Five largest state-run banks in India (State Bank of India, Bank of Baroda, Punjab National bank, Bank of India and Canara Bank) have a minimum of ₹ 7.9 trillion of loans under the moratorium, along with loans that were stressed even before the pandemic of COVID-19 outbreak that hit cashflows and compensation capabilities. That accounts for about 20% of local advances. Whereas the moratorium amount for SBI at ₹ 5.63 trillion is the accumulated loans the place repayments have been deferred. In … [Read more...]
HDFC’s board approves raising up to Rs.14,000 crore via various means
Largest mortgage lender Housing Development Finance Corporation (HDFC) at its meeting held on Friday 19th June 2020 said its committee of directors has approved raising up to Rs.14,000 crore through equity shares, compulsorily convertible debentures or non-convertible debentures along with warrants, and foreign currency convertible bonds, etc. In also addition, the company said its committee of directors approved the plan in a meeting, and approval of members of the corporation through postal … [Read more...]
40th GST Council Meeting
On Friday 12th May 2020 was held a GST Council meeting under the chairmanship of India Finance Minister Nirmala Sitharaman. The members of the GST Council discussed issues over video conference. The two main objectives of the meeting were to addressing the government's revenue position and fixing the compensation mechanism for states. Here are some key highlights of the meeting are: Finance Minister Said that “No late fee will be charged on GSTR-3B returns for the small taxpayer (aggregate … [Read more...]
Government launches the facility of filing of Nil GST Return via SMS
On Monday 8th June 2020 Central Government has allows the feature of file Nil GST monthly return Form GSTR-3B via SMS for small businessmen. The main object of the central government to launch this feature to make tax compliance easier for the assessment. Under the facility, small traders and businessmen will be able to file GST returns by sending an SMS through their mobile phones. The facility of GST returns via mobile SMS will benefit around 22 lakh, small traders, and … [Read more...]
Payments Infrastructure Development Fund launches by RBI
Over the past few years, the payments ecosystem in India has evolved with a wide range of options such as bank accounts, mobile phones, cards, etc. To provide further fillip to the digitization of payment systems, it is necessary to give impetus to acceptance infrastructure across the country. Therefore, the Reserve Bank of India has been launched the creation of an ₹500 crores Payments Infrastructure Development Fund (PIDF) to encourage the adoption and deployment of Point-of-Sale (PoS) … [Read more...]