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Regulatory work relegated to background amid Covid-19

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MEE Order 12 comes into force 1 January 2021

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The latest news and developments

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While four of the MPC members voted in favour of the eventual 75-basis point (bps) cut, external members Chetan Ghate and Pami Dua argued for a 50-bps cut, the minutes, released on Monday, showed.

The transfer of around Rs 17,400 crore under the PM-Kisan is being front-loaded. However, most of these interventions will benefit the rural poor more than their urban counterparts, according to analysts.

The letter has urged, mainly for wage subsidy to large employers, on the lines of the Netherlands and Australia .

CPC used a web-based survey to reach out to 1,252 respondents in 31 cities and towns of Maharashtra.

Out of 230 lakh tonne annual consumption, only a third of it is met via domestic production. Edible oils prices have gone up as the country’s 600 refineries, 500 solvent plants and 10,000 crushing mills have reduced output by half compared to pre-Covid levels, industry experts said.

Job guarantee programme (MGNREGA) works are allowed with strict implementation of social distancing and face mask.

Currently, only an ad-hoc framework for valuation professionals is in place, which is basically governed by the Companies Act, and the government has designated the Insolvency and Bankruptcy Board of India (IBBI) as the authority to implement the new regime of registered valuers.

A majority of sugar companies decided to make hand sanitisers to supply to hospitals by using a part of the ethanol/ENA production, thereby ensuring that the country does not face any shortage of good quality hand sanitisers.

Kerala has the country's highest Covid-19 recovery rate with218 out of the 387 coronavirus positive cases recovering . The state has also decided to increase the number and extent of testing, chief minister Pinarayi Vijayan told mediapersons.

The Lasalgaon APMC officials said that another reason for imposing restrictions is the drop in demand of onions. According to officials, the demand has reduced to a great extent in domestic markets.

The agricultural output in the economy grew by 3.5% in the third quarter (Q3) of FY20, against 3.1% in Q2 of FY20.

According to the June 7, 2019, circular of the RBI, banks had to make additional 20% provisioning for the cases where resolution could not be reached over a period of 210 days, after signing the inter-creditor agreement.

Prior to RBI’s announcement on Friday, three-month moratorium was limited to accounts whose installments were falling due after March 1, 2020.

According to sector experts, NBFCs' outstanding credit to the commercial real estate stood at Rs 1.29 lakh crore as on September 30, 2019.

As for growth, the governor stuck to sharing the International Monetary Fund's (IMF) view on India's growth, offering no forecast from the central bank.

The need of the hour is to promote remote working and expand gig economy, speakers at a Niti Aaayog-organised Webinar said.

The move comes after renewable companies made representations to the government to allow a blanket extension for six months to overcome supply-side disruptions in completing the projects.

Among the possibilities, the government could garner some revenues from sale of the BPCL’s 61% stake sale in Numaligarh Refinery, which will be sold to state-run firms.

Ginning units are not keen on buying cotton since most of the workers have left for their villages and they do not have the capital to buy cotton and other processing units are also shut.

The unprecedented situation created by Covid–19 pandemic and lockdown announced by both the Union and state governments from March 24 has led to severe disruptions affecting the economy and impacting people at large and the MSME spinning mills.

The ministry of home affairs (MHA) had on April 19 issued a detailed standard operating procedure while allowing suitable deployment of their skills. As per Census, 2001, the total number of internal migrants in India was 309.385 million.

Since 2009-10, the SMP has been replaced with fair and remunerative price (FRP) and some states like Uttar Pradesh continue to announce state-advised prices which are higher than FRPs.

RBI notified that it will buy long-dated bonds maturing in 2026, 2028, 2029 and 2030 while it will sell short-dated securities maturing between June 2020 and April 2021. Both the purchase and sale will be worth Rs 10,000 crore each.

The association also said hundreds of crores of unclaimed provident fund and employees state insurance corporation contribution lie in banks attracting interest.

After the Reserve Bank of India (RBI) cut its policy repo rate by 75 basis points (bps) on March 27, a number of banks and non-banking finance companies (NBFCs) followed by cutting their lending rates.

In view of the massive disruption to economic activity due to Covid-19 impact and likely huge shortfall in revenues, the council felt that fiscal response to the crisis should be much more nuanced.

Pawar’s letter to Modi dated April 25 echoed similar demands raised by many states including Kerala and Punjab, and underlined the notion that cutting spending was hardly an option for states at this juncture.

Tamil Nadu chief minister Edappadi K Palaniswami on Monday requested Prime Minister Narendra Modi for ad-hoc grant of Rs 1,000 crore from National Disaster Relief Fund (NDRF).

In the case of Covid-19, hazardous waste is being generated in hospitals, quarantine zones or red zone areas within cities. They are potential sources of Covid-19 and can cause further spread within the locality.

Although there is no concrete proof, experts believe a large chunk of this is likely to be T-Bill purchases by the RBI from the secondary market.

The state government, in its order, said that the employees' salary for six days every month would be deducted for the next five months.

India has firmly established itself as a net steel exporter in FY20 with total steel exports at 11.183 MT (31 % growth over last year) exceeding the total steel imports at 7.164 MT by 4.02 MT.

However, the Bench refused to interfere in the matter after the petitioners informed the judges that they were not personally affected and had filed the PILs in public interest.

The APMC officials pointed out workers usually come to the market yard on pick-up trucks, however, the police have been acting against them as social distancing is not maintained onboard the pick-ups.

Mills in Uttar Pradesh have produced 11.65 MT as on April 30, 2020, which is 3.72 lakh tonne higher than what was produced a year ago. Of 119 mills operated this year, 44 mills have ended their crushing. As many as 75 mills are operating as against 68 mills last year till April 30.