Adani Acquires Trainman: IRCTC, Hold onto Your Tickets!

Sunday, June 18^th 2023

Good Morning ☕

Well, it seems like Adani is ready to blow its own horn in the online train ticket booking scene! The "Adani Express" is set to pull into the same station as IRCTC. With the acquisition of Trainman, it looks like they're ready to conduct some serious business. All aboard the competition train - next stop, market rivalry! Will Adani stay on track or will it be a derailment? Only time will tell!

1. RBI Clarifies Reports of Missing ₹500 Notes Worth ₹88,032.5

The Reserve Bank of India (RBI) has rejected reports of missing ₹500 notes, stating that they are based on an erroneous interpretation of information collected under the Right to Information Act. The RBI clarified that all banknotes supplied from printing presses to the RBI are properly accounted for. The discrepancy arose from an activist's RTI request, which claimed that ₹88,032.5 crore worth of ₹500 banknotes were missing.

2. Adani Enterprises to take on IRCTC soon. Inks deal to acquire this company

Adani Enterprises is set to challenge the Indian Railway Catering and Tourism Corporation (IRCTC) in the online train ticket booking business. Adani Digital Labs, a subsidiary of Adani Enterprises, has agreed to acquire Trainman, an online train booking and information platform. The move is expected to end IRCTC's monopoly in selling Indian Railway tickets online. The acquisition will enable Adani to enter the online train ticket booking business and compete with IRCTC.

3. PNB Housing Finance to consider raising funds of ₹5,000 cr on June

PNB Housing Finance is planning to raise Rs 5,000 crore in capital via non-convertible debentures (NCDs) on a private placement basis. The board of the company is scheduled to meet on June 22, 2023, to consider the proposal. PNB Housing Finance is a deposit-accepting housing finance company, with the second-largest deposits outstanding within housing finance companies. The company is promoted by Punjab National Bank (PNB) and is seeking shareholders' approval to raise Rs 12,000 crore in debt capital. In March 2022, the company's board approved raising up to Rs 2,500 crore in equity by issuing shares through a rights issue.

4. HDFC twins merger: RBI clarifies on HDFC Bank's commercial liabilities

The Reserve Bank of India (RBI) has clarified the terms of the HDFC-HDFC Bank merger. The RBI has stated that HDFC Bank should continue to comply with existing criteria for the cash reserve ratio (CRR), statutory liquidity ratio (SLR), and liquidity coverage ratio on the entire merged balance sheet. The merged entity will be seeking clarity on whether HDFC's borrowings, including those from banks, will be allowed to continue till maturity. The merger is set to conclude by July 2023.

5. Use technology to strengthen GST registration: FM to officials

Finance Minister Nirmala Sitharaman has asked tax officers to use technology to strengthen the GST registration process and prevent fake entities from entering the GST ecosystem. During a review meeting on fake registration and billing, tax officers informed the minister that they had identified 11,140 fake GST registrations and initiated action against fraudsters. Sitharaman called for a nationwide campaign to explain the objectives of the special drive to weed out fake entities. The review meeting was also attended by Revenue Secretary Sanjay Malhotra and CBIC Chairman Vivek Johri.

6. Kedarnath temple priest alleges ₹125 crore scam in gold layering work

A senior priest of the Kedarnath temple has accused the Badrinath Kedarnath Temple Committee (BKTC) of misappropriation in gold layering works, alleging a potential scam amounting to Rs 125 crore. The priest claimed that the gold layering work was done on iron sheets instead of copper sheets. The temple management has dismissed the allegations and has stated that legal action will be taken against those who spread fake news. The BKTC has also clarified that the gold layering work was done on copper sheets and not on iron sheets.

7. Windfall tax on petroleum crude, ATF, diesel retained at zero

India has retained the windfall tax on petrol, diesel, and aviation turbine fuel at zero, according to a government announcement. The windfall tax on petroleum crude has been cut to INR 4,100 ($53) from INR 6,000 ($78) per metric tonne. Meanwhile, the European Union has approved a law to effectively ban the sale of new petrol and diesel cars from 2035, aiming to speed up the switch to electric vehicles and combat climate change. This follows California's announcement last year that all new cars and passenger trucks sold in the state must be zero-emission vehicles by 2035.

8. Sikkim flood havoc: More than 2,000 tourists stranded

Over 2,000 domestic and foreign tourists were stranded in North Sikkim due to a landslide following a flash flood since Thursday. The road was washed away by the strong current of the flood, leaving the tourists stranded. People are being evacuated by making a temporary bridge overnight in the midst of rain. The landslides blocked roads and highways, causing the tourists to be stranded in different parts of the state.

9. Defence minister to meet Vietnamese counterpart to boost bilateral ties

Indian Defense Minister Rajnath Singh met with his Vietnamese counterpart, General Phan Van Giang, in Hanoi to discuss bilateral ties between the two countries. The two ministers agreed to strengthen cooperation in the fields of defense, security, and foreign affairs. This meeting comes after a series of similar meetings between Vietnamese and foreign officials, including a meeting between Vietnamese Foreign Minister Bui Thanh Son and his Lao counterpart, where they agreed to strengthen cooperation in politics, national defense, and security.

10. VP Dhankhar urges public representatives to lead water conservation efforts

Vice-President Jagdeep Dhankhar urged all citizens to make water conservation an integral aspect of their daily lives. Dhankhar conferred the fourth National Water Awards in New Delhi on June 1. The city of Houston has urged residents to reduce water usage due to a potential shortage caused by population growth. The Biden-Harris Administration announced new investments for water-saving projects and other conservation efforts in the Colorado River Basin. Phoenix has initiated several programs to enhance its water conservation public awareness program and improve groundwater capacity.

11. Jaishankar lauds PM as WHO builds the global centre of traditional medicine in Gujarat

The World Health Organization (WHO) has established the Global Centre for Traditional Medicine in Jamnagar, Gujarat, India, to promote traditional medicines as a system of treatment for various ailments. The foundation stone for the centre was laid down by Prime Minister of India, Narendra Modi, in the presence of Prime Minister of Mauritius, Pravind Kumar Jugnauth, and Director-General of WHO, Tedros Adhanom Ghebreyesus, on April 20, 2022. The centre is considered important as traditional medicine is the first line of treatment in many countries. The Government of India has committed $250 million to support the establishment of the centre and its related infrastructure and operational expenditure.

12. Bharati Airtel may raise up to $1 billion in offshore bonds

Bharti Airtel is reportedly considering issuing offshore bonds to raise up to $1 billion, or around Rs 8,200 crore, to refinance high-cost debt and cover its capital expenditure requirements for 5G infrastructure. The move comes after Bharti Airtel raised $1.25 billion through overseas bonds in February 2021.

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