Top 20 finance stories of the day

Here’s a roundup of the most crucial finance news in the country today:

GST Council Meet: Late fee for non-filing of returns capped

Finance Minister Nirmala Sitharaman on Friday, 12 June, announced that the maximum late fee for non-filing of monthly GST sales return for July 2017 to January 2020 has been capped at Rs 500, reported PTI. Read more

Roller-coaster Friday: Nifty closes above 9900 led by banks, autos

The Sensex and the Nifty recouped all losses and ended with strong gains on Friday, mirroring a recovery in global stock markets. Sentiment also improved after the Maharashtra government dispelled rumours of another lockdown in the state. Lockdown will not be reintroduced in Maharashtra, tweeted chief minister Uddhav Thackeray's office on Friday, quelling rumours about a possible reintroduction of a total shutdown amid spike in coronavirus cases in the state. Read more

Rupee slides by 5 paise to end at 75.84 on forex outflows

The rupee settled 5 paise lower at 75.84 against the US dollar on Friday as volatile domestic equities and sustained foreign fund outflows weighed on investor sentiment. Read more

Gold prices choppy; fall sharply today in India even as global rates are steady

Gold prices in India fell sharply today (June 12, 2020) as global rates remain steady on equity market crash and gains in dollar index. On the MCX, gold contract for August deliver fell by 0.64% to Rs. 47111 per 10 gm. Gains in the dollar index render gold expensive for other currency holders. Read more

Transporters protest fuel-price hike; urge govt to hand-hold various sectors

Protesting against the increase in petrol and diesel prices amid COVID-19 pandemic, the transporters' body AIMTC on Friday said it has made operations unviable, and demanded substantial reduction in fuel rates. Read more

Another bank crisis: RBI bars people's co-operative bank from granting loans, accepting deposits

On Thursday night, the Reserve Bank of India (RBI) said that it has barred Kanpur-based People's Co-operative Bank from granting fresh loans and accepting deposits for six months, due to its weak financial position. Read more

The rainmaker behind Mukesh Ambani’s $13 billion deal spree

He has no flashy titles and few outside India know his name. But in the halls of Reliance Industries Ltd., Manoj Modi has quietly become one of the most powerful forces behind the corporate empire of Asia’s richest man. Read more

Why ‘Boycott Chinese Apps’ can’t ignore China’s $8 bn in desi apps

As the tense Indo-China military standoff along the Line of Actual Control (LAC) in the Ladakh region continues to simmer amidst defence and diplomatic negotiations, the ‘Boycott Chinese Apps’ trend has continued to rage as a form of protest.

Earth’s core has massive structures that were undiscovered; we really don't know it all

It turns out that we don’t know everything about the core of the Earth, contrary to the assumption that we know it all. Scientists have discovered that there are giant structures around 2900 kilometers beneath the surface of the Earth. These previously undiscovered structures sit at the boundary of the Earth’s molten core and solid mantle. It is estimated that these structures are about 1000 kilometers in diameter and about 25 kilometers in depth. Read more

China forces Apple to take down two podcast apps from its app store

Apple has removed the popular iOS podcast app called Pocket Casts from the App Store in China for allegedly violating the law of the land. In a tweet, Pocket Casts said that it has been removed from the Chinese App store by Apple, at the request of the Cyberspace Administration of China. Read more

Zoom admits shutting pro-democracy activists' accounts in obedience to China

Zoom Video Communications Inc said on Thursday it suspended user accounts and ended meetings linked to the anniversary of China’s Tiananmen Square crackdown on its platform after the Chinese government demanded it do so. Zoom, which has seen its global popularity as a video conferencing tool soar during the COVID-19 pandemic, said it did not provide any user information or meeting content to the Chinese government, adding it would not allow further requests from China to impact users outside the country in the future. Read more

Man gets earbuds worth Rs 19k after ordering Rs 300 lotion online, Amazon asks him to keep it

Online shopping never comes without a few glitches. While your order being delivered late, or at the wrong address or the deliver guy calling you and saying "I'm downstairs," but not actually being there are very common, sometimes, you also end up with another kind of glitch - wrong products. Read more

Centre cannot coerce firms to pay full wages during lockdown: SC

In big relief to employers, the Supreme Court on Friday said that the government cannot force them to pay full wages to workers during the lockdown period. Read more

Employment opportunities during COVID-19

Job seekers are having a tough time finding employment during the COVID-19 lockdown, due to the lack of positions available. Many industries have cut down on their workforce while some have frozen new hiring. Unfortunately, some businesses have had to close completely. Read more

World's worst countries for child labour: Guess where India stands?

With 33 million child labourers, India is already one of the key countries in focus. The bad news is that the COVID-19 crisis may push millions more children into child labour, including in countries like India, Brazil and Mexico, reversing progress made over the last 20 years during when it was brought down by 94 million, according to a new report. Read more

18% GST on parota, 5% on rotis: Karnataka tax authorities' new ruling explains the difference

In a recent GST ruling, Authority for Advance Rulings (Karnataka bench) distinguished between the two, holding that parotas would be subject to a higher GST rate of 18 percent. Read more

Maruti Suzuki Celerio S-CNG launched in India at Rs 5.36 Lakh

Maruti Suzuki India has launched the BS-VI compliant S-CNG variant of Celerio. The car will be sold in two variants for personal use with the VXI kicking things off at Rs 5.60 lakh (ex-showroom) and the VXI (O) being priced at Rs 5.68 lakh (ex-showroom). Read more

How to save Income Tax in India: HRA, PPF, Fixed Deposit, and more

Income tax savings have always been a daunting task to understand, especially for new members to the workforce. ELSS, HRA, PPF, etc are all words that seem very puzzling but are actually very easy to understand. By making smart investments early in the financial year, you can keep a track of your money and also avoid any unpleasant situations later. Read more

Ola issues new vehicle safety standards with mandatory fumigation process

Ola, India's leading ride-hailing companies have announced new safety guidelines to its driver-partners during the Covid-19 times in the country. This includes mandatory fumigation of vehicles every 48 hours and a driver health-check. Read more

Elon Musk's net worth is out of this world

The South African billionaire is one of the world’s richest people. Here’s how Elon made bank. Watch video