Top headlines: Hindujas fight over fortune; govt readies e-commerce plan

The deadline for filing annual income-tax returns is extended, says government. Here is more on what is news Thursday morning.

The deadline for filing annual income-tax returns has been extended, said the government. India’s antitrust regulator approved Facebook’s Rs 43,574 crore ($5.7 billion) investment in Jio Platforms Here is more on what's news Thursday morning.

ITR filing deadline for FY19 extended till July 31

The government has extended deadlines for filing income-tax returns (I-T) to the economic disruption caused by the coronavirus pandemic. These include due dates for revised I-T returns for 2018-19 (FY19), declaration of tax-saving investments for FY19, linking permanent account number (PAN) with Aadhaar, among others. The much-awaited compliance relief comes as a breather for businesses and taxpayers struggling due to the extended lockdown.

Hinduja brothers battle over $11-billion family fortune in UK

The battle for control of assets in the Hinduja family has come out in the open, with ailing group patriarch S P Hinduja launching legal action against his brothers Gopichand (80), Prakash (75), and Ashok (69). A British high court has appointed Vinoo Hinduja, daughter of S P Hinduja (84), to act on his behalf.

Govt okays Ordinance to give more teeth to RBI over cooperative banks

The government will issue an Ordinance to give more powers to the Reserve Bank of India to supervise co-operative banks, akin to commercial banks. The RBI will get more auditory and managerial powers over 1,482 urban co-operative banks and 58 multi-state co-operative banks after the Ordinance is approved by the President to become a law. The Ordinance will, however, need an approval from Parliament within six months of becoming a law.

E-commerce firms ready to comply on 'country of origin'

E-commerce firms have verbally agreed to check with sellers on the issue of displaying the country of origin next to products listed on their platforms after a meeting with the Department for Promotion of Industry and Internal Trade on Wednesday.

Draft e-commerce policy soon, to be stricter on data norms

The government is set to release the second draft of the proposed e-commerce policy soon, which would focus on domestic traders and have more scrutiny on predatory pricing, multiple people in the know said.

Both sides should strictly respect LAC: MEA after talks with China

India and China agreed that expeditious implementation of the previously agreed understanding on disengagement of troops from standoff points in eastern Ladakh would help ensure peace and tranquillity in the border areas, the Ministry of External Affairs (MEA) said.

WHO warns of oxygen shortage as Covid-19 cases set to top 10 million

The world faces a shortage of oxygen concentrators as the number of worldwide cases of coronavirus infection nears the 10 million mark, the World Health Organization head said. "Many countries are now experiencing difficulties obtaining oxygen concentrators," WHO Director General Tedros Adhanom Ghebreyesus told a news conference. "Demand is currently outstripping supply."

Blackstone sells Embassy Office Parks REIT units for Rs 2,270 crore

Blackstone raised around $300 million (about Rs 2,270 crore) by selling its units in Embassy Office Parks REIT to monetise part of its investment, said sources in the know. The global fund manager was targeting to raise up to $257 million (around Rs 1,950 crore), but increased the size of its offer on account of increased demand from institutional investors, sources said.

Competition Commission approves Facebook-Jio deal worth $5.7 billion

The Competition Commission of India (CCI) has approved Facebook’s Rs 43,574 crore ($5.7 billion) investment in Jio Platforms, the digital arm of Reliance Industries. Jaadhu Holdings, which is an indirect wholly-owned subsidiary of Facebook, acquired 9.9 per cent stake in Jio.

Foodgrain stocks top 100 million tonnes, triggering calls for liquidation

India’s foodgrains stocks topped 100 million tonnes for first time on June 1 and were estimated at 104.16 million tonnes. The record high inventories triggered calls for quick liquidation of the grains by distributing them among the needy and vulnerable sections of society.