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The Insolvency and Bankruptcy Board of India (IBBI) has issued a new directive requiring Insolvency Professionals (IPs) to enhance the Information Memorandum (IM) by including a dedicated section on the carry forward of losses under the Income Tax Act, 1961. This move aims to improve financial clarity for potential bidders in the insolvency resolution process, allowing them to better assess the corporate debtor's financial position. The IM must detail the quantum of carry forward losses, their classification, applicable time limits for utilization, and explicitly state if no losses are available. Experts, including Hari Hara Mishra and Anjali Jain, have welcomed the initiative, noting that it will facilitate informed decision-making and enhance the attractiveness of resolution plans. The IBBI's directive is seen as a significant step towards greater transparency in the Corporate Insolvency Resolution Process, ultimately promoting more effective and viable resolutions. 
Published: Mar 18 2025, 8 pmeznews.inIndian billionaire Gautam Adani is set to enhance his global business presence by transferring ownership of the Abbot Point Port Holdings Pte to Adani Ports & Special Economic Zone Ltd for approximately $2.5 billion. The acquisition, approved by the company's board, involves issuing 143.8 million shares and aims to bolster Adani Ports' annual capacity target of 1 billion tons by 2030. CEO Ashwani Gupta described the deal as a crucial element of their international strategy, which will facilitate access to new export markets and long-term contracts, with an operating profit target of A$400 million ($255 million) in four years. This marks Adani's fourth international port asset, following acquisitions in Israel, Sri Lanka, and Tanzania. The Abbot Point terminal, located in Queensland, has a capacity of 50 million tons per year and plays a significant role in coal exports, further solidifying Adani's influence in maritime trade.
Published: Apr 18 2025, 12 pmeznews.inThe Central Board of Indirect Taxes & Customs (CBIC) has introduced new guidelines to streamline the Goods and Services Tax (GST) registration process, aiming to balance the prevention of fraudulent registrations with the facilitation of genuine applicants. The updated instructions, which replace a previous directive from June 2023, establish a seven-day approval timeline for applications deemed low-risk and complete, while a 30-day period applies to higher-risk cases requiring Aadhaar authentication or physical verification. Applicants must provide specific documentation to prove ownership or rental of premises, including property tax receipts or lease agreements. The CBIC has also addressed concerns over unnecessary queries raised by officers, instructing them to refrain from asking irrelevant questions not directly related to the submitted documents. These measures are designed to enhance clarity and efficiency in the registration process, ensuring that legitimate businesses are not unduly hindered.
Published: Apr 18 2025, 10 ameznews.inThe United States has clarified to the World Trade Organization (WTO) that its tariffs on steel and aluminium, imposed in March 2018, are based on national security grounds rather than as safeguard measures. This response follows India's request for consultations under the WTO's Safeguards Agreement, which the US contends lacks merit since the tariffs were enacted under Section 232, a national security statute. The US maintains that these tariffs, set at 25% for steel and 10% for aluminium, are not subject to the safeguards provisions of the Trade Act of 1974, and thus, India's request for consultations is unfounded. Despite this, the US expressed willingness to engage in discussions with India on the matter. The tariffs were revised in February 2025, extending their duration indefinitely, and are justified under the General Agreement on Tariffs and Trade (GATT) 1994 security exception.
Published: Apr 18 2025, 10 ameznews.inIndia boasts over 109 million active credit cards, according to Reserve Bank of India (RBI) data, yet a significant 70% of users are failing to maximize their rewards, as revealed by SaveSage’s Credit Card Rewards Behaviour Survey 2025. The survey indicates that fragmented information, lack of awareness, and complex redemption processes hinder users from capitalizing on benefits like travel and merchandise, with 55% of transactions still conducted via UPI or cash. Notably, half of active users find redeeming rewards challenging, often settling for simpler cashback options. Additionally, 60% of users turn to social media influencers for credit card advice, raising concerns about the reliability of such guidance. SaveSage's Chief Saver, Ashish Lath, emphasized the need for better tools and knowledge to help users unlock their credit card potential, a mission supported by their AI assistant, Savvy, which aims to simplify the management of rewards and loyalty programs.
Published: Apr 18 2025, 8 ameznews.inThe Indian government has appointed Mangi Lal Jat as the new Director-General of the Indian Council of Agricultural Research (ICAR) for a three-year term, succeeding Himanshu Pathak, who has taken up the role of Director-General at the International Crops Research Institute for the Semi-Arid Tropics (ICRISAT). Jat, who will also serve as the ex-officio Secretary of the Department of Agricultural Research and Education (DARE), previously held the position of Deputy Director General of Research (AI) at ICRISAT. With over 25 years of experience in Systems Agronomy, Jat has worked extensively with renowned agricultural research institutions, including the International Maize and Wheat Improvement Center and the International Rice Research Institute. He holds a PhD in Agronomy from the Indian Agricultural Research Institute, focusing on soil moisture conservation in rainfed pearl millet. His appointment comes as the agriculture sector seeks to enhance research and development efforts.
Published: Apr 17 2025, 11 pmeznews.inThe United States has expressed its willingness to consult with India at the World Trade Organization (WTO) regarding the 25% tariffs imposed on steel and aluminium imports, which India argues should be classified as safeguard measures. The US, however, maintains that these tariffs are security measures aimed at protecting national security, not safeguard actions. In a recent submission to the WTO, the US stated it is open to discussions but insists that any talks would not be under the Agreement on Safeguards. The tariffs, initially imposed by former President Trump in 2018, are estimated to impact $5 billion of India's engineering goods exports and threaten around $1 billion in aluminium exports. India has previously retaliated with tariffs on US products and hopes for constructive dialogue with the Biden administration, following a rollback of some retaliatory measures earlier this year.
Published: Apr 17 2025, 10 pmeznews.inIndia is actively seeking to address its growing trade deficit with China, which reached nearly $100 billion in the fiscal year 2025, through established mechanisms, according to the Ministry of External Affairs (MEA). MEA Spokesperson Randhir Jaiswal, speaking at a press conference in Delhi, emphasized the importance of promoting long-term policy transparency and predictability in economic relations. Additionally, discussions are underway to resume direct flights between the two nations, suspended since the 2020 Galwan Valley clash, with technical teams currently reviewing necessary arrangements. Jaiswal noted that both countries are committed to extending dialogue mechanisms to tackle priority issues, including visa matters and people-to-people exchanges, following Foreign Secretary Vikram Misri's visit to China in January. The ongoing talks reflect a broader effort to enhance cooperation and resolve outstanding concerns between India and China.
Published: Apr 17 2025, 9 pmeznews.inIn a speech ahead of the upcoming IMF and World Bank Spring meetings, Kristalina Georgieva, managing director of the International Monetary Fund (IMF), indicated that while global economic growth is expected to face "notable markdowns," a recession is not anticipated. Georgieva highlighted the impact of rising trade barriers, noting that uncertainty in tariff rates complicates planning and can lead to postponed investments and volatile financial markets. She emphasized that tariffs raise costs for both importers and consumers, affecting growth immediately, while long-term protectionism can erode productivity, particularly in smaller economies. Despite ruling out a recession, she warned that prolonged uncertainty could heighten the risk of financial market stress, citing unusual movements in bond and currency markets as potential warning signs. Georgieva concluded that disruptions in trade, akin to water diverted by obstacles, incur significant costs for all involved.
Published: Apr 17 2025, 9 pmeznews.inIndia's major reservoirs are currently at 36.64% of their total capacity, with 70% of them below half full, according to the Central Water Commission (CWC). The total storage has decreased to 66.823 billion cubic metres, although this is still higher than last year and the ten-year average. The India Meteorological Department reported that over half of the country's 715 districts experienced deficient rainfall from March 1 to April 17, contributing to the decline. In the northern region, reservoir levels improved slightly due to a western disturbance, with storage rising to 23.41% in 11 reservoirs. However, the eastern region saw a drop to 32.95%, while the western region's reservoirs are at 42.07%. The central region's storage fell to 42.77%, and the southern region is at 33.76%, with Tamil Nadu being the exception at 66%.
Published: Apr 17 2025, 8 pmeznews.inIndia's wheat procurement has surged by 92.3% to 83.58 lakh tonnes (lt) as of April 16, compared to 43.46 lt last year, following an early start on April 1. The government aims to exceed procurement levels from the past four years, driven by concerns over self-sufficiency after a poor yield in 2021-22. Madhya Pradesh leads with 40.08 lt procured, bolstered by a state bonus of Rs 175 per quintal. Rajasthan and Uttar Pradesh also reported significant increases, while Punjab's procurement rose to 5.29 lt from 74,144 tonnes last year. The Centre has set a target of 312.7 lt for this year, with expectations of surpassing it due to favorable yield reports. However, farmer leaders have raised concerns over distress sales and restrictions on wheat movement. The Agriculture Ministry anticipates wheat production will exceed 115 million tonnes in the 2024-25 crop year.
Published: Apr 17 2025, 8 pm
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