Major finance new today at a glance:
FCRA Amendment Bill Passed in Lok Sabha: what is the legislation? How will it regulate foreign funds?
The Lok Sabha on Monday passed the The Foreign Contribution (Regulation) Amendment Bill, 2020. The law, once ratified by the President, will make key changes to the Foreign Contribution Regulation Act (FCRA) that was enacted in 2010. The legislation cleared the Parliament's Lower House amid objections raised by the Opposition, which claimed that the law would be used by the government to "target dissent". Read more
India's imports from China dip 27.63 pc during Apr-Aug: Goyal
India's imports from China declined by 27.63 per cent during April-August this fiscal to USD 21.58 billion over the same period previous year, Parliament was informed on Monday. Value of imports from China stood at USD 4.98 billion in August and USD 5.58 in July, according to the data provided by Commerce and Industry Minister Piyush Goyal in his written reply to the Lok Sabha. Read more
Privatise select PSU banks, dilute role of DFS: Rajan
New Delhi, Sep 21 (PTI) Former RBI Governor Raghuram Rajan on Monday suggested the government to privatise select public sector banks, set up a bad bank to deal with NPAs and dilute the role of Department of Financial Services. The reforms are necessary to ensure growth of the banking government without the periodic boom-bust cycles, said a paper titled 'Indian Banks: A Time to Reform?' co-authored by Rajan and former Reserve Bank Deputy Governor Viral Acharya. Read more
The startup quiz: Which delivery apps is funded by Google?
With 21 unicorns, India has emerged as third largest ecosystems for more successful start ups right behind China and US but ahead of Britain and Israel, according to Hurun Global Unicorn List 2019. Start-up your Monday with this insightful quiz about the Indian startups and test how well you know this space. Read more
FinCEN files: All you need to know about the leak
Several Indian banks helped facilitate transactions red-flagged by the United States Treasury Department's Financial Crimes Enforcement Network (FinCEN) for suspected money laundering, terrorism, drug dealing, and financial fraud, a major leak of top-secret documents has revealed. Called the FinCEN files, the documents were exposed by an investigation and analysis led by hundreds of journalists worldwide. Here's all you need to know. Read more
NABARD Chairman speaks on the New Farm Bills 2020 passed in the Rajya Sabha
How will the New Farm Bills improve the situation for the farmers and what are the trends in the rural economy? NABARD Chairman Dr. GR Chintala tells ET NOW that the rural economy is not impacted by the pandemic and the recovery is actually strong in the rural sector. He sees absolutely no downside in Agriculture and remains optimistic about the credit growth of the sector. Read more
TikTok global will be 80 per cent owned by ByteDance: Company
Beijing [China], September 21 (ANI/Sputnik): ByteDance, the Chinese parent company of video-sharing app TikTok, says it will retain an 80 per cent stake in the newly created US company TikTok Global.
"The board of directors of TikTok Global will include the founder of ByteDance [Zhang Yiming], current ByteDance directors as well as the CEO of Walmart [Doug McMillon]," ByteDance specified in a statement on Monday. Read more
Candid chat with Pernod Ricard's Kartik Mohindra | Brand Equity
100 Pipers India's 'The Legacy Project', whose ethos is to keep the legacy of endangered Indian art forms alive and help these communities thrive, was awarded the coveted Bronze Pencil and a Merit at The One Show Awards in New York. Catch Kartik Mohindra, CMO, Pernod Ricard India in conversation with Sonali Krishna as they discuss how 'The Legacy Project' looks to help the revival of India's endangered art forms & ensure improvement the longevity of the six endangered artforms & their communities in India. Listen in on Saturday at 2:30 pm & Sunday at 11 am, 2:30 pm & 10:30 pm only on Brand Equity. Read more
Paytm accuses Google of trying to dominate India's digital ecosystem
Noida (Uttar Pradesh) [India], September 21 (ANI): Financial services app Paytm has accused Google of making policies that are over and above the laws of India after it was briefly delisted from the Playstore last week. "As a startup, we are running law-abiding businesses and building for India. Google and its employees are making policies which are over and above the laws of our country, and are arbitrarily implementing them," it said in a blogpost. Read more
This home-modified Lamborghini Veneno is actually a Maruti Suzuki Eeco underneath
Sportscar derivations made out of minimal cars in India have always been exceedingly popular. One such car is what you see above. As hard it is to believe, under the sporty exteriors, the car seen above was once a Maruti Suzuki Eeco. The interesting part? The modifications were done at home. Read more