Cabinet Approves Creation Of GST Council
The Cabinet on Monday approved setting up of the GST Council, which will decide on the rate of tax under the new Goods and Services Tax (GST) regime, likely to kick in from April 1, 2017. The 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 Prime Minister Narendra Modi. The Cabinet “approved setting up of GST Council and setting up its Secretariat,” an official statement said here. The Council will hold its first meeting on September 22 and 23, it added.
Paytm to make verification process convenient with ‘Aadhar-based eKYC’
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 while establishing account-based relationships and undertaking transactions. These procedures constitute KYC (Know Your Customer) process of customer verification and help identity theft, financial fraud, money laundering and terrorist financing.
Market on ‘crash’ course: 7 reasons why Sensex tanked over 500 points
Domestic equities took a beating on Monday morning, with the BSE benchmark sliding nearly 550 points, while NSE barometer Nifty50 plunged 1.6 per cent to test the 8,700 level The downturn was in line with the global turmoil after a prominent US policy maker on Friday hinted at a rate hike by the US Fed in the near future. But a possible Fed rate hike is not the only reason that sent the domestic market tumbling. Going by the buzz on Dalal Street, here are the top seven factors that turned investors jittery.
E-commerce vendors shying away from loans, sales to take hit this festive season.
Vendors reducing the quantum of loans for their business is also reflected in sagging sales of these marketplaceIndian e-commerce sales are expected to be slower this festive season when compared to last year, as vendors shy away from taking loans to beef up stocks ahead of a crucial business period, which contributes to bulk of the revenue for the country’s retailers. Indian e-commerce firms saw sales drop in the first six months, with a 19 per cent drop in January to March and a 5-10 per cent dip in April to June, RedSeer Consulting, a Bengaluru-based researcher which tracks performance of Indian e-commerce firms said on August 24. The most visible drop has been in smartphone sales, which contribute three out of four goods sold by largee-commerce firms, dropping by seven percentage points to 28 per cent in the quarter to June, technology researcher IDC said on August 19. Offline players have claimed that the FDI norms have actually helped level the field against deep discounting from e-commerce players.
Sensex tanks 440 points on Fed rate hike concern; Banking stocks fall
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 in the opening trade on Monday on heavy selling after revived speculation about a possible US rate hike. Moreover, the rupee depreciating by 25 paise to 66.93 against the dollar in opening trade at the forex market also had a bearing on the sentiment. Investors also turned cautious ahead of macroeconomic data—IIP for July and inflation data for August—scheduled to be released later in the day.