RBI sets rupee reference rate at 64.3616 against US dollar

The Reserve Bank of India on Tuesday fixed the reference rate of the rupee at 64.3616 against the US dollar and 75.8051 for the euro.

The corresponding rates were 64.4649 and 75.7978, as on Friday According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 86.3282 and 56.68 per 100 yens, respectively, based on reference rates for the dollar and c

Fund-raising via debt placement up 32% to Rs 51,000 cr in November

Indian companies raised close to Rs 51,000 crore through private placement of corporate bonds in November, a surge of 32 per cent from the year-ago level, for business expansion and propping up working capital needs. With the latest mobilisation, the total fund-raising through private placement of debt securities reached Rs 4.2 lakh crore in the April-November period of 2017-18 fiscal, as per t

India November inflation likely exceeded RBI's 4 percent target: Reuters Poll

By Anu Bararia

BENGALURU - India's retail inflation likely breached the central bank's 4.0 percent medium-term target in November after unseasonably heavy rains sent food prices soaring, a Reuters poll showed.

In the poll of more than 30 economists, annual consumer inflation, due to be released on Dec. 12 at 1200 GMT, was seen surging to a 13-month h

Insolvency: IBBI notifies norms for complaint handling

The Insolvency and Bankruptcy Board of India (IBBI) has notified the IBBI (Grievance and Complaint Handling Procedure) Regulations, 2017 in the Gazette of India on 7th December, 2017.

“The Regulations enable a Stakeholder, namely, debtor, creditor, claimant, service provider, resolution applicant or any other person having an interest in an insolvency resolution, liquidation, vo

Direct Tax Collections rises 14.4% for 2017-18

Ministry of Finance has said that direct tax collections for financial year 2017-18 show growth of 14.4 per cent upto November, 2017. “The provisional figures of Direct Tax collections up to November, 2017 show that net collections are at Rs. 4.8 lakh crore which is 14.4 per cent higher than the net collections for the corresponding period of last year,” the Ministry of Finance said

Public sector units helped in economic growth: Vice President

Vice President M Venkaiah Naidu said Public Sector Enterprises (PSEs) have contributed immensely to the countrys economic growth and helped the country in building a sustained industrial base, reported PTI. "The PSEs have contributed immensely to the countrys economic growth.

Over the years, the PSEs have helped the country in building a sustained industrial base and technologica

Input Service Distributors can now file GSTR 6 on GST portal

Goods and Services Tax Network (GSTN) said Input Service Distributors can now file monthly return form GSTR 6 for July to distribute input tax credit among their units registered on the GST portal, reported PTI. The last date for filing of GSTR 6 return for July is December 31, GSTN said in a statement.

The functionality for monthly return (GSTR 6) to be filed by the Input Service Dis

Indian economy set for higher growth trajectory: Finance Minister

Union Finance Minister Arun Jaitley has said the Indian economy is set for a higher growth trajectory on the back of a slew of structural reforms, reported PTI. He said the NDA government would now focus on large- scale investment in the infrastructure sector and rural areas. "I think, we should be looking forward to a much higher growth trajectory (for India) in the days to come.

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GST, note-bank shocks to last for two more years: Y V Reddy

Refusing to hazard a guess on GDP growth in the short-term given the "shocks" like GST, note-ban and the mountain of bad loans, former Reserve Bank Governor Y V Reddy has said the economy requires two more years to "consolidate" and claw back to higher growth levels, reported PTI. It is very difficult to make a forecast on economic growth now or say when the economy will ret

Direct Tax collections up 14% during April-November

The government on Saturday reported a growth of 14.4 per cent in direct tax collections for April-November, 2017-18.

"Provisional figures of direct tax collections up to November, 2017 show that net collections are at Rs 4.8 lakh crore which is 14.4 per cent higher than the net collections for corresponding period of last year," the Central Board of Direct Taxes (CBDT) said

Law Review Committee to take final view on GST suggestions

The recommendations of an advisory group on the Goods and Services Tax (GST) have been referred to the Law Review Committee for a final view on the matter, an official said on Friday.

The advisory group submitted its recommendations on Tuesday, a Finance Ministry release said here.

"The recommendations of the Advisory Group have been referred to the Law Review Committee

Venkaiah Naidu lauds PSEs for contribution to economic growth

Vice President M. Venkaiah Naidu on Friday said that the Public Sector Enterprises (PSEs) have contributed immensely to the country's economic growth.

Inaugurating the Diamond Jubilee celebrations of the National Mineral Development Corporation (NMDC) here, he said PSEs helped the country in building a sustained industrial base and technological competencies in a number of areas.<

M&A deals declined 13% in November: Report

 Mergers and Acquisitions (M&A) in the country declined by 13.33 per cent last month on a year-on-year (YoY) basis, a report showed on Friday.

According to Grant Thornton's M&A dealtracker report for November 2017, the industry's M&A deals declined to 39 from 45 reported for the corresponding month of last year.

The report disclosed that a total of $

India`s Forex reserves up $1.2 bn

India's foreign exchange (Forex) reserves kitty increased by $1.20 billion as on December 1, 2017, official data showed on Friday.

The Reserve Bank of India's (RBI) weekly statistical supplement released on Friday showed that the overall Forex reserves rose to $401.94 billion from $400.74 billion reported for the week ended November 24.

India's Forex reserves com

India bonds slump to 15-month low as auction cut-offs disappoint

MUMBAI- Indian bonds slumped to a 15-month low on Friday after the Reserve Bank of India set higher-than-expected cut-off yields at the weekly debt auction, which traders saw as a sign the central bank was getting more comfortable with higher yields.

The 10-year benchmark government bond yield rose to 7.09 percent from the previous session's close at 7.05 percent.

Top 100 cos create wealth worth Rs 38.9 lakh cr in last 5yrs

Country's top 100 companies in terms of market valuation have generated a record Rs 38.9 lakh crore wealth in the last five years, with Tata Group firm TCS retaining the numero uno position on the chart for the fifth time in a row, says a latest study, reported PTI. According to the leading brokerage firm Motilal Oswal's 22nd Annual Wealth Creation Study, TCS retained its first rank for

Pensioners demand higher monthly payout under EPF-95 scheme

Thousands of pensioners covered under the EPF-95 scheme staged a march demanding that the minimum monthly pension be raised to Rs 7,500, said media reports. As per reports, the amount under the scheme, run by the Employees' Provident Fund Organisation (EPFO), is Rs 1,000 at present. Commenting on the issue, All-India EPS-95 Pensioners Sangharsh Samiti said, "Today pensioners protested

12%, 18% GST rates can be merged to new slab

Bihar Deputy Chief Minister Sushil Modi on Friday said the Goods and Services Tax (GST) Council would examine the possibility of merging the 12 and 18 per cent tax rates to a new slab.

Modi, a member of the GST Council, has also suggested it that price tags displayed on items be inclusive of all taxes.

"The GST Council will put an effort to examine the possibility of me

CBDT extends deadline to link Aadhaar with PAN to March 2018

The Central Board of Direct Taxes (CBDT) has extended the date to link Aadhaar to Permanent Account Number (PAN) to March 31, 2018 from the previous deadline of December 31, 2017. “Under the provisions of recently introduced section 139AA of the Income-tax Act, 1961 (the Act), with effect from 01.07.2017, all taxpayers having Aadhaar Number or Enrolment Number are required to link the sam

FRDI Bill will protect depositors` rights with more transparency: Government

The proposed Financial Resolution and Deposit Insurance (FRDI) Bill is designed to protect the rights of depositors, the government said on Thursday. The bill, which seeks to deal with the insolvency of financial service providers, had been tabled in August in the Lok Sabha and has currently been referred to a Joint Committee of Parliament, a Finance Ministry statement said here. Meanwhile, Fin

IMF approves $251 mn payout to Sri Lanka

The International Monetary Fund today approved the release of USD 251 million to Sri Lanka, the latest payment of a three-year loan that had been delayed amid differences over the scope and pace of reforms. The IMF approved the USD 1.5 billion loan in June 2016 following a balance of payments crisis in Sri Lanka. With this latest tranche it has released a total of USD 760 million. While noting

FRDI Bill depositor friendly, provides more protection: Finance minister

The FRDI Bill, under consideration of a joint parliamentary committee, is depositor friendly and provides more protection to them compared to existing provisions, the finance ministry said as per the PTI report. The statement comes in the wake of "certain misgivings" that appeared in the media about 'bail-in' provisions of the Financial Resolution and Deposit Insurance Bill, 2

Need to develop agri sector to meet future food demand: Government

The country's farm sector needs to be developed further in order to meet future demand of foodgrain, which some estimates show could reach 355 million tonnes by 2030, the government said as per the PTI report. A latest paper prepared by Grant Thornton and industry body Ficci has projected foodgrain demand to reach 355 million tonnes in next 13 years from the current 250 million tonnes.

FinMin seeks industry view on US tax reform impact on biz

Ahead of the Budget, Finance Secretary Hasmukh Adhia is seeking industry inputs on ways to deal with the impact of sweeping tax reforms as proposed by the US and other suggestions to rev up economic growth, reported PTI. The Donald Trump administration has proposed corporate tax rate cut to as low as 20 per cent from 35 per cent with a view to boosting corporate earnings, a move that could hit

Empower NCLT to grant tax relief on waiver of interest: ASSOCHAM

The National Company Law Tribunals (NCLTs) should be empowered by law to grant relief on any tax that may be imposed on any waiver of accrued interest with regard to stressed assets referred for resolution under the Insolvency and Bankruptcy Code, the ASSOCHAM has said in its communication to the Finance Minister Arun Jaitley.

“Where any outstanding liability, inclusive of any a