target, people familiar with the matter said.
Some lenders appear to be flouting the Reserve Bank of India's (RBI) directive to banks to offer moratorium to borrowers on repayment of loans for the month of March.
Collection of direct tax for the just-concluded fiscal 2020 is expected at Rs 10.1 lakh crore, well short of the government’s most recent estimate of Rs 11.7 lakh crore, officials in the know said.
India has asked the International Monetary Fund to use its existing resources to create a non-stigmatised short term liquidity swap facility, which could be rapidly deployed as and when needed by the countries.
The idea of the project will be to respond and mitigate the Covid-19 threat and strengthen national systems for public health preparedness in India, as per the project document.
Poor are the most lucrative to lend in good times, but when the tide turns, they submerge and take along those who lent to them While the moratorium on payments is the right way to overcome Covid 19 lockdown, micro lenders may face more challenges than the rest. But the outcome may be different.
The kitty is made out of funds allocated every year to states to meet expenditure on relief and rehabilitation.
The Reserve Bank of India has in fact announced the change much earlier, on February 15, to align its financial year with the government's.
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