Economy National

Government cuts interest rates on NSC, PPF

The government on March 31 slashed interest rates on small savings schemes, including National Savings Certificate and Public Provident Fund, by up to 1.4% for the first quarter of 2020-21, in line with the moderation in bank deposit rates. Interest rates for small savings schemes are notified on a quarterly basis. With the reduction, term […]

Business Economy

Construction halt to hit L&T revenue

The COVID-19 lockdown in India has brought construction activities to a halt in the peak season, a move that will hurt revenues of engineering and construction major Larsen and Toubro (L&T), according to analysts. “We note that March is a peak month for construction activities in India. Even post the lockdown, there might be some […]

Business Economy

IDBI Bank, IDFC First implement moratorium

Customers of IDBI Bank who wish to continue with equated monthly instalments (EMIs) and do not want to avail the moratorium will need to inform the bank by sending a mail to moratorium@idbi.co.in, the lender said in a communication. IDBI Bank said there was no separate request needed for availing the moratorium. “The [moratorium] scheme […]

Business Economy National

Air India pilots say safety protocols during COVID-19 ops inadequate

Air India pilots have expressed concern over “flimsy protective gear, inadequate sanitisers, shoddy disinfection procedure” as they embark on flights chartered by countries like Germany and the UK to repatriate their citizens stranded in India due to the nationwide lockdown over COVID-19. Two pilots’ unions, the Executive Pilots of Air India and Indian Pilots’ Guild, […]

Business Economy

MFI collection to be hit most by lockdown

Rating agency Crisil has said the nationwide lockdown due to COVID-19 will have near- term impact on collections and fresh-loan disbursements of non-banking financial companies (NBFCs) and the micro finance institutions (MFIs) , in particular. The agency said MFIs will be the most impacted because collection of repayments involves visit to households, such borrowers typically […]

Business Economy

NRIs can now invest in specified govt. bonds

The Reserve Bank of India (RBI) has introduced a separate channel, namely ‘Fully Accessible Route’ (FAR), to enable non-residents to invest in specified government bonds with effect from April 1. The move follows the Union Budget announcement that certain specified categories of government bonds would be opened fully for non-resident investors without any restrictions. “Eligible […]

Business Economy National

Tax dept. asks officers working from home to chase large taxpayers for dues

A three-month extension in deadlines for tax payment and filing of returns notwithstanding, the Income-Tax Department has asked field formations to contact large taxpayers over phone or email to follow up on pending collections. Rakesh Gupta, Commissioner of Income Tax (Coordination & Systems), Central Board of Direct Tax (CBDT), last week asked field formations to […]