New Delhi

Onus of pulses procurement may go to states

The government is planning to shift the responsibility of procuring and distributing pulses to states while the Centre will play a supervisory role in the functioning of Rs 11,000 crore price stabilisation fund (PSF).
Since the fund is huge and the procurement has to be completed within a specified period, states will do a better job if they are provided the necessary policy support and funds, sources in the consumer affairs ministry said.

Rs 42,000cr GST windfall for govt

As much as Rs 42,000 crore has already come in as taxes so far in the first monthly filing under the new goods and services tax (GST) regime and the revenues are expected to swell further as the filing cycle closes this later this week.

A senior official said that about Rs 15,000 crore has come in as Integrated-GST (IGST), which is levied on inter-state movement of goods, and another Rs 5,000 crore by way of cess on demerit goods like cars and tobacco.

Banks strike on Tuesday

Services at public sector banks may take a hit on Tuesday as all unions under the aegis of UFBU have threatened to go on strike against the government's proposed consolidation move besides raising a host of other demands.

Most banks have already informed their customers that functioning of branches and offices will be impacted if the strike takes off.

Operations at private lenders like ICICI Bank, HDFC Bank, Axis Bank and Kotak Mahindra Bank are expected to be normal except delay in cheque clearances. As many as 21 PSBs control 75 per cent of the total business.

Defence manufacturing to boost Indian economy, jobs growth

India has drawn up a shopping list for tens of billions of dollars of foreign fighter jets, armoured vehicles, submarines and helicopters but it will only sign the cheques if they are made in India.

The world’s largest defence importer has announced a new policy inviting foreign defence manufacturers to set up shop as minority partners in India. It initiated the bidding process for submarines in July. Such deals would boost job creation and bring key defence technologies into India.

Foreign firms say the opportunity is too good to miss.

McDonald’s may challenge NCLT order on Vikram Bakshi

US fast food chain McDonald’s is likely to move NCLAT this week against a National Company Law Tribunal’s (NCLT) order that reinstated Vikram Bakshi as Managing Director of its Indian joint venture Connaught Plaza Restaurants Pvt Ltd (CPRL).

Airlines set to get input tax credit for economy tickets

In a development that could bring relief to airlines such as IndiGo, SpiceJet and GoAir, the aviation ministry has accepted the industry demand for extending complete benefits of input tax credit (ITC) to economy class travel under the Goods and Services Tax (GST). It will soon take up the issue with the revenue department.

“Input credits for economy class should be made as for business class. The matter may be followed up with the revenue department,” according to minutes of a meeting chaired by aviation secretary RN Choubey on July 31.

RBI steps to curb NPAs fall flat

RBI’s efforts to curb rising non-performing asset (NPA) levels in the banking sector seem to have fallen flat.

With the bad loan crisis of banks deteriorating further in the first quarter of current financial year and the expectation that the coming months will be equally bad with small and medium sectors still struggling to repay loans, efforts to tackle bank NPAs look a non-starter.

Providing platform to fashion designers

With the aim of bringing art and technology together, “Bespocut” an international clothing brand recently launched in India to provide techno commercial platform for designers and for entrepreneurs at their door step. Bespocut is powered by a cloud-based application. It integrates the designers’ front end with Bespocut’s back end and logistics in such a way that they get access to globally renowned fabrics, trims and accessories with Just In Time delivery.

SC panel to scrutinise 241 anti-Sikh riot cases

The Supreme Court on Wednesday appointed a supervisory body comprising two former-apex court judges to examine the SIT’s decision to close 241 cases in the 1984 anti-Sikh riots matter.

A bench headed by Justice Dipak Misra also asked the body to scrutinise the SIT's justification in closing the riots- related cases and directed it to submit a report within three months.

“We constitute a supervisory body of two-former Supreme Court judges who shall scrutinise 199 matters and find out that SIT was justifiable in closing down.”

India, China officials meet after scuffle in Pangong Tso lake

Indian and Chinese officials met at Chushul in Ladakh a day after the reported clash between the boat petrol in picturesque Pangong Tso lake on the disputed boundary in southeastern Ladakh.

Despite the reports pointing at escalation of tension with the troops coming to blows and even pelting stones at each other, the two sides played down the incident that took place in the backdrop of two month long standoff in Sikkim.