Here is Your Sunday Update.
Food & Hotel Industry
· Allocation of Rs 2500 crore for tourism, other measures good in long term: Tourism & Hospitality Industry.
· RIL set to partner Emporio Armani to open restaurants.
· India’s largest quick-service chain Jubilant FoodWorks is scouting for space to start its cloud kitchen business for not only Domino’s Pizza but also for Chinese cuisine.
· I-T raids at Bharat Group, undisclosed foreign assets recovered.
· Team behind 'The Grub Fest' to invest Rs 100 cr in new restaurant projects.
Automobile industry
· Government hikes duty on import of electric vehicles by 5-15%.
· Tata Motors sales drop 18 pc in January.
· The FM has proposed a duty cut to 7.5% for certain industrial purposes , while the existing basic duty on palladium is 10% with a countervailing duty (CVD) of 12% and a special CVD of 4%.
· The country’s largest car maker Maruti Suzuki posted a marginal increase of 0.3% to sell 139,884 units in January.
· Lexus begins assembly in India, prices likely to dip.
· EVs will be cheaper than combustion vehicles in 3 years: Amitabh Kant.
· China demand for Jaguar, Land Rover boosts India's Tata Motors.
FMCG
· Budget 2020 to increase rural jobs, says Amul.
· HUL to increase soap prices by 5-6 pc.
· HUL reshuffles top management team.
· Agarbatti companies recently introduced fragrances such as apple and pineapple, neem-based mosquito repellants and no-smoke ones for asthmatic patients that also act as air purifiers.
· The aim is to push HUL to No 2 in five years: Ramdev.
Taxation & Laws
· Budget 2020 focused on three key themes - Aspirational India, economic development and building a caring society for all. Keeping this goal in consideration, tax proposals and other incentives were announced.
· Finance Minister Nirmala Sitharaman announced new income tax rates and slabs for those earning up to Rs 15 lakh a year.
· Govt expected to receive over Rs 39,500 cr under Sabka Vishwas Scheme; realisation a big booster amid revenue shortfall concerns.
· Dividend Distribution tax Removed from the picture : Budget 2020.
· 100% Tax exemption in interest, dividend and capital gain income by foreign investors in respect of investment made in Infrastructure and other notified sector.
· Threshold limit of Audit has been increased from 1 Cr. to 5 Cr. Provided 95% of Business transactions shall be conducted through digital means.
· Threshold limit of Audit has been increased from 1 Cr. to 5 Cr. Provided 95% of Business transactions shall be conducted through digital means.
· Now PAN Shall be instantly allotted online on the basis of AADHAR Card : Budget 2020.
Banking & Finance
· Irdai slaps Rs 1 cr penalty each on ICICI Lombard, Tata AIG for violation of norms.
· Non-life insurers can offer standard health policies before April 1.
· Nation-wide strike impacts banking services at PSU banks.
· Canara Bank MD, CEO RA Sankara Narayanan retires.
· Budget 2020: Single investment clearance window to be set up for promoting entrepreneurship.
· Morgan Stanley PE says invests Rs 190 cr in Centrum Housing Finance.
· International bullion exchange to be set up at IFSC in GIFT City: Finance Minister.
Telecom industry
· Government not expecting substantial gain from AGR dues in 2020-21.
· Budget 2020: BSNL, MTNL to get Rs 37,640 cr from govt in FY21.
· No substantial relief visible for telecom sector in Budget: COAI.
· Govt sees 125% jump in FY21 revenue mop-up from telecom, driven by AGR collections, spectrum sale.
· Telecom dues make Vodafone Idea, Airtel distributors jittery.
· Tata Tele Board extends term for MD Srinath till March end.
· Economic Survey 2019-20: Intense competition led to stress in telecom industry.
· SC may hear telcos’ modification pleas on AGR verdict on Monday.
· COAI urges govt to offer telcos 10-15 yrs for dues settlement.
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