Category: Beyond

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NCLAT shields Jet Airways staff benefits

Former Jet Airways employees secured a major legal victory on Tuesday after the National Company Law Appellate Tribunal (NCLAT) dismissed an appeal by the State Bank of India (SBI) and upheld their right to receive provident fund (PF), gratuity and pension dues in full.

The tribunal ruled that retirement benefits such as provident fund, gratuity and pension cannot be treated as part of the airline’s assets available for distribution among creditors during insolvency or liquidation proceedings. These statutory dues belong to employees and must be paid in full, the tribunal observed.

SBI had challenged an earlier order directing payment of these benefits, arguing that such claims should be considered within the insolvency resolution process. However, the NCLAT rejected the plea, reaffirming that employee welfare benefits are protected under the Insolvency and Bankruptcy Code (IBC).

The verdict comes as a major relief for thousands of former Jet Airways employees who have been waiting for years to receive their retirement benefits after the airline suspended operations in 2019 and entered insolvency proceedings. Many have faced financial hardship while awaiting the outcome of the prolonged legal process.

Employee representatives welcomed the ruling, saying it restores hope to workers who have endured years of uncertainty. For many former employees, provident fund and gratuity are essential savings meant to provide financial security after retirement or during difficult times.

The tribunal also reaffirmed that statutory retirement benefits cannot be diverted to repay financial creditors. Legal experts believe the judgment could serve as an important precedent for similar insolvency cases involving employee claims in the future.

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Rs 183.50 cut in commercial LPG prices

Restaurants, hotels and small businesses across the country received a welcome boost on Tuesday after oil marketing companies reduced the price of 19-kg commercial LPG cylinders by Rs 183.50. The revised rates came into effect from July 1, marking the first reduction in commercial LPG prices this year.

The price cut is expected to provide much-needed relief to businesses that depend on LPG for daily operations. From neighbourhood eateries and tea stalls to large restaurants and catering services, many commercial establishments have been grappling with higher fuel costs over the past few months. The latest reduction is likely to ease operational expenses and improve profit margins, especially for businesses already facing rising food and labour costs.

Following the revision, the price of a 19-kg commercial LPG cylinder in Delhi has come down to Rs 2,930 from Rs 3,113.50. Similar reductions have also been implemented in other major cities, bringing relief to thousands of commercial users across the country.

Restaurant owners and food vendors welcomed the move, saying lower cooking fuel costs would help reduce the financial burden on businesses. However, many pointed out that stable fuel prices over a longer period would be more beneficial than one-time reductions, allowing them to plan their expenses with greater certainty.

While businesses have reason to cheer, households did not receive any relief. Oil marketing companies have kept the prices of 14.2-kg domestic LPG cylinders unchanged in the latest monthly revision. As a result, families will continue paying the existing rates for cooking gas, despite expectations that domestic cylinder prices could also be revised.

The reduction in commercial LPG prices comes amid easing global energy prices after geopolitical tensions in West Asia showed signs of cooling. Commercial LPG rates had increased several times in recent months due to fluctuations in international fuel prices and supply concerns.

Also Read: Gold slips to ₹1.41 lakh, Silver near ₹2.24 lakh

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Gold slips to ₹1.41 lakh, Silver near ₹2.24 lakh

Gold and silver prices eased across India on Wednesday, July 1, giving buyers a slight breather.

According to the latest retail rates, 24-carat gold was priced at ₹1,41,100 per 10 grams in Delhi, while 22-carat gold was selling at ₹1,29,343. In Mumbai, the price of 24-carat gold stood at ₹1,41,340, while 22-carat gold was available at ₹1,29,562 per 10 grams.

In Kolkata, 24-carat gold was priced at ₹1,41,330, and 22-carat gold at ₹1,29,553. Chennai recorded the highest rates among the major cities, with 24-carat gold selling at ₹1,41,930 and 22-carat gold at ₹1,30,103 per 10 grams.

Silver prices also moved lower. One kilogram of 999 purity silver was priced at ₹2,23,730 in Delhi, ₹2,24,120 in Mumbai, ₹2,23,740 in Kolkata, and ₹2,24,690 in Chennai.

The fall was also seen in the futures market. Gold futures for August delivery were trading at around ₹1,41,600 per 10 grams, while silver futures were quoted at about ₹2,24,520 per kilogram during the morning session.

Gold prices usually move in line with global trends. This time, the stronger US dollar and expectations that the US Federal Reserve may keep interest rates high have put pressure on bullion prices. Investors are also waiting for key economic data from the US, which could decide how gold and silver prices move in the coming days.

For people planning to buy jewellery, today’s lower prices may be good news. However, the final amount paid at jewellery stores will also include making charges, GST and other local costs, so buyers should check the latest rates before making a purchase.

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Centre to launch ₹5,000-cr green steel scheme

The Centre is preparing to launch a ₹5,000-crore incentive scheme to encourage the adoption of green technologies in India’s steel industry, with the programme expected to be rolled out within the next three months.

The proposed scheme is aimed at helping steel manufacturers reduce carbon emissions and accelerate the shift towards cleaner and more sustainable production methods. It forms part of the government’s broader strategy to decarbonise one of India’s most energy-intensive industries.

Officials said the incentives will support companies investing in advanced technologies that lower greenhouse gas emissions during steel production. These could include the use of renewable energy, green hydrogen, energy-efficient manufacturing processes and carbon capture technologies.

India is the world’s second-largest steel producer, but the sector is also among the country’s biggest industrial sources of carbon emissions. The government believes that promoting low-carbon steel production will help India meet its climate commitments while ensuring the industry remains globally competitive.

The scheme is expected to encourage private investment in cleaner technologies, reduce dependence on conventional fossil fuel-based production and improve the long-term sustainability of the steel sector. It is also likely to support research, innovation and the commercial adoption of green manufacturing solutions.

The proposed initiative complements India’s broader push towards green manufacturing and aligns with its target of achieving net-zero carbon emissions by 2070. It also comes at a time when several countries are introducing stricter environmental standards for imported steel.

Once launched, the scheme is expected to provide a significant boost to the domestic steel industry by encouraging cleaner production, strengthening export competitiveness and supporting India’s transition towards a low-carbon economy.

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Yen slides to four-decade low against dollar

The Japanese yen has fallen to its lowest level against the US dollar in nearly four decades, reflecting growing pressure on Japan’s economy and raising fresh concerns about possible government intervention in the currency market.

The yen’s sharp decline has been driven largely by the widening interest rate gap between Japan and the United States. While the US Federal Reserve has maintained relatively high interest rates, the Bank of Japan (BoJ) has been slow to tighten monetary policy, making the yen less attractive to global investors.

Another factor behind the currency’s weakness is Japan’s fragile economic recovery. Slow domestic growth and subdued inflation have limited the central bank’s ability to raise interest rates aggressively, even as other major economies continue to maintain tighter monetary policies.

The weak yen has mixed consequences for Japan. Export-oriented companies benefit because their overseas earnings become more valuable when converted into yen. However, households and businesses face higher costs for imported goods, including fuel, food and raw materials, increasing pressure on consumer spending.

The currency’s latest fall has also fuelled speculation that Japanese authorities could step into the foreign exchange market to support the yen. The government has intervened in the past when excessive currency movements threatened economic stability, although officials have not indicated whether immediate action is planned.

Financial markets are closely watching comments from the Japanese government and the Bank of Japan for any signs of policy changes. Investors also remain focused on upcoming US economic data, which could influence expectations on future interest rates and further impact currency markets.

Also Read: Centre lifts fuel sale restrictions from July 1 nationwide

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Centre lifts fuel sale restrictions from July 1 nationwide

The Centre has lifted restrictions on the sale of petrol and diesel from July 1, restoring normal fuel marketing operations across the country after reviewing domestic supplies and global oil market conditions. The temporary curbs, introduced earlier this month as a precautionary measure, will no longer apply to fuel retailers.

The restrictions were imposed after concerns over possible disruptions in global crude oil supplies following tensions in the Middle East. During the period, fuel retailers were required to prioritise domestic availability and avoid actions that could affect supply across the country.

With the situation stabilising and fuel supplies remaining adequate, the government has withdrawn the curbs. From Tuesday, both public sector and private fuel retailers will be free to operate under normal market conditions.

The move is expected to particularly benefit private fuel retailers, who had faced operational restrictions under the temporary measures. Companies can now resume regular fuel sales and procurement without the additional conditions imposed during the emergency period.

Officials said the decision was taken after reviewing India’s fuel inventory and supply chain. The government found that domestic stocks remained comfortable and there was no immediate risk of shortages despite global uncertainties.

India, the world’s third-largest importer of crude oil, had closely monitored developments in the Gulf region, especially around the Strait of Hormuz, through which a significant share of global oil shipments passes. Although geopolitical tensions had briefly raised concerns over energy security, supplies remained largely unaffected.

The government said it will continue to monitor international oil markets and take necessary steps if the global situation changes. Officials stressed that India’s energy security remains a priority and adequate fuel stocks are available to meet domestic demand.

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Gold at ₹1,40,950, Silver falls to ₹2.20 lakh

Gold and silver prices remained under pressure on Tuesday, June 30, with weakness in the futures market mirrored by a slight decline in retail bullion rates across major Indian cities. While the fall in physical gold prices was modest, investors continued to track global developments that are influencing precious metal markets.

On the Multi Commodity Exchange (MCX), gold for August delivery was trading 1.3 per cent lower at ₹1,40,950 per 10 grams, while silver futures slipped 1.08 per cent to ₹2,20,670 per kilogram at around 9:13 am.

In the retail market, 24-carat gold was priced at ₹98,880 per 10 grams in Delhi, while 22-carat gold was selling at ₹90,650. In Mumbai and Kolkata, 24-carat gold was available at ₹98,730 per 10 grams, with 22-carat gold priced at ₹90,500. Other major cities, including Chennai, Bengaluru and Hyderabad, also recorded similar rates, with slight differences due to local taxes and transportation costs.

Retail silver prices remained steady at around ₹1,10,000 per kilogram in Delhi, Mumbai, Kolkata and several other major cities, despite the decline in MCX futures.

Market participants said bullion prices continue to react to international factors such as movements in the US dollar, expectations surrounding interest rate decisions by major central banks and geopolitical developments. A stronger dollar generally puts pressure on gold prices by making the metal more expensive for overseas buyers, while changing global risk sentiment also influences investor demand for safe-haven assets.

Jewellers said stable retail prices have kept customer interest intact, particularly among those planning purchases for weddings, festive occasions and long-term investment. However, buyers have been advised to compare prices across jewellers, as making charges, GST and local levies can significantly increase the final purchase cost.

Also Read: Rupee falls 7 paise to 94.58 against dollar

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Rupee falls 7 paise to 94.58 against dollar

The Indian rupee slipped 7 paise to 94.58 against the US dollar in early trade on Tuesday, extending its losing streak as demand for the American currency remained strong and investors stayed cautious over global developments.

Forex traders said the rupee came under pressure mainly due to month-end dollar buying by importers and corporates, who typically purchase the greenback to meet overseas payment commitments. The steady demand for dollars outweighed support from stable crude oil prices.

The domestic currency had settled at 94.51 against the dollar in the previous session after giving up its early gains. Tuesday’s decline reflects the cautious mood in the foreign exchange market, with participants closely tracking global economic signals and geopolitical developments.

A stronger US dollar also added to the pressure. Expectations that the US Federal Reserve may keep interest rates elevated for longer have supported the greenback, reducing the appeal of emerging market currencies, including the rupee.

Traders noted that concerns over geopolitical tensions in the Middle East continue to keep currency markets on edge. Although crude oil prices have remained relatively stable, any disruption in global energy supplies could increase India’s import bill and weigh further on the rupee.

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BIS warns AI boom faces rising global financial risks

The global boom in artificial intelligence could lose momentum if rising debt, persistent inflation and excessive investment continue to build financial risks, the Bank for International Settlements (BIS) has warned in its latest annual report.

Often described as the “central bank for central banks”, the BIS said the rapid surge in AI-related spending has created strong optimism among investors. However, it cautioned that expectations may have moved ahead of economic reality, increasing the risk of financial instability if companies fail to generate the returns investors anticipate.

The report noted that major technology companies are investing hundreds of billions of dollars in artificial intelligence infrastructure, including data centres, chips and computing power. While these investments could transform productivity and drive long-term economic growth, the BIS warned that excessive spending financed through debt could leave companies and financial markets vulnerable if demand slows or profits disappoint.

The BIS compared the current AI investment wave with previous periods of market exuberance, including the dot-com boom, saying history shows that breakthrough technologies can attract more capital than markets can sustainably absorb. If investor confidence weakens, technology stocks could face sharp corrections with wider consequences for the global financial system.

Apart from AI, the institution also highlighted rising public debt, stubborn inflation and vulnerabilities in financial markets as key threats to the global economy. It urged governments and central banks to maintain sound fiscal policies, keep inflation under control and strengthen oversight of non-bank financial institutions to reduce systemic risks.

Despite its caution, the BIS stressed that artificial intelligence remains one of the most promising technological advances of recent decades. It said AI has the potential to improve productivity, boost innovation and support long-term economic growth if investments are made responsibly and supported by sustainable business models.

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PFC, REC boards approve merger through share swap

The boards of Power Finance Corporation (PFC) and REC Ltd have approved a proposal to merge the two state-owned power sector financiers through a share-swap arrangement, marking a major step towards creating a larger lending institution for India’s energy sector.

Under the approved scheme, REC shareholders will receive 88 shares of PFC for every 100 shares they hold. The merger is subject to approvals from shareholders, creditors, regulators and other statutory authorities before it can be implemented.

The proposed combination aims to create a stronger financial institution with a larger balance sheet, improved lending capacity and greater operational efficiency. Both companies play a key role in financing power generation, transmission, distribution and renewable energy projects across the country.

The government, which holds a majority stake in both companies, has been exploring ways to improve efficiency among public sector enterprises. The merger is expected to reduce overlapping operations, optimise resources and strengthen support for India’s growing infrastructure and clean energy requirements.

Despite the strategic rationale, investors reacted cautiously to the announcement. Shares of both PFC and REC declined by up to 2 per cent during Monday’s trading session as the market assessed the implications of the merger, including the share-swap ratio and the timeline for regulatory approvals.

The combined entity is expected to play a bigger role in financing India’s energy transition, including renewable energy, transmission networks and distribution reforms. It could also strengthen the country’s ability to mobilise capital for ambitious infrastructure expansion plans.

Company officials said customers, borrowers and lenders are expected to benefit from the combined strengths of both organisations once the transaction is completed.

The merger proposal now moves to the next stage of regulatory and shareholder approvals. If completed as planned, it will create one of India’s largest specialised infrastructure financing institutions, reinforcing the government’s focus on strengthening financing support for the power sector and broader economic growth.

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