Saturday, November 30
Reliance General Insurance Company (RGIC), a subsidiary of Reliance Capital Ltd, has received multiple show cause notices from the Directorate General of GST Intelligence, amounting to Rs 922.58 crore. According to sources, the company has received four notices from the DGGI demanding GST of Rs 478.84 crore, Rs 359.70 crore, Rs 78.66 crore, and Rs 5.38 crore respectively, on the revenue generated from the services like re-insurance and co-insurance.
Prosecutors allege that Bankman-Fried, 31, stole billions of dollars from investors and customers in order to fund a lavish lifestyle in The Bahamas and buy the influence of politicians, celebrities and the public. Gary Wang, FTX co-founder, is part of what has been referred to as the 'inner circle' of company's executives who have agreed to testify against Bankman-Fried in exchange for leniency in their own criminal cases.
The government bond market in India experienced a selloff as bond prices fell and yields rose. This was in response to the Reserve Bank of India (RBI) governor's statement that the central bank may resort to open market operation (OMO) sales to manage liquidity. The bond market is concerned about the yield differential between Indian and US 10-year government securities, which has reached historically low levels.
Shares of Indian metals producers, such as Gujarat Mineral Development Corp and Hindustan Copper Ltd, have outperformed local benchmarks this year due to hopes that they will play a role in India's green agenda. Investors are betting on PM Modi's goal of reaching net zero emissions by 2070 and India's push to become self-reliant in the production of electric vehicle batteries and other renewable equipment.
Walt Disney Co is reportedly in preliminary discussions with potential buyers for its India streaming and television business, including Gautam Adani and Kalanithi Maran. The company is exploring various options, which could involve selling part of the Indian operations or a combination of assets such as sports rights and regional streaming service Disney+ Hotstar.
On Thursday, just one day before his term was set to conclude, the government decided to prolong the tenure of SBI chairman Dinesh Khara by 10 months. Consequently, Khara will continue to lead until August 2024. Additionally, the Appointments Committee of the Cabinet (ACC) granted a two-year extension to the tenure of the bank's managing director.
India and the UAE are exploring ways to expand the rupee-dirham trade, which would have a significant impact on bilateral trade. Commerce Minister Piyush Goyal stated that this would facilitate lower-cost remittances from the UAE to India. Efforts are being made to accelerate and expand this trade with the cooperation of the central banks of both countries. Goyal also mentioned discussions on establishing food and industrial parks in India.
Air India has opened a warehouse facility in Delhi to store over 1 million engineering spares for its aircraft and ground support equipment. The 54,000 sq ft warehouse, located near Terminal 3 at Delhi Airport's Cargo complex, will improve the airline's operational efficiency and punctuality. The facility will centralize Air India's engineering function and provide storage for a wide range of aircraft spares and equipment. It will also serve as a hub and feeder network for operations throughout India, streamlining inventory control and improving maintenance and service capabilities.
Addressing a press conference after the announcement of the bi-monthly monetary policy review, Das said Rs 12,000 crore of the Rs 3.56 lakh crore worth of Rs 2,000 notes in circulation as on May 19, 2023 are yet to come back. The central bank had extended the deadline for return of the notes by a week.
