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<ul><li>Mumbai University rescheduled all undergraduate and postgraduate examinations to Sunday following<a href="https://www.businessinsider.in/india/news/massive-power-cut-reported-across-mumbai-discom-points-finger-at-tatas/articleshow/78613787.cms"> a major power cut</a> that crippled Mumbai and the Mumbai Metropolitan Region. </li><li>Due to the pandemic, the university was conducting the exams online, and with no electricity in nearly all the regions of the city, the university had to postpone the exams.</li><li>The university also informed students that the timings of the exams would be the same on October 18. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>The University of Mumbai has rescheduled all undergraduate and postgraduate examinations to Sunday following<a href="https://www.businessinsider.in/india/news/massive-power-cut-reported-across-mumbai-discom-points-finger-at-tatas/articleshow/78613787.cms"> a major power cut</a> that crippled Mumbai and the Mumbai Metropolitan Region (MMR) of Thane, Raigad and Palghar. “All students are hereby informed that due to massive power breakdown all over Maharashtra and as the extent and time of power outage can’t be assessed, All UG and PG examination are being rescheduled to Sunday, 18th October 2020.,” said Hemlata Bagla, Principal KC College, Cluster Head university Examinations 2020. The university also informed students that the timings of the exams would remain the same. The final year exams for the students of the University of Mumbai began on October 1. Due to the pandemic, the exams were being conducted online and with no electricity in nearly all the regions of the city, the university had to postpone the exams. As many as 2.4 lakh students are appearing for the examinations this time. The power cut in MMR impacted almost all day-to-day activities of Mumbaikars — bringing even the city’s lifeline, the Central Railway and Western Railway to a grinding halt. The Brihanmumbai Municipal Corporation (BMC) issued helpline numbers for worried Mumbaikars. As of latest updates by 1 pm, the power has been restored in many parts of Mumbai including Lower Parel, Worli, Dadar, Kalina and Charni Road— after a blackout of over 2 hours. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/zomato-ceo-says-food-delivery-in-india-has-reached-pre-covid-levels/articleshow/78615955.cms" data-type="tilCustomLink">Ahead of its imminent IPO – Zomato CEO says food delivery in India has reached pre-COVID levels</a> <a href="https://www.businessinsider.in/india/news/massive-power-cut-reported-across-mumbai-discom-points-finger-at-tatas/articleshow/78613787.cms" data-type="tilCustomLink">Massive power cut across Mumbai due to grid failure —electricity restored in certain areas</a>

Mumbai University reschedules final exams after city suffers power outage — Here are the details

<ul><li>Electricity has resumed in India's financial capital after a massive power outage lasted over eight hours across Mumbai.</li><li>The power cut was the result of a grid failure at <keyword id="45008" type="CITY" weightage="20" keywordseo="Tata-Power">Tata Power</keyword>'s Kalwa plant.</li><li>Trains that were effected by the outage have been rescheduled and Mumbai University's exams have also been rescheduled to Sunday, October 18.</li><li>Maharashtra's Chief Minister Uddhav Thackeray has ordered a probe into the power cut.</li></ul>A massive power outage took Mumbai by surprise today morning. Even though electricity gradually returned to certain parts of the city, many were left without power until 7:30 pm. Mumbai is home to over 2 crore Indians and India's financial capital with the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) located within as well as the Reserve Bank of India (RBI). NSE and BSE were working fine initially but reportedly stopped updating for a while in the afternoon. No official statement has been made with respect to the same. <div type="twitter" handle="CNBCTV18Live" handlename="CNBC-TV18" image="http://pbs.twimg.com/profile_images/633210816485965824/0cQi0eZS_normal.jpg" favoritecount="149" retweetcount="33" status="NSE rates are not updating https://t.co/zsY6MWg1lu" createdat="1602490331000" id="1315565918651523073"></div> Maharashtra Chief Minister Uddhav Thackeray has asked for a probe into the incident to determine who is at fault. The Brihanmumbai Electric Supply and Transport (BEST) Electricity has pointed the finger at Tata Power. According to Tata Power, where there was an issue at its Kalwa plant, power has been fully restored from its end. Maharashtra Power Minister Nitin Raut updated that electricity has been restored to Mumbai Local Trains and priority is being given to emergency services like hospitals. <div type="twitter" handle="TataPower" handlename="TataPower" image="http://pbs.twimg.com/profile_images/1366738573/Logo-White-Bg_normal.png" favoritecount="221" retweetcount="46" status="Tata Power has progressively started restoring supply to all its customers starting from 12 noon and has restored supply fully." createdat="1602487909000" id="1315555760575672322"></div> According to the government, power is being restored in phases so as to not trip the grid again. Trains that had come to a standstill have also been rescheduled. <div type="twitter" handle="Central_Railway" handlename="Central Railway" image="http://pbs.twimg.com/profile_images/757888635278467072/yH6rD4Nc_normal.jpg" favoritecount="16" retweetcount="7" status="#PowerOutageFollowing CR long distance special trains rescheduled:01055 LTT-at 1200 hrs02542 LTT-Gorakhpur at12… https://t.co/IWPdgVbybA" createdat="1602485242000" id="1315544574002114561"></div> Mumbai’s sudden black out blamed on Tata Power Many parts of Mumbai, Navi Mumbai and Thane reported a sudden power cut at around 10:00 am. According to BEST Electricity, the power cut was a result of “TATA’s incoming electric supply failure.” <div type="twitter" handle="myBESTElectric" handlename="BEST Electricity" image="http://pbs.twimg.com/profile_images/1159394510234763264/GMXaqQ-n_normal.jpg" favoritecount="414" retweetcount="300" status="The electric supply is inttruptted due to TATAs incoming electric supply faiure. Inconveniences is regretted." createdat="1602478048000" id="1315514398207733763"></div> The company later issued a statement saying, "At 10.10 am there were simultaneous substation tripping in MSETCL's Kalwa, Kharghar causing a huge dip in frequency in Mumbai transmission system which led to tripping of power supply. Restoration work in progress to bring supply from the 3 Hydro units &amp; Trombay units." Meanwhile, Tata Power’s share price took a beating. The stock slipped nearly 2% to ₹53.55 after news broke. <div type="image" title="Copy of nifty50 (1)" msid="78614209" hostid="261" caption="&amp;lt;p&amp;gt;Tata Power&amp;#39;s share price in October so far&amp;lt;/p&amp;gt;"></div> "Inquiry will be held on what led to power failure in Mumbai," said Maharashtra Energy Minister Nitin Raut. A thought also echoed by Maharashtra Chief Minister Uddhav Thackeray. <div type="twitter" handle="ANI" handlename="ANI" image="http://pbs.twimg.com/profile_images/1497864299/ani_mic_logo_normal.jpg" favoritecount="76" retweetcount="13" status="#WATCH Public announcement about the temporary suspension of local train services being made at #Mumbai Central Rai… https://t.co/O9P0vqA8Ag" createdat="1602482341000" id="1315532405483081728"></div> Trains come to a standstill, Mumbai University exams get postponed At least two of the city's railway lines came to a standstill — till Diva on the Central Railway and till Vasai on the Western Railway. Security personnel were spotted helping commuters who wanted to get down from suburban trains now stuck. <div type="twitter" handle="Central_Railway" handlename="Central Railway" image="http://pbs.twimg.com/profile_images/757888635278467072/yH6rD4Nc_normal.jpg" favoritecount="108" retweetcount="19" status="Security personnel helping those commuters who wanted to get down from suburban trains which were held up in sectio… https://t.co/4V6wkZYF2r" createdat="1602488117000" id="1315556631661350917"></div> "In view of the interruption power at 10:05 hours due to grid failure of Tata Power company, services between Churchgate and Borivili are suspended. It shall be resumed as traction power supply is restored," said Western Railway. "Commuters are requested not to panic." <div type="twitter" handle="ANI" handlename="ANI" image="http://pbs.twimg.com/profile_images/1497864299/ani_mic_logo_normal.jpg" favoritecount="45" retweetcount="9" status="Mumbai: Commuters seen waiting at Mulund Station as train services are disrupted due to power outage after a grid f… https://t.co/ck571mbE3I" createdat="1602482050000" id="1315531185364234240"></div>The city’s stock exchanges — the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) — are functioning normally. <div type="image" title="powercut-twitter" msid="78615597" hostid="261" caption="&amp;lt;p&amp;gt;Emergency numbers&amp;lt;/p&amp;gt;"></div> The Common Entrance Test (CET), which kicked off from today, was conducted using power generators. The first shift of exam began at 9:30 am. "Due to the power backups, we have been able to continue the exam," said an official from the State CET cell. The next shift is set to begin at 2:30 pm. Mumbai University exams, on the other hand, have been postponed to Sunday on October 18 due to the massive power outage. Mumbai hospitals were instructed to assess that their supply of diesel was sufficient for eight hours and get enough supplies. BMC's disaster control department has been kept on stand by in case the power failure continues beyond two hours. Virtual court proceedings via video conference links were also put on hold at Bombay High Court principle bench due to power outage.

Massive power cut across Mumbai affects electricity for more than eight hours before grid gets restored

<ul><li>New income tax slabs: 10% tax on income between ₹7.5 lakh without exemption compared to 20% right now.</li><li>15% tax on income between ₹7.5 lakh and ₹10 lakh without exemption compared to 20% right now.</li><li>20% tax on income between ₹10 lakh and ₹12.5 lakh without exemption compared to 30% right now.</li><li>25% tax on income between ₹12.5 lakh and ₹15 lakh without exemption compared to 30% right now.</li><li>Cost to the exchequer ₹40,000 crore; Removed 70 tax exemptions and deductions. These new rates are available to those who forego exemptions, deductions, and rebates.</li><li>Dividend distribution tax will be abolished, it will be taxable in the hands of the recipient. Cost to exchequer: ₹25,000 crore</li><li>SEE ALSO: <a href="https://www.businessinsider.in/budget/news/union-budget-2020-live-updates-news-and-highlights/liveblog/73824572.cms" data-type="tilCustomLink" target="_blank">Business Insider India live blog</a> on Budget 2020.</li></ul>Finance Nirmala Sitharaman presented her second annual budget speech. The top highlights from the budget 2020 proposals include the government's plan to sell stake in state-iowned insurance giant Life Insurance Corporation of India, sweeping changes in the income tax slabs, as well as the abolition of the dividend distribution tax at the end of the corporates. Aside from theses, startups with revenue up to ₹25 crore can avail 100% tax deduction in any three years over a period of 7 years, according to the latest Finance Bill presented by Sitharaman. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 <div type="image" title="Finance Minister Nirmala Sitharaman" msid="73828645" hostid="261" caption="&amp;lt;p&amp;gt;&amp;quot;As per tradition, Finance Minister Nirmala Sitharaman calls on President Kovind at Rashtrapati Bhavan before presenting the Union Budget,&amp;quot; the official handle of the President&amp;#39;s office tweeted today.&amp;lt;br&amp;gt;&amp;lt;/p&amp;gt;"></div>


































 Following are the key highlights of the budget speech: <ol><li>Only through higher growth, we can have our youth gainfully and meaningfully employed.</li><li>Fundamentals of the economy are strong, inflation has been contained, banks have been cleaning up the accumulated loans of the past decade. </li><li>An average household now saves about 4% of its monthly spends due to lower incidence of tax under the GST regime.</li><li>Welfare schemes with direct benefit transfer embedded in them, preventive healthcare via programmes like sanitation, healthcare via central schemes, housing scheme via Prime Minister Awas Yojana (PMAY) etc changed the established order of a few individuals cornering most of the benefits. </li><li>During 2014-19, Indian economy grew at an average of 7.4% with low inflation. India's foreign direct investment was $284 billion between 2014 an 2019 compared to $190 billion in the preceding five-year period.</li><li>India's government debt fell to 48.7% of GDP as of March 2019 compared to 52.3% as of March 2014.</li><li>Three themes of Budget 2020: 'Aspiring India', 'economic development', and 'to build a caring society'. </li><li>We shall aim for seamless delivery of services by leveraging technology. </li><li>6.11 crore farmers insured under Prime Minister Fasal Bima Yojana - a centrally-sponsored insurance scheme. Farm markets need to be liberalised.</li><li>16 action points: 1: Encourage state governments that will implement the following model laws that have already enacted by the centre. 2: Propose comprehensive measures for 100 water-stressed districts. 3: Expand outlay for solar pumps to 20 lakh farmers, another 15 lakh farmers to pumpsets to solar grid. Farmers if they have barren lands, they can set up solar power plants and sell it to the grid. 4: Balanced use of orgnaic and inorganic fertilisers. 5: Provide viability gap funding for setting up warehouses. Food Corporation of India can set up warehousing on their land too. 6: Push to reduce storage costs for farmers. 7: Promotion of women self-help groups. 8: To launch refrigerated trains to transport food items from the farm to other parts of the country. 9: Horticulture exceeds the production of foodgrains. 'One product for one district' to promote focussed development of horticulture. 10: Integrated farming system in rain-fed areas. Multiple crops, bee-keeping solar pumps in rain deficient area. 11: Financing on negotiable warehousing receipts will be linked to e-NAM. 12: The NABARD refinance scheme will expanded. The agriculture credit target for FY21 will be expanded to ₹15 lakh crore from ₹12 lakh crore. 13. To eliminate foot and mouth disease by 2025. To double milk production to 108 million metric tonnes by 2025. 14. Blue economy - development management of marine resources. Target ₹1 lakh crore in fish exports by 2025. 15. By FY23, propose raising fish production to 200 lakh tonnes, will also promote algae, seaweed.</li><li>16. Under Deendayal Antyodaya Yojana, self help groups will be expanded beyond the current 58 lakh.</li><li>Allocation for agriculture: ₹2.83 lakh crore, this includes ₹</li><li>Mission Indradhanush has been expanded to include 12 new diseases and 5 new vaccines. A very focussed water and sanitation programme to reduce the burden of diseases on the poor. There are 20,000 hospitals empanelled under the PMJAY, this has to rise. Propose to set up hospitals under the private-public partnership, the 112 districts identified as 'aspirational' will get priority in the setting up of new hospitals. </li><li>Proceeds from taxes on medical devices will be used to support the programme to build the infrastructure.</li><li>Reiterate India's commitment to eradicate tuberculosis by 2025. </li><li>Allocation for health: ₹69,000 crore including ₹6,400 crore for PMJAY.</li><li>By 2030, India is set to have the world's largest working-age population. They need education, skills, and employment opportunities. Our education system needs more money to attract better teachers and to set up better labs. Open the education sector to external commercial borrowing. </li><li>In order to provide quality education to the under privileged, a full-fledged online courses will be launched from the top 100 institutions in India.</li><li>Under 'Study In India' programme, a new INSAT exam to be launched for foreign students to enroll into Indian universities. </li><li>Every medical college will be linked to a nearby hospitals under the public-private partnership mode.</li><li>Total outlay for education sector: ₹99,300 crore and another ₹3,000 crore for skill development.</li><li>150 top education institutes to start offering apprenticeship programmes.</li><li>Propose to set up an investment clearance cell for end-to-end services including information on land bank and facilitating the approval process etc. </li><li>It is proposed to develop 5 new smart cities in collaboration with state governments in PPP mode. </li><li>Electronics manufacturing industry is cost competitive and India has shown its potential. To attract large investments in electronic manufacturing -- including electronic equipment, smartphones -- a new policy will be announced soon.</li><li>A National Textile Mission to work for next four fiscal years with an estimated outlay of ₹1,480 crore.</li><li>A new scheme Nirvik, for higher insurance cover, reduction in premium for small exporters, and simplified claim process, including digital refund process to help exporters.</li><li>Every district must become a hub for exports.</li><li>Unified procurement scheme: Propose ₹27,300 crore for development of industry and commerce in FY21.</li><li>National Infrastructure Pipeline will bring in generic and sectoral reforms in construction and maintenance of the infrastructure. Propose a project preparation facility that will employ economist, management graduates to execute projects.</li><li>A National Logistics Policy will soon be released to clarify the roles of Central government, state governments, and the regulators.</li><li>The Delhi-Mumbai Expressway and two other projects will be completed by FY23. The Chennai-Bengaluru expressway project will also started by then.</li><li>Government will monetise 12 NHAI highway projects.</li><li>Setting up a large solar power capacity alongside the rail tracks on the land owned by the railways, is a proposal under consideration.</li><li>150 trains under the PPP mode. More Tejas type trains will connect iconic tourist destinations. </li><li>Central government will give 20% of the funds needed for a suburaban rail transport system in Bengaluru.</li><li>100 more airports will be set up in the next five years.</li><li>₹1.7 lakh crore allocated for transport infrastructure.</li><li>Propose to replace traditional meters with digital meters in the next three years. This will allow consumers to port out of a service provider (selling power) just like they port out of mobile service provider.</li><li>Fibre to home connections through Bharat Net will connect 1 lakh villages this year itself. Propose to provide ₹6,000 crore for Bharat Net programme.</li><li>Quantum technology: An outlay of ₹8,000 crore over the next five years.</li><li>₹22,000 crore allocated for the power sector including renewble energy sector.</li><li>No manual cleaning of sewers will be allowed, new technology will be roped. Centre in conversation with civic bodies.</li><li>Provision of ₹85,000 crore for scheduled castes and other backward classes.</li><li>Provision of ₹53,700 crore for scheduled tribes in the country.</li><li>5 archaeological sites would be developed as iconic sites with on-site museum -- Rakhigarhi (Haryana), Hastinapur (UP), Dholavera (Gujarat), Shivsagar (Assam), and Aditya Nallur (Tamil Nadu).</li><li>Propose ₹35,500 crore for nutrition-related schemes.</li><li>Allocation for Ministry of Culture: ₹3,500 crore. </li><li>Propose ₹2,500 crore to promote tourism.</li><li>Propose ₹9,500 crore for senior citizens and specially abled.</li><li>Proposed total allocation for women-centric programmes ₹28,600 crore.</li><li>Propose ₹4,400 crore allocation for clean air. </li><li>Companies Act will be amended to abolish 'criminal liability' for 'civil offences'.</li><li>A National Recruitment Agency will be set up. It will conduct a common entrance test for non-gazetted positions in the government and public-sector enterprises. </li><li>Propose a new national policy on national statistics will push for use of AI to collect data real time.</li><li>India will host G20 Presidency in 2022; the government proposes to allocate ₹100 crore to start the preparations.</li><li>Governance reforms proposed for PSU banks: Robust mechanism is in place to monitor the health of all banks and the money of depositors are safe. Insurance of bank deposits raised to ₹5 lakh from ₹eposit insurance and credit guarantee scheme.</li><li>Government will sell its remaining stake in IDBI Bank to private investors. Stock jumps over 13%</li><li>MSME entrepreneurs can avail 'subordinate debt' from banks and the loan will be fully guaranteed by a Trust. This will be treated as quasi-equity stake.</li><li>Government has asked RBI to extend deadline for MSME debt restructuring by one more year. </li><li>FY20 fiscal deficit seen at 3.8% of GDP and at 3.5% in FY21.</li><li>Non-resident Indians will be allowed to invest in certain categories of government bonds.</li><li>Currently, foreign portfolio investors are allowed to buy a maximum of 9% of the outstanding corporate bonds. Finance Minister proposes to increase the threshold significantly to 15%.</li><li>An international bullion exchange will be set up in GIFT City in Gandhinagar, Gujarat.</li><li>Government to sell stake in LIC. </li><li>Receipts for FY21 estimated at ₹22.46 lakh crore, estimate expenditure: ₹</li><li>Borrowing plan for FY21: ₹5.36 lakh crore, capital expenditure will rise over 22%.</li><li>Dividend distribution tax will be abolished, it will be taxable in the hands of the recipient. Cost to exchequer: ₹25,000 crore</li><li>Dividend and capital gains made by foreign funds on investment in infrastructure space will tax free.</li><li>Startups with revenue up to ₹25 crore can avail 100% tax deduction in any three years over a period of 7 years.</li><li>Small retailers with revenue up to ₹5 crore need not get their books audited by accountants.</li><li>New scheme to end tax disputes: If someone agrees to pay the disputed tax amount by March 2020, there will be no interest and penalty. There are 4,83,000 tax disputes pending at various forums.</li><li>FY21 disinvestment target ₹2.1 lakh crore, doubled from the ₹1.05 lakh crore target in FY20.</li><li>Propose a cash incentive for customers demanding invoice, to boost compliance with GST</li><li>Imported footwear, furniture, and medical equipments will get more expensive as customs duty will be increased.</li></ol> SEE ALSO: <a href="https://www.businessinsider.in/personal-finance/news/new-income-tax-slab-tax-savings-for-salaried-people/articleshow/73835816.cms">You'll save ₹78,000 more under new income tax slabs if you earn less than ₹15 lakh</a> <a href="https://www.businessinsider.in/budget/news/indian-government-infuses-22000-crore-in-power-and-renewable-proposes-freedom-to-choose-supplier/articleshow/73835587.cms">Indian government infuses ₹22000 crore in power and renewable, proposes freedom to choose supplier</a> <a href="https://www.businessinsider.in/budget/income-tax/news/check-out-new-income-tax-slab-of-2021/articleshow/73830824.cms">New income tax slabs 2020</a> <a href="https://www.businessinsider.in/budget/news/there-will-be-no-manual-cleaning-of-sewers-anymore-announces-nirmala-sitharaman/articleshow/73835265.cms">“There will be no manual cleaning of sewers anymore,” announces Nirmala Sitharaman</a> <a href="https://www.businessinsider.in/budget/news/union-budget-2020-live-updates-news-and-highlights/liveblog/73824572.cms">Union Budget 2020 Live Updates</a> <a href="https://www.businessinsider.in/budget/news/indian-taxpayers-expectation-from-the-budget-2020/articleshow/73804969.cms" data-type="tilCustomLink" target="_blank"></a><a href="https://www.businessinsider.in/defense/news/indias-budget-allocation-for-defence-has-remained-fairly-static-for-the-past-five-years/articleshow/73153930.cms" data-type="tilCustomLink" target="_blank"></a>

Income tax cuts, stake sale in LIC and other highlights from Finance Minister Nirmala Sitharaman's budget speech

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Mumbai University reschedules final exams after city suffers power outage — Here are the details

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Massive power cut across Mumbai affects electricity for more than eight hours before grid gets restored

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Income tax cuts, stake sale in LIC and other highlights from Finance Minister Nirmala Sitharaman's budget speech

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