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BSE And NSE Start On A Cautious Note Amid Weak Cues From Global Equities

New Delhi: Domestic equity benchmarks BSE Sensex and NSE Nifty started on a cautious note on June 28 amid weak cues from global equities as the G20 Summit began in Japan.

The 30-share index was trading 39.58 points, or 0.10 per cent, lower at 39,546.83 at 0940 hours. Similarly, the broader NSE Nifty was quoting a mere 2.85 points, or 0.02 per cent, down at 11,838.70.

In the previous session Thursday, the BSE gauge settled 5.67 points, or 0.01 per cent, lower at 39,586.41 and Nifty slipped 6 points, or 0.05 per cent, to end at 11,841.55.

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India Tells Foreign E-Commerce Firms To Ensure Complying New Rules While Providing Steep Discounts

New Delhi: India has categorically told foreign e-commerce firms such as Amazon and Flipkart that they must ensure compliance with new foreign investment rules aimed at deterring them from providing steep online discounts.

Commerce Minister Piyush Goyal has said that while the government was prepared to listen to concerns about its new foreign direct investment rules (FDI), it was committed to protecting small traders from predatory behaviour by foreign-funded companies, the sources said.

The comments were made by Goyal during a closed-door meeting on Monday with several e-commerce companies. It comes in a week when U.S. Secretary of State, Mike Pompeo, is due to visit New Delhi - he is expected to arrive late on Tuesday - and trade tensions have heightened between the two countries.

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Deputy Governor Of Reserve Bank Of India Viral Acharya Resigns Six Months Before His Term Ends

New Delhi: Viral Acharya, deputy governor of the Reserve Bank of India, resigned six months before his term ends. Acharya, who was in charge of monetary policy, will return to New York University as an economics professor in August instead of February 2020, according to the newspaper.

He took office at the RBI in January 2017 for a three-year term. His departure follows Urjit Patel’s sudden resignation in December last year amid rising tension between the central bank and the government about the RBI’s independence. Shaktikanta Das was appointed governor shortly after Patel quit, with the RBI reversing its tight monetary policy stance since then.

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Government Considers Increasing Personal Income Tax Threshold In Next The Budget

New Delhi: As authorities seek to kick start consumption in the economy, the government is considering increasing the personal income tax threshold in next month’s budget. This is an attempt to boost the economy.

Finance Minister Nirmala Sitharaman may raise the tax exemption limit for working-age individuals to Rs 300,000 ($4,316) of their annual income, up from the current Rs 250,000, the people said, asking not to be identified as they aren’t authorized to speak publicly about the proposals. The tax measures haven’t been finalized yet.

Any tax exemptions will add stimulus to an economy that’s slowed sharply this year, with growth reaching a five-year low of 5.8% in the first three months of the year.

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Lower Than Average And Delayed Monsoon By Over A Week May Impact Economy Of The Country

New Delhi: India’s monsoon has progressed more slowly than usual after hitting Kerala nearly a week late. Monsoon rains have been 44% lower-than-average so far in June, delaying the sowing of summer-sown crops and raising concerns that parts of the country could face a worsening drought.

This shortfall could have a major impact on consumer demand, the overall economy and financial markets. The India Meteorological Department (IMD) has forecast average rainfall in 2019, while the country’s only private forecaster Skymet has predicted below-normal rainfall.

A normal, or average,monsoon means rainfall between 96% and 104% of a 50-year average of 89 cm (35 inches) in total during the four-monthmonsoonseason from June to September, according to the IMD’s classification.