Top 10 business headlines: Digital tax, new FDI e-commerce rules, and more

Google, Facebook, Twitter, Amazon stare at 30-40% digital tax blow in India

Global technology giants such as Google, Facebook, Twitter, and Amazon may soon have to pay a ‘digital tax’ in India. The Central Board of Direct Taxes (CBDT) has prepared a draft proposal under the newly introduced concept of “significant economic presence”, also known as digital permanent establishment (PE), which seeks to impose tax at 30 to 40 per cent rate based on the revenues and user base of such companies in India, sources familiar with the development said.  Read on

Lenders in pilot's seat at Jet Airways; Goyal's stake may reduce to 22%

Lenders led by State Bank of India (SBI) will become the largest shareholders in Jet Airways in a move to bail out the country’s second-largest domestic airline. The Naresh Goyal-led company made the disclosure to the stock exchanges on Thursday after its board approved a draft resolution plan comprising conversion of lenders' debt into 114 million equity shares at an aggregate consideration of Rs 1, issue of fresh interim loan to the airline and changes in governance structure and board composition. Read on

RBI governor Shaktikanta Das rules out asset quality review of NBFCs

Reserve Bank of India (RBI) Governor Shaktikanta Das shrugged off liquidity concerns pertaining to non-banking financial companies (NBFCs) and ruled out an asset quality review in the immediate future, saying such a move might not be well-received by the market. Read on

Expert committee suggests Rs 9,750 a month as national minimum wage

A government-appointed expert committee has proposed doubling the national-level minimum wage for a worker in the country to Rs 9,750 a month, up from a floor of Rs 4,576 at present. Read on

IndiGo cancels around 130 flights for Friday due to pilot shortage

Acute shortage of pilots along with NOTAMs at some airports forced IndiGo to cancel around 130 flights for Friday, a source said. Read on

WPI inflation eases to a 10-month low of 2.76% in January on cheaper fuel

The wholesale price inflation (WPI) rate fell to a 10-month low of 2.76 per cent in January, official figures released on Thursday showed. The inflation rate in December had stood at 3.80 per cent, while it was 3.08 per cent in January, 2018. Read on

CAIT to move court if online firms carry on discounts flouting FDI rules

Seventy per cent discount on home appliances, 50 per cent cashback on a new mobile phone, countless offers on fashion and home decor — nothing much seems to have changed two weeks after the new foreign direct investment (FDI) rules in e-commerce were enforced. Read on

NestAway in funding talks with Fosun, other Chinese investors

Tiger Global-backed home rental startup NestAway Technologies Pvt. Ltd is in talks with a slew of prominent Chinese investors, including diversified conglomerate Fosun, to invest in its next $100 million funding round, said two people familiar with the matter on the condition of anonymity, according to Livemint report.

ED may allow banks to sell Mallya's attached shares in United Breweries post court nod

The Enforcement Directorate, through a consortium of banks led by the State Bank of India, has informally conveyed to Heineken NV, part-owner of United Breweries, that it plans to allow banks to auction attached shares of the Indian beer maker soon after it gets a court’s approval, according to The Economic Times report.

As Ministry drags feet on policy, kids with rare diseases pay the price

The ongoing tussle between the Union Health Ministry and the All India Institute of Medical Sciences (AIIMS) over providing treatment to children with rare diseases is fast turning into a humanitarian crisis, according to The Hindu BusinessLine report.  

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