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Coal Import Drop of 9.2 % in Apr-Feb Helps Save Rs 53,138 Crore in Foreign Exchange

OutlookIndia

OutlookIndia · 3m ago

Coal Import Drop of 9.2 % in Apr-Feb Helps Save Rs 53,138 Crore in Foreign Exchange

India's coal imports decreased by 9.2% in the April-February period of 2024-25 to 220.3 million tonnes, saving approximately Rs 53,138 crore in foreign exchange. The non-regulated sector experienced a sharper decline, with coal-based power generation increasing slightly by 2.87% while imports for thermal power plant blending dropped by 38.8%. This development underscores India's efforts to boost domestic coal production, reduce import reliance, and achieve self-sufficiency in coal production.

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Coal India production drops by 8.5% in June

Economic Times

Economic Times · 1m ago

Coal India production drops by 8.5% in June

Coal India Ltd (CIL) reported an 8.5% drop in coal production to 57.8 million tonnes in June, compared to 63.1 MT the previous year. The decline is attributed to seasonal factors like the monsoon. Similarly, coal offtake fell by 7.4% to 60.4 MT. Despite this, the government reassured that coal shortages are not expected during the monsoon, aiming for production growth and reduced import dependency. CIL targets 875 MT production by 2025-26.

BCCL targets Rs 40,000 Cr topline by FY30

YourStory

YourStory · 1y ago

BCCL targets Rs 40,000 Cr topline by FY30

Bharat Coking Coal Limited (BCCL), a subsidiary of Coal India, aims to achieve a revenue of Rs 40,000 crore by FY30 through increased production and diversification. BCCL plans to expand its production capacity from 41 million tonnes per year to over 100 million tonnes, with a capital expenditure of Rs 3,000 crore by FY30. The company also plans to increase its production of washed coal, leading to import substitution and cost savings. BCCL is inviting bids for the development of coal washeries to attract steel sector participation. Additionally, BCCL is venturing into coal bed methane (CBM) and solar power.

Paytm shares tumble 4% after ED issues show cause notice over alleged FEMA violations

Economic Times

Economic Times · 5m ago

Paytm shares tumble 4% after ED issues show cause notice over alleged FEMA violations

Paytm's parent company, One 97 Communications Ltd, saw its shares drop after the Enforcement Directorate issued a show cause notice for alleged foreign exchange violations totaling Rs 611 crore. The infractions involve Paytm’s subsidiaries, Little Internet and Nearbuy India, linked to specific investment transactions. These compliance issues trace back to before Paytm's acquisition of the subsidiaries. The company is seeking legal advice to address the matter while its shares declined by 27% year-to-date.

India's forex reserves down by $9.32 billion to $688.87 billion as of August 1

Economic Times

Economic Times · 20d ago

India's forex reserves down by $9.32 billion to $688.87 billion as of August 1

India's foreign exchange reserves declined by $9.32 billion to $688.87 billion as of August 1, 2023, according to the Reserve Bank of India. The drop includes a $7.31 billion decrease in foreign currency assets, a $1.7 billion reduction in gold holdings, a $237 million cut in Special Drawing Rights (SDRs), and a $120 million decline in India's reserve position with the International Monetary Fund (IMF).

India to attract foreign copper firms, seeks overseas mining ties - govt document

Economic Times

Economic Times · 1m ago

India to attract foreign copper firms, seeks overseas mining ties - govt document

India is taking steps to boost its copper production by attracting foreign firms to establish smelters and refineries domestically, in exchange for investments in overseas mining. With only 18% of its 12.2 million metric tons of copper resources classified as reserves, India may need to import 91%-97% of its copper concentrates by 2047. Strategic interventions include negotiations with Chile and Peru to secure copper concentrate and diversify supply sources amid tightening international competition.

DGGI drops Rs 3,000 crore tax demand for FY18 on 18 foreign shipping firms working in India: Report

Money Control

Money Control · 1y ago

DGGI drops Rs 3,000 crore tax demand for FY18 on 18 foreign shipping firms working in India: Report

The Directorate General of Goods and Services Tax Intelligence (DGGI) has dropped a tax demand of Rs 3,000 crore for the financial year 2017-18 against 18 foreign shipping companies operating in India. The tax demand for subsequent years will remain unchanged. This comes as a relief for companies like Maersk, Orient Overseas Container Line Ltd, and Hapag Lloyd Mediterranean Shipping, who were facing notices for non-payment of goods and services tax (GST) on import of services. The companies gave an undertaking that there was no import of services in 2017-18.

RBI action triggers six mutual funds to fully exit Paytm, while six others sharply reduce stake in Feb

IndianStartupNews

IndianStartupNews · 1y ago

RBI action triggers six mutual funds to fully exit Paytm, while six others sharply reduce stake in Feb

Six mutual funds, including Mahindra Manulife Mutual Fund and Union Mutual Fund, divested their holdings in Paytm's parent company, One97 Communications, due to a sharp decline in stock price caused by regulatory interventions from the Reserve Bank of India (RBI). The central bank's restrictions on Paytm Payments Bank heightened concerns about the company's operational capabilities, resulting in a 40% drop in stock value. This led to a decrease in the value of Paytm shares held by mutual funds from Rs 3,384 crore to Rs 1,426 crore. However, there is potential for a turnaround with the expected grant of a third-party application provider license by mid-March.

Enforcement Directorate seeks overseas transaction details from Paytm Payments Bank

VCCircle

VCCircle · 1y ago

Enforcement Directorate seeks overseas transaction details from Paytm Payments Bank

The Enforcement Directorate in India is requesting overseas transaction details from Paytm Payments Bank, a unit of the payment operator One 97 Communications. This request comes as a part of a probe into possible violations of foreign exchange rules. Paytm has denied the allegations. The Reserve Bank of India has previously ordered Paytm Payments Bank to wind down a significant portion of its business due to regulatory concerns. Since then, Paytm has experienced a significant drop in market value.

Government notifies amended forex rules for startups

Economic Times

Economic Times · 9m ago

Government notifies amended forex rules for startups

India has revised its Foreign Exchange Management Regulations to simplify the process for recognised startups to open foreign currency bank accounts. The definition of startups has been expanded to include entities up to 10 years old, with a higher turnover threshold of Rs 100 crore. The move aims to harmonise the definition of startups and remove ambiguity for authorised dealers in allowing the opening of foreign currency bank accounts for DPIIT recognised startups. This amendment aligns with the government's efforts to ease doing business in the country.

Fintech SIMPL under ED scanner for alleged Rs 900 Cr FEMA breach

YourStory

YourStory · 1m ago

Fintech SIMPL under ED scanner for alleged Rs 900 Cr FEMA breach

The Enforcement Directorate (ED) has filed a complaint against Bengaluru-based fintech startup SIMPL, accusing it of violating India’s foreign exchange laws by receiving over Rs 913 crore in foreign funds without proper approvals. SIMPL allegedly misclassified its activities as IT services to secure FDI under the automatic route, while actually operating in financial services, which require government approval. The company also issued convertible notes without necessary governmental consent, further violating regulatory requirements.

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