Still judging current mechanism for resolving bad debts: Arun Jaitley

Finance Minister Arun Jaitley said on Saturday that while previous laws were only partly effective in resolving the problems of insolvency and bankruptcy in the corporate world, one would have to wait to judge the effectiveness of the current mechanism to deal with the issue.

"Earlier, if companies were for insolvency, they got stuck in courts indefinitely. The SICA merely provid

RBI chief Urjit Patel says state banks need more capital

By Suvashree Choudhury

MUMBAI - State-run banks will need more capital to resolve bad loan problems weighing on their balance sheets, Reserve Bank of India Governor Urjit Patel said on Saturday, adding his voice to calls for increased capital injections into lenders.

More than $150 billion of bad debt is crimping credit growth in Asia's third-largest eco

Modi to inaugurate, lay foundation for NHs worth Rs 15,000 cr

Prime Minister Narendra Modi will inaugurate and lay foundations for National Highways (NH) worth Rs 12,300 crore in Rajasthan's Udaipur on August 29, an official statement said on Friday.

According to the statement, Modi will dedicate a total of 11 NHs (873 km) constructed at an expense of Rs 4,925.12 crore to the nation while laying foundations for NH (555 km) to come up at a co

RBI to issue fluorescent blue Rs 50 note in new series

 The Reserve Bank of India (RBI) on Friday said it will soon issue a Rs 50 currency note in Mahatma Gandhi (New) Series, which will be fluorescent blue in colour.

The bank notes of Rs 50 denomination issued by the Reserve Bank in the earlier series will continue to be legal tender, the central bank said in a statement.

"The new denomination has motif of Hampi with

Huge opportunity in sustainable urbanisation in India: Amitabh Kant

Niti Aayog CEO Amitabh Kant on Friday said that India has a "huge opportunity" to go in for sustainable urbanisation.

According to the Niti Aayog CEO Kant, urbanisation process has ended in the US, Europe and has almost been completed in China and that India can learn from these examples to go in for sustainable urbanisation.

"India has a huge opportunity that

Anguished Murthy refutes Infosys` Board charges

Anguished by the allegations, tone and tenor of the Infosys Board against him, its founder N.R. Narayana Murthy on Friday said it was below his dignity to respond to such "baseless insinuations".

"I have read the statement issued by the Infosys Board of Directors. I am anguished by the allegations, tone and tenor of its statements," said Murthy in an e-mail to the

No inconsistency in government data on taxpayers: CBDT

Refuting reports regarding inconsistency in the estimate of the number of taxpayers added after demonetisation, the Central Board of Direct Taxes (CBDT) on Friday clarified that the various government statements referred to different time periods.

"It is clarified that there is no inconsistency in the data provided by the government in the statements, as these are in different co

Commerce ministry holds 60 outreach programmes on GST

The commerce ministry has organised over 60 outreach programmes since July 1 for members of trade and industry on issues related to the Goods and Services Tax (GST), an official said today. It has also established GST cells in all public sector undertakings including MMTC, STC, PEC and India Trade Promotion Organisation (ITPO), which come within the ministry's purview. The whole aim is to d

Hike in minimum wages to hit exports: AEPC

A top exporters' body has said that minimum wages in the garment industry if doubled to Rs 18,000 per month will increase costs, hit exports and lead to job losses. Commenting on the issue, Apparel Export Promotion Council (AEPC) Chairman Ashok G Rajani said there is a lot of confusion surrounding minimum wages after clearance of the Wage Code Bill by the Cabinet.

"This has i

Form to claim past credit under GST expected from tomorrow

GST tax portal is likely to offer from tomorrow forms to claim credit on sales made before the rollout of GST which the taxpayers have to file by August 28, a government official said today. As GST return forms did not have a column for claiming transitional input credit, the government yesterday gave some breather to such taxpayers by giving them an extra week till August 28 to file returns.

Inflation to be in 2-3.5% range in 1st half: RBI

The Reserve Bank of India has projected quarterly average headline inflation in the range of 2-3.5 per cent in the first half of the year and 3.5-4.5 per cent in the second half, said media reports. In its outlook, the central bank said the actual outcome for the first quarter has tracked projections.

Commenting on the issue, a RBI Official told the media, "Looking ahead, as base

India will benefit from growing tax revenue in FY2018: DBS

Indias tax revenues will benefit from a widening tax base and robust advance collections, but non-tax revenues will face speed-bumps in fiscal 2018, the Development Bank of Singapore said today. The routine sources of support are likely to wane this year - dividends from the central bank and other public sector banks/entities, divestment receipts and proceeds from telecom spectrum auctions, not

RBI sets rupee reference rate at 64.1048 against dollar

The Reserve Bank of India on Friday fixed the reference rate of the rupee at 64.1048 against the US dollar and 75.2078 for the euro. The corresponding rates were 64.2428 and 75.3761, on August 16, 2017.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 82.6183 and 58.63 per 100 yens, respectively, based on reference rates for the dollar

Inflation to drift higher in next 6-12 months: Nomura

A Nomura report has said that economic growth and inflation are expected to trend higher in the next 6-12 months and the Reserve Bank is likely to stay on a prolonged pause. According to the Japanese financial services major, the MPC minutes suggest low inflation and growth concerns led to policy easing earlier this month, and going ahead the RBI is expected to stay on hold. Commenting on the i

Sikka quits Infosys, Board blames Murthy, scrip plunges

 In a dramatic development, high-profile technocrat Vishal Sikka on Friday resigned as CEO and Managing Director of global software major Infosys blaming "unrelenting" and "malicious" attacks, for which its Board blamed founder N.R. Narayana Murthy. The open spat led to its stock plunging 10 per cent.

The Board accepted Sikka's resignation and appointed hi

Finance Minister asks states to cut VAT on natural gas, other fuel

Finance Minister Arun Jaitley has written to state chief ministers seeking a cut in sales tax or VAT on fuels like natural gas that have been kept out of the GST but are used as inputs for goods that come under the new indirect tax regime, reported PTI. Crude oil, petrol, diesel, natural gas and jet fuel (ATF) have been kept out of the Goods and Services Tax (GST) which kicked in from July, rep

GST return filing date extended for taxpayers availing input credit

The central government on Thursday extended the due date for filing of the Goods and Services Tax (GST) return for taxpayers who want to avail the transitional input tax credit.

As per the laid down rules, the GST for the month of July 2017 has to be paid by August 20, 2017, only after which the payment of full GST return through "Form 3B" can be filed. The deadline for fili

Every Indian has to contribute towards New India: Narendra Modi

Prime Minister Narendra Modi on Thursday listened to ideas of over 200 young entrepreneurs for transforming the country and said that every citizen has to contribute to create a New India by 2022.

Addressing a gathering of entrepreneurs at the "Champions of Change" conclave organised by the NITI Aayog, Modi said the government cannot run a big country like India without cont

President bats for safety of miners

President Ram Nath Kovind on Thursday said that safety of miners should be the top priority, while calling for a balance between productivity, profit margins and safety.

The President, who presented the National Safety Awards (Mines) for 2013 and 2014 at a function here, said India is endowed with impressive mineral wealth, and the sector contributes 2.6 per cent of country's GDP

Quarterly headline inflation in first half to be between 2-3.5%: RBI

 The Reserve Bank of India, in its second bi-monthly Monetary Policy Committee meeting, has projected quarterly average headline inflation in the range of 2-3.5 per cent in the first half of the year and 3.5-4.5 per cent in the second half.

In its outlook, the central bank said the actual outcome for the first quarter has tracked projections. 

"Looking ahead,

RBI still has room to slash key rate in current fiscal: Naina Lal Kidwai

The Reserve Bank still has room to cut the key policy rate in the current fiscal, veteran banker Naina Lal Kidwai has said, while stressing that banks should pass on the benefits of lower rates to customers, reported PTI. RBI reduced the repo rate by 0.25 per cent to 6 per cent earlier this month, citing reduction in inflation risk. The rate cut was the first in 10 months and brought policy rat

RBI to hold rates for a while before another rate cut: HSBC

A report has said that inflation numbers have risen as expected and the Reserve Bank will go in for a prolonged pause before cutting rates again. Commenting on the issue, a British brokerage HSBC Official told the media, "We expect the RBI to be on a prolonged pause from here onwards with the risk of a 0.25 per cent rate cut (to our assumption) by the year-end if retail inflation undershoo

Slump in fruits, vegetable export prods government to look at low-cost water transport

A slump in the export of perishable commodities such as fruits and vegetables due to high airfreight charges has prodded the government to explore the cost-effective alternative of water transport to boost the trade and give Indian products an edge over their competitors in the international market.

In order to fine-tune the export strategy, the Agriculture and Processed Food Products

Forex reserve may cross $400-bn mark by first week of September

If the present pace of dollar accretion to the forex kitty continues, which crossed past the USD 393 billion, the reserves may hit the USD 400-billion mark by the week to September 8, 2017, says a report. Forex reserves have been rising with a total accretion of USD 4.389 billion to the kitty since July 14, 2017. It had touched a record high of USD 393.448 billion after it rose by USD 581.1 mil

Crude oil opens new vistas in India-US relationship

India, the world's third-largest oil importer, joins Asian countries like South Korea, Japan and China to buy American crude after production cuts by OPEC drove up prices of Middle East heavy-sour crude, or grades with a high sulphur content. The first shipment of American crude oil is likely to reach India in the last week of September, opening new vistas in the Indo-US ties.