Read the latest India business news 2nd January 2019:
– RBI has permitted a one-time restructuring of existing loans to MSMEs which are in default but ‘standard’ as on 1 January 2019.
– GST Council is likely to consider raising the sales threshold for compulsory GST registration from Rs.20 lakh to between ₹50 lakh and ₹75 lakh in its meeting to be held later this month.
– RBI has allowed Paytm Payments Bank to restart opening accounts of new customers. It had restricted Paytm from opening any new accounts on 20th June following issues with KYC norms.
– GST collection in December dropped to Rs.94,726 crore from Rs.97,637 crore collected in November 2018.
– The government has appointed Hemant Bhargava, MD, LIC as interim chairman. He is taking over from recently retired V K Sharma. The process for selection of regular chairman & MD has also been started.
– Jet Airways has defaulted on debt payment to a consortium of banks led by SBI, stating the reason being “due to temporary cash flow mismatch”.
– Reliance Industries raised Rs.5,500 crores through private placement of NCDs in December.
– Online sellers’ representative body alleged that Ekart has fired around 300 seasonal workers. However, Flipkart has said that those workers were hired through third-party vendors for a limited duration.
– Uday Kotak has missed the deadline of 31st December set by RBI to cut his holding in the bank to 20%.
– Shikha Sharma, MD & CEO of Axis Bank, has retired. Amitabh Chaudhry will be taking her place.
– Shapoorji Pallonji has hired ICICI Securities for managing IPO of its solar business.
– The government has turned down the demand of airlines’ for alternative airports including reopening old airports in major cities. Airlines had requested this citing shortage of slots and overnight parking bays at major airports.
– Zomato is reportedly looking to raise another round of funding between $500 million to $1billion. It has so far raised $635 million and is valued at $2 billion.
– The Cabinet Secretariat has instructed ministries not to engage with US directly on trade issues and go through the Deptt of Commerce only. US is seeking unconditional market access for dairy goods in India, as also incentives and tariff concessions for ICT products.
– IL&FS update – NCLT has allowed the government to reopen and recast accounts of IL&FS and its subsidiaries – IL&FS Financial Services and IL&FS Transportation Network. The firm has also put a residential and one commercial property for sale to reduce debt.
News credit: Livemint, Economic Times, Business Standard