Facing shortage of funds, Tea Board urges industry to stand on its feet


is facing a problem of getting funds from the Centre, which has been “static” for the last five years, its deputy chairman Arun Kumar Ray said on Saturday.

He urged the industry to stand on its own feet and said exporters will have to contribute towards the promotion and branding of the beverage.

Speaking at a webinar organised by Indian Chamber of Commerce, Ray said the board spends 90 per cent of the funds it receives from the government on subsidy purposes.

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“Now the board is having financial issues and hopefully, things will improve next year,” he said, adding that the statutory body under the Union Ministry of Commerce has kept replantation subsidy in abeyance for the time being.

According to him, Indian tea growers should focus more on orthodox tea manufacturing which has a good export market.

“Exports this year may be lower by 20 to 30 million kg as shipments have dropped,” he said.

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SC stays Delhi HC order on transitional GST credit on Centre’s SLP


The has stayed the Delhi high court order that had allowed availing tax credits for pre-GST period up to June 30 this year.

The apex court was hearing a special leave petition filed by the Union Government against the Delhi High Court judgement.

The case relates to the rule 117 of the CGST Act, which imposed the time limit of 90 days for claiming transitional Cenvat credit from the date of GST roll out from July 1, 2017.

However, the high court had held that the time limit prescribed by the rule is directional and not mandatory.

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The high court had also held that the period of three years would be available for claiming these credits in line with the provisions of the Limitation Act.

The union government in its petition said that the time limit — 90 days — prescribed for availing transitional credit is mandatory, rational and reasonable. It also pointed out that the Limitation Act cannot override the limitations prescribed in a special

Fears about India’s retail loan defaults overblown, says Macquarie


The volume of Indian loans subject to moratorium is dropping, suggesting that fears about large-scale defaults on banks’ retail lending books may be overblown, according to analysts at Group Ltd.

Based on soundings with home lending specialist Housing Development Finance Corp. and Indian banks, “the unanimous feedback has been that there has been a decline in the total loan book under moratorium from the 25–30% numbers reported as of end-May,” analysts led by Suresh Ganapathy wrote in a note.

It’s too early to calculate the new figure, but at the proportion of the retail loan book subject to deferral fell to 7% as of June 15 from 21% in May, the note said.

“Hence, we believe worries about large-scale retail defaults are exaggerated,” the analysts wrote.

The Reserve Bank of India has allowed borrowers to delay monthly payments on their loans until the end of August, to provide some relief from a prolonged that has shuttered businesses and left millions jobless.

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A key reason for the decline in loans

Central transmission utility function hived off from Power Grid Corp


In a landmark decision, the has decided to hive off the Central Transmission Utility (CTU) function of the state owned Navratna-company Limited (PGCIL). Pending since 2015, this move was taken to avoid conflict of interest while awarding power transmission projects.

Power Grid, as a CTU, is responsible for the wheeling of power generatedby power producers and involved in planning transmission systems and operations. It also has an additional role of collecting tariffs from power generators, state electricity boards using the transmission infrastructure. The CTU retains its share and then distributes the remainder to other private licensees.

As PGCIL is also a power transmission construction company, it participates in tenders for competitive bidding for projects, alongside private players. This conflict of interest in PGCIL as both planner and participant in transmission projects has come under repeated criticism from the industry.

In a letter to the chairman and managing director of PGCIL, the has directed it to make the CTU its 100 per cent subsidiary with separate accounting and board structure and carry out its statutory functions.

“The aforesaid 100

Andhra Pradesh presents Rs 2.25 trn budget for FY21 amid Covid-19 crisis


on Tuesday presented the annual budget for the year 2020-21 with an outlay of Rs 2.25 trillion. The budget. estimates entail an overall decease of 1.4 per cent over the 2019-20 budget estimates on account of the economic slowdown during the Covid-19 pandemic, state finance minister Buggana Rajendranath said.

Presenting the budget in the state legislative assembly, the Rajendranath said the government had taken rapid strides towards fulfilling the goal of comprehensive development of Andhra Pradesh and positioning the state at the very top in terms of human development.

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The budget estimates includes a revenue expenditure of Rs 1,80,789 crore and a capital expenditure of Rs 44,396 crore. Continuing with the post bifurcation legacy, the government has proposed a revenue deficit of about Rs 18,434 crore, while the fiscal deficit has been pegged at Rs 48,298 crore. Allocations to sectors like agriculture and secondary education saw a substantial cut as compared to outlays of these sectors in the previous year.

In the health sector, the government announced that it would open 11000 new clinics in the state apart from

EPFO launches multi-location claims settlement facility to expedite process


Retirement fund body Organisation (EPFO) on Monday said it has launched a multi-location claim settlement facility to expedite member claims, moving away from the existing system of geographical jurisdiction for claim processing.

The facility will bring a paradigm shift by allowing offices to settle online claims from any of its regional office across the country, the said in a statement.

All types of online claims i.e. provident fund, pension, partial withdrawal and claims and transfer claims can be processed under this novel initiative, it added.

Covid-19 crisis has affected 135 regional offices of the with different levels of severity depending on their location.

The ministry said it was observed that though many offices in Mumbai, Thane, Haryana and Chennai zones operate with even less then skeletal staff on account of Covid-19 pandemic, there has been a disproportionate increase in claim receipt due to recently introduced Covid-19 advance.

Consequently, claim pendency in these offices rose to higher levels leading to delay in claim settlement cycle while other offices, working with 50 per cent workforce and with the help of

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