WARANGAL MONDAY AUGUST 31, 2020 `7.00 PAGES 28 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 TS rises to 9th spot in Covid testing, positivity rate still remains high State conducts 637 tests on an average per day per million, above national average of 545 V N I L E S H @ Hyderabad FROM being infamous for its abysmally low Covid-19 testing, Telangana has now climbed the ladder and occupies the ninth position among all States in the country when it comes to the average number of tests conducted per day for every million people. According to the information shared by the Union Ministry of Health and Family Welfare (MoHFW) on Sunday the State , conducts 637 tests on an average per day per million population (pdpmp). This is above the MASKED SECURITY Shia Muslims participate in a big procession to mark Muharram, in Hyderabad on Sunday | S SENBAGAPANDIYAN | P3 Alarm bells as bad loan load bleeds mega China banks EXPRESS NEWS SERVICE 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 s l o w d o w n ’s i m p a c t o n 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 Re g u l at o r C o m m i s s i o n , 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 B a n k C o r p, B a n k o f 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 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 re por t by Brickwork EXPRESS NEWS SERVICE @ New Delhi 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 to 70% of NPAs and a similar 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 CONTINUED ON P4 HIGHEST-EVER TESTS CONDUCTED ACROSS INDIA IN A DAY 10.5 lakh + COVID tests in the last 24 hours, which is a record 4.14 crore tests in all so far across country 30,044 tests per million population each day in India now 7,65,302 Active cases at present, which is 21.60% of all cases 27,13,933 Discharged so far, which works up to 76.61% of all cases 63,498 Deaths in all, 948 of them in the last 24 hours (1.79%) Ratings. Fiscal deficit is the dif ference between the government’s total income and total expenditure. The government is facing a double whammy. On the one hand, the lockdown imposed to arrest the spread of Covid-19 has 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 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. Pandemic pushes Census, NPR exercises out of 2020 E X P R E S S N E W S S E R V I C E @ New Delhi THE continued spread of Covid-19 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 NPR exercises won’t begin in 2020, the officer indicated. The house-listing phase of the Census and NPR updation were earlier slated to be held between April 1 and September 30. “ the exercise As needs the involvement of lakhs of officials and visit to each family, the health risk involved cannot be undermined,” the official said. Now sanitize your hands with the goodness of Neem, Tulsi and Aloe Vera Introducing Vicco Hand Sanitizer Gel EXPRESS READ amount to grow loans 8-10% annually, faster than the 4% seen in FY20, according to Moody’s. H o w e v e r, uncertainty surrounding growth recovery and the ongoing clean-up of balance s h e e t s we re m a k i n g i t 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 N PA s . R B I G o v e r n o r Shaktikanta Das has asked banks to step up capital raising. Decision to unlock Hyd Metro today TS Central jails 99% full Hyderabad: Chief Minister KCR is expected to take a decision on Monday, as to how and when the Metro rail services should resume in Hyderabad. The Unlock-4 guidelines, released on August 29, state that the Metro services can be resumed in phases. But the authorities are awaiting a nod from KCR. | P3 Hyderabad: Three Central prisons in TS have close to 99.86 per cent occupancy, an increase of 22.92 per cent from the previous year, according to statistics. Although it is much below the national average of 123 per cent, it points at the need for decongesting the prisons amidst the pandemic. | P4 WITH THIS ISSUE THE ESSENTIAL CAMPUS DIGEST YOUR LIFE COACH University (PJTSAU) and the World Economic Forum (WEF), has been working to explore the various use cases of datadriven agriculture in Telangana. Though it had announced the program as Artificial Intelligence for Agricultural Innovation (AI4AI), the features go beyond the ambit of AI, and includes components such as remote-sensing satellites, robotics and Internet of Things (IoT), among others. According to experts, data-driven agriculture would help far mers monitor their land and crops — the first key component of the project. “Farmers can monitor the soil, weather, input demand, seed demand and so on — the entire value chain of agriculture — through Trusted ayurvedic formula Natural fragrance 28 PAGES, INCLUDING 16 OF edex (TABLOID) Moisturises skin Robots to help TS farmers improve yield IF all goes well, you may soon find robots watering agricultural fields in Telangana. Though in its initial stages, this is one of the aspects of the State gover nment’s proposed plan to include emerging technologies in farming and allied activities. The government, in collaboration with the Professor Jayashankar Telangana State Ag ricultural has reached 35,673 per million. However, this number is still less as compared to some other States, including AP, which conducts over 70,000 tests per million. H o w e v e r, e x p e r t s pointed out that just increasing testing is not enough. Former Union Health Secretary K Sujatha Rao said while the rise in testing is good, the positivity rate also needs to go down and be below five per cent. Unfortunately Telangana , is not doing well on this front. Fiscal deficit forecast @ 7% shows economic sinkhole deepening HI-TECH UPGRADE A I H I K S U R @ Hyderabad national average of 545 tests pdpmp. But it is still a long way from the top. Neighbouring Andhra Pradesh, which stands second in the country in terms of Covid-19 testing, conducts 1,391 tests pdpmp on an average. Goa is at the top with 1,584. Telangana has been gradually ramping up the daily testing numbers over the past few weeks, especially since it started to conduct Rapid Antigen Tests on a large scale. From just about 2,637 tests per million in the first week of July it , big data,” V Praveen Rao, Vice-Chancellor of PJATSU, said. They can also collect the data and use it for future planning, which is the second part of this hi-tech plan. “Farmers can analyse the data and find out what is good for the farm. For instance, if they put a sensor in the field, they will get inputs which may help reduce costs and improve quality,” Praveen Rao said. CONTINUED ON P4
Express Network Private Limited publishes thirty three E-paper editions of The New Indian Express newspaper , thirty two E-paper editions of Dinamani, one E-paper edition of The Morning Standard, one E-paper edition of Malayalam Vaarika magazine and one E-paper edition of the Indulge - The Morning Standard, Kolkatta.