RBI panel to decide on policy rates in 3-day MPC meet starting today : Bulletin: Business Today
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Daily News Podcast: RBI panel to decide on policy rates in 3-day MPC meet

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June 4, 2018

RBI panel to decide on policy rates in 3-day MPC meet starting today

Rising inflation and high crude oil prices will weigh on the minds of the six Monetary Policy Committee (MPC) members at their three-day meeting beginning here today to decide the key policy rate. The seven-quarter high growth rate of 7.7 per cent in January-March 2018 and forecast of a normal monsoon has reduced the clamour for a cut in the benchmark lending rate (repo) by the Reserve Bank of India (RBI). Retail inflation (CPI), a key data for the RBI, has remained above 4 per cent since November 2017. The government has mandated the RBI to restrict the retail inflation at 4 per cent (with a margin of +/- 2 per cent), while supporting growth.

Flipkart-Walmart deal: Tax department to act once US-based retailer gets regulatory nod


E-commerce major Flipkart has shared 'some details' with the income tax  authorities on its $16 billion deal with US-based Walmart, but the tax department will act only after regulatory approvals have been obtained, an official said. The department is currently studying the details received from the company, the official said, adding that they can issue notices seeking details of taxes withheld once the transactions are completed. Last month, the tax department had written to Bentonville, Arkansas-based Walmart saying that the US company can seek guidance about the tax liability under Section 195 (2) of the Income Tax Act.

Chanda Kochhar violated the code of conduct:SEBI

The code of conduct violation is the main allegation against Chanda Kochhar in the show cause notice that was sent late last week while that against ICICI pertains to the latter not making disclosures to the stock exchanges, as reported by the Economic Times. India's capital market regulator has said in a show cause notice that ICICI Bank's chief executive Chanda Kochhar didn't adhere to its code of conduct. The code required the disclosure of any conflict of interest in the case involving Videocon Group and NuPower Renewables, a firm owned by her husband Deepak Kochhar.  

'Hand of government' behind GDP growth spurt in March quarter: HSBC


It was the "hand of government" that boosted GDP growth to an exemplary 7.7 per cent during the quarter ended March as exports and private consumption disappointed, an HSBC report said. Clocking its fastest rate of growth in seven quarters, the Indian economy grew at 6.7 per cent during the financial year 2017-18, according to government data released earlier this week.
According to HSBC, the public spending component of GVA and the government consumption component of GDP grew at a rapid pace, accounting for roughly one-fifth of overall growth. Moreover, construction and capital formation grew at double digits and public roads contracts awarded quadrupled in the March quarter.

Air India marks 70 years since first India-UK flight

Air India is marking 70 years since its first flight took off from Mumbai to London in June 1948, which laid the foundations of the India-UK relationship.
The national carrier is inviting members of the Indian diaspora in Britain to share their memories of the airline in its early days. The iconic first flight, on a Super Constellation aircraft, took off from Mumbai on June 8 and landed in London via Cairo and Geneva on June 10, 1948, with just 42 passengers on board, including some Indian 'Nawabs' (noblemen) and 'Maharajas' (kings). The UK market is among the airline's busiest sectors, having recently added three direct flights between Birmingham and Amritsar.
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