RELIEF FUNDS
Discounting wars in quick commerce; tax relief for ecommerce suppliers
The recent funding raised by Zepto may trigger a discounting war in the quick commerce space. This and more in today’s ETtech Morning Dispatch.
Waiver, other tax reforms top GST Council's docket
The GST Council is set to discuss various measures at its upcoming meeting on June 22 to pave the way for broader tax reforms in the new government's first full budget. These measures include considering a conditional waiver of interest or penalty on tax notices issued between 2017 and 2020, with exceptions for wilful defaulters. The budget announcement is expected in July.
Ixigo's stock rally continues; retro tax relief likely for egaming cos
Shares of Ixigo continued to surge a day after the travel platform’s IPO. This and more on today’s ETtech Top 5.
SBI Chairman pitches for tax relief on interest income in Budget
"If at all some relief could be given in the Budget regarding tax on the interest earnings, it will be an incentive to depositors. Eventually, the banking sector uses deposits mobilised for the capital formation in the country," Khara told PTI in an interview.
"Not the time for politics," says Ashwini Vaishnaw as rescue efforts continue after Kanchenjunga Express train accident
The tragic incident took place near Rangapani station, about 30 kilometers from North Bengal's New Jalpaiguri station. Early Monday morning, a goods train collided with the Sealdah-bound Kanchenjunga Express from the rear, causing three of the express train's rear compartments to derail. According to railway officials, the collision resulted in at least 15 fatalities and around 60 injuries.
Income tax relief for those in lowest slab may need to be considered in Budget: CII
Sanjiv Puri, newly-elected CII President, advocates potential income tax relief for the lowest slab amidst high inflation in the upcoming 2024-25 Budget. He proposes institutional platforms for consensus-building on reforms, emphasizing public capex, fiscal discipline, and investment in social infrastructure. CII anticipates inflation around 4.5%, urging RBI rate cuts by year-end.
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Vi needs 2.2x ARPU jump to meet payout obligations
Vi’s ARPU, they said, needs to jump 2.2x to around Rs 320 by FY27—from Rs 146 now—even if the cash-strapped telco sees a 50% cut in its adjusted gross revenue (AGR) liability to Rs 35,000 crore via a favourable Supreme Court verdict on its curative plea. As per company data, Vi’s total AGR dues were pegged at Rs 70,320 crore in the quarter to March 2024.
Relief for 20,000 homebuyers! Suraksha Group finally takes over Jaypee Infratech via insolvency process
According to a regulatory filing by Jaypee Infratech on Wednesday, Suraksha Group informed the IMC (Implementation and Monitoring Committee) that May 24, 2024, i.e., the date of the NCLAT order should be treated as the 'Approval Date' as defined in the approved resolution plan.
Death toll in Assam floods touches 14, over 13 districts affected
A total of 14 people have died due to floods in Assam after three more deaths were reported on Sunday. The floods, triggered by Cyclone Remal, have affected 13 districts, with Nagaon being the most impacted. Over 39,000 people are in relief camps. Crop areas have been submerged. Prime Minister Modi has announced financial assistance for the victims.
Cyclone Remal aftermath: Manipur CM says efforts underway to get rid of floodwater, clean waterlogged areas
In the aftermath of Cyclone Remal, which caused significant flooding in Manipur, Chief Minister N Biren Singh announced ongoing efforts to clear obstructions and restore the Naga River's flow in North AOC Imphal by the Manipur Fire Service. Singh praised the Minor Irrigation and Water Resources Department and Imphal East police for aiding flood-affected families. Rescue operations are underway by the NDRF, Indian Army, and Assam Rifles. Prime Minister Narendra Modi announced ex-gratia payments for victims in affected states, including Manipur.
Cyclone Remal claims 27 lives in Mizoram; CM allocates Rs 15 crore relief fund
Cyclone Remal has claimed 27 lives in Aizawl district following landslides. Mizoram Chief Minister Lalduhoma has announced comprehensive relief measures to aid those affected by Cyclone Remal within the state.
Free food? Modi makes sure every Indian knows whom to thank for it
India's welfare programs are vast in reach and scope. Under the biggest, 821 million Indians are entitled to 5-kilogram (11-pound) sacks of free rice or wheat every month. The government started doling out grain to prevent hunger early in the pandemic and has since committed $142 billion to the program. Modi's face began appearing on the sacks in January.
Influx from Myanmar continues; 1,430 Myanmarese take shelter in Mizoram in past 10 days
There is renewed clashes between the army and 'pro-democratic forces in Myanmar. A senior official in Mizoram said that on Friday and Saturday around 40 Myanmarese nationals including women and children crossed the India-Myanmar border. They took shelter in Mizoram's Saitual and Champhai districts.
'Made in China' housing crisis solution may not be enough
China grapples with a colossal housing crisis, with millions of unoccupied apartments and unfinished developments, threatening its economy. Beijing's plan involves massive state intervention, buying unsold properties and converting them into social housing. However, doubts still persist about its adequacy and efficacy, raising concerns about the broader economic impact on China
Karnataka: CM Siddaramaiah asks banks not to adjust drought relief funds against farm loan dues
CM Siddaramaiah emphasized the need for officials to work efficiently amidst higher-than-normal rainfall and the ongoing code of conduct. Siddaramaiah disapproved of the way insurance firms were handling the crop loss insurance claims. Such conduct would bring bad name to the government, he said, and asked officials to discuss with insurance firms and make life easy for farmers.
Asia rides Wall St rally, dollar sags on US inflation relief
The data provided palpable relief to markets after higher-than-expected U.S. consumer prices in the first quarter had led to a sharp paring of rate cut bets, and even stoked some worries of an additional hike.
MF investors get KYC relief as Sebi withdraws PAN-Aadhaar link norm
The Securities and Exchange Board of India (Sebi), in a circular on May 14, removed the requirement for investors to link the permanent account number (PAN) with Aadhaar to obtain the 'KYC registered' status for mutual fund transactions. This means all investors can continue putting money into mutual funds without putting up additional documents for the time being.
Manipur Congress seeks Rs 200 crore hailstorm relief for state
Manipur's Congress party has urged the Centre to declare the recent hailstorm devastation a natural disaster, seeking Rs 200 crore relief for affected residents. In a letter to Prime Minister Narendra Modi, Manipur Pradesh Congress Committee (MPCC) president Keisham Meghachandra highlighted the unprecedented hailstorm's impact on the people of the state
Rupee trade pacts priority, many in final stages: Amit Shah
India progresses negotiations for trade settlement in rupees post-elections, aiming to become a major manufacturing hub. Home Minister Shah criticizes opposition states for misusing relief funds. The nation's economic growth trajectory is highlighted amidst global recognition.
Manipur CM Biren Singh assures compensation to hailstorm victims during constituency visit
Manipur Chief Minister N. Biren has offered reassurance to residents of the Keirao Assembly constituency following a devastating hailstorm. He pledged compensation and visited a relief camp for victims. The government pledged to lead a comprehensive rebuilding effort, replacing damaged houses with sturdy Gl sheets. The Manipur government also announced a relief package worth Rs 6.90 crore from the State Disaster Relief Fund for those affected by the hailstorm.
Manipur introduces 'School on Wheels' program to educate students in relief camps
Manipur's 'School on Wheels' educates students in relief camps after ethnic conflict. Schools shut due to hailstorm. Governor Uikey's initiative provides library, computers, sports items for displaced students. Casualties, injuries, displacements reported. Communities clash. Orange alert issued.
Manipur CM: 15,425 properties severely damaged by hailstorm; centre releases Rs 6.9 crore for assistance
Manipur Chief Minister N Biren Singh mentioned that the Centre has released Rs 6.9 Crore to assist the state, with more funds likely to come. Speaking to media persons, he said, “We are assessing the total damage, including to houses, livestock, and agriculture. We will provide compensation.”
Centre has released Rs 3,454 cr for drought relief, says Siddaramaiah
Karnataka Chief Minister Siddaramaiah has said that the Central government has approved Rs 3,499 crore as drought relief, but only released Rs 3,454 crore. The state was supposed to receive Rs 18,171 crore, but the Central government has only approved Rs 3,498.98 crore. Siddaramaiah alleged that the Union government did not give the relief fund out of concern for Karnataka but was forced to release money after the state government approached the Supreme Court.
CM Siddaramaiah accuses FM Sitharaman of lying on drought relief fund to Karnataka
??According to the finance minister, the central authorities had written to the Election Commission on March 28 to get prior approval to convene a high-level committee, given that the Model Code of Conduct in force -- and the EC's approval is awaited with regard to the grant of drought relief.
PM Modi has delivered 'confrontational federalism': Congress slams Centre over drought relief issue
Congress accuses PM Modi of lying about Karnataka's drought fund delay, revealing crop loss. Karnataka seeks compensation amidst confrontational federalism. Political tensions escalate in Bengaluru over the issue.
Shameful to lie to the people of Karnataka: Krishna Byre Gowda challenges Amit Shah’s claim of delaying drought relief petition
Karnataka Revenue Minister Krishna Byre Gowda has challenged Union Home Minister Amit Shah to produce documents related to his allegation that the Karnataka government delayed applying for drought relief. Gowda emphasized that Karnataka declared drought in September, well before the October 31 deadline, and had submitted the necessary documents. He criticized Shah for politicizing the issue and accused the BJP government of delaying relief for four months before the elections were announced. The Karnataka government had approached the Supreme Court after waiting patiently for a response from the Centre for five months.
Tamil Nadu approaches SC against Centre's 'step-motherly treatment'
The Tamil Nadu government has petitioned the Supreme Court for over ?37,000 crore in relief funds for natural calamities caused by floods and Cyclone Michaung. The state argues that the Centre's delay in funds release is discriminatory and violates fundamental rights. The state has requested the release of ?19,692.69 crore for Cyclone Michaung damage and ?18,214.52 crore for heavy rainfall in Tamil Nadu's southern districts.
TMC benefits from disasters: BJP's Dilip Ghosh
Kunal Ghosh, another Trinamool leader, slammed Ghosh and said, "Dilip Ghosh is in a state of frustration after he has been removed from Medinipur seat and sent to Bardhaman to fight polls. Now, he is trying to grab headlines as he must establish himself there."
Siddaramaiah, Amit Shah spar over non-release of central funds for drought relief in Karnataka
Siddaramaiah and Amit Shah clash over drought relief funds delay in Karnataka. The Congress accuses BJP of betraying the state's development, while the BJP criticizes Congress for playing politics over relief proposals.
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