Top headlines: NCLAT calls for probe against Flipkart, services PMI, & more

From govt allowing telcos to defer payments to 28 coronavirus cases in India, here are the top stories for the day

NCLAT asks CCI to probe against Flipkart over alleged unfair practices

The National Company Law Appellate Tribunal (NCLAT) on Wednesday asked the fair trade regulator CCI to initiate again the probe against Flipkart for an alleged use of its dominant position. Read more.

NRIs can now acquire up to 100% equity in Air India, says govt
"FDI Policy amended to permit foreign Investments in M/S Air India Ltd by NRIs who are Indian nationals, up to 100 per cent under automatic route. Earlier only 49% was available for sale to NRIs in Air India. Now they can purchase 100%," Union Minister Prakash Javadekar said after the Cabinet meeting. Read more.
 

Govt to allow telecom firms to defer payments of future spectrum auctions

In a relief to the telecom industry, currently grappling with the adjusted gross revenue crisis, the government on Wednesday said that mobile service providers would be given the option to defer future spectrum auction payments. Read more.

Services grow at a pace not seen in 7 years, Feb PMI expands to 57.7

Growth in India's dominant service sector accelerated at a pace not seen in over seven years last month, boosted by a recovery in foreign demand and solid business confidence, a private survey showed on Wednesday. Read more.

28 coronavirus cases in India so far, foreigners to be screened

Union Health Minister Harsh Vardhan on Wednesday said the number of confirmed cases in India have risen to 28 and the government is readying an action plan. Read more.

Supreme Court quashes 'disproportionate' RBI ban on cryptocurrencies

The Supreme Court on Wednesday revoked the ban of cryptocurrency imposed by the Reserve Bank of India (RBI) in 2018. Pronouncing the verdict, the three-judge bench of the apex court said the ban was 'disproportionate'. Read more.

India saw Rs 6.14 trillion, or 3% of GDP, escape tax net in 2017: Report

India has the third-highest trade-related illicit financial flow among over 135 countries with a whopping $83.5 billion (Rs 6.14 trillion, which is 3.05 per cent of nation's gross domestic product) escaping the government's tax net owing to trade-based money laundering tactics, according to a report released on Tuesday by US-based think tank Global Financial Integrity (GFI). Read more

Rate cut losing its potency as an instrument to stimulate growth: Analysts

In a bid to battle the economic fallout emanating from deadly Coronavirus (Covid-19), the US Federal Reserve (US Fed) cut its benchmark policy rates by 50 basis points (bps) in the range of 1 to 1.25 per cent on Tuesday. However, the emergency rate cut failed to cheer investors as US stocks tumbled. Market participants worried whether pumping more money into financial markets would address the central problem – a cut in business activity as workers and consumers stay home. Read more.

Vivaad Se vishwas Bill to settle tax disputes passes LS test amidst din

A bill to provide an opportunity to taxpayers to settle their tax disputes by paying just due taxes with complete waiver of interest and penalty by March 31 was approved by Lok Sabha on Wednesday. Read more.