QBiz: CSR Relief Likely For Businesses; Auto Sector in Crisis
1. Government Panel Suggests Making CSR Spend Tax Deductible
A government panel to review corporate social responsibility norms suggested making such contributions tax deductible besides treating non-compliance of CSR norms a civil offence.
The panel headed by Corporate Affairs Secretary Injeti Srinivas recommended making CSR contribution tax deductible – which isn’t allowed currently – and having a provision to carry forward unspent balance for three to five years, Ministry of Corporate Affairs said in a statement.
2. Auto Industry Woes Pile Up, Sales in July the Worst in Nearly 19 Years
India’s passenger vehicle industry suffered its worst sales performance in nearly 19 years in July as a slowing economy, higher ownership costs and floods in some states deterred buyers.
Sales fell 31% to 200,790 vehicles last month from 290,931 units a year earlier, showed data released on Tuesday by the Society of Indian Automobile Manufacturers (Siam). It was the worst sales performance since a 35% decline in December 2000.
3. Government Notifies Partial Credit Guarantee Scheme for PSBs
The government on Tuesday notified the scheme of partial credit guarantee for PSBs to buy pooled assets of NBFCs up to Rs 1 lakh crore, activating the announcement of the Budget on July this year to boost lendings to the cash strapped NBFCs.
"This would provide liquidity to the NBFC sector and, in turn, enable them to continue to play their role in meeting the financing requirements of the productive sectors of economy including MSME, retail and housing", the Finance Ministry said.
(Source: The Economic Times)
4. Amazon Nears Deal for up to 10% of India’s Second-Largest Retailer
Amazon.com Inc. is in late-stage talks to acquire as much as 10% of India’s Future Retail Ltd., people familiar with the negotiations said, as the US company moves to bolster its brick-and-mortar presence in one of the world’s fastest-growing retail markets.
5. EPFO Looking for Early Redemption of DHFL Bonds Worth Rs 700 Crore
The Employees’ Provident Fund Organisation (EPFO) will seek early redemption of about Rs 700 crore worth of bonds of troubled mortgage lender Dewan Housing Finance Corp. Ltd (DHFL) to safeguard workers’ savings.
The retirement fund manager will exercise an early exit option to redeem investments in 10-year bonds of DHFL that mature in 2024, said Prabhakar Banasure, a member of the finance investment committee of EPFO.
6. Facebook Paid Hundreds of Contractors to Transcribe Users’ Audio
Facebook Inc. has been paying hundreds of outside contractors to transcribe clips of audio from users of its services, according to people with knowledge of the work.
The work has rattled the contract employees, who are not told where the audio was recorded or how it was obtained -- only to transcribe it, said the people, who requested anonymity for fear of losing their jobs. They’re hearing Facebook users’ conversations, sometimes with vulgar content, but do not know why Facebook needs them transcribed, the people said.
Facebook confirmed that it had been transcribing users’ audio and said it will no longer do so. “We paused human review of audio more than a week ago," the company said Tuesday. The company said the users who were affected chose the option in Facebook’s Messenger app to have their voice chats transcribed. The contractors were checking whether Facebook’s artificial intelligence correctly interpreted the messages, which were anonymised.
7. RBI Finalises Regulatory Sandbox Framework for Innovation in Fintech Firms
The Reserve Bank of India (RBI) on Tuesday released the final ‘enabling framework for regulatory sandbox,’ taking into account inputs received after a consultation process that began in April.
The framework will likely be a positive step for financial technology start-ups and companies looking to innovate in the fast changing and highly regulated sector.
8. Start Registration of Amrapali Homebuyers or Face Jail: SC to Officials
The Supreme Court on Tuesday came down heavily on Noida and Greater officials and asked them to immediately start registration of the homebuyers of Amrapali group projects, failing which the officers could be sent to jail. Observing that the court was not merely a "paper tiger", a two-judge bench headed by Justice Arun Mishra said that there should be no delay on part of the authorities in handing over the possession of flats.
9. RIL Jumps 12% Post AGM; Sees Biggest Single-Day Gain in 10 Years
Shares of Reliance Industries (RIL) zoomed as much as 12.09 per cent to Rs 1,302.50 apiece on the BSE in the intra-day trade on Tuesday after the company made a slew of announcements at its 42nd AGM (annual general meeting) held on Monday. Chairman Mukesh Ambani announced that Saudi Aramco and RIL have signed a letter of intent for a proposed investment in its oil-to-chemical division. The deal is likely to fetch $15 billion (nearly 1.06 trillion) for a 20 percent stake.
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