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India close to listing loans to resolve via bankruptcy rules - Arun Jaitley

The Reserve Bank of India (RBI) is at an advanced stage of preparing a list of bad loans where resolution is required under the country's insolvency and bankruptcy rules, Finance Minister Arun Jaitley said on Monday.

Speaking after meeting bank chief executives, Jaitley also said the government was working on consolidating state-run banks, although Monday's meeting did not discuss the topic.

Rupee gets UK poll blues, sheds 15 paise against dollar

The ongoing political churn in the UK cast its cloud on the rupee as it depreciated 15 paise to 64.39 against the US dollar in early session today ahead of the release of key IIP and inflation data later in the day.
Dealers attributed the rupee's fall to fresh demand for the US currency and a lower opening in domestic stocks, too.
Major currencies mostly made marginal gains against the US dollar overseas as the pound stabilised after a dive amid the electoral tumult last week, which limited the rupee's fall, they said.

Coal ministry sets up GST facilitation cell for stakeholders

With barely a month left for GST launch from July 1, the Ministry of Coal today held a meeting to review preparedness of the stakeholders for the new tax regime and set up a facilitation cell.
Besides, GST cells have been made operational in each of the PSUs under the ministry.

SBI says $2.3 billion share sale satisfies capital needs for at least a year

State Bank of India(SBI.NS) said on Friday it may not need to tap equity markets for at least another year as its capital ratios will strengthen in the wake of this week's $2.3 billion share sale.

India's biggest lender is also due to gain additional funds this financial year from a planned share sale in its life insurance arm and also from possible stake divestments it considers non-core, the head of the bank, Arundhati Bhattacharya, told a briefing.

As such, there is no need for SBI to seek funds from the government for now, she added.

Federal Bank to raise Rs 4K cr debt

Kerala-based private lender Federal Bank plans to raise up to Rs 4,000 crore by issuing various debt securities in tranches from domestic and overseas markets.
The bank said it will be raising funds by issuing debt securities, including nonconvertible debentures, tier-ll bonds, long-term bonds (infrastructure and affordable housing), masala bonds and green bonds.

Gold council expects new regime to hit recycling, industry differs

Recycling of old gold will come down in the coming quarters as the transaction too will come under the scanner of the taxman with GST coming into place, according to the World Gold Council. However, industry is confident that nothing much is going to change even with GST.
The country sells 60 to 100 tonnes of gold for cash every year and almost one-third of any jeweller’s sales is in exchange of old gold. In all, almost 300 tonnes of old gold would be coming into the market, according to estimates.

Rupee gains 12 paise against dollar, ends at 3-week high

The rupee appreciated by another 12 paise to end at a three-week high of 64.21 against the US currency today, on sustained dollar selling by exporters and banks.
The domestic unit has risen by 22 paise against the dollar since Wednesday amid heightened global volatility.
Expectations of robust capital inflows into equities and debt largely supported the rupee gains.
Speculative traders also continued to short sell the dollar amidst global volatility, a forex dealer said.

GST to have positive impact on gold industry: WGC

Even as consumers will face a slightly higher tax rate in gold after the Goods and Services Tax (GST) is rolled out this July, the overall impact on the gold industry will be positive,
World Gold Council today said.
"On 1st July, India's labyrinth of taxes will be replaced with a simple, nationwide GST. This is the biggest fiscal reform since India's liberalisation in the early 1990s," WGC said in a report here.

Big Indian state banks need up to $14.8 billion capital by March 2019 - Moody's

Moody's Investors Service said on Thursday the 11 Indian state-run banks that it rates could need up to 950 billion rupees ($14.76 billion) in equity capital by March 2019, far above the 200 billion rupees the government plans to inject into state banks by then.

Weak capitalisation levels will remain a key credit weakness for the 11 banks, the ratings agency said, adding that they had limited ability to raise external capital.

Industry gets 90 days to claim credit for GST transition stock

Traders and retailers can file declarations within 90 days claiming tax credit for transition stock after the GST rolls out from July 1.
The draft transition rules for the Goods and Services Tax (GST) regime had pegged the time at 60 days.
The transition rules approved by the GST Council provides that "every registered person entitled to take credit of input tax shall, within 90 days of the appointed day, submit a declaration electronically ... Specifying separately, the amount of input tax credit to which he is entitled...".

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