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The Reserve Bank of India Friday issued draft directions to address regulatory compliance issues involving reconciliation of small-value exports in the Export Data Processing and Monitoring System. The central bank has sought feedback on the draft directions by Jul. 31. Read more
The government's net direct tax collections for Apr. 1-Jul. 10 were down 1.3% on year at INR 5.628 trillion because of a sharp rise in refunds issued, data released Friday by the finance ministry showed. Net direct tax collections so far account for 22.3% of the Budget target of INR 25.20 trillion for the current financial year. Read more
By Shubham RanaThe Reserve Bank of India's Monetary Policy Committee could see space opening up for more interest rate cuts going ahead if CPI inflation stays below the central bank's forecasts, according to Ashima Goyal, former member of the rate-setting panel. "If inflation persists below forecasts then there will be room for more cuts," Goyal said in an email interview to Informist. Read more
The division bench of the Bombay High Court has upheld an arbitration award from 2013, which asked Oil and Natural Gas Corp. Ltd. to pay $14.7 million along with interest to Jindal Drilling and Industries Ltd. "We accordingly proceed to dismiss the appeals by upholding the impugned judgment and order dated Apr. 28, 2015 passed by the single judge as well as the impugned award dated Oct. 9, 2013 passed by the Arbitral Tribunal," said the bench of Chief Justice Alok Aradhe and Justice Sandeep V. Marne. Read more
The first-year premium income of life insurance companies in India fell on year in June, the first annual decline in a month since February. The first-year premium income in June of all life insurance companies collectively was down 3.1% on year at INR 411.17 billion, data released by the Life Insurance Council Thursday showed. However, in the June quarter, first-year premiums were up 4.3% on year at INR 935.45 billion. Read more
Indian Renewable Energy Development Agency Ltd. Thursday reported a year-on-year fall in its net profit for the quarter ended June because of a jump in impairment on financial instruments. This is the first time IREDA's net profit has declined year on year since it was listed on exchanges in November 2023. Read more
By Surya Tripathi In a relief to PVR INOX Ltd., Big Tree Entertainment Pvt. Ltd., and other exhibitors, the Bombay High Court Thursday set aside the Maharashtra government's orders prohibiting cinema theatres, operators, owners, and agents from collecting convenience fees on online ticket booking. The court said that when there is no statutory rule to regulate the right of the petitioners to conduct the business, the imposition of such a restraint would infringe upon the legitimate rights of theatre owners. Read more
The Securities and Exchange Board of India Friday issued four master circulars. These are on listing non-convertible securities, securitised debt instruments and commercial paper, on credit rating agencies, on real estate investment trusts, and on infrastructure investment trusts. Read more
The International Energy Agency has once again lowered its forecast for growth in global oil demand for 2025 by 20,000 barrels per day to 700,000 barrels per day. The agency has also lowered its forecast for growth in global oil demand for 2026 to 720,000 barrels per day from 740,000 barrels per day in its previous forecast. Read more