BOMBAY HIGH COURT 

ICICI Bank-Videocon loan fraud: Bombay High Court grants bail to Chanda, Deepak Kochhar (JAN 9, 2022)

The Bombay High Court has ordered the release of former ICICI Bank MD and CEO Chanda Kochhar and husband-businessman Deepak Kochhar, who were placed under judicial custody after CBI arrested them in connection with the Videocon loan fraud case. The bench held that the arrest was not in accordance with law. The release, moreover, is subject to furnishing of a provisional cash bail of Rs 1 lakh each.

A division bench of Justices Revati Mohite Dere and PK Chavan said that the arrests were made in violation of Section 14A of the Code of Criminal Procedure (CrPC) that states that a notice must be sent before the appearance of the concerned police officer.

DETAILS : ICICI Bank-Videocon loan fraud: Bombay High Court grants bail to Chanda, Deepak Kochhar - BusinessToday

GST

5% GST for Covid vax at hospitals, rules AAAR (JAN 9, 2022)

Krishna Institute of Medical Sciences, a multi-specialty hospital chain, has not succeeded in its appeal that administration of Covid vaccine by hospitals would qualify as a ‘healthcare service’ and be exempt from GST. 

The GST Authority for Advance Rulings (AAR), in March 2022 had held that administration of the Covid vaccine by hospitals is a ‘composite supply’, where principal supply is the sale of vaccine and auxiliary supply is the service of administering the vaccine. Thus, the total transaction would be taxable at the rate applicable to the principal supply, which is 5%.

NEWS REPORT : 5% GST for Covid vax at hospitals, rules AAAR (msn.com)

FINANCE NEWS 

US stocks outperform Indian equities by nearly 310 basis points CAGR over the last 10 years (JAN 9, 2022)

The decade of 2013-22 belonged to US equities (S&P500) followed by Indian equities (Nifty50) and Developed Markets (MSCI DM). US equities (S&P500) have given staggering returns of 15% CAGR for a period of the last 10 years, which is much higher when compared with the Nifty 50 and MSCI DM of 11.9% and 11.4%, respectively. 

These findings are from the report titled, The Alpha Strategist by Motilal Oswal Private Wealth.

DETAILS : US stocks outperform Indian equities by nearly 310 basis points CAGR over the last 10 years (msn.com)

NEWS AT GLANCE 

  • 14th Aero India to be held from 13th to 17th February in Bengaluru.  
  • First meeting of working group on G20 Financial Inclusion Indicators begins in Kolkata.

WORD OF THE DAY 

Basis points (BPS) are used to show the change in the value or rate of a financial instrument, such as 1% change equals a change of 100 basis points and 0.01% change equals one basis point. 

MARKET TODAY (as on 9.01.2023)

BSE SENSEX           60,747.31 INR▲ +846.94 (+1.41%)      

NIFTY 50                  18,101.20 INR▲ +241.75 (+1.35%)

1 US Dollar = 82.29 Indian Rupee (Last updated · 9 January at 2:31 pm UTC)

 

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