Top 10 biz headlines: New tax dispute resolution scheme; F15EX jets for IAF

From expanding the scope to cover litigation pending in arbitration forums to Boeing offering F-15EX fighters to India, here are the top business headlines of the day

Govt makes tax dispute resolution scheme attractive, expands scope

Making the direct tax dispute resolution scheme attractive, the Union Cabinet on Wednesday expanded its scope to cover litigation pending in arbitration forums and debt recovery tribunals (DRTs). The scheme will also include cases related to revision and small-value search disputes. The Cabinet also reduced the disputed amount by half for those assessees who got favourable orders but the income-tax department challenged those. Read More

Telecom dept may send AGR demand letters to Airtel, Voda-Idea next week

The Department of Telecommunications (DoT) plans to send out letters to Bharti Airtel and Vodafone Idea, seeking payment of dues, if the industry’s modification plea on the adjusted gross revenue (AGR) issue is not taken up by the Supreme Court this week. The expectation is that at least the first tranche of the total estimated dues of Rs 1.47 trillion should be paid immediately, based on a self-assessment method. Read More

Trump's US delegation to have 15 CEOs; business talks likely on February 25

A trade deal is not the only part of US President Donald Trump’s visit that is shrouded in mystery. With just about 10 days to go before Air Force One lands at Ahmedabad airport for a Howdy Modi-like show that had wowed Houston and then flies Trump and his team to New Delhi for a round of hard talk, even the list of business delegation accompanying Trump has been kept under wraps. Read More

Boeing to offer F-15EX fighters to India, field two aircraft in tender

Seven of the world’s premier fighter aircraft are already competing in the Indian Air Force’s (IAF’s) global tender for 114 medium fighters. There could soon be an eighth — the F-15EX fighter, developed for the US Air Force (USAF) by The Boeing Company. On Wednesday, Boeing confirmed to aviation magazine FlightGlobal that it has asked the US government for sanction, to offer the IAF its F-15EX. Read More

Bangladesh's per capita GDP now higher than eastern and northeastern India

Bangladesh’s per capita gross domestic product (GDP) is now higher than most Indian states in eastern and northeastern India, with the exception of small hill states such as Mizoram and Sikkim. According to the data from the International Monetary Fund (IMF), Bangladesh’s per capita GDP was $1,905 in 2019, against West Bengal’s $1,566 in 2018-19 (FY19) — economically the most developed state in eastern India. Read More
 

Capital infusion of Rs 2,500 cr in 3 general insurance cos gets Cabinet nod

The Union Cabinet on Wednesday approved a proposal for capital infusion and immediate release of Rs 2,500 crore for three public sector companies on account of their critical financial conditions. The decision came after United India Insurance, National Insurance Company and Oriental Insurance Company breached the regulatory solvency requirements. Read More

Renowned fashion designer, activist Wendell Rodricks dies at Goa home

Renowned fashion designer Wendell Rodricks died at his residence in Colvale village in Goa on Wednesday, a police official said. Deputy Superintendent of Police, Mapusa, Gajanan Prabhudesai confirmed the death of Rodricks. "The cause of his death is being ascertained and a police team has rushed to his residence for investigation," he said. Read More
 

Unbelievable but true that only 2,200 had declared earnings of Rs 1 cr: PM

While the previous governments had hesitated to touch the country's taxation system, the current dispensation was making it more citizen centric, Prime Minister Narendra Modi said on Wednesday, urging people to pay their dues for the development of India. Speaking at the Times Now Summit, he said the concern was that as some people always found ways to evade taxes, the honest got penalised. Read More

Retailers scramble to stock up on N95 masks amid spurt in demand

Pharmacy retailers in India are scrambling to cope with a surge in demand for surgical masks and especially the N95 respirator following the coronavirus epidemic even as they expressed apprehension over its shortage in the country. As of Tuesday, death toll due to coronavirus, which originated in China’s Wuhan district, touched 1,016 people while 42,638 have been confirmed with cases of the infection, according to Chinese health officials. So far, eight Indians have been reported to be infected with the virus, reports LiveMint. 

IIP, CPI data pour cold water on green shoots

Factory output contracted in December and retail inflation shot up to a 68-month high in January, data released on Wednesday showed, a day after the government cited seven economic indicators to claim that the economy was recovering, reports LiveMint.