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All the finance news you need to know today: FM brings relief to migrants

Finance Minister, Nirmala Sitharaman today announced the second tranche of the Rs 20 lakh crores economic stimulus and it didn’t disappoint. It included many relieving announcements for migrants and the poor along with the farming and fisheries sectors. Among other big news the Enforcement Directorate has arrested the Wadhawan brothers in the Yes Bank fraud case.

But how did the markets fair today? And what were the other big developments. Take a look...

Big announcements

Migrants to get free food grains for 2 months, affordable rental housing scheme

Finance Minister Nirmala Sitharaman announced measures to provide relief to migrant workers and small farmers. The FM said National Portability Cards (One Nation One Ration Card) will be launched. These can be used in any ration shop in any part of the country as migrants move from state to state. Besides, the FM said the government will give 5 kg/person of wheat or rice and 1 kg/family of channa for non-PDS card holders for two months which is going to cost the national exchequer Rs 3,500 crore. Read more

Quick highlights of the second tranche of economic stimulus

Finance Minister, Nirmala Sitharaman today announced the second tranche of the Rs 20 lakh crores economic stimulus. Here are some of the quick highlights from the same. Read more

ED arrests Wadhawan brothers in Yes Bank case

The Enforcement Directorate (ED) on Thursday arrested DHFL promoters Kapil and Dheeraj Wadhawan in connection with its money laundering probe against Yes Bank co-founder Rana Kapoor and others, officials said. The brothers were remanded to 10-day ED custody by a special court in Mumbai, they said. Read more

Nirav Modi told me he would get me killed, UK court hears from ‘dummy director’

Threats of being implicated for theft and even being killed are among the allegations caught on camera in a video recorded by so-called “dummy directors” associated with companies linked to Nirav Modi, which was submitted by the CBI to the UK court hearing the extradition case against the diamond merchant charged with fraud and money laundering. Read more

‘Constantly ignored’ Vijay Mallya asks govt to accept loan repayment offer, close case against him

Embattled liquor baron Vijay Mallya, who is fighting against his extradition to India, on Thursday asked the government to accept his offer to repay 100 per cent of his loan dues and close case against him. While congratulating the Indian government over the Rs 20 lakh crore economic package, Mallya lamented that his repeated offers to repay his dues have been ignored. Read more

UP Govt to charge Rs 10,000 for one way cab from Delhi Airport to Noida, Ghaziabad

If you happen to be looking for a cab ride from the Indira Gandhi International Airport (IGIA) to destinations like Noida, Ghaziabad or even perhaps to a destination within a 250 km radius to the Delhi Airport, then get ready to pay an exorbitantly high amount of price for it. The Uttar Pradesh State Road Transport Corporation (UPSRTC) will be facilitating these services for as much as Rs 10,000. Read more

Markets

4 reasons why markets were disappointed despite ;Aatma Nirbhar’ package

Details of the package dubbed "Aatma Nirbhar Bharat" were announced by Finance Minister Nirmala Sitharaman after market hours on Wednesday. Sitharaman said that the aim of the COVID-19 relief it to make India self-reliant but does not mean that the country will become an isolationist country. The intent is to build local brands and take them to the world, she explained. Read more

Personal finance

EPF rate deduction will increase take-home pay but will have Income Tax implications

On 13 May, to provide more money in the hands of employees and lower the burden on employers, Finance Minister Nirmala Sitharaman announced the relaxation of statutory PF contribution rules. To provide Rs 6,750 crore liquidity support, statutory PF contribution of the employees as well as employers will be reduced to 10% from 12% for all establishments covered by EPFO for the months of the next 3 months. Read more

Indian Railways cancels all trains, except specials till June 30

On Thursday, PTI reported that Indian Railways will cancel tickets on all trains booked for travel till 30 June except Special trains and Shramik trains. It also said that fares paid on these cancelled tickets will be refunded to passengers. Read more

Protective glass shield installed in middle seat could be the future of air travel post lockdown

With aviation set to resume in several countries around the world, the future air travel under such vulnerable conditions are still unpredictable. Authorities are currently pondering over methods by which all individuals can be socially distant. In the same note, French aeronautical engineer Florian Barjot's has come up with his vision called PlanBay. Read more

Why this Mutual Fund scheme has done better than others?

It's not the best time for mutual fund managers. In fact, the last couple of months may have been sleepless and a nightmare for most. There is one largecap equity mutual fund scheme that has performed much better than almost all of the other large cap equity schemes and is relatively better-off in its category than most. Axis Bluechip Fund - Growth really stands out, when compared to most others. Read more

Autos

2020 Porsche 911 Turbo S Launched in India at Rs 3.08 Crore, Produces 650 HP Power

The COVID-19 crisis has greatly affected the Indian auto industry. Manufacturers have been forced to postpone their launches by several months as several parts of the nation continue to be in lockdown. However, amidst the same, Porsche has now opened bookings for the all-new 911 Turbo S. Read more

Tata Motors Resumes Plant Operations As Government Eases Nationwide Lockdown

Tata Motors had already restarted its manufacturing operations for both Commercial and Passenger Vehicles from its plants located at Pantnagar (Uttarakhand) and Sanand (Gujarat) a week back. Read more

Tech

Temperature checks, masks the new normal for air travel, says Dubai airport CEO

Temperature screening and face masks will become common sights at airports to mitigate the spread of the new coronavirus but physical distancing could make flying more expensive, the head of Dubai airport said.  Around the world, governments, airports and airlines are considering temporary safety measures to restart air travel, including mandatory temperature checks, wearing face masks and keeping passengers apart.

Read more

Aarogya Setu app and e-pass could become key for interstate travel and movement in India

The Aarogya Setu app could become the key facilitator for travel in India, as the Government of India is working on whether the app can be used to facilitate interstate travel. This comes just after the Indian Railways made it mandatory for all passengers on trains to have the government’s Aarogya Setu app installed on their phones. Government sources tell News18 that for interstate travel and movement, the A arogya Setu app could be used for self-certification , following which the e-pass will be confirmed. Read more

World

Hit by coronavirus and Trump, Iran's oil exports dwindle to record low

 Iran's oil exports have sunk to a record low as the coronavirus crisis compounds the impact of U.S. sanctions already limiting shipments, underlining the diminishing oil clout of what was OPEC's second-largest producer. Exports averaged 70,000 barrels per day in April, down from 287,000 bpd in March according to Kpler, which tracks the flows. The difficulty assessing volumes means the total may be revised higher and Kpler told Reuters that could possibly be to as much as around 200,000 bpd, but even then it would still be lowest in decades, it added. Read more

UN estimates world economy to shrink at the fastest rate in 90 years

In its mid-year report released on Wednesday, the United Nations estimates the COVID-19 pandemic to shrink the world economy by 3.2 percent this year, the sharpest contraction seen since the Great Depression in the 1930s. It has forecasted the global economic output to fall by nearly $8.5 trillion over the next two years, wiping out nearly all gains of the last four years. Read more