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Sunny Verma


Sunny Verma is an Assistant Editor with The Indian Express and writes on economy and finance.

PNB shares slump, government’s plan to pump in Rs 5,400 crore takes a hit
Sat, Feb 24, 2018

The state-owned lender has called for an Extraordinary General Meeting (EGM) of shareholders on March 16 to seek their approval for preferential allotment of shares to the government.

PNB clarifies: ‘Have pursued all legal avenues to recover dues’
Fri, Feb 23, 2018

Last Thursday, PNB top management said it will pursue recovery and has received some “vague offers” for repayment of money from jewellery designer Nirav Modi.

Is supervisory system adequate? Govt, RBI in talks after PNB fraud
Thu, Feb 22, 2018

Last week, the PNB said that a number of companies controlled by Nirav Modi and Mehul Choksi, in connivance with some bank officials, allegedly carried out fraudulent transactions worth Rs 11,400 crore.

Nirav Modi, Mehul Choksi PNB scandal: Glossed over, auditors flagged loan default, forex violations
Wed, Feb 21, 2018

PNB fraud: Nirav Modi case: Government probing whether ‘sundry debtors’ route was used to mask financial position of flagship firm Gitanjali Gems.

Since 2013-14, as profits slid, PNB kept getting support: Rs 500 crore to Rs 5500 crore
Fri, Feb 16, 2018

PNB fraud: Official figures show that PNB had reported a net profit of Rs 1,324 crore in 2016-17, compared with a loss of Rs 4,223 crore in 2015-16.

Recapitalisation of banks: Public sector banks planning to sell stake in subsidiaries
Mon, Feb 12, 2018

The government had asked the lenders to have board-approved policies on monetising their non-core assets, sale of vacant real estate and “exit from all strategic equity investment” in unrelated businesses.

Disinvestment roadmap: Centre plans to raise value of public assets, says DIPAM secy
Sat, Feb 10, 2018

the valuation of the assets held by the government in PSUs has increased from Rs 10 lakh crore to around Rs 13 lakh crore, of which, during 2017-18, nearly Rs 1 lakh crore has been divested.

Union Budget 2018: Why should we give concession to one class of people, asks Finance Secy Hasmukh Adhia
Sat, Feb 03, 2018

Hasmukh Adhia said, "In GST, we will have to bring an e-way bill as well as the matching of invoices, which is the final thing which will help us in GST."

We will not do populist giveaways as fiscal consolidation is a priority, says DEA Secretary Subhash Chandra Garg
Sat, Feb 03, 2018

DEA Secretary Subhash Chandra Garg said the average fiscal deficit between 2009 and 2014 was 5.5 per cent and the government has brought it down sharply to 3.5 per cent of GDP this year.

Union Budget 2018: Rural poor is focus, cost is breach of fiscal target 
Fri, Feb 02, 2018

In the 35 minutes of Finance Minister Arun Jaitley's 105-minute Union Budget speech, during which he unveiled his agriculture and health schemes, there were 38 references to the word ‘agri,’ 39 mentions of the word “farm,” 35 references to “rural.”

FY19 revenue loss estimated at 7K crore: Corporate tax on SMEs with up to 250 crore turnover cut to 25%
Fri, Feb 02, 2018

In a big boost to the small and medium enterprises, the finance minister Arun Jaitley announced a reduction in corporate tax rate from existing 30 per cent to 25 per cent, for companies with turnover of up to Rs 250 crore.

Union Budget 2018 — E-assessment: Transparency push for companies, individuals
Fri, Feb 02, 2018

The government said that by amending the Income-tax Act, a “team-based assessment with dynamic jurisdiction” will be rolled out across the country that will almost eliminate person-to-person contact.

Union Budget 2018, Macro: Despite farm push, govt spending slowest in three pre-poll years
Fri, Feb 02, 2018

Union Budget 2018: Growth rate of govt expenditure in 2018-19 is also lower than the 12.3% seen in spending in 2017-18 over the actual spending of preceding fiscal.

Centre to breach fiscal deficit target of Gross Domestic Product by 30 basis points
Thu, Feb 01, 2018

Finance Minister Arun Jaitley on Thursday pegged the Revised Estimate for fiscal deficit for 2017-18 at 3.5 per cent.

First 10 cases under IBC: Creditors recover 33.5 per cent of total dues from defaulting borrowers
Wed, Jan 31, 2018

Lowest recovery rate of 6 per cent witnessed in the case of Synergies Doorey Automotive.

Cut loans to firms, focus on retail: Govt to smaller banks
Sat, Jan 27, 2018

Boards must approve policies on monetising non-core assets

Disinvestment: Government may target Rs 1 lakh crore for next fiscal
Fri, Jan 26, 2018

The Centre has met its disinvestment target for the first time ever in 2017-18.

Rs 1,00,000 crore boost: Centre infuses cash, unveils reforms map for public banks
Thu, Jan 25, 2018

Banks have also been asked to ring fence the cash flow of corporate borrowers and to ensure that their earnings are not diverted for other purposes.

Budget 2018-19: To cut graft, govt plans to take tax assessment beyond state borders
Tue, Jan 23, 2018

A jurisdiction-free assessment implies that a taxpayer in Delhi, for instance, could be assessed by a tax officer randomly selected by the online system of the tax department and located in any other part of the country.

Budget 2018-19: FM Arun Jaitley may tweak tax slabs to encourage savings
Mon, Jan 22, 2018

The change in direct tax laws are expected to bring in much needed relief to the individual tax payers as the government goes for polls in 2019.

In jobs report, new findings and ways to interpret data
Mon, Jan 22, 2018

The study does not provide the full picture of the country’s jobs situation, as the big unorganised sector — which was impacted severely by demonetisation and the implementation of GST — remains uncaptured.

Budget 2018-19: Capital gains tax relief, plan to change holding period to two years
Fri, Jan 19, 2018

Short-term capital gains (STCG) from sale of shares within a year are currently taxed at 15 per cent while the long term capital gains (LTCG) from sale of shares after one year are tax free.

Sudden change in govt stance on borrowing sparks relief rally
Thu, Jan 18, 2018

On December 27, govt decided to make an additional borrowing of Rs 50,000 crore; it is now reduced to Rs 20,000 crore

Till FY18 October : Govt detects ‘restricted material’ worth ‘1,086 cr’
Tue, Jan 16, 2018

805.56 cr worth of smuggled material detected in FY17

Government turns down requests to lower GST rate on lottery businesss
Mon, Jan 15, 2018

Higher rate has adversely impacted the lottery business in many states.

Between 2014-15 and November 2017: Govt funding for various development schemes was Rs 68,270 crore
Sat, Jan 13, 2018

Uttar Pradesh, Tamil Nadu, Madhya Pradesh, Maharashtra and Gujarat are the biggest beneficiaries in terms of funds allocated for schemes such as Swachh Bharat Mission, Smart Cities Mission and PMAY (Urban)

Foreign banks make a beeline for India, lenders include China, Iran
Wed, Jan 10, 2018

The number of foreign bank branches in India fell to 288 in 2016-17 from 317 in 2015-16, according to RBI data.

GST: Action against 17,527 ‘tax evaders’, Uttar Pradesh tops list
Wed, Jan 10, 2018

Only one action recorded by Central authorities in Punjab, rest taken by state authorities.

Five more cases of Aadhaar-related frauds at two PSBs
Fri, Jan 05, 2018

Indian Overseas Bank had the maximum of 15 such cases wherein Rs 5.89 lakh were siphoned off, followed by State Bank of India.

Poll bonds life 15 days, donor name secret but KYC must
Wed, Jan 03, 2018

Finance Minister Arun Jaitley, in a statement in Lok Sabha, said electoral bonds can be bought for any value, in multiples of Rs 1,000, Rs 10,000, Rs 1 lakh, Rs 10 lakh or Rs 1 crore.

Poll bonds life 15 days, donor name secret but KYC must
Tue, Jan 02, 2018

Arun Jaitley said the bonds would bring in “substantial and significant amount of transparency” in electoral funding where there is “nil transparency” as of now.

Figures for April-November 2017: SBI collected Rs 1771 crore as charges from below minimum balance accounts
Tue, Jan 02, 2018

This is more than the bank’s July-September quarter net profit of Rs 1,581.55 crore and nearly half of the Rs 3,586 crore it earned as net profit April-September.

Small savings schemes: Interest cut by govt doesn’t signal decline of rates in economy
Fri, Dec 29, 2017

The reduction of 20 basis points on small savings returns may not have much impact on the overall interest rates in the economy as inflation is inching up, according to experts.

National Company Law Tribunal: Corporate insolvency cases under IBC rising
Tue, Dec 26, 2017

CIRP were filed in the various benches of the National Company Law Tribunal (NCLT), according to data from the Reserve Bank of India (RBI).

Non-performing assets: Worsening recovery of bad loans
Tue, Dec 26, 2017

After peaking in 2009 and remaining well above 40 per cent in the earlier years, banks’ NPA recovery rate has declined over the years to just 20.8% at the end of March.

How Disney plus Fox equals an acknowledgment of victory for online video
Mon, Dec 18, 2017

The acquisition — if it gets past antitrust regulators — will make Disney a major player in the Indian market through Star India, a company owned by 21st Century Fox, and its streaming platform Hotstar