Standoff on GST continues: Despite a meeting between the FM and state ministers on Saturday, the central and state finance heads failed to reach a consensus on who has authority to collect the taxes, with states unwilling to give up their tax powers. Jaitley has agreed to compensate loss-incurring states in the first five years of the new tax regime, but states are now equally worried about the economic fallout of demonetization, which could hurt their finances.

Speaking of demonetization effects, banks are struggling with customer anger and the threat of physical assault to staffers where banks have run out of cash. Bankers are proposing that branches without cash or low on reserves for customers shut for 15 days until RBI addresses the shortage issue. 

Stock in spotlight: Vinati Organics, which has seen its gross margins rise significantly in Q2 results.

Photo of the day: Newly recruited Indian Air Force officers celebrate their graduation in Bangalore. AP/Aijaz Rahi