The business wrap: Tata Group blames Cyrus Mistry for dwindling revenue, and six other top stories
The Centre said new Rs 1,000 notes will be introduced in the next few months, and Sensex and Nifty both closed higher, recovering from Wednesday's crash.
A look at the headlines in the sector right now:
- Ishaat Hussain replaces Cyrus Mistry at Tata Consultancy Services as interim chairperson: Tata Sons also accused the ousted conglomerate chief of betraying company’s trust, in a nine-page letter.
- New Rs 1,000 notes will be introduced in the next few months, says Centre: Economic Affairs Secretary Shaktikanta Das said all denominations of currency will be reintroduced with new design and features from time to time.
- Sensex closes 265 points higher, Nifty by 94 as markets recover from Donald Trump election win: The Indian rupee hit a two-month high of 66.41 against the dollar during early trade as exporters and banks sold their dollar stocks.
- Mammoth queues outside banks as people try to deposit scrapped Rs 500 and Rs 1,000 notes: Finance Minister Arun Jaitley said the government was making efforts to ensure that replacement currency is made available to people as soon as possible.
- RBI tells banks to stay open this weekend for public to exchange demonitised Rs 500, Rs 1,000 notes: Any amount deposited beyond beyond Rs 2.5 lakh could face a 200% penalty for tax evasion.
- Facebook pauses WhatsApp data sharing across all European Union nations: The move was announced after the UK’s information commissioner conducted an investigation into the social media company’s new policy.
- Centre lists GST-related Bills for passage in upcoming Winter Session: The Central Goods and Service Tax Bill, the Integrated GST and GST (Compensation for Loss of Revenue) are among the nine proposed legislations to be moved.
