Interglobe Aviation reported on Thursday a loss of ₹620 crore for the quarte ended December 2020. Capacity for the quarter down by 40.8% compared to the same period last year. Revenue from operations of the company, which operates India's biggest carrier IndiGo, nearly halved to ₹4,910 crore for the quarter as compared to same period last year.

IndiGo expects the capacity of the fourth quarter of fiscal 2021 to be around 75-80% of fourth quarter fiscal 2020 capacity.

CEO Ronojoy Dutta said, "The high level of consumer confidence in our product has indeed been heartening and we are glad to be making graduated and measured steps to a full recovery. We look forward to a gradual opening up of international scheduled flights during the next few months because increased capacity and aircraft utilization are so very critical for our return to profitability. We had promised to come out of the crisis stronger than we went in and with the full commitment of all our employees, we are beginning to deliver on that promise. "

The high-profile banking maverick and founder of Yes Bank, Rana Kapoor, was arrested by the Enforcement Directorate in the multi-crore Punjab and Maharashtra Cooperative (PMC) Bank loan fraud scam on Monday.

Last year, Kapoor was arrested in the Yes Bank scam. Investigations over the last year have revealed a link between the Rs 3,700-crore Yes Bank scam and Rs 4,300-crore PMC Bank scam. Kapoor (63) is in judicial custody in the Yes Bank scam case, howe...

Kapoor (63) is in judicial custody in the Yes Bank scam case, however, now he has been shifted to the ED custody till 30 January in the PMC Bank case.

The International Monetary Fund (IMF) on Tuesday projected an impressive 11.5 per cent growth rate for India in 2021, making the country the only major economy of the world to register a double-digit growth this year amidst the coronavirus pandemic.

IMF's growth projections for India in its latest World Economic Outlook Update released on Tuesday reflected a strong rebound in the economy, which is estimated to have contracted by 8 per cent in 2020 due to the pandemic.

In its latest update, the IMF projected a 11.5 per cent growth rate for India in 2021. This makes India the only major economy of the world to register a double-digit growth in 2021, it said.

China is next with 8.1 per cent growth in 2021 followed by Spain (5.9 percent) and France (5.5 percent).

The government may introduce a coronavirus cess or surcharge on individual taxpayers in the upcoming budget, experts opine. Budget 2021-22 will be presented on February 1 by Finance Minister Nirmala Sitharaman, which will be the third Budget of the Modi 2.0 government.

According to CA Aditya M Agarwal, Partner, Mahesh K Agarwal & Co and Secretary, Professional Times, Budget 2021 comes with its own challenges for the country.

"On one hand the government has been struggling with poor revenue collection and, while on the other, it has a pressure to help and sustain the people especially the MSME and individual taxpayers who are adversely affected as they are struggling due to job losses and salary cuts. Additionally, the centre has started with the first phase of the nationwide COVID-19 vaccine drive and the entire cost of immunisation including the money spent on meals and other relief assistance during corona times will add on to the government's pressure of this huge revenue deficit to manage," says Agarwal.

The Reserve Bank of India (RBI) has issued an important notification. The notification is titled - "Withdrawal of circulars - on Recovery of excess pension made to pensioners." In the notification, RBI says, "It has been brought to the notice of RBI that the recovery of excess /wrong pension payments from the pensioners are being made in a manner that is not in keeping with the extant guidelines / Court orders."

Further, RBI's notification says, "This issue has been examined by RBI and it has been decided that the following circulars issued by Department of Government and Bank Accounts, Reserve Bank of India related to the recovery of excess pension paid by agency banks stands withdrawn with effect from the date of this circular -