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Lok Sabha passes legislation to bring cooperative banks under RBI’s supervision

Lok Sabha passes legislation to bring cooperative banks under RBI’s supervision

Finance
New Delhi: The Lok Sabha on Wednesday passed the Banking Regulation (Amendment) Bill, 2020 which seeks to bring cooperative banks under the supervision of the Reserve Bank of India (RBI) to improve their governance and protect depositors’ money while empowering the banking regulator to prepare a restructuring or amalgamation scheme for a struggling bank without first placing it under a moratorium. The bill replaces the ordinance that was promulgated on June 26. Replying to the debate on the bill in the house, finance minister Nirmala Sitharaman said the legislation was for depositors’ safety and not for undermining the powers of the Registrar of Cooperative Societies. “We have brought this amendment to protect the depositors," said Sitharaman. She said the government was compelled to come
Income Tax Department to intimate taxpayers under scrutiny about faceless assessment

Income Tax Department to intimate taxpayers under scrutiny about faceless assessment

Finance
NEW DELHI: The income tax department will soon start sending out intimation to assessees undergoing scrutiny that such cases would now be handled under faceless assessment, a tax official said on Friday. CBDT Additional Commissioner Jaishree Sharma also said that domestic transfer pricing cases too will be covered under the faceless assessment mechanism. Asked whether the previous notices still stand valid, Sharma said, "Previous notices will not become redundant. First, an intimation would be sent out that your case would now be assessed under faceless assessment scheme and if the Assessing Officer of the Assessment Unit feels that he needs some more information, he will send fresh (notice) under 142(1)." A Section 142(1) notice is sent to an assessee to inquire about details and docume...

Medicare coverage could expand under a Biden presidency

Finance
Democratic presidential candidate Joe Biden speaks at a June 25 campaign event in Lancaster, Pennsylvania.Mark Makela | ReutersHealth insurance for the nation's older population could undergo some changes if Joe Biden wins the presidential election in November.The Democrat nominee wants to expand both Medicare coverage and eligibility for the program, as well as ease costs for prescription drugs. At the same time, however, there are challenges at play.For starters, Medicare funding is under pressure due to reduced revenue coming in during the pandemic-induced economic downturn. Basically, the trust fund that supports Medicare Part A (hospital coverage) could be insolvent — i.e., its revenue would not be enough to cover expenses — several years earlier than 2026 as last projected, experts s
Pentagon announces $17.4M in contracts under Defense Production Act

Pentagon announces $17.4M in contracts under Defense Production Act

Business
Aug. 21 (UPI) -- The Pentagon announced contracts totaling $ 17.4 million on Friday to retain contractors' workforce capabilities during the COVID-19 pandemic. All were ordered under the Defense Production Act Title III, which provides the president with broad authority to support, through economic incentives, essential domestic industrial resources involved in national defense and homeland security requirements. Advertisement A $ 3.1 million contract, in conjunction with the Department of Health and Human Services, was announced with BioFire Defense LLC of Salt Lake City to expand production capacity for diagnostic testing for the COVID-19 virus. AQYR Technologies received a $ 3.6 million contract to expand production capability of the Global Broadcast Service Portable Receiver Suite. A ...
24 proposals worth Rs 8,594 cr of stressed NBFCs, HFCs sanctioned so far under SLS

24 proposals worth Rs 8,594 cr of stressed NBFCs, HFCs sanctioned so far under SLS

Finance
NEW DELHI: The finance ministry on Saturday said 24 proposals worth Rs 8,594 crore of stressed NBFCs and HFCs have been sanctioned under the special liquidity scheme announced as part of the Rs 20.97 lakh crore 'Aatmanirbhar Bharat' package. The scheme, which was launched on July 1, permits both primary and secondary market purchases of debt and seeks to address the short-term liquidity issues of non-banking financial companies (NBFCs) and housing finance companies (HFCs). Sharing implementation status update of the Rs 30,000 crore Special Liquidity Scheme (SLS), Finance Minister Nirmala Sitharaman in a tweet said that 24 proposals with a total sanctioned amount of Rs 8,594 crore have been cleared as on August 21, while 17 more applications seeking financing of up to Rs 3,684.5 crore are ...