Finance minister Nirmala Sitharaman receives the report of the new direct tax code panel from its head Akhilesh Ranjan, a member of CBDT, and other members of the panel, in New Delhi on Monday. (ANI)
Finance minister Nirmala Sitharaman receives the report of the new direct tax code panel from its head Akhilesh Ranjan, a member of CBDT, and other members of the panel, in New Delhi on Monday. (ANI)

Government panel moots tax relief for companies

  • Draft direct tax code report given to govt; proposes 25% tax rate for all firms, changes in I-T slabs for individuals
  • The proposed corporate tax reduction will apply to both large local as well as foreign companies that are present in India without a subsidiary and are taxed at 40%

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RIL had set up 1,470 retail outlets between 2004 and 2006, of which 1,378 are currently operational.afp
Lenders have sued Liberty House, led by Sanjeev Gupta, and want it barred from bidding for distressed assets under IBC. (Bloomberg)
Lenders have sued Liberty House, led by Sanjeev Gupta, and want it barred from bidding for distressed assets under IBC. (Bloomberg)

Lenders angry with Sanjeev Gupta for taking Liberty with top bids

  • Liberty House has backed out after placing the winning bids for Amtek Auto, ABG Shipyard and Adhunik Metaliks
  • Angry lenders have since sued Liberty House and want the firm barred from bidding for distressed assets in India under the IBC

It was the worst sales performance since a 35% decline in December 2000.
Modi and Trump had last met on the sidelines of the G-20 summit in June in Osaka, Japan where they resolved to narrow down differences on trade matters. (Reuters)
Modi and Trump had last met on the sidelines of the G-20 summit in June in Osaka, Japan where they resolved to narrow down differences on trade matters. (Reuters)

Modi raises regional terror issue with Trump

  • Extreme rhetoric and incitement to anti-India violence by certain leaders in the region was not conducive to peace, Modi tells Trump
  • Modi and Trump are widely expected to meet on the sidelines of the Group of Seven meeting later this month at the coastal town of Biarritz in France

Balesh Sharma will take up a new role at Vodafone Group.
Balesh Sharma will take up a new role at Vodafone Group.

Vodafone Idea CEO Balesh Sharma quits

  • Balesh Sharma’s exit comes less than a year after the merged entity started operations on 31 August 2018
  • Vodafone Idea’s share price plunged to 5.99 on Monday from 30 on 31 August 2018, when it started trading

Hero MotoCorp surged 11.7% so far this month, while Bajaj Auto gained 8.31%. Maruti Suzuki rose 9.38% during the same period.
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Mint Views: Pre-filled mutual funds gains info may boost tax compliance

Capital gains tax dues to show up on a tax assesses's IT e filing interface. Revenue department is in talks with the Securities and Exchange Board of India (SEBI) to work out a mechanism on this front . This will help millions of retail investors file returns on their own without being having to relied upon the CA to do the calculation. The move is expected to ease up the procedure for tax payers . If this gets implemented then it will bring in further tax compliance and ensure ease and efficiency both for tax payers and tax authorities. Watch a daily dispatch from Mint's Views team sharing their views and decoding implications on key issue of the day.

Plain Facts
The new inflation indices may push up rural wages, including wages paid to workers under MGNREGS.
 (Photo: Abhijit Bhatlekar/Mint)
(Photo: Abhijit Bhatlekar/Mint)

Applying for IPO through a broker? Use UPI ID

  • If your bank does not provide UPI facility for IPOs, you will not be able to apply through an intermediary and will have to take the SCSB route instead
  • Investors putting in their bids through SCSBs can continue using the bank account to block the bid amount

Royal Enfield says it follows a multi-vendor strategy wherever necessary and is not dependent on any particular vendor for manufacturing BS-VI compliant vehicles. Saisen/Mint
Royal Enfield says it follows a multi-vendor strategy wherever necessary and is not dependent on any particular vendor for manufacturing BS-VI compliant vehicles. Saisen/Mint

Royal Enfield’s BS-VI roll-out plans ride on outcome of IP case

  • If case isn’t resolved, firm will have to look for a new supplier which will increase cost
  • The issue relates to the usage of the regulator rectifier, a component mandatory for all BS-VI compliant products

H&M MD Fredrik Olsson. Pradeep Gaur/Mint
DHFL bought out Andromeda from its finserv holding firm, Casa Capital, in 2016.
 (Mint)
Aravind Sanka, co-founder of Rapido.
Photo: Reuters (Reuters)
Chairman of State Bank of India Rajnish Kumar.  (ANI )
Chairman of State Bank of India Rajnish Kumar. (ANI )

SBI aims to eliminate debit cards

  • In the next five years, there will be a limited need to have any plastic cards in your pocket, Rajnish Kumar said
  • Rajnish Kumar said through the Yono platform, one can withdraw cash at the automated teller machines

A Kashmiri school staff member cleans a deserted classroom in Srinagar on Monday. (Ap)
A Kashmiri school staff member cleans a deserted classroom in Srinagar on Monday. (Ap)

Schools reopen in Kashmir valley as govt eases curbs

  • Govt discusses lifting more restrictions, including restoring mobile phone services
  • NSA Ajit Doval briefs home minister Amit Shah about his 10-day visit to Kashmir after the Centre scrapped Article 370

A file photo of US President Donald Trump with PM Narendra Modi. (AP )
Saikat Basu (left) and Mrutyunjaya Dash left their tech jobs to start Eimor in Hyderabad.
Saikat Basu (left) and Mrutyunjaya Dash left their tech jobs to start Eimor in Hyderabad.

For this duo, it’s all about turning bikes into art

  • After several brainstorming sessions, Saikat Basu and Mrutyunjaya Dash decided to turn their interest in art and motorcycles into East India Motorcycle Revolution (Eimor), a custom bike art studio
  • Basu left his Accenture job in Hyderabad as he wasn't able to connect with it

Residents row through a flooded area of Kochi in Kerala, which has been hit by floods for the second year in a row. The states of Gujarat, Maharashtra, Karnataka, Goa, Assam, Himachal Pradesh, Uttarakhand and Punjab have also been affected by floods this year. nithin rk/min (Photo: Nithin RK/Mint)
Residents row through a flooded area of Kochi in Kerala, which has been hit by floods for the second year in a row. The states of Gujarat, Maharashtra, Karnataka, Goa, Assam, Himachal Pradesh, Uttarakhand and Punjab have also been affected by floods this year. nithin rk/min (Photo: Nithin RK/Mint)

Living on the edge in India’s coastlines

Climate change is throwing up rain bombs and floods that are endangering millions of people. What can be done?

 (Mint file)
 (Photo: iStock)
Photo: Bloomberg
Photo: Bloomberg

NTPC keen to get outside PPA comfort zone

  • The move comes at a time when merchant trading in power has increased and state government utilities struggle to pay power bills that they are locked into
  • One of its first projects where NTPC will go without PPAs is a planned 5,000MW solar park in Kutch, Gujarat

The existing law permits abortions only up to 12 weeks, which can be extended up to 20 weeks in specific cases. Photo: HT
The existing law permits abortions only up to 12 weeks, which can be extended up to 20 weeks in specific cases. Photo: HT

Cabinet may soon decide on bill seeking greater reproductive rights for women

  • Union health ministry said the process for amending the Medical Termination of Pregnancy (MTP) Act, 1971 is under way
  • The MTP (Amendment) Bill, 2019 was drafted 'for cases in which doctors diagnose foetal abnormalities or substantial risks to the mother or the child'

Finance minister Nirmala Sitharaman (Reuters file)
 (Photo: Mint)
The Indira Gandhi International Airport at New Delhi can currently handle upto 75 million passengers a year. (AP )
Saudi women enter the railway station in Dammam, Saudi Arabia.  (Reuters )
Saudi women enter the railway station in Dammam, Saudi Arabia. (Reuters )

Saudi women get a new right: Allowing their kids to travel

  • Crown Prince Mohammed bin Salman has put loosening social restrictions at the heart of his economic transformation plan for Saudi Arabia
  • Saudi women’s rights activists have campaigned for years against the kingdom’s guardianship system

Anand also flagged the risks of such a move of linking interest rate to the repo rate set by RBI for the customers.
Anand also flagged the risks of such a move of linking interest rate to the repo rate set by RBI for the customers.

Axis Bank says linking loans to repo is not the only way for faster transmission

  • The comments come at a time when pushing up the sagging economic growth has become the biggest focus for the policymakers
  • The third-largest private sector lender's executive director for corporate lending Rajiv Anand blamed liquidity issues prevented banks cutting the lending rates

Swarup Mohanty, CEO, Mirae Asset Global Investments
Photo: iStock
A file photo of former RBI Governor Raghuram Rajan (Bloomberg)
The United States and big technology companies say India has taken a series of protectionist measures. (Reuters )
The United States and big technology companies say India has taken a series of protectionist measures. (Reuters )

US assures support to American technology firms in India in letter

  • Industry executives with direct knowledge said it wasn't common to receive such letters from the US administration
  • The USA and big technology companies say India has taken a series of protectionist measures by imposing stricter foreign investment rules

Grofers, which started out as a hyperlocal grocery delivery player in December 2013, moved to the inventory model over the last two-three years, and recently shifted focused to private labels (Mint file)
Grofers, which started out as a hyperlocal grocery delivery player in December 2013, moved to the inventory model over the last two-three years, and recently shifted focused to private labels (Mint file)

Grofers sees sales worth 403 crore in discount week

  • The 10-18 August sale, called Grand Orange Bag Days (GOBD), saw 48 million units sold, with about 200,000 orders a day.
  • Grofers generally sells goods worth about 240 crore every month

As Trump continues his vocal campaign criticizing the Fed, the NABE survey found economists are concerned about the impact (Photo: Reuters)
As Trump continues his vocal campaign criticizing the Fed, the NABE survey found economists are concerned about the impact (Photo: Reuters)

US economists expect recession in the next 2 years

  • The survey came out after Donald Trump pushed back against talk of a looming recession as a raft of US data reports last week showed a mixed picture on the economy
  • The survey showed 38% economists expect a contraction of growth next year, while 34% don't see it until the following year

India has added 65-70GW of wind and solar capacity so far, with wind and solar contributing 9.5% of generated energy in May 2019. (Reuters )
India has added 65-70GW of wind and solar capacity so far, with wind and solar contributing 9.5% of generated energy in May 2019. (Reuters )

Opinion | Renewable hybrid energy systems as a game changer

These can generate round-the-clock power with cost and reliability levels comparable to coal-fired plants

Huawei, China’s largest technology company by sales, has been at the heart of worsening tensions between Washington and Beijing. (Reuters)
Huawei, China’s largest technology company by sales, has been at the heart of worsening tensions between Washington and Beijing. (Reuters)

Wilbur Ross says US to ease Huawei sanctions for another 90 days

  • Some telecom companies in the US are 'dependent' on Huawei, and thus a 90-day reprieve was deemed appropriate, says Ross
  • The announcement follows an upbeat tweet from Trump indicating the US was ‘doing very well with China, and talking’

Photo: Mint
Photo: Mint

Opinion | A market trend that’s reshaping the infotech services sector

Traditional information technology service companies need to adapt to a significant uptrend in ‘As A Service’ offerings

RBI governor Shaktikanta Das addresses a session at the FIBAC 2019, in Mumbai on Monday (PTI)
VISA credit cards are seen in this picture illustration.  (Reuters )
VISA credit cards are seen in this picture illustration. (Reuters )

Visa blasts scrapping MDR, says it's based on fallacious logic

  • The MDR is a commission of up to 2% paid by a merchant establishment to banks which put up the POS machines
  • It can be noted that a part of the MDR also goes to companies like Visa or Mastercard for their role as the payment intermediaries

Visionaari founder Gauri Singhal. Photo: Pradeep Gaur
Visionaari founder Gauri Singhal. Photo: Pradeep Gaur

Opinion | Blending cultures, branding tampons

Visionaari founder Gauri Singhal merges the traditional approach of a family business and the modern thought processes of a startup to drive her feminine hygiene care business

Four-year-old RedDoorz has now raised about $140 million since its inception (Photo: https://blog.reddoorz.com)
Four-year-old RedDoorz has now raised about $140 million since its inception (Photo: https://blog.reddoorz.com)

How a former MakeMyTrip executive built a challenger to Oyo

  • Similar to Oyo, RedDoorz signs on budget hotel owners, provides them with software and standardized supplies, and trains their staff
  • Both Oyo and RedDoorzare riding a surge in independent travel as younger Asians grow more affluent

Whether you’re leading a startup or a social movement, like the ongoing Hong Kong protests, you need to win over a critical mass. Photo: Reuters
Whether you’re leading a startup or a social movement, like the ongoing Hong Kong protests, you need to win over a critical mass. Photo: Reuters

Opinion | Why mission statements are vital for startups and social movements

Persistence, not brute force, will help you bamboozle a competitor or an adversary

CRPF personnel stand guard.  (PTI )
Ikea India currently has more than 55 suppliers with 45,000 direct employees and 400,000 people in the extended supply chain (AP)
Ikea India currently has more than 55 suppliers with 45,000 direct employees and 400,000 people in the extended supply chain (AP)

IKEA products can now be ordered online in Mumbai. Check out opening offers

  • Mumbai will see a multichannel offer including smaller format stores, and a big format store in Navi Mumbai, IKEA said in a statement
  • IKEA's online store is offering 1,000 products, including storage boxes and doormats, priced below 200

A woman’s clock is less about the time of day and night, and more about the times that are “safe” and “unsafe.” Photo: AP
 (Photo: Mint)
(Photo: Mint)

Use SBI rate to convert earnings abroad

  • If the foreign rental income is received outside India, the conversion needs to be made at the year-end TTBR rate
  • If the foreign rental income is directly received in India, then the rupee value credited in the bank account needs to be considered

 (Photo: PTI)