NEW DELHI | WEDNESDAY, DECEMBER 14, 2022 07
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Commodity Price Change % Chg
GOLD 54,534.00 8.00 0.01
(Per 10g)
SILVER 68,267.00 82.00 0.12 (Per 1kg)
COMMODITIES
Currency Price Change % Chg
USDINR 82.87 0.36 0.43
GBPINR 101.63 0.31 0.31
CURRENCIES
business
BRIEFS
New Delhi: Sovereign
Green Bonds are likely to
be issued during the Jan-
uary-March period of the
current fiscal. The objec-
tive of Sovereign Green
Bonds is to mobilize re-
sources for green infra-
structure as part of the
government’s overall
market borrowings in
2022-23. The framework
for these bonds has been
brought out. The bonds
are likely to be issued
from January to March
2023. The proceeds will
be deployed in public sec-
tor projects which help in
reducing carbon intensity
of the economy.—PTI
GOVT LIKELY TO
ISSUE GREEN BONDS
IN JAN-MARCH QTR
New Delhi: Urea produc-
tion stood at 187.21 lakh
tonnes during April-No-
vember period of this fis-
cal, while imports were at
46.14 lakh tonnes to meet
domestic demand. As per
the data, urea production
stood at 250.72 lakh
tonnes in the 2021-22 fis-
cal as against 246.05 lakh
tonnes in 2020-21 and
244.58 lakh tonnes in the
2019-20 financial year.
Urea imports stood at
91.36 lakh tonnes in the
last fiscal, 98.28 lakh
tonnes in 2020-21 and
91.23 lakh tonnes in
2019-20. —PTI
INDIA IMPORTS
46.14 LAKH TONNES
OF UREA IN APR-NOV
New Delhi: Gold price fell
`8 to `54,534 per 10
grams in the national cap-
ital on Tuesday amid a fall
in prices of precious met-
al in overseas market, ac-
cording to HDFC Securi-
ties. In the previous trade,
the yellow metal had set-
tled at `54,542 per 10
grams. Silver, however,
jumped `82 per kg to
`68,267 per kilogram. In
the international market,
gold was quoting lower at
$1,787.80 per ounce
while silver was up at
$23.48 per ounce.—PTI
GOLD FALLS BY ` 8;
SILVER PRICE SEES
A JUMP OF ` 82
New Delhi: Vedanta
Group on Tuesday said
that it has signed pacts
with 30 Japanese technol-
ogy companies to develop
an Indian semiconductor
and glass display manu-
facturing ecosystem. The
pacts were signed at the
Vedanta-Avanstrate Busi-
ness Partners Summit
2022 held last week at To-
kyo, Japan. The company
is committed to make In-
dia a hub for electronics
mfg. It is focussed on
taking the lead in creating
the electronics industry
ecosystem rather than
just tech transfers.—PTI
VEDANTA INKS
PACTS WITH 30
JAPANESE FIRMS
*Rates till the edition went to print.
NCLAT ALLOWS
SETTLEMENT BETWEEN
MCDONALD’S & BAKSHI
New Delhi: The NCLAT on
Tuesday allowed US food major
McDonald’s and its former
estranged
Indian partner
Vikram Bakshi
to withdraw
their petitions
filed against each other over
Connaught Plaza Restaurants
Ltd. The appellate tribunal also
dismissed the intervention ap-
plication filed by HUDCO earlier
opposing the deal. CPRL (Con-
naught Plaza Restaurants Ltd) is
now wholly-owned by McDon-
ald’s after its estranged partner
Vikram Bakshi transferred his
share in the joint venture to the
US-based firm. —
PTI
AIPEF SEEKS 3 MONTHS
TIME ON ELECTRICITY
AMENDMENT BILL 2022
New Delhi: The All India Power
Engineers Federation (AIPEF)
has sought a three-month time
from the
government to
comment on
the Electricity
(Amendment)
Bill 2022. In this regard, the
body said it has written a letter
to the Standing Committee on
Energy. The government’s deci-
sion to invite comments from
stakeholders on the Electricity
(Amendment) Bill 2022 is a
welcoming step, AIPEF said in a
statement. “AIPEF has request-
ed the Standing Committee on
Energy on Monday to give a
three months time.” —
PTI
OTHER STORIES
PLI SCHEME QUALIFIERS, STEEL MINISTRY TO INK
PACTS TO MATERIALISE INVESTMENT PROPOSALS
New Delhi: Qualifiers of PLI scheme for specialty steel will soon
sign agreements with the steel ministry to take their investment
proposals forward. The selected players
have already been sent letter of approv-
als post selection in the scheme, a sen-
ior steel ministry official said. On Friday,
the government announced selection of
67 entries with an investment potential
of `42,500 crore under the scheme. The
proposed investments are expected to generate 70,000 job
opportunities and add 26 million tonnes of speciality steel capacity
in the country. —
PTI
FIRST TO DO SO
India to hold satellite
spectrum auction
New Delhi (PTI): India
will be the first country to
auction spectrum for satel-
lite communication, and it
should be designed to at-
tract investments in the
sector, telecom regulator
Trai chairman PD Vaghela
said on Tuesday.
Vaghela said the Tele-
com Regulatory Authority
of India (Trai) will soon
make recommendations to
make permissions re -
quired for satellite commu-
nication from various min-
istries — Information and
Broadcasting, Space and
Telecom — seamless to en-
hance ease of doing busi-
ness in the sector.
He also said Trai has re-
ceived a reference from the
Department of Telecom-
munication for the spec-
trum required to be put to
auction and associated as-
pects of satellite-based
communication.
“I think India will be the
first to handle the issue of
auctioning the space base
spectrum. We are working
on it,” Vaghela said.
Trai will be coming out
with some sort of model for
the auction of space spec-
trum, he added.
“But it should not kill
the sector. That is very im-
portant. Any system that
we will be bringing is to
actually encourage and
promote investment in the
sector, and not increase
any burden. I mean, that is
the biggest challenge
which we have, and we are
conscious of that fact,”
Vaghela said.
Trai is yet to come up
with a consultation paper
on the spectrum auction as
per the standard process
meant for satellite commu-
nication. When asked
about the status of the pa-
per, Vaghela said that Trai
is in discussion with ex-
perts and regulators world-
wide for a suitable model
and the consultation paper
will be floated after those
discussions are over.
TOP TALKING
POINTS
zTelecom regulator Trai
chairman PD Vaghela said
India will be the first country
to auction spectrum for
satellite communication, and it
should be designed to attract
investments in the sector
zVaghela said the Trai will
soon make recommendations
to make permissions required
for satellite communication
from various ministries
zTrai has received a reference
from the Dept of Telecom for
the spectrum required to be
put to auction
Banks wrote off
NPAs over 10 lakh
crore: Sitharaman
New Delhi (PTI): Banks
have written off bad loans
worth `10,09,511 crore dur -
ing the last five financial
years, finance minister
Nirmala Sitharaman in-
formed Parliament on
Tuesday.
The non-performing as-
sets (NPAs), including
those in respect of which
full provisioning has been
made on completion of
four years, are removed
from the balance sheet of
the bank concerned by way
of write-off, she said.
“Banks write off NPAs
as part of their regular ex-
ercise to clean up their bal-
ance sheet, avail tax benefit
and optimise capital, in ac-
cordance with RBI guide-
lines and policy approved
by their boards.
As per inputs received
from RBI, Scheduled Com-
mercial Banks (SCBs)
wrote off an amount of
`10,09,511 crore during the
last five financial years,”
she said.
As borrowers of written-
off loans continue to be li-
able for repayment and the
process of recovery of
dues from the borrower in
written-off loan accounts
continues, write-off does
not benefit the borrower,
she said.
Banks continue to pur-
sue recovery actions initi-
ated in written-off ac-
counts through various
recovery mechanisms
available, such as filing of
a suit in civil courts or in
Debts Recovery Tribunals,
filing of cases under the
Insolvency and Bankrupt-
cy Code, 2016 and through
sale of non-performing
assets.
MAJOR
HIGHLIGHTS
zBanks have written off bad
loans worth ` 10,09,511
crore during the last five
financial years
zThe NPAs, including those
in respect of which full
provisioning has been made
on completion of 4 years, are
removed from the balance
sheet of the bank concerned
by way of write-off
‘Not good’ for
govt to share data
in aggregated
form: Kant
Mumbai (PTI): India’s
G-20 Sherpa Amitabh Kant
on Tuesday pitched for the
dissemination of data by
the government in a granu-
lar form and said that shar-
ing aggregated informa-
tion is “not good”.
Kant said data is a key
aspect to help any country
meet her developmental
goals and added that India
has benefitted from the
same.
Stressing on the impor-
tance of ensuring quality
of data, the former civil
servant who till recently
worked as the chief execu-
tive of the government
think-tank Niti Aayog
made the reference to data
aggregation practices by
the government.
“…Government data are
provided as aggregates,
which is not good. We
should break down the ag-
gregation,” Kant said.
He said many a time, the
quality of the data is also
very poor and “we need to
ensure that
the data is
de-clut-
tered,
presented
in a sim-
plistic way
and it is not
difficult
to navi-
gate”.
New Delhi (PTI): The gov-
ernment on Tuesday said
an amount of ` 60.46 crore
has been received in tax
from entities for transac-
tions in virtual digital as-
sets (VDAs), including
cryptocurrencies, since the
introduction of TDS provi-
sions in July.
The government, from
April 1, has brought in a
30% income tax plus sur-
charge and cess on transfer
of crypto assets, like Bit-
coin, Ethereum, Tether
and Dogecoin.
Also, to keep a tab on the
money trail, a 1% Tax De-
ducted at Source (TDS) un-
der section 194S of I-T Act
has been brought in on pay-
ments over ` 10,000 towards
virtual digital currencies
from July 1.
In a written reply to a
question in the Rajya Sab-
ha, Minister of State for
Finance Pankaj Chaud -
hary said CBDT conducts
outreach/ awareness pro-
grammes for deductors/
taxpayers and also takes
appropriate action, includ-
ing search & seizure opera-
tions, surveys, enquiries
etc, as required.
“Post insertion of Sec-
tion 194S in the Income-tax
Act, 1961 through Finance
Act, 2022, a total of 318 di-
rect tax challans having
TDS code 194S have been
received having total
amount of `60.46 crore,”
Chaudhary said.
GOVT GETS
`60.46 CRORE
TAX FROM TDS
ON VDAs
Sensex snaps two-day losing
streak, jumps 403 points
Mumbai (PTI): Bench -
mark indices ended in the
green on Tuesday after re-
tail inflation dipped below
the RBI’s upper tolerance
level of 6% for the first time
in 11 months in November.
The 30-share BSE Sensex
climbed 402.73 points or
0.65% to settle at 62,533.30.
During the day, it jumped
437.35 points or 0.70% to
62,567.92. The broader NSE
Nifty advanced 110.85
points or 0.60% to end at
18,608. From the Sensex
pack, IndusInd Bank, Bajaj
Finance, Infosys, Tata Con-
sultancy Services, HCL
Technologies, M&M, Tech
Mahindra and Bajaj Fin-
serv were the winners.
BSE ADDS 1 CRORE INVESTORS IN 148 DAYS
TO REACH 12-CRORE MARK
New Delhi (PTI): Leading stock exchange BSE on Tuesday said it
has added 1 crore registered investor accounts to its platform in a
span of 148 days, taking the total count to 12 crore. The exchange
added one crore investors’ accounts between July 18 and December
13, BSE said in a statement. In comparison, the exchange took 124,
91, 85 and 107 days for the previous milestones of 11 crore, 10
crore, 9 crore and 8 crore, respectively. “BSE crossed the milestone
of 12 crore registered users based on Unique Client Code (UCC) on
December 13, 2022,” the exchange said. Of the 12 crore users, 42%
fall in the 30 to 40 age brackets, followed by 23% in 20-30 years and
11% in the 40-50 age bracket.
RUPEE DECLINES
36 PAISE TO
END AT 82.87
AGAINST US $
Mumbai (PTI): The rupee
declined by 36 paise to
close at 82.87 (provision-
al) against the US dollar
on Tuesday, weighed
down by persistent
foreign capital outflows
from the capital markets.
Risk aversion sentiment
among investors ahead of
the US Federal Reserve’s
interest rate decision also
impacted trading, forex
dealers said. At the inter-
bank foreign exchange
market, the rupee opened
lower at 82.63 against the
greenback and witnessed
a high of 82.60 and a low
of 82.87. It finally settled
at 82.87, down 36 paise
over its previous close
of 82.51. Meanwhile, the
dollar index, which gauges
the greenback’s strength
against a basket of six cur-
rencies, fell 0.15%.
Passenger vehicle wholesales rise 28% in November
First India Bureau
New Delhi: Aided by ro -
bust demand for both util-
ity vehicles and cars, the
wholesales of Passenger
Vehicles in India jumps by
28% year-on-year in No-
vember, industry body
SIAM said on Tuesday.
Overall passenger vehi-
cles dispatched from com-
panies to dealers stood at
2,76,231 units last month as
compared to 2,15,626 units
in November 2021. Utility
vehicle wholesales rose
32% to 1,38,780 units in No-
vember against 1,05,091
units in the year-ago period.
Similarly, passenger car
dispatches increased 29%
to 1,30,142 units from
1,00,906 units in November
2021. Van sales, however,
dropped to 7,309 units last
month from 9,629 units in
November 2021.
“Positive consumer and
business sentiments have
reflected in the better sales
in the month of November
2022, compared to the pre-
vious year,” SIAM Presi-
dent Vinod Aggarwal said.
DRIVEN BY ROBUST DEMAND
SUPER LUXURY CARS
CLOCK 50% GROWTH
IN INDIA
New Delhi (FIB): Despite a slow-
down in growth across the globe
and rising worries of recession,
the demand for luxury cars in
India continues to grow at a
tremendous pace. This year has
seen the highest-ever growth for
such ultra-luxury cars in India
as sales grew by 50% in 2022,
breaking the previous record,
which was achieved in 2018. The
market is led by Italian super
sports carmaker Lamborghini,
and other big contenders on the
list are Ferrari, Aston Martin,
Bentley. All these luxury wheels
have been in great demand
since the end of post-pandemic
restrictions.
TaMo TO HIKE CV PRICES BY UP TO 2%
New Delhi (PTI): Tata Motors on Tuesday said it will increase prices
of its commercial vehicle range by up to 2% from January to offset
the impact of rising input costs. While the price increase will vary as
per individual model and variant, it will be applicable across the entire
range of commercial vehicles, the auto major said in a statement.