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RBI cuts banks’ CRR by 50bps to ease liquidity conditions, keeps rates unchanged, lowers GDP growth target
The RBI sharply cut the GDP growth projection to 6.6 per cent from...
Canara Bank gets RBI nod for life insurance & MF stake divestment
Reserve Bank of India on Thursday has accorded approval to our bank...
GST Council to meet on Friday; rate review, tax concession to 11 COVID drugs on cards
The Council, comprising central and state finance ministers, will deliberate on the proposal of extending the existing concessional tax rate structure on Amphotericin B, Tocilizumab, Remdesivir, and anti-coagulants like Heparin, till December 31, 2021, from the present September 30.
Tax rate on Amphotericin B, Tocilizumab was cut to ‘Nil’, while Remdesivir and Heparin were reduced to 5 percent in June 2021.
The Council on Friday may also discuss the proposal of reducing GST from 12 percent to 5 percent to seven more drugs till December 31, 2021. These are Itolizumab, Posaconazole, Infliximab, Bamlanivimab & Etesevimab, Casirivimab & Imdevimab, 2-Deoxy-D-Glucose, and Favipiravir.
National Asset Reconstruction Company to acquire stressed assets of about Rs 2 lakh crore in phases
Explaining the benefits that banks will get from this new structure, the Finance Ministry said the new structure will incentivize quicker action on resolving stressed assets thereby helping in better value realization.
EU launches health crisis body to prepare for future pandemic
The new health emergency preparedness and response authority (HERA) will assess potential health threats, promote research, ensure the availability of critical production and help build stockpiles.
If a new health crisis struck, it would activate emergency funding and help coordinate monitoring, procurement and purchase of medical equipment or treatments.
The authority is partly designed to avoid a repeat of the ad hoc measures taken by individual EU countries at the start of the COVID-19 pandemic, some of them inefficient, others coming at the expense of other EU members.
Canada Energy firm gets nod to keep insurers’ names confidential
Pressure from environmental groups has prompted some major insurance companies to halt support for energy projects.
Indian law firms want higher fees to advise on LIC’s mega IPO
Government officials also recently called a few prominent law firms and urged them to join the IPO work, said three law firm partners familiar with the talks.
This week, the government relaxed its fee payment schedules, to offer a 50% payment after the draft IPO prospectus was filed.
Cabinet clears auto PLI scheme for EVs, hydrogen fuel cell vehicles
This PLI scheme for automotive sector along with the already launched PLI scheme for Advanced Chemistry Cell (Rs 18,100 crore) and Faster Adaption of Manufacturing of Electric Vehicles (Rs 10,000 crore) will enable India to leapfrog from traditional fossil fuel-based automobile transportation system to environmentally cleaner, sustainable, advanced and more efficient Electric Vehicles (EV) based system.
India reported 11.8% rise in cyber crime in 2020; 578 incidents of ‘fake news on social media’: NCRB Data
In terms of motive, the maximum 60.2 per cent cyber crimes lodged in 2020 were done for fraud (30,142 out of 50,035 cases), the NCRB, which functions under the Ministry of Home Affairs, stated.
Dengue suspected of killing dozens as Indian state suffers worst outbreak in years
A government official said on the condition of anonymity that many children may have died as their poor parents first took them to fake medical practitioners, or quacks, before their condition worsened.
South Korean politician tops presidential polls with talk of universal basic income
As governor of Gyeonggi province,Lee Jae-myung, advocated for universal basic income and instituted cash payments to all 24-year-old people for a year. When the COVID-19 pandemic hit, all province residents also received regular payments
“Keeping people from disasters and infectious diseases by providing public medical service is one of the government’s most fundamental duties, and my political career began from there,” Lee told Reuters in December.
Nicaragua gov’t squeezes doctors, talk of ‘health terrorism’
As international health organizations warn of increasing infections in Nicaragua and independent Nicaraguan doctors call for a voluntary quarantine to slow the spread of the delta variant of the coronavirus, the government has made clear that comments out of step with its line are unacceptable as President Daniel Ortega seeks a fourth consecutive term.