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'Substantial recovery' likely against IL&FS external debt worth Rs 94,000 cr: Injeti Srinivas

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.

USD 1 billion aid is World Bank's partnership with India to support healthcare sector: Junaid Ahmed, WB India

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.

How’s India faring in global stimulus league?

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 to Bharat hit by return of the native

Remittances within India are pegged at about Rs 2 lakh crore a year.

CBIC allows traders to import, export goods without furnishing bonds

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.

Uttar Pradesh govt transfers lump sum pension into accounts of over 86 lakh beneficiaries

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.

'India may post lowest growth in post-reform period in FY21'

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.

India's direct tax collections fall short by Rs 1.4 lakh crore of the revised estimates

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 post a shortfall of 12.2%

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.

Despite moratorium, some lenders ask for March EMIs

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.

14% shortfall likely in direct tax mop-up

14% shortfall likely in direct tax mop-up

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.

FM Nirmala Sitharaman seeks to enhance IMF toolkit, expand liquidity swap network

FM Nirmala Sitharaman seeks to enhance IMF toolkit, expand liquidity swap network

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.

Covid-19 battle: World Bank offers $1bn for proposed India project

Covid-19 battle: World Bank offers $1bn for proposed India project

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.

Microfinance gets another blow amid coronavirus pandemic

Microfinance gets another blow amid coronavirus pandemic

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.

COVID-19 fight: Govt has Rs 60k crore war chest in disaster funds

COVID-19 fight: Govt has Rs 60k crore war chest in disaster funds

The kitty is made out of funds allocated every year to states to meet expenditure on relief and rehabilitation.

No extension of financial year, clarifies government

No extension of financial year, clarifies government

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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