Thursday Morning News Brief, June 15

Thursday morning brief Jun 15 2017
Good morning!
Here’s everything you need to know to start your day…
The opposition kept the Aam Admi Party out of its grouping on Presidential election. While the proposal to include AAP in the discussions was moved by the CPM and the Trinamool Congress, the Congress and the NCP struck down it saying that AAP members had been disrespectful of opposition leaders.
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Ahead of GST, companies are showering discounts to offload stocks. Playing on the GST ‘fear’, a bank urged its customers to buy cars as GST may push up prices. Companies are also expecting supply disruptions towards the end of the month due the switchover. “Due to this, we are seeing large scale clearance sale happening for automobiles, apparels and other white goods companies,” said Rituparno Mukhopadhyay, executive director at consulting firm Pricewaterhouse Coopers.

The Centre increased the quantum of its ongoing scheme of cheaper loans for farmers from Rs 15,000 crore to Rs 20,339 crore. The measure, which comes after the farmers’ protests in Mandsaur and Maharashtra, is intended to help farmers withstand the pressure of distress sale of produce by accessing concessional lending where they get short-term loans up to Rs 3 lakh at an interest rate of 4% if they return the amount on time within a year.

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A survey revealed that about 44 per cent of India’s aged receive rude treatment in public. According to a countrywide survey released on the eve of World Elder Abuse Awareness Day, about 70 per cent of elders in Bengaluru said they had experienced abuse and mistreatment in public spaces. Delhi emerged as a comparatively caring society, with only 23% elders facing any abuse in public.

From June 1, individuals who pay a rent of over Rs 50,000 per month will be required to deduct tax at source at 5%. Rents in metros are sky-high and it’s likely that many tenants will have to meet with the obligations of withholding tax, depositing it with the government and also filing the relevant documentation.

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