A confident FM said India remains the fastest growing major economy in the world (Photo: Mohd Zakir/HT)
Union Finance minister Nirmala Sitharaman addresses a press conference in New Delhi on Friday (Photo: ANI)
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Finance Minister Nirmala Sitharaman during a press conference in New Delhi (Photo: Pradeep Gaur/Mint)
Finance Minister Nirmala Sitharaman during a press conference in New Delhi (Photo: Pradeep Gaur/Mint)

Tax harassment will end, assures Sitharaman

  • The FM’s assurances indicate direct tax administration will be closely monitored by the government
  • Sitharaman’s assurances seems to be a direct fallout of industry leaders speaking out about tax officials harassing businesses

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Rakesh Gangwal, co-promoter of IndiGo (Photo: HT)
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The initiative will boost the morale of entrepreneurs and investors, according to experts. (Bloomberg )

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P Chidambaram (Mint file)
Plain Facts
Federal Reserve chairman Jerome Powell. (Bloomberg )
Federal Reserve chairman Jerome Powell. (Bloomberg )

Jerome Powell says Fed will aid economy, but Trump escalates attack

  • The Fed cut rates last month for the first time in a decade, and financial markets have baked in the likelihood of more rate cuts this year
  • In his speech in Jackson Hole, Powell said Trump's trade wars have complicated the Fed's ability to set interest rates

(Photo: Reuters)
Long Reads
The logo of OYO.  (REUTERS)
To stop harassment of borrowers and to bring in greater efficiency, public sector banks have been mandated to return loan documents within 15 days of closure. (Mint )
To stop harassment of borrowers and to bring in greater efficiency, public sector banks have been mandated to return loan documents within 15 days of closure. (Mint )

Liquidity taps opened for banks and NBFCs

  • Banks will also issue an improved policy for one-time settlements to benefit MSMEs and retail borrowers
  • PSBs to ensure mandated return of loan documents within 15 days of loan closure

 (Mint file)
Finance Minister Nirmala Sitharaman, MoS for Finance Anurag Thakur, and finance secretary Rajiv Kumar during a press conference in New Delhi.  (PTI)
Finance Minister Nirmala Sitharaman, MoS for Finance Anurag Thakur, and finance secretary Rajiv Kumar during a press conference in New Delhi. (PTI)

Government gets civil about CSR activities

  • CSR-related violations will be now considered a ‘civil liability’, instead of being treated as a ‘criminal offence’
  • Any changes in the provisions will require further amendments to the Companies (Amendment) Act

US President Donald Trump.  (Reuters )
Analysts say that once home and other bank loans get cheaper, the savings will probably move indirectly to appliances and fast-moving consumer goods. (Mint )
Analysts say that once home and other bank loans get cheaper, the savings will probably move indirectly to appliances and fast-moving consumer goods. (Mint )

Steps to increase liquidity and boost growth to revive consumption cycle

  • Sitharaman’s announcements come amid sluggish consumer demand across sectors, from biscuits to auto
  • Nirmala Sitharaman said public sector banks will get an immediate recapitalization of 70,000 crore to ease the liquidity crisis, which is hurting big and small traders

Finance minister Nirmala Sitharaman during a press conference, in New Delhi on Friday (Pradeep Gaur/Mint)
The FM said additional liquidity support of  ₹20,000 crore will be provided to housing finance companies by the National Housing Bank, taking the total amount to  ₹30,000 crore. (HT )
The FM said additional liquidity support of 20,000 crore will be provided to housing finance companies by the National Housing Bank, taking the total amount to 30,000 crore. (HT )

Finance ministry moves to boost spending, loosens purse strings

  • Nirmala Sitharaman said this was only the start and that she would announce more reform measures over the next week
  • Sitharaman said the ban on the purchase of new vehicles by government departments will be lifted

The finance minister also reiterated the government’s five-year commitment of investing  ₹100 trillion for infrastructure. (Indranil Bhoumik/Mint)
The finance minister also reiterated the government’s five-year commitment of investing 100 trillion for infrastructure. (Indranil Bhoumik/Mint)

Move to clear dues a boost for infrastructure

  • Separate financial institution for credit enhancement for infra, housing projects is also on the cards
  • The finance minister also reiterated the government’s five-year commitment of investing 100 trillion for infrastructure

'Acts are always good, bad and indifferent —they must be judged issue wise and not person wise,' tweeted Abhishek Singhvi (Photo: PTI)
'Acts are always good, bad and indifferent —they must be judged issue wise and not person wise,' tweeted Abhishek Singhvi (Photo: PTI)

After Article 370, Congress faces varying views

  • A few party leaders have now come out to say that ‘demonising’ Prime Minister Narendra Modi will not help the opposition’s cause
  • Shashi Tharoor said PM should be praised whenever he does the right thing to lend credence to the opposition’s criticism of the government

Senior Congress leader and former finance minister P Chidambaram after he was produced in a CBI court (Photo: PTI) (PTI)
Senior Congress leader and former finance minister P Chidambaram after he was produced in a CBI court (Photo: PTI) (PTI)

CBI sends LRs to five countries to unearth money trail in INX Media case

  • The letter rogatory, a judicial request for information from an Indian court to a court abroad, was sent recently to the UK, Singapore, Mauritius, Bermuda and Switzerland
  • INX Media had proposed to receive foreign funds from three entities

Air India currently has a debt of over  ₹55,000 crore (Mint file)
Maruti will will inspect 40,618 vehicles of WagonR (1 litre)
Maruti will will inspect 40,618 vehicles of WagonR (1 litre)

Maruti Suzuki voluntarily recalls over 40,000 units of WagonR

  • Starting 24 August, 2019, owners of the suspected WagonR models will be contacted by Maruti Suzuki dealers for inspection and replacement of the faulty parts, free of cost
  • 40,618 WagonR vehicles (1 litre) will be inspected for a possible issue of 'fuel hose fouling with metal clamp'

NYSE Vice President of Listings Chris Taylor and specialist James Denaro work on the floor of the New York Stock Exchange (Photo: AP) (AP)
NYSE Vice President of Listings Chris Taylor and specialist James Denaro work on the floor of the New York Stock Exchange (Photo: AP) (AP)

Dow falls 2% as Trump escalates trade dispute with China

  • Trump ordered US companies 'to immediately start looking for an alternative to China' in response to Beijing's threat to impose retaliatory tariffs on US goods
  • The broad-based S&P 500 also slid 2% to 2,863.47

Finance Minister Nirmala Sitharaman with Finance Secretary Rajeev Kumar at a press conference in New Delhi to announce growth measures for Indian economy (Photo: Pradeep Gaur/Mint)
Prime Minister Narendra Modi addresses the Indian community at UNESCO Headquarters in Paris on Friday (Photo: ANI)
Prime Minister Narendra Modi addresses the Indian community at UNESCO Headquarters in Paris on Friday (Photo: ANI)

India to achieve most of COP 21 climate change goals in next 18 months: Modi

  • In his address to the Indian community at the UNESCO headquarters here, Modi said there was a lot of talk about dangers of climate change but action was not evident
  • He said it was India and France that took the decisive step of forming the International Solar Alliance

Chidambaram looks on as he leaves a court after a hearing following his arrest, in New Delhi (Photo: Reuters)
Chidambaram looks on as he leaves a court after a hearing following his arrest, in New Delhi (Photo: Reuters)

Chidambaram asked Peter, Indrani to 'take care' of Karti: ED tells SC

  • Supreme Court protected the Congress leader from arrest till 26 August in the money laundering case lodged by ED
  • ED told the apex court that during the investigation it found Chidambaram had 11 'immovable properties' and 17 bank accounts abroad

(Photo: Reuters)
An IndiGo Airlines Airbus A320 aircraft.  (REUTERS)
US President Donald Trump.  (REUTERS)
A worker places US and China flags. (Reuters)
A worker places US and China flags. (Reuters)

China hits back at US with tariffs on $75 billion of imports

  • An extra 5% tariff will be put on American soybeans starting next month, and a 25% duty on US cars will resume 15 Dec
  • China announced that it will impose additional tariffs on a total of $75 billion of US goods

Nirmala Sitharaman, India's finance minister. (Bloomberg)
Nirmala Sitharaman, India's finance minister. (Bloomberg)

Opinion | Super-rich tax on FPIs axed

The depth of unease among FPIs over the enhanced surcharge could be gauged from the fact that about 23,000 crore was pulled out from Indian financial markets in July and August

(Photo: iStock)
Naresh Goyal. (PTI )
Wing Commander Abhinandan Varthaman. (PTI )
Zomato founder Deepinder Goyal (Photo: Ramesh Pathania/Mint)
The logo of Union Bank of India is pictured on the wall of its branch in Kolkata. (Reuters)
The logo of Union Bank of India is pictured on the wall of its branch in Kolkata. (Reuters)

Union Bank too links home, auto loans to repo rates

  • State Bank and seven other state-run banks have announced that their new loans and deposits will be priced to the repo-rate
  • Vehicle loans will be offered at 8.60% to borrowers with good credit score

Union Finance minister Nirmala Sitharaman addresses a press conference in New Delhi on Friday. (Photo: ANI)
Union Finance minister Nirmala Sitharaman addresses a press conference in New Delhi on Friday. (Photo: ANI)

Opinion | Sitharaman’s credit nudge

Nirmala Sitharaman's message is clear: Lenders need not hold back on advancing loans to deserving borrowers

Finance Minister Nirmala Sitharaman (Pradeep Gaur/Mint )
Acharya Balkrishna. (Ramesh Pathania/Mint)
Acharya Balkrishna. (Ramesh Pathania/Mint)

Ramdev's aide Balkrishna admitted to AIIMS

  • Balkrishna, who heads Patanjali Yogpeeth, was first taken to a hospital in Haridwar
  • Balkrishna was admitted in a state of 'altered consciousness'

 (iStock)
Finance Minister Nirmala Sitharaman said the government had decided to withdraw higher surcharge on FPIs
Finance Minister Nirmala Sitharaman said the government had decided to withdraw higher surcharge on FPIs

Income tax changes to 'cheaper' home, auto loans explained in 10 points

  • The government will withdraw enhanced surcharge on long-term/short-term capital gains arising from transfer of equity shares/units
  • Banks have agreed to effect timely rate cuts to pass on the benefits of RBI's repo rate cuts to borrowers: Nirmala Sitharaman

Karnataka chief minister BS Yediyurappa (HT file)
Around 300 cameras have been installed at different spots at the 13 RFID toll plazas that will live stream videos to a control room set up in Mochi Bhag.
Around 300 cameras have been installed at different spots at the 13 RFID toll plazas that will live stream videos to a control room set up in Mochi Bhag.

RFID tags mandatory for commercial vehicles after three weeks: SDMC

  • Non-RFID vehicles will have to pay penalties in order to enter the city from Friday midnight
  • The SDMC has also come up with a mobile application, "MCD TOLL", to make recharge of RFID tags hassle-free

 (HT File)
Finance Minister Nirmala Sitharaman (ANI )
Future Group founder Kishore Biyani (Photo: Abhijit Bhatlekar/Mint)
 (PTI)