BackMint Evening Digest: FCRA amendments, FPI outflow, global crypto asset slump & more
Mint Evening Digest: Read top business news, equity market precursors, and economic and banking news updates from India and across the world for July 2, 2022
PremiumGovt amends foreign donation Act
The Central government has made seven amendments to existing rules of the Foreign Contribution (Regulation) Act (FCRA) rules 2011 on Saturday. The FCRA Act aims at prohibiting acceptance and utilization of foreign contribution or foreign hospitality for any activities detrimental to the national interest. (Read here)
FPIs begin July as net sellers
Foreign Portfolio Investors (FPI) commenced July as net sellers as they pulled out somewhat ₹811 crore cumulatively from the Indian market on the first day of the month. FPIs have held a selling bias on Indian capital markets throughout this year so far. (Read here)
Global crypto fund assets slump
Assets under management (AUM) across digital asset investment products crashed 36.8% year-on-year to $21.6 billion as of 23 June, according to a report by digital asset data provider CryptoCompare. (Read here)
LLPs get more time to file annual returns
Limited Liability Partnerships (LLPs) now have more time to file their annual returns for FY22 without additional fee, according to an official order. There is no additional fee for LLPs to file annual returns in e-form 11 upto 15 July. (Read here)
Mint Morning Digest
Centre suspends 3 scientists over sale of fake Remdesivir and more
Health minister Mansukh Mandaviya has suspended three senior scientists at the Central Drugs Laboratory (CDL) and pulled up Drugs Controller General of India V.G. Somani after an investigation showed fake Remdesivir antivirals were sold during the brutal second wave of the covid-19 pandemic. (Read more)
‘Amazon to source 5,000 EVs from Tata for its fleet’
Amazon India has been moving towards climate-friendly and sustainable practices for a while, even before the recent ban on single-use plastic. This includes building a large electric vehicle fleet, and eco-friendly packaging, said Abhinav Singh, director, customer fulfilment, supply chain and global specialty fulfilment at Amazon India. (Read more)
Centre imposes windfall tax on crude, hikes duty on gold
India raised the duty on gold to restrict imports and imposed a windfall tax on crude oil producers and refiners to curb shortages and stanch a slide in the rupee, which has hit record lows as global economic uncertainties and high energy prices prompt a flight to the dollar. (Read more)
India's largest floating 100-MW solar power project now fully operational in Telangana
The country's largest floating solar power project has become fully operational, just as NTPC declared commercial operation of the final part capacity of 20 MW out of 100 MW Ramagundam Floating Solar PV Project at Ramagundam, Telangana with effect from July 1. (Read more)
Income tax return: 10 reasons when a taxpayer can't use ITR-1 form
The due date for income tax return (ITR) filing for FY22 and AY23 is 31st July 2022. Hence, earning individuals must be busy scanning their income and expenditures for above mentioned financial year and assessment year. However, the taxpayer must know that there are various ITR forms applicable for various kinds of earning individuals. Out of various ITR formed issued by income tax department, most simple form is ITR-1. Many times, ITR-1 is filed by taxpayers as standard ITR form without understanding exact eligibility to file correct ITR form. So, it is important for a taxpayer to know under what circumstances a taxpayer can't fill ITR-1 form. (Read more)
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