Diwali Gift: 3% hike in DA for Central Govt. Employees

The central government has raised the dearness allowance (DA) and dearness relief (DR) for its over a crore employees and pensioners by 3 per cent to compensate them against price rise. This takes the total from 50 per cent to 53 per cent, to be paid over and above the basic pay. The hike in DA rate was decided at a cabinet meeting chaired by Prime Minister Narendra Modi this morning. The new rate will be effective from July 1, 2024. The decision, taken weeks ahead of Diwali, comes as a major relief to central government employees amid the festive season. “This increase is in accordance with the accepted formula, which is based on the recommendations of the 7th Central Pay Commission,” the government said in a statement.
RBI issues advisory on old Rs 100 notes, outlines exchange norms

In a recent move to address growing confusion, the Reserve Bank of India (RBI) has issued a fresh advisory regarding the status of old Rs 100 notes. The central bank confirmed that both old and new Rs 100 notes remain legal tender, reassuring the public amidst swirling rumours about their validity. The RBI clarified that there is no deadline for exchanging old Rs 100 notes and emphasised that merchants must accept both versions without hesitation. This advisory comes in the wake of misconceptions following the introduction of the new lavender Rs 100 note in 2018. For those looking to exchange old or damaged Rs 100 notes, the RBI provided clear guidelines: customers can visit any bank branch, complete a note exchange form, and present valid identification. The process is straightforward and incurs no fees. Since their introduction in 1938, Rs 100 notes have evolved, originally featuring King George VI before transitioning to Mahatma Gandhi’s portrait. The lavender note introduced in 2018 has become a significant part of Indian currency. The RBI also urged the public to handle notes with care, advising against writing, folding, or exposing them to heat and sunlight. Damaged notes should be exchanged at banks without delay. This advisory is part of the RBI’s ongoing efforts to maintain public confidence in the currency system and ensure smooth financial transactions across the country. With this clarification, the RBI aims to restore public confidence in the currency, ensuring that both old and new Rs 100 notes continue to play a vital role in India’s economy.
Sebi introduces framework to monitor shareholding of market infra institutions

Markets regulator Sebi on Monday introduced a framework to monitor shareholding limits, public shareholding requirements, and the “fit & proper” criteria for Market Infrastructure Institutions (MIIs), which include stock exchanges, clearing corporations, and depositories. This framework applies to both listed and unlisted MIIs, requiring them to disclose their shareholding patterns quarterly on their websites as per Sebi’s Listing Obligations (LODR) norms, the regulator said in a circular. Each MII must appoint a non-associated Designated Depository (DD) to monitor compliance with shareholding limits. For depositories, the other depository will act as their DD.
Vardhman Group Chairman defrauded of ₹7 crore by scammers posing as CBI official

Vardhman Group Chairman SP Oswal was allegedly duped by a gang of inter-state cyber fraudsters of ₹7 crore. The gang members approached the industrialists posing as CBI officials with a fake arrest warrant. Two cybercriminals have been arrested, and ₹5.25 crore have been recovered, according to Punjab police. The police have begun their investigation and identified several members of the gang. Seven cybercriminals identified in the fraud case were from Assam and West Bengal. According to the news agency PTI, fraudsters approached the industrialist Oswal as a CBI official. They also showed him a fake arrest warrant and threatened him with online arrest. Later, the imposters cheated the owner by extorting ₹7 crore. The massive amount was transferred from various bank accounts of the company. The case was registered within 48 hours of the incident after SP Oswal filed a complaint against the scammers, said the cyber cell of the police. The main accused in the fraud case have been identified as Atanoo Choudhary and Anand Kumar Choudhary (both residents of Guwahati in Assam), the police said. The two are associated with a larger inter-state network of online scammers active in duping industrialists and other people.
SpiceJet raises Rs 3,000 Cr through QIP

Low-cost airline SpiceJet on Monday announced that it has raised Rs 3,000 crore through a Qualified Institutional Placement (QIP) from global investors and mutual funds, as the firm said it wants to restore its reputation for “efficiency and reliability”. The airline also said it will receive an additional Rs 736 crore from a previous funding round with a view to improve its financial stability and support growth plans. With the latest capital infusion, the firm plans to strengthen its operations, expand its fleet, and extend its network to service passenger demand in the country. The SpiceJet stock surged 7.45 per cent in intra-day trades on Monday to Rs 71 levels. The QIP, which opened on September 16 and closed on September 18, saw the participation of global investors and mutual funds including players such as Goldman Sachs (Singapore), Morgan Stanley Asia, BNP Paribas Financial Markets ODI, Nomura Singapore Ltd ODI, Tata Mutual Fund, Discovery Global Opportunity Ltd, among others. The airline added that it aims to restore its reputation for efficiency and reliability, and ensure that passengers have access to improved connectivity with the recent capital infusion.
Sensex, Nifty 50 jump 1% to hit all-time highs

Mumbai: Stock market today: Indian stock market benchmarks—the Sensex and the Nifty 50—jumped over a per cent each to hit fresh record highs in morning trade on Friday, September 20. The Sensex opened at 83,603.04 against its previous close of 83,184.80 and jumped over a per cent to its fresh all-time high of 84,159.90. The Nifty 50 started the day at 25,525.95 against its previous close of 25,415.80 and scaled its fresh peak of 25,692.70. The gains were broad-based as the BSE Midcap and Smallcap index also rose up to a per cent. The overall market capitalisation (mcap) of BSE-listed firms rose to nearly ₹469.4 lakh crore from ₹465.7 lakh crore in the previous session, making investors richer by about ₹4 lakh crore in a day.
Piyush Goyal launches AI tool to fasten trademark clearing process

New Delhi: Union Commerce and Industry Minister Piyush Goyal on Wednesday launched an AI (artificial intelligence) and ML (machine learning) search tool that will help clear trademark applications at a faster pace and with greater efficiency. The minister said that AI will have to be accepted by all as it would help further promote ease of doing business in every field. “It (AI/ML search tool) will help clear trade mark applications much faster, efficiently and accurately,” Goyal said. AI is an existential tool and its faster adoption would improve the outcome of work, he added. The commerce minister also said that the search tool and IP (intellectual property) chat bot would further strengthen the IPR ecosystem of the country. The chatbot will help process queries faster. India is the third-largest trade mark and sixth-largest patent filer in the world. Last year, more than one lakh patents were granted as against 6,000 in 2014-15, Goyal pointed out.
New tax appeal limits by CBDT to streamline disputes, reduce litigation

The income tax department has hiked the minimum threshold for filing appeals by the department in tribunal, high courts and the Supreme Court. As per a circular by the CBDT, tax authorities can file appeals before the ITAT, high courts and Supreme Court, if the disputed tax demand exceeds ₹60 lakh, ₹2 crore and ₹5 crore, respectively. In 2019, the government had set the threshold for filing appeals at Income Tax Appellate Tribunal (ITAT) at ₹50 crore, high courts ( ₹1 crore) and Supreme Court ( ₹2 crore). The Central Board of Direct Taxes (CBDT) also said that monetary limit with regard to filing appeals/SLP (Special Leave Petition) shall be applicable to all cases including those relating to TDS/TCS. It further said that SLPs/appeals pending before Supreme Court, high courts, and tribunals that are below the prescribed threshold should be withdrawn. “As a step towards management of litigation, it has been decided by the Board to revise the monetary limits for filing of appeals in income tax cases…,” the CBDT said. It also said that an appeal should not be filed merely because the tax effect in a case exceeds prescribed the monetary limits and instead should be decided on merit of the case. “The officers concerned shall keep in mind the overall objective of reducing unnecessary litigation and providing certainty to taxpayers on their income tax assessments while taking a decision regarding filing an appeal,” the CBDT circular said.
Sensex, Nifty 50 closes in red; ICICI Bank, Infosys, L&T top losers

Share Bazaar Today: The Sensex and the Nifty 50, closed in red on Wednesday, September 4, on profit booking in shares of select heavyweights such as ICICI Bank, Infosys, and Larsen and Toubro (L&T) amid weak global cues. The indices, however, recovered most of their losses during the session, thanks to gains in shares of Reliance Industries, Hindustan Unilever, and Asian Paints. After opening sharply lower by 710 points at 81,845.50, the Sensex remained in the red throughout the session and touched the intraday low of 81,833.69, down 722 points. The Nifty 50, on the other hand, opened at 25,089.95 against its previous close of 25,279.85 and touched its intraday low of 25,083.80. Eventually, the Sensex closed 203 points, or 0.25 per cent, lower at 82,352.64, with 19 stocks in the red. The Nifty 50 closed with a loss of 81 points, or 0.32 per cent, at 25,198.70, with 31 stocks in the red. The BSE Midcap index also declined by 0.12 per cent, but the Smallcap index bucked the trend, rising 0.32 per cent. The shares of Wipro, Coal India, and ONGC ended as the top losers in the Nifty 50 index. On the other hand, Asian Paints, Grasim, and Hindustan Unilever ended as the top gainers in the index. In terms of index contributions, ICICI Bank, Infosys, Larsen and Toubro, Axis Bank, Coal India and SBI ended as the top drags on the index in that order. Among the sectoral indices, Nifty PSU Bank (down 1.69 per cent), IT (down 0.94 per cent) and Metal (down 0.75 per cent) closed as the top losers. Nifty Bank closed with a loss of 0.56 per cent, while the Private Bank index declined 0.65 per cent.