Around the Globe

Around the Globe

Note ban: SBI chief says situation will normalise by Feb-end

State Bank of India Chairman Arundhati Bhattacharya today said the prevailing situation arising out of demonetisation will get normalised by end-February, emphasising the need to promote digitisation of economy.

"We believe that the situation (arising out of demonetisation) will become totally normal by the end of February," Bhattacharya told reporters at the airport here after arriving to participate in the 8th Vibrant Gujarat Global Summit (VGGS).

Auto sales at 16-yr low in Dec as demonetisation takes toll

Monthly automobile sales growth rate in India slipped to a 16-year-low in December with total vehicle sales declining by 18.66 per cent as demonetisation hits the industry hard.

According to latest SIAM data, most of the major segments, including scooters, motorcycles and cars, witnessed record decline December sales as the automobile sector continued to bear the brunt of negative consumer sentiments in the wake of the ban of Rs 500 and Rs 1,000 banknotes announced in November.

Tax evasion suspected in Rs 3-4 lakh cr deposits post note ban

As it analyses bank deposits post- demonetisation, the government has found that an estimated Rs 3-4 lakh crore of tax-evaded income could have been deposited during 50-day window provided to get rid of junked Rs 500/1000 notes.

A senior official said Income Tax Department has been asked to scrutinise details and send notices to depositors of of Rs 3-4 lakh crore on which tax could have been evaded.

EC issues show cause notice to Sakshi Maharaj

The Election Commission has issued show cause notice to BJP MP Sakshi Maharaj for his remarks that those who talk of four wives and 40 children are responsible for population problem, saying prima facie he has violated the model code of conduct.

He has been given time till tomorrow morning to file his reply as to why no action should be taken against him.

The Commission notice issued last night said prima facie he has violated the model code which came into force on January 4 following announcement of assembly polls in five states, including Uttar Pradesh.

Sensex opens in green on value-buying, climbs 139 points

The benchmark BSE Sensex gained over 139 points in early trade today, snapping its two-day falling streak, supported by value-buying in select blue-chip stocks amid mixed global cues.

The 30-share index was trading higher by 139.09 points or 0.52 per cent at 26,865.64 with all the sectoral indices led by oil&gas, PSU, auto and banking trading in the green with gains up to 1.25 per cent.

NPA pains to spill over into next FY

Weak asset quality will continue to plague credit profile of banks, with their profitability remaining – under pressure till the next financial year, says a report.
“Asset quality will remain a negative driver of the credit profiles of most rated banks in the country and the stock of impaired loans. Non-performing loans (NPLs) and standard restructured loans will still rise during the horizon of our outlook that lasts till the next financial year,” Alka Anbarasu, a vice-president and senior analyst at Moody's, said in a report on Monday.

OMCs may end up footing e-payment charges for petrol

To retain customer interest in e-payments at petrol pu­m­ps, the government may seek the support of public sector oil marketing companies (OMCs) to pay charges levied by banks on card transactions at fuel stations.
If the plan goes through OMCs will have to incur Rs 600 crore extra burden over a 3-month period on this co­u­nt. It would be over and above an estimated Rs 600-700 crore for the period up to March 31 due to a disc­o­unt of 0.75 per cent on purc­h­ase of fuel thro­ugh credit/debit cards and e-wallets.

Best & worst airlines in the world

For those who insist that traveling is all about the journey, we say this: It really depends on which carrier you’re flying.
Aside from variations in cabins and service quality, there’s the major concern of how likely you are to get delayed. Fly on the wrong airline and your odds of a delay are as high as 55 per cent; choose the right one and that number shrinks way down to just 11 per cent. That’s enough to make or break a vacation's spell, no matter where you're sitting on the plane.

Rlys, NBCC may join hands for smart stations

State-owned construction major NBCC is close to clinching a deal with the Indian Railways for redeveloping about a dozen railway stations, says company’s top boss. “Talks with the railway ministry is on and we may get contract to redevelop 10-12 railway stations,” Anoop Kumar Mittal, chairman and managing director, NBCC, told Financial Chronicle.
The railways has identified nearly 400 ‘A-1’ and ‘A’ category stations, mostly located in metros, major cities, pilgrimage places and key tourist destinations, for redevelopment by private developers.

Netaji-Tipu poll opera on

The factional war in the Samajwadi Party escalated on Monday with the Akhilesh camp seeking an early decision on the disputed party symbol while the embattled Mulayam Singh Yadav urging Rajya Sabha chairman to derecognise his cousin Ramgopal Yadav as leader of the party.
The Election Commission was busy on Monday hearing petitions filed by Mulayam Singh Yadav and his son Akhilesh staking claim on Samajwadi Party poll symbol “cycle”. The two camps presented themselves as the rightful claimants of the symbol presenting documents to settle who is the real leader of the party.