QBiz: IT Dept Chases 87k Big Deposit Makers During Note Ban & More

Here’s the top business news of the day.

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The income tax department will scrutinize over 80,000 individuals

1. Tax Department To Scrutinise 87,000 Assessees Who Made Large Deposits During Demonetisation

The income tax department has issued guidelines to its assessing officers to further scrutinise the financials of 87,000 persons who made high value deposits during demonetisation. These assessees were asked for additional information but have not responded to the tax department’s queries, according to a government official who spoke on condition of anonymity

(Source: BloombergQuint)

2. CBI Seeks Additional Documents From ICICI Bank In Videocon Loan Case

The Central Bureau of Investigation has sought more documents from ICICI Bank Ltd relating to Rs 1,875 crore loans given to Videocon Group during the tenure of its former Chief Executive Chanda Kochhar, officials said on Wednesday, 6 March.

The officials refused to give any further details about the nature of documents as the agency is at a crucial stage of determining points on which it may call Chanda Kochhar, her husband Deepak Kochhar and Videocon Group managing director Venugopal Dhoot, all named as suspects in the CBI first information report, for questioning.

The CBI has not issued notice to any of the accused in the FIR for questioning so far, they said.

(Source: BloombergQuint)

3. India Considers Moving WTO Against US Over Withdrawal Of Import Sops

India is exploring various options, including approaching the WTO dispute body, to deal with the US decision to withdraw import incentives for about 2,000 domestic goods under the trade preference scheme, sources said. Providing fiscal support to domestic exporters of those sectors hit by the US decision and imposing retaliatory duties are also among the options considered by India, they said.

On 5 March, the US decided to withdraw import duty benefits, which was in the range of 1-6 per cent, under its Generalized System of Preferences (GSP) programme. The GSP programme provides non-reciprocal, duty-free imports of certain products from certain developing countries.

(Source: Financial Express)

4. Indian Railways ICF Becomes Largest Rail Coaches Maker In The World

Indian Railways’ ICF creates history! The Integral Coach Factory (ICF) in Chennai has manufactured as many as 301 coaches in the month of February, taking the total for this fiscal to 2,919.

Interestingly, this puts the factory among the largest railcar builders in the world, beating top Chinese manufacturers who produce around 2,600 coaches a year.

Financial Express Online learns that this is the second time in the year, the factory has crossed the 300 coaches per month mark. So far, the total production this year (April-February) is 2,919 against 2,085 in the corresponding period last year. This means a 40 percent increase in production. The ICF is now eyeing ending the financial year with over 3,200 coaches.

(Source: Financial Express)

5. India Announces New Rs. 20 Coin With A Unique Shape

India's Finance Ministry on Wednesday, 6 March, announced a new coin for Rs. 20 which will be shaped like a 27 mm "dodecagon" – a 12-sided polygon.

The Finance Ministry issued a notification announcing the new 20-rupee coin.

Unlike the circular 10-rupee coin, which is also 27 mm in diameter and has 100 serrations on its edge, the 20-rupee coin will not have any marks on its edge.

But like the 10-rupee coin, it will be two-toned. While the outer ring will be 65 percent copper, 15 percent zinc and 20 percent nickel, the inner disc will be 75 percent copper, 20 percent zinc and five percent nickel.

(Source: NDTV)

6. Bharti Airtel’s Rs 25,000 Crore Funding Not Enough To Stabilise Rating

S&P Global Ratings on Wednesday, 6 March, said Bharti Airtel’s proposed rights issue of up to Rs 25,000 crore is not enough to stabilise its credit rating.

The rating agency said that there is negative outlook, an indication of rating downgrade, which looks at renewed competition and higher capital spending by the company that will keep its debt level up.

“S&P Global Ratings believes the proposed rights issue (of Rs 25,000 crore), if successful, would go a long way in restoring Bharti’s balance sheet and shoring up leverage.

(Source: Financial Express)

7. Disappointed With India's New FDI E-commerce Policy, But We Are Moving Forward: Walmart

World's largest retailer Walmart said it was disappointed with the changes in FDI policy for e-commerce in India but it has made "adjustments" and is moving forward.

Despite such changes, India represents a great opportunity for the Bentonville-based retailing major, Walmart Executive Vice President and Chief Financial Officer Brett Biggs said in a conference call.

"It's disappointing that you have a law like that changed that quickly, but we have made the adjustments and we are moving forward," Briggs said.

"When you make investment in India, note, things are going to change. They did the first time we were in India and they will again, we know that.”

(Source: Business Today)

8. DBS India To Hire 600-800 Persons In 18 Months As It Goes Into Expansion Mode

DBS India will hire about 600-800 persons in the next one and a half years as part of its expansion plans, as the Singaporean lender now has acquired a domestic subsidiary licence in India, a senior official of the bank said Wednesday.

As part of its branch expansion to nine new locations during this month, three branches kick-started Wednesday in Gurugram, Noida and Coimbatore.

"We are looking anywhere between 600-800 people for our branch expansion over the next 12-18 months, including people at our technology development centre in Hyderabad," Shantanu Sengupta, head (consumer banking group), DBS Bank India, said at the inauguration of the Gurugram branch.

(Source: Business Today)

9. Vedanta Says Legal Recourses In Progress To Reopen Sterlite Copper Plant In Tuticorin

Vedanta has said that legal processes are underway for reopening the shuttered Sterlite Copper plant in Tuticorin. The mining company said in an investors' brief on Wednesday that it has petitioned before the state courts to re-open the facility. Presently, the matter in under consideration before the Madras High Court. The Sterling Copper plant in Tuticorin is presently closed and under the control of Tamil Nadu state governmen

(Source: Business Today)

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