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Government to withdraw Rs.6,000-cr worth tax cases

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Piyush Goyal

New Delhi, July 12: Following a hike in threshold limit for filing appeals in tribunals, Union Finance Minister Piyush Goyal on Thursday said the central government hopes to cut 41 per cent of tax cases. 

Addressing media on measures taken for reducing tax litigation, the minister stated, the  government hopes to cut 41 percent of tax cases after raising the threshold limit for filing appeals in tribunals and courts.”

He further said that the income-tax refunds worth around Rs 70,000 crore has been issued to the taxpayers.

“Income-tax refunds worth over Rs 70,000 crore have been issued to the taxpayers. Tax cases worth Rs 5 lakh crore stuck in litigation; new thresholds will lead to a reduction of 18 percent in tax cases,” Goyal asserted.

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Zomato appoints Chaitanya Mathur as Global Head for its new event-driven vertical

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Zomato

New Delhi, Nov 16: Food ordering app Zomato on Friday appointed Chaitanya Mathur as the Global Head for Zomato Live — latest event-driven vertical of the firm. 

“We connected on the idea of organising engagement driven, large-scale events for all the users around the world and we are thrilled to have him on board to build Zomato Live and expand it globally,” said Deepinder Goyal, Founder and CEO, Zomato.

According to the company statement, Mathur has previously worked in various positions ranging from a financial analyst to an event manager and restaurateur, along with co-founding “The Grub Fest”.

“Zomato’s journey has really inspired me over the years and I am excited to be strengthening its future by leading the company into new domains and territories. I look forward to building Zomato Live together with the incredible team here,” said Mathur.

In the recent few months, Zomato has hired several senior people including former-MakeMyTrip COO Mohit Gupta as the CEO for the food delivery business; Sameer Maheshwary as the CFO; Rohithari Rajan as the Global Head for its ad sales business; and Thomas Phillippe as the General Counsel.

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India Inc investment in foreign ventures falls 10% in Oct: RBI

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Reserve Bank of India RBI

Mumbai, Nov 16: Indian companies’ investment in their overseas ventures continued to be less than the year-ago period for the 19th month in a row as it fell 10.5 per cent to $1.76 billion in October, Reserve Bank data showed.

Indian companies had invested $1.96 billion in their overseas ventures during October 2017, as per the monthly summary on Outward Foreign Direct Investment (OFDI) by the Reserve Bank of India (RBI).

A review of the monthly data on overseas direct investment reflects a continuous decline of year-on-year figures since April 2017 when it had fallen about 44 per cent to $3.15 billion in April 2017 from $5.61 billion in April 2016.

In September, the investment by local companies in overseas firms was $1.58 billion.

Of the total $1.76 billion investment in October, $535.86 million was in the form of loans, $653.45 million was infused as equity capital and $567.57 million was through issuance of guarantee.

Six companies were among the major investors in October with an investment of more than $100 million, as per the RBI data.

Global Ivy Ventures made an equity infusion of $200.3 million in its wholly-owned subsidiary in the UK, Tata Communications Ltd issued a guarantee of $199.5 million to its unit in Singapore and GMR Airports Ltd lent $152.71 million to its unit in the Netherlands.

Reliance Energy Generation and Distribution Ltd issued a guarantee of $140 million to its unit in the US, Glenmark Pharmaceuticals lent $128.75 million to its unit in Switzerland, Mahindra CIE Automotive invested $116.37 million and $32.8 million in its units in Germany and Mauritius, respectively.

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Sensex gains nearly 200 points; telecom stocks rise

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Sensex Nifty Equity

Mumbai, Nov 16 (IANS) Broadly positive global markets, healthy macro-economic trade data and a slight recovery in the rupee aided the barometer S&P BSE Sensex to end with gains close to 200 points.

In addition, the risk taking appetite of investors was enhanced a day after credit rating agency Fitch affirmed India’s ‘Long-Term Foreign-Currency Issuer Default Rating’ (IDR) at ‘BBB-‘ with a stable outlook.

Sector wise, healthy buying was witnessed in telecom, healthcare and energy stocks while scrips of banking companies came under selling pressure.

Besides, the rupee strengthened to Rs 71.80 per US dollar from its previous close of 71.98.

Index-wise, the S&P BSE Sensex closed 196.62 points up at 35,457.16 points. It had opened at 35,398.70 from its previous close of 35,260.54.

It touched an intra-day high of 35,545.85 and a low of 35,324.37.

The NSE Nifty50 closed 65.50 points higher or 0.62 per cent at 10,682.20 points.

On Thursday, foreign fund inflows touched a three-month high which along with low crude oil prices and a strengthened rupee guided the key Indian equity indices to close on a positive note.

Also, India’s merchandise exports grew by 17.86 per cent in October on a year-on-year basis, official data showed on Thursday.

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