Top biz headlines: Only Rs 24k cr AGR dues received, DoT to serve notices

AGR receipts add up to only Rs 24,000 crore; DoT to issue notices

The Department of Telecommunications (DoT) is preparing to issue fresh notices to telecom companies asking them how they had calculated their dues linked to adjusted gross revenue (AGR). Read here

Uber sold food delivery business to Zomato for $206 million

Uber sold its Indian food delivery business to Zomato for $206 million, the US-based firm said in its annual report, filed with the US Securities and Exchange Commission on Monday. Read here

Tower firms stare at Rs 8,000-crore loss if Vodafone Idea shuts shop

Mobile-tower companies will lose a key tenant in more than a third of their towers in case Vodafone Idea closes down its operations. This will make a major dent in their revenues and profitability, bringing down their tenancy ratio drastically. Read here

Salaries of around 30 mn industrial workers set to rise

Salaries of around 30 million industrial workers are set to rise as a government-led committee has approved a new base year for the consumer price index (CPI) for such workforce. Read here   

Coronavirus impact

Fed cuts rate by 50 bps, RBI ready to take action

In the wake of volatility in the financial markets due to COVID-19 (novel coronavirus), the Reserve Bank of India (RBI) on Tuesday said it was ready to ensure that the markets ran well and confidence was maintained. It is monitoring global and domestic developments. Read here

Air India cuts flights, IndiGo's crew under observation

Air India has cut flights to Italy, Japan and Korea while IndiGo has placed four of its crew members under home observation to check the spread of coronavirus. 

The civil aviation regulator has issued instructions to disinfect aircraft and come up with safety precautions to prevent spread of the virus. Read here

Centre restricts exports of 13 APIs, formulations

In the wake of the coronavirus (Covid-19) outbreak and supply disruptions from China, India on Tuesday “restricted” exports of 13 active pharmaceutical ingredients (APIs) and their formulations to ensure there was no shortage of key drugs. Read here
At $84 bn, India has 3rd highest illicit financial flow 

India has the third-highest trade-related illicit financial flow among over 135 countries with a whopping $83.5 billion escaping the government's tax net owing to trade-based money laundering tactics, according to a report released on Tuesday by US-based think tank Global Financial Integrity (GFI). Read here

Taxpayers nudged to opt for Vivaad Se Vishwas

The income tax department is asking companies and individuals engaged in tax disputes to settle cases under the Vivaad Se Vishwas scheme even though the relevant law is yet to be passed by Parliament, reports the Economic Times

PE firms cite long-term promise, see fund flows continuing to India

Private equity (PE) and venture capital investments are expected to continue flowing into India despite a slowing economy and global turmoil caused by the spread of the Covid-19 virus, as investors remain confident about the long-term potential of the Indian economy, according to LiveMint

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel