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Cabinet Approves Creation Of GST Council

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  • Cabinet on Monday approved setting up of the GST Council
  • GST Council will consist of Union Finance Minister, Minister of State in charge of Revenue Department and state finance ministers
  • Government’s official spokesperson tweeted after the Cabinet meeting headed by PM.
  •  Cabinet “approved setting up of GST Council and setting up its Secretariat,”
  •  Council will hold its first meeting on September 22 and 23

Paytm to make verification process convenient with ‘Aadhar-based eKYC’

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  • India’s largest mobile payment and commerce platform Paytm has announced aadhar based eKYC (E-Know Your Customer)
  • to make customer verification process convenient, paperless and real-time
  • Regulated entities like banks and wallet providers are required to carry out certain customer identification procedures
  • procedures constitute KYC  process of customer verification and help identity theft, financial fraud, money laundering and terrorist financing.
  • Customer’s identity is verified instantly on the basis matching biometric scan of fingerprint

MARKET ON ‘CRASH’ COURSE: 7 REASONS WHY SENSEX TANKED OVER 500 POINTS

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  • Domestic equities took a beating on Monday morning, with the BSE benchmark sliding nearly 550 points
  • Downturn was in line with the global turmoil after a prominent
  • Possible Fed rate hike is not the only reason that sent the domestic market tumbling.
  • S&P500 index in the US slumped 2.45 per cent while Dow Jones tanked 2.13 per cent on Friday
  • Fed is scheduled to review money policy on September 21-22.

E-COMMERCE VENDORS SHYING AWAY FROM LOANS, SALES TO TAKE HIT THIS FESTIVE SEASON.

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  • Indian e-commerce sales are expected to be slower this festive season when compared to last year,
  • consolidation of the vendor base by firms such asFlipkart and Snapdeal;
  • shifting their business models from burning cash towards profitability and reduced discounts since April,
  • Tighter business norms and inability to raise fresh funds has already resulted in online e-commerce platform
  • Indian e-commerce firms saw sales drop in the first six months.

SENSEX TANKS 440 POINTS ON FED RATE HIKE CONCERN; BANKING STOCKS FALL

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  • BSE Sensex falls 440.49 points, or 1.53%, to 28,356.76, while the Nifty is down 149.15 points, or 1.68%, to 8,717.55
  •  Market benchmark Sensex nosedived by almost 410 points to 28,251.31, while Nifty broke below the 8,700-level
  •  Rupee depreciating by 25 paise to 66.93 against the dollar in opening trade at the forex market
  •  Investors also turned cautious ahead of macroeconomic data
  • Metal shares are trading lower. Hindalco Industries Ltd fal.

Deutsche CEO says no asset management sale as seeks to rally staff

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  • Deutsche Bank has no plans to sell its asset management business
  • Deutsche Asset Management is and will remain an essential part of our business model
  • Deutsche’s management was considering a sale of the asset management business.
  • Do not allow yourself to become distracted by speculation about alleged mergers or sales plans,
  • We have enough on our plate to solve on our own,and we intend to concentrate on this for now.”

Service tax collection from Mumbai zone up 21.3 per cent till August

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  • Service tax collection from Mumbai zone has surged by over 21 per cent in the first five months of the fiscal year over the year-ago period
  • Revenue collection from the Mumbai zone rose 21.3 per cent to Rs 29,003 crore as of August 31
  • Government had set the revenue collection target for the zone until August-end at Rs 27,476 crore
  • he zone has been given a revenue collection target of Rs 76,300 crore, as against Rs 68,714 crore collected last year
  • The net revenue collected by the department for August alone is at Rs 5,192 crore from Rs 4,552 crore in the year-ago period.

Rupee depreciation last year brought no positive impact: EEPC

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  • Rupee depreciation between July 2015 and July 2016 has been equal to the rate of Consumer Price Index (CPI)
  • giving no advantage to the exporters on exchange rate whereas the cost of production and transactions had risen
  • “Indian exporters were also paying real interest rates much higher than the competitive peers like China, Malaysia, Argentina and Mexico
  • To the extent of rising cost of production, rupee inched up, but on the other hand, the pricing power of Indian exporters has not been improving
  • While the pace of decline in the exports has declined, the development has to be seen on a very base year-on-year
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