TIRUPATI l MONDAY l AUGUST 31, 2020 l `7.00 l PAGES 28 l LATE CITY EDITION REFUND UPI CHARGES TAKEN SINCE JAN 1: CBDT TO BANKS ` I-T dept on Sunday asked banks to refund charges collected on transactions carried out through RuPay cards or BHIM-UPI PRESCRIBED ELECTRONIC MODES VIOLATORS TO BE PENALISED According to Section 269SU in the Finance Act 2019, businesses having sales/turnover/gross receipts of more than `50 crore must provide facilities for accepting payments through prescribed electronic modes. In December 2019, debit cards powered by RuPay, BHIM-UPI and UPI QR Code were notified as prescribed electronic modes ■ ■ The CBDT said it has received representations that some banks are collecting charges on transactions carried out through UPI It asked banks not to levy such charges in future, warning that such violations are a breach of Section 10A of the Payment and Settlement Systems Act and Sec 269SU of the Income Tax Act 1.5 billion NUMBER OF TRANSACTIONS CLOCKED BY UPI-BASED PAYMENT SYSTEM IN JULY CHENNAI ■ MADURAI ■ VIJAYAWADA ■ BENGALURU ■ KOCHI ■ HYDERABAD ■ VISAKHAPATNAM ■ COIMBATORE ■ KOZHIKODE ■ THIRUVANANTHAPURAM ■ BELAGAVI ■ BHUBANESWAR ■ SHIVAMOGGA ■ MANGALURU ■ TIRUPATI ■ TIRUCHY ■ TIRUNELVELI ■ SAMBALPUR ■ HUBBALLI ■ DHARMAPURI ■ KOTTAYAM ■ KANNUR ■ VILLUPURAM ■ KOLLAM ■ WARANGAL ■ TADEPALLIGUDEM ■ NAGAPATTINAM ■ THRISSUR ■ KALABURAGI TRACKING STATE’S COVID DATA DISTRICT New cases Total cases AP VIRAL WATCH New deaths 88 10,603 9,067 Total deaths Anantapur Chittoor 695 948 40155 35713 7 12 323 406 East Godavari Guntur Kadapa Krishna Kurnool Nellore Prakasam Srikakulam Visakhapatnam Vizianagaram West Godavari Other States Other countries 1090 593 952 383 811 1028 881 819 866 558 979 0 0 58020 35263 25699 16125 44059 29594 22306 23055 36060 19859 35964 2,461 434 6 4 9 5 5 14 4 6 4 5 7 0 0 384 369 212 276 372 282 275 239 283 163 300 0 0 new deaths 63,077 NEW SAMPLES TESTED 99,129 68,660 active cases new recoveries new cases tests per million 11.59% positivity rate 4,24,767 3,884 total cases total deaths 3,21,754 36,66,422 total recoveries total samples tested Alarm bells as bad loan load bleeds mega China banks State has most cases per mn, Naidu points out in letter to CS TDP supremo N Chandrababu Naidu on Sunday urged Chief Secretary Nilam Sawhney to focus on the livelihoods and health of vulnerable people. He pointed out that Andhra Pradesh has even surpassed countries such as Bangladesh, Spain, the UK and Argentina in the rate of increase in cases, and with 7,729 Covid-19 cases per one million population, the state occupies the top spot in the country EXPRESS NEWS SERVICE A health worker sits in a bus and collects samples to get them tested for coronavirus, in Vijayawada on Sunday | PRASANT MADUGULA Over 10K new cases in AP for 5th day in a row Tally crosses 4.24 lakh as state overtakes TN to become second-most affected in India; 88 new deaths reported E X P R E S S N E W S S E R V I C E @ Vijayawada FOR the fifth consecutive day, Andhra Pradesh on Sunday witnessed its Covid-19 tally increase by more than 10,000. With this, the total number of cases recorded in the state crossed 4.24 lakh — the second highest in the country only , behind Maharashtra (7.64 lakh). Tamil Nadu stands third with 4.15 lakh cases. With 88 deaths, 10,603 new cases reported and 9,067 patients recovering in Andhra Pradesh in the 24 hours ending 9 am Sunday, the number of known active cases in the state continued to rise but stopped shy of the one lakh mark. According to a media bulletin released by the State Command Control Room, more than 63,000 samples were tested in the same period. East Godavari and Nellore districts each recorded more than 1,000 cases, while West Godavari HIGHESTEVER TESTS IN A DAY 10.5 lakh + COVID tests conducted across India in the last 24 hours, which is a record and Chittoor districts recorded more than 900 cases each. In terms of new cases, East Godavari topped the state with 1,090 people testing positive, while on Toll crosses 400 mark in Chittoor district With 12 coronavirus-related deaths recorded between Saturday and Sunday, Chittoor district’s Covid-19 toll rose to 406 - the highest in the state. East Godavari district ranks second, with 384 deaths, followed by Kurnool district with 372 fatalities the other hand, Krishna district reported the fewest new cases (383). Anantapur district recorded 695 new cases, taking its cumulative tally past the 40,000 mark. 4.14 crore tests in all so far across India West Godavari and Chittoor districts, meanwhile, breached the 35,000 mark, while Kadapa district reported 952 new cases, taking its tally past 25,000. Vizianagaram district is inching towards the 20,000 mark, while Nellore district is all set to breach the 30,000 mark. With 12 coronavirus-related deaths recorded between Saturday and Sunday, Chittoor district’s Covid-19 toll rose to 406 - the highest in the state. East Godavari district ranks second, with 384 deaths, followed by Kurnool district with 372 fatalities. Six of the 13 districts of Andhra Pradesh have witnessed at least 300 Covid-19 deaths each. Meanwhile, with more than 9,000 patients recovering from the disease, the total number of recoveries in the state stands at 3,21,754, while the number of active cases is 99,129. A total of 3,884 people have lost their lives to the virus in Andhra Pradesh. AP VERSUS OTHER STATES State Tests Cases Tests per mn Positivity rate (%) Andhra Pradesh 36,66,422 4,24,767 68,660 11.59 Tamil Nadu 46,54,797 4,15,590 60,452 8.93 Kerala 16,43,633 71,701 45,656 4.36 Karnataka 27,85,718 3,27,076 41,578 11.74 Gujarat 21,95,985 93,883 33,784 4.28 Telangana 12,66,643 1,20,166 32,230 9.49 Maharashtra 40,17,175 7,64,281 32,163 19.03 Rajasthan 22,74,901 78,777 29,491 3.46 Madhya Pradesh 13,24,851 60,875 15,772 4.59 INDIA 4,14,61,636 35,39,712 29,893 8.54 7,65,302 Active cases at present, which is 21.60% of all cases 30,044 tests per million 27,13,933 Discharged so far, which works up to 76.61% of all cases population each day in India now 63,498 Deaths in all, 948 of them in the last 24 hours (1.79%) US Open began with a virus scare after French tennis player Benoit Paire tested positive on Sunday. This will be the second Grand Slam of the year after Wimbledon and French Open were cancelled due to pandemic I P11 No income, but they have to raise grandkids EXPRESS NEWS SERVICE @ New Delhi R A M E S H B A B U G @ Srikakulam CONTINUED ON P5 WITH THIS ISSUE THE ESSENTIAL CAMPUS DIGEST YOUR LIFE COACH 28 PAGES, INCLUDING 16 OF edex (TABLOID) to 70% of NPAs and a similar amount to grow loans 8-10% annually, faster than the 4% seen in FY20, according to Moody’s. However, uncertainty surrounding growth recovery and the ongoing clean-up of balance sheets were making it difficult for banks to raise equity from markets. Retail, and MSME loans will likely lead the bad loan rise, delaying the ongoing clean-up of legacy corporate NPAs. RBI Governor Shaktikanta Das has asked banks to step up capital raising. New fiscal deficit forecast @ 7% shows economic sinkhole is getting deeper MERCILESS VIRUS WHILE the lockdown deprived them of their livelihood, an elderly couple from Tekkali town Kotapalli Gavarayya and Rajulamma — also had to deal with the death of their daughter, and take on the responsibility of bringing up their two grandchildren. The children lost their parents within the span of a year. The couple lives on Chinna Rajaka Street, and Gavarayya used to eke out a living by washing clothes of people in the neighbourhood. After their sonin-law Surendra died about a year ago, their daughter Chamanti returned home with her children. She used to work as a helper at a local kirana store, but even the combined income was hardly enough to make ends meet. Her children — Topala Tirupati Rao and Chandra Sekhar — both below the age of 15 years, dropped out of school. IF what’s happening with China’s banks envelops into an Asian trend, then India has much to worry . On Sunday, Chinese lenders disclosed two unsettling developments. One, China’s five largest state-run banks turned in their biggest profit falls in at least a decade, alongside an increase in NPAs during Q2. Two, four of them parked significant sums towards provisions against bad loans to brace for future losses, courtesy coronavirus and the risk of uncertainty that’s likely to be transmitted to the banking system. This is a notable departure from Q1, when Chinese banks bucked the global trend punching in enviable profits and steady bad loans. It also gives us a glimpse into the pandemic and the economic slowdown’s impact on financial institutions. NPAs shot up at the big five Chinese banks — four of which figure among the world’s top ten — during Q2, compelling them to increase their provisioning. According to data from the China Banking and Insurance Regulator Commission, overall net profit of China’s commercial banks plunged 9.4% during the first six months of 2020. These include the Agricultural Bank of China, China Construction Bank Corp, Bank of Communications Co, Bank of China and Industrial and Commercial Bank of China. Back home, Indian banks seem to have all the trappings of looming trouble. RBI has already bugled a warning that NPAs may shoot up to 14.5% in FY21 from 8.5% in FY20. The actual rot may manifest much later thanks to the loan restructuring scheme for borrowers to tide over the current crisis. Initial estimates say India’s state-run banks may need `2 lakh crore over the next two years. Of this, `1 lakh crore is to build loan-loss provisions MASKED SECURITY Shia Muslims participate in a big procession to mark Muharram, in Hyderabad on Sunday | S SENBAGAPANDIYAN GIVEN the bleak revenue collection scenario amid Covid-19 induced economic disruption and higher expenses to boot, the Central government’s fiscal deficit is set to widen to 7% in the current financial year, says a new report. This is double the government’s target for FY21. The situation could be exacerbated by the fact that states have been allowed to borrow more to make up for the shortfall in GST revenue. The consolidated fiscal deficit of the Centre and states “could reach 12% of the GDP”, warns the report by Brickwork Ratings. Fiscal deficit is the difference between the gover n- ment’s total income and total expenditure. The government is facing a double whammy. On the one hand, the nationwide lockdown imposed to arrest the spread of the coronavirus has badly hit revenue collection. On the other, expenditure shot up, taking deficit to record levels of over `6.62 lakh crore in the April-June quarter, which was 83.2% of the target for the whole financial year. Fiscal deficit had already WHAT THE REPORT SAYS lGovt may face fund shortage to fulfil the budgeted expenditure lThis could cause a huge cut in capital expenditure as well as centrally sponsored schemes reached a seven-year high at 4.6% of the GDP in 2019-20. Going forward, the numbers don’t look promising, as GST shortfall is expected at `3 lakh crore while borrowing could be higher than expected. “Our baseline estimate is that the fiscal deficit will surge to `13 lakh crore in FY2021 from the budgeted level of `8 lakh crore,” says Aditi Nayar, principal economist at ICRA. The latest report by the International Monetary Fund pegs India’s fiscal deficit at 7.4% of the GDP in 2020. Earlier this month, India Ratings had forecast the fiscal deficit of the Centre and state governments will be 12.1%. Emkay Global Financial Services pegs fiscal deficit to rise to over 6.8% of the GDP . EYEING NEW MARKETS EXPRESS READ PM puts spotlight on makers of Etikoppaka toys India, Russia joint winners of Online Chess Olympiad G JANARDHANA RAO @ Visakhapatnam PRIME Minister Narendra Modi’s call for making India the world’s toy manufacturing hub as part of the ‘vocal for local’ slogan came as a big push for the manufacturers of Etikoppaka toys, who are now hoping to soon get the mandated certification to declare that the toys don’t contain toxic elements, so they can market the toys in the US and Europe. During his ‘Mann Ki Baat’ interaction, Modi on Sunday referred to Etikoppaka toys, which are made by artisans of Etikoppala on the banks of the Varaha river in Visakhapatnam district. The toys got GI tagging in 2017, helping them get promoted abroad. To get marketed there as well, samples of the toys had been sent to the ministry concerned for certification. Etikoppaka has been famous Etikoppaka toys maker CV Raju from Visakhapatnam district | EXPRESS across the workd for its lacquer toys, which have a long chequered history and were patronised by several rulers. CV Raju, whom the Prime Minister referred to in his address, is an agricultural graduate and member of Etikoppaka village who took up the dying art of making lacquer toys to preserve it for future generations. Due to his efforts, nearly 200 families now breathe life into the toys. CONTINUED ON P5 Chennai/Vijayawada: India and Russia were on Sunday declared joint winners of the 2020 Online Chess Olympiad after the final was marred by internet disconnection and server malfunction. Russia were initially declared winners after two Indian players -- Nihal Sarin and Divya Deshmukh -- lost out on time in the final after suffering a disconnection with the server. Koneru Humpy, the world rapid champion, was beaten by Alexandra Goryachkina. AP CM Jagan Mohan Reddy congratulated the Indian team Pandemic pushes Census, NPR exercises out of ’20 New Delhi: The continued spread of coronavirus is expected to delay the first phase of the Census and the exercise to update the National Population Register (NPR), both of which were scheduled for this year. Citing the worsening pandemic situation, officials said Census is not an essential exercise for now. “Even if it is delayed by a year, there would be no harm,” a senior government functionary said. While a final decision is yet to be taken, it is almost certain that both the Census and the NPR exercises won’t begin in 2020, the officer said
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