QBiz: RBI on Failed-Free Transactions; Trump Hits Out at India
1. Failed ATM Transactions Should Not Be Counted as ‘Free ATM Transactions’, Says RBI
The Reserve Bank of India on Wednesday clarified that transactions that fail due to technical reasons should not be counted as valid ATM transactions.
Technical reasons include hardware, software or communication issues, non-availability of currency notes, invalid PIN or validations and issues directly related to the bank or white-label ATM, the banking regulator said.
2. Donald Trump's Trade Tirade Targets India
US President Donald Trump on Wednesday took aim at India and China, saying the two were no longer “developing nations" and were “taking advantage" of the tag given by the World Trade Organization (WTO).
Championing his “America First" policy, Trump told a gathering in Pennsylvania that WTO viewed certain countries like China and India as “growing," according to a report by news agency PTI.
3. India Trade Gap Narrows as Imports Decline for Second Month
India’s trade deficit narrowed in July as imports declined for a second straight month, signaling a deepening economic slowdown.
The gap between exports and imports was $13.4 billion last month, compared with $15.3 billion in June, data released by the commerce ministry showed Wednesday. That was lower than the $15 billion median estimate in a Bloomberg survey of 22 economists.
4. IL&FS Cuts 43% Staff Since Oct for Cost Cutting, Helps Reduce Wage Bill by 47%
The crisis-ridden IL&FS Group has either laid off or separated 43% employees as a cost cutting measure since its new board was appointed in October last year.
In its fifth progress report on the group's resolution process and the way forward, submitted to the Mumbai-bench of the National Company Law Tribunal (NCLT), the company said that the measure has helped reduce its wage bill by nearly 47%.
5. Coffee Day to Sell Global Village Tech Park to Blackstone for up to Rs 3,000 Crore
A fortnight after the alleged suicide of Cafe Coffee Day founder VG Siddhartha, the coffeeshop brand's holding company Coffee Day Enterprises Ltd. has decided to sell Global Village Tech Park held by Coffee Day subsidiary Tangling Developments Ltd. to US-based buyout giant Blackstone Group Llp for a price of Rs 2600-3,000 crore, according to an exchange filing.
6. IAMAI Says RBI Has No Authority to Ban Cryptocurrencies
Challenging a Reserve Bank of India (RBI) circular prohibiting banks and financial institutions from providing services in relation to cryptocurrencies, the Internet and Mobile Association of India (IAMAI) on Wednesday told the Supreme Court that the RBI did not have the authority to place a ban when there was no legislative policy in place for virtual currencies.
"RBI cannot step out of its powers as set out in Banking regulation Act. Therefore, its action against private businesses in the form of a circular is illegal," IAMAI counsel Ashim Sood said.
7. All Tax Letters, Notices to Carry Identification Numbers to Be Verifiable Online from 1 Oct 2019
Starting 1 October 2019, all letters and notices from the income tax department will carry a computer-generated Document Identification Number (DIN) which will be verifiable on the department's e-filing portal.
Further, any communication from the department without this DIN will be treated as invalid. Manually issued communications will be allowed only with specific permission and in specified circumstances. Even when such manual communications are sent these would have to be regularised on the tax department's portal within 15 days from date of issue, according to a press release issued by the Central Board of Direct Taxes (CBDT).
8. NSE’s Clearing Corporation to Start Interoperability in Currency Derivatives from 19 August
NSE Clearing Ltd on Wednesday said it will implement interoperability in the currency derivatives segment from 19 August, 2019. The interoperability among clearing corporations allows trading members to clear trades through a firm of their choice instead of going through the clearing corporation owned by the bourse on which the trade was executed.
“NSE Clearing Ltd has implemented interoperability in a phased manner with cash market segment going live on June, 17 and futures and options going live on July, 29, 2019,” the clearing corporation said in a release.
9. Government Join Hands with Tata Trust for Rs 300 Crore Skill Development Centre
The skill development ministry on Wednesday announced an association with the Tata Trust to build a Rs 300 crore modern training and skill development centre in the city. While the government will provide four acres in National Skill Training Institute at Sion in Central Mumbai, the Tata Trust will build the infrastructure and run the centre at an investment of Rs 300 crore, Union Skill Development Minister Mahendra Nath Pandey told PTI here after a review meeting. “The institute will have a capacity of 10,000 students.
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