OPINION, P2 WELL-BEING The muted must unmute themselves FE LINES ROAD TO RECOVERY A voice for feminism Studies show that some Covid-19 patients don’t return to their regular state of health after testing negative for the disease, raising concerns about the recovery process Page 8 ACROSS THE AISLE , P CHIDAMBARAM VOL. X, NO. 89 The debate between Kamala Harris & Mike Pence brought to fore the challenges women face Page 6 LEISURE Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM ZOYA& OTHER FACTORS FINANCIAL EXPRESS ON SUNDAY PUNE SUNDAY, OCTOBER 25, 2020, 18 Pages, `10 P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , WHAT'S INSIDE C H A N D I G A R H , In a world where ‘fit’ sells more than ‘fat’, a clutch of individuals and brands are celebrating the plus size, something they hope will inspire people and help them survive a fatphobic society’s everlasting obsession with body weight and appearance ■ WORDS WORTH, P4 Scam report You Just Got Cheated is a revelation on how white collar crimes happen and why ODD & EVEN ROHNIT PHORE H Y D E R A B A D , K O C H I , Interest relief scheme notified FE BUREAU New Delhi, October 24 The shape of you READ TO LEAD SC DIRECTIVE ● Those with loans up to `2 cr to benefit ■ SPOTLIGHT, P7 C H E N N A I , AS PROMISED BY it in the Supreme Court, the Centre on Saturdaynotified a scheme for grant of ex-gratia payment of the difference between compound interest and simple interest to borrowers,in specified loan accounts, for MarchAugust period when a repayment moratorium existed.The scheme, designed to mitigate Covid-induced hardship to borrowers,will be available for loans (outstanding/sanction limit) up to `2 crore. The relief would cover MSME, education, housing and consumer durable loans, credit card dues, automobile loans,personalloansto professionals and also consumption loans availed from anylending institution. Althoughthereisnoofficial word on the cost of the scheme to the exchequer, official sources said it could be around DIWALI GIFT ■ Interest waiver scheme for 184-day payment moratorium in March-August period ■ Borrowers' ■ Housing, MSME, consumer durables, credit card, auto consumption loans included ■ Ex-gratia payment to borrowers irrespective of whether moratorium availed or not account should be standard as on February 29 ■ Scheme applies to loans from all registered lending institutions in public and private sector `6,500 crore. The relief will be available to borrowers irrespective of whether moratorium on loan repayment has been availed or not.The ex-gratia amount will becreditedtothebeneficiaries’ account by November 5.Hearing the matter related to the interest relief to borrowers on October 14, the Court had askedthe governmentto come upwiththenotification/orders by November 2, the next date of hearing. Sportspersons thrive on superstitions that they consider lucky for the game Page 5 “Any borrower whose aggregate of all facilities with lending institutions is more than `2 crore (sanctioned limits or outstanding amount) will not be eligible for ex-gratia payment under this scheme,”the department of financial services (DFS) said in a notification.The rate of interest for the relief would be as it prevailed on February 29, 2020. Continued on Page 11 K O L K A T A , L U C K N O W , COMPLIANCE EASE I-T, GST return filing deadline extended till Dec 31 THE DEADLINE FOR filing returns by individual taxpayers for FY2019-20 has been extendedbyamonthtillDecember31,the financeministrysaid on Saturday.Forthose taxpayers whose accounts need to be audited,the return filing deadline has been extended by two monthstillJanuary31,2021.The government had in May extended the date for filing ITR for FY2019-20 from July 31 to November30,togivecompliance relieftotaxpayers.TheCBDTsaid the deadlines have been extended in order to “provide more time to taxpayers for furnishingofincometaxreturns”. The deadline for furnishing GST annual returns for FY 2018-19 has been extended by two months till December 31. The government had last month extended the last date forfilingGSTannualreturnand audit report for the 2018-19 fiscal by a month till October 31.Inastatement,CBICsaidthe governmenthasbeenreceiving a number of representations regarding need to extend due date for filing Annual Return (Form GSTR-9) and Reconciliation Statement (Form GSTR9C) forFY2018-19. —PTI M U M B A I , ASTRAZENECA HAS resumed QuickPicks HC: Can’t wind up Franklin schemes sans investors’ nod THE KARNATAKA HC on Saturday ruled that trustees of Franklin Templeton must take the consent of unitholders by a simple majority for winding up of the six debt funds, reports FE Bureau. The court has stayed the operation of this order for six weeks and clarified that no redemptions, borrowings or creating liability in the said schemes can be initiated by the fund house. PAGE 3 the US trial of its experimental Covid-19vaccineafterapproval by regulators, and Johnson & Johnson is preparing to resume its trial on MondayorTuesday,thecompanies said on Friday. AstraZeneca, one of the leading vaccine developers,pauseditsUStrialonSeptember 6 after a report of a seriousneurologicalillness,believed to be transverse myelitis, in a participantinthecompany’sUK trial. J&J paused its large, latestagetriallastweekafterastudy participant became ill. Continued on Page 11 P U N E Support from govt but not customers ● Popularity of Google, Apple unlikely to be challenged PLANET OF THE APPS FE BUREAU New Delhi, October 24 THE GOVERNMENT MAY have provided tacit support to Indian players like Paytm to create an India app store to challenge the monopoly of the likes of Google, but analysts tracking the sector maintain that such support is unlikelyto beofmuchhelptolocalplayers. There are two reasons for this – one, players like Google andApple have theirown operatingsystemwhichmakestheir app stores attractive to consumers and thus helps them create scales.The local players will always be handicapped in fighting global tech majors on this front in the absence of an operating system. Second, the operating systemshelpthemtobuildarange of products and services that acquire leadership position in their respective segments. For example, as per industry analysts, Google is not only big in theappmarket,itisabigplayer ■ In India, Google Play has around 94% market share and accounts for 360 million unique visitors ■ Google has 3.4 m apps on its Play store, whereas Apple has 1.7 m apps ■ Google and Apple have 0.8 m & 1.3 m developers on their platforms ■ India’s native app store, Indus App Bazaar, claims to have 400,000 apps and 56 m monthly active users in the payments business also with its Google Pay. The issue of creating a desi app store started earlier this month when Google announced it would charge 30% commission on in-app purchases forexchange of digital goods using its app store. Continued on Page 11 BY MARCH 2021 AstraZeneca resumes trial, J&J next week “As this trial resumes, I am hoping the message communicated to the public is thatwe are followingprocedurestohighest ethical standard and not interfering with the FDA regulatory process,” said Matthew Hepburn, head of vaccine development for Operation Warp Speed, a public-privatepartnershipto speedinoculationefforts. J&JsaidonFridaythatthe safety panel, called a Data and SafetyMonitoringBoard,hasrecommended that the drugmaker resume trial recruitment after findingnoevidencethatthevaccinecausedthevolunteertofallill. D E L H I , INDIAN APP STORES COVID VACCINE REUTERS October 24 N E W IL&FS to address 50% of `99k-cr debt THE NEW BOARD of IL&FS on READY FOR FIREWORKS Workers making firecrackers at an industrial unit on the outskirts of Ahmedabad as Diwali approaches EXPRESS PHOTO: NIRMAL HARINDRAN Saturday clarified that it would address more than 50% of the overall debt of over`99,000 crore as of October 2018. The aggregate value of the debtbeingaddressedispegged at `56,300 crore — with over `50,000 crore likely to be addressed by March 2021. According to the last update shared in July, the overall debt addressed based on cash balancesstoodat`17,640crore.By September, an additional debt ofaround`1,460crorehasbeen addressed. —FE BUREAU Details on Page 3 CUT-THROAT COMPETITION After customers, now dealers Live events resume, but the spark is missing make most of telecom rivalry ● Cap on Some SOPs to organise events KIRAN RATHEE New Delhi, October 24 THE COMPETITION IN the mobile market is getting cutthroat, with operators now offering higher commissions to dealers who retail recharge vouchers as well as new connections. The industry practice has been to offer commission of 4%-6% of the recharge amount or new connections sold. This way on an average a dealer makes around `50-80 pernewconnections/recharge. Since subscriber additions and recharges slowed in the past few months and competition in the market also HOT DEALS ■ Airtel offers full amount of recharge or new connection on sale of `219 plan ■ Dealer also get a VIP number free of cost when they complete 10 MNPs ■ The VIP numbers can be sold between `3,000 and `5,000 ■ Vodafone Idea dealers get refunds equal to two months recharge amount increased, operators have started giving additional incentives to dealers to onboard customers. For instance, a dealer in UP saidBhartiAirtelisofferingfull amountoftherechargevalueor newconnectioniftheplanisfor `219.The dealer also said they are being offered aVIPnumber freeofcostwhentheycomplete 10 mobile number portability (MNP) — which means making a customer switch to its network from that of a rival’s.The VIPnumbers can be sold by the dealers anywhere between `3,000 and `5,000. Vodafone Idea is also offering the same set of incentives to the dealers. In some circles, Vodafone Idea is giving dealers refunds equal to two months recharge amount. Continued on Page 11 attendees, high cost of hygiene protocols putting pressure on organisers VENKATA SUSMITA BISWAS Mumbai, October 24 THE GOVERNMENT’S DECISION to allow social, religious, culturalandcommunityevents to take place with a cap of 100 attendees has come as a respite to India’s outdoor events and entertainment business. India’s organised events Hold events at 50% of the capacity of designated space Installation ofUV sanitising or disinfecting boxes Guests to be offered sanitisers and face masks Temperature checks before and after event Reduce crew sizes Exteriors of cars to (50% or less) for be sanitised by social distancing spraying for Source: EEMA drive in events Crew to compulsorily wear PPE gear during the event and activations industry, whichwas earlierestimated to touch `10,000 crore in FY 21 as per an EY-EEMA (Event and Entertainment Management Association) report, has been among the worst-hit sectors. Outdoorevents began seeing a dip in attendance from March and the industrywas forced to stay dormant until September in view of the raging pandemic.Theeventsindustrywas hoping that the government would allow gatherings of about200peopletotakeplace, but that has not happened. For now, some organisers are experimenting with offline events and the focus is on making commercial sense of a venture. According to BookMyShow, close to 100 events have gone live offline within a month of unlock guidelines in September. Roshan Abbas, MD, Geometry Encompass, and president-elect,EEMA,says the initialeventswillbeintheformof creator-led shows by performers, singers and stand-up comedians, or format innovations such as drive-in theatres. “Corporate events are still a trickle and are predominantly digital. We are seeing some brands doing offline activations or store launches but thesearesmall events,”hesays. The events industry fell back on digital events during the lockdown; experts say as the industryreboots,the focuswill be on hybrid events. Most of the offline shows listed on BookMyShow are stand-up comedy acts. “This genre works effectivelywithin the guidelines issued for a staggered opening by the regulatory authorities, given that both from a production and audienceseatingpoint ofview, it can adapt very well to new norms,” observes Albert Almeida, COO, live entertainment,BookMyShow. Continued on Page 11 Pune
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