Reliance Industries' subsidiary Reliance Digital Platform & Project Services may have to spend up to Rs 4,975 crore to take over tower firm Reliance Infratel, as per the order of the bankruptcy court that cleared Infratel’s resolution plan on Thursday.

According to the order, the resolution applicant — in this case, Reliance Digital — has proposed to pay Rs 3,720 crore for the corporate debtor (Reliance Infratel). The money will be distributed among the lenders to the tower arm of Reliance Communications, the bankrupt and now-defunct telecom company of the Anil Ambani-led Reliance Group.

Besides this, the lenders are likely to get another Rs800 crore from the sale of a land parcel held by Reliance Realty, which is also part of the Anil Ambani-led Reliance Group. But if Reliance Realty could not get Rs 800 crore for the land, the resolution applicant will purchase it for Rs 800 crore and distribute the amount to the lenders on a pro-rata basis, according to the ruling.

MDH Spices owner Dharampal Gulati, fondly known as “Mahashayji”, died on Thursday, ANI reported. He was 98.

Gulati suffered a cardiac arrest on Thursday morning, according to News18. He had been receiving treatment at a hospital in Delhi for the past three weeks.

The 98-year-old was the face of the MDH brand. He was also referred to as the “grand old man of spices”. He was awarded the Padma Bhushan, India’s third-highest civilian honour, in 2019.

Twitter was flooded with tributes for Gulati. Delhi Deputy Chief Minister Manish Si

The Monetary Policy Committee (MPC) of RBI began its three-day deliberation on Wednesday here amid expectations that the central bank will maintain status quo on the benchmark lending rates in view of high retail inflation.

The RBI will announce its monetary policy review on December 4. After its last MPC meeting in October, RBI kept policy rates unchanged to help tame inflation that in the recent times has surged past 6 per cent mark. RBI projected the country's GDP to contract 9.5 per cent in the current financial year due to the pandemic. It has cut policy rates by 115 basis points since February. Experts opined that RBI may not slash policy rate in the wake of rising Consume Price Index (CPI)-based inflation driven mainly by supply side issues.

Amar Ambani, Senior President & Institutional Research Head at Yes Securities said with frequency indicators and GDP data conveying meaningful rebound in economic activity and retail inflation remaining stubbornly high, "we not only expect the RBI to maintain status quo in December 2020 policy meeting, but the minimal chance of a 25 bps rate cut in February 2021 also appears to be fading away".

At a time when the government is struggling with revenue collections, October and November have seen decent growth in GST collections, signalling the recovery in the economy.

The government collected GST revenue of more than Rs 1 lakh crore for the second consecutive month in November 2020. GST collections stood at 1.05 lakh crore in the month, according to the Ministry of Finance. At a time when the government is struggling with revenue collections, October and November have seen decent growth in GST collections, signalling the recovery in the economy. Out of the total collection, the government garnered a CGST of Rs 19,189 crore, SGST of Rs 25,540 crore, IGST of Rs 51,992 crore, and Cess of Rs 8,242crore. The total number of GSTR-3B returns filed for the month of November stood at 82 lakhs.

In line with the recent trend of recovery in the GST revenues, the revenues for the month of November are 1.4 per cent higher than the GST revenues in the same month last year. During the month, revenues from import of goods were 4.9 per cent higher and the revenues from the domestic transaction were 0.5 per cent higher than the revenues from these sources during the same month last year. The government has settled Rs 22,293 crore to CGST and Rs 16,286 crore to SGST from IGST as a regular settlement. Further, the total revenue earned by the central government and the state governments after regular settlement stood at Rs 41,482 crore for CGST, and Rs 41,826 crore for the SGST.

A day after the National Statistical Office (NSO) released India's GDP numbers for the second quarter of FY21, Nomura Holdings has upped the country's 2020 GDP forecast to -7.1 percent from -9 percent earlier.

The Japanese firm has revised the gross domestic product (GDP) forecast for India to (-)8.2 percent from previously predicted (-)10.8 percent for FY21.

India enters recession as GDP contracts 7.5% in July-September

India's GDP contracted 7.5 in July-September as per official data. The GDP data for April-June quarter was even worse. The Indian economy recorded a contraction of 23.9 percent.