The Australian share market has suffered its worst drop in nearly two weeks amid worries about rising virus cases in Victoria and overseas and following a drop in US markets.…
Centre may disburse Rs 10,000 cr worth of loans in FY21 under agri fund
The Centre plans to disburse Rs 10,000 crore worth of loans at concessional rates to cooperative societies, farmer-producer organisations (FPOs), start-ups, and others in the current fiscal year under its ambitious Rs 1-trillion fund to create storage and processing infrastructure at the farm-gate level.
Loans up to Rs 2 crore will be provided to entrepreneurs at 3 per cent interest subvention for a period of seven years, according to the Union Cabinet’s decision on Wednesday. The loans will have moratorium on repayment that will vary from six months to two years.
The fund called the Agriculture Infrastructure Fund, announced as part of the ‘Atmanirbhar Bharat Package’ in May by finance minister Nirmala Sitharaman, got formal Cabinet approval on Wednesday.
The fund, along with the three facilitating Ordinances on freeing agriculture marketing, amending Essential Commodities Act and framework for contract farming, is aimed at providing an ecosystem to private companies to encourage them to invest in storage and warehousing in a big way.
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IRB infra raises Rs 150 crore via NCDs on private placement basis
IRB Infrastructure Developers on Wednesday said it has raised Rs 150 crore through allotment of NCDs on a private placement basis.
“This is to inform you that the management administration and share transfer committee of the board of directors of the company…has allotted 9.55 per cent secured, redeemable, listed, rated non-convertible debentures (NCDs) of face value of Rs 10 lakh each, for cash at par, aggregating to Rs 150 crore on a private placement basis to an eligible investor,” the company said in a BSE filing.
Dilip Buildcon, in a separate filing, said it has raised Rs 200 crore via NCDs.
“The company has issued and allotted 2,000 senior, secured, listed, rated, redeemable non-convertible debentures rupee denominated face value of Rs 10,00,000/- bearing a coupon rate 8.67 per cent p.a, on private placement basis,” it said.
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Eight Contenders Battle For WTO Leadership
Three last-minute contenders on Wednesday joined the race to become the next head of the beleaguered World Trade Organization, meaning eight candidates in total are vying for the daunting position.
Britain’s first post-Brexit international trade secretary Liam Fox, former Saudi economy minister Mohammed al-Tuwaijri and Kenya’s former WTO General Council chair Amina Mohamed all threw their hats in the ring in the final 24 hours before Wednesday’s deadline.
They join candidates from Egypt, Mexico, Moldova, Nigeria and South Korea, a WTO official confirmed after the close of nominations.
The WTO General Council will meet from July 15-17 to hear their presentations and quiz them on their plans for the global trade body, which was beset with mammoth challenges even before the pandemic-driven global economic crisis struck.
“As the world seeks to recover from the shared challenge of the COVID-19 pandemic, the role of free and fair trade has never been more crucial,” British Prime Minister Boris Johnson said in his letter to the WTO, nominating Fox.
He said the former defence minister, 58, could implement the necessary reforms “to ensure the global trading system truly delivers for all WTO members.”
The new chief must revive stalled trade talks, lay the
Aust shares flat as Melb back in lockdown
The Australian share market has closed flat despite strong overseas leads as traders ponder the impact of a sharp rise in new coronavirus cases in the country’s second-most populous state.…
GSTR-4: Govt considering demand for extending date for filing I-T returns
The CBIC on Tuesday said the GST Implementation Committee is considering the demand for extending the due date for filing of annual return for 2019-20 by composition dealers.
“Representations have been received on non-availability and extension of date of Form GSTR-4 for FY 2019-20 on the common portal. The matter of extension of date of GSTR-4 for FY 2019-20 is under consideration by the GST Implementation Committee, the Central Board of Indirect Taxes and Customs (CBIC) tweeted.
The time limit to file GSTR-4 annual returns for the FY 2019-20 by the composition dealers had been extended till July 15, 2020 on April 3, 2020.
“But, as GSTN still grapples to provide the facility of smooth filing of the return, a further extension is expected,” AMRG & Associates Senior Partner Rajat Mohan said.
GST composition scheme can be opted by any taxpayer whose turnover is less than Rs 1.5 crore. Under the scheme, manufacturers and traders are required to pay GST at 1 per cent, while it is 5 per cent for restaurants (which do not serve alcohol).
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