All payment systems to remain closed on April 1: RBI

Reversing its previous decision, the Reserve Bank of India (RBI) on Wednesday said that all payment systems, including RTGS and NEFT will remain closed on April 1, 2017. Earlier on March 25, the central bank had announced that all payment systems, including RTGS and NEFT would operate, as on a normal working day, during the period March 25 to April 1, 2017 (including Saturday, Sunday and all ho

'Government must step up work on GST Rules, fitment in tax slabs'

Hailing the passage of four GST Bills in the Lok Sabha as a step closer to the implementation, industry stakeholders on Thursday said that the government needs to step up work on fitment of commodities in tax slabs to ensure a smooth roll-out by July 1.

The Lok Sabha on Wednesday passed the much-awaited Central Goods and Services Tax (GST) Bill, Integrated GST Bill, Compensation GST B

Social security schemes to continue till one gets Aadhar: Government

The Government has said that till the time Aadhar is assigned to any beneficiary, benefits under the National Social Assistance Programme shall continue to be administered on production of some documents. In a written reply to a question in the Lok Sabha, the Minister of State for Rural Development Ram Kripal Yadav said that the notification issued by the government on February 27, 2017, has th

Passage of GST Bills a milestone in economic history: FinMin

Finance Minister Arun Jaitley and other officials hailed the passage of four Goods and Services Tax (GST) Bills in the Lok Sabha as a milestone in economic history of the country, congratulating the Council members for their efforts.

"I congratulate everyone on the passage of GST Laws by Lok Sabha. It is a landmark tax reform since independence. A historic day for all of us. Cong

Parliament passes Finance Bill, Rajya Sabha amendments rejected

The Finance Bill 2017 was passed by Parliament on Thursday with the Lok Sabha rejecting the amendments proposed by the Rajya Sabha.

The Bill, being a Money Bill, will now go to the President for approval before becoming law.

Since the Lok Sabha did not accept any of the recommendations of the Rajya Sabha, the Money Bill is deemed passed by both houses in the form in which it

India to provide $31 million support for rural aviation scheme - minister

NEW DELHI - India's Minister of State for Aviation Jayant Sinha said on Thursday the government will provide 2.05 billion rupee ($31.57 million) financial support to boost airline travel between smaller cities.

India launched the Regional Connectivity Scheme to get more people flying in what is already the world's fastest growing aviation market. Under the sch

Lok Sabha passes GST supplementary bills

The historic Goods and Services Tax (GST) regime came a step closer to meet its July 1 target of rollout, with the Lok Sabha approving four supplementary legislations, reported PTI. The Central GST Bill, 2017; The Integrated GST Bill, 2017; The GST (Compensation to States) Bill, 2017; and The Union Territory GST Bill, 2017 were passed after negation of a host of amendments moved by the oppositi

'Bankruptcy Code to help improve ease of doing business'

The Insolvency and Bankruptcy Code is a key economic reform that will facilitate the ease of doing business, Union Minister Arjun Ram Meghwal said as per the PTI report. The Minister of State for Finance inaugurated the new premises of Insolvency and Bankruptcy Board of India (IBBI).

The code provides for a market determined, time-bound mechanism for orderly resolution of insolvency,

New Year, New Law, New Bharat: PM on passage of GST bills

Prime Minister Narendra Modi hailed the passage of GST supplementary bills by the Lok Sabha, reported PTI. "Congratulations to all the countrymen over passage of the GST bills. New Year, New Law, New Bharat," he said in a tweet in Hindi soon after the legislations were passed. With the Lok Sabha approving four supplementary legislations, the historic GST regime came a step closer to m

CAIT to train 5000 traders as Master Trainers on GST

The Confederation of All India Traders (CAIT) launched 'Mission GST', under which it will train 5,000 trade leaders across the country as master trainers who will educate about GST, reported PTI. "The proposed Goods and Services Tax (GST) is a technology based taxation system, which will change the business landscape in the country.

"The non corporate sector includin

G-20 Framework Working Group discusses global economy

The G-20 Framework Working Group (FWG) in its third meeting here discussed the various issues pertaining to global economy along with the agenda on inclusive growth.

The two-day meeting that concluded on Wednesday was hosted by the government and Reserve Bank of India (RBI). 

"G-20 FWG discussed the current state of the global economy as well as G-20 agenda on incl

Goods will become cheaper with GST: Arun Jaitley

 Finance Minister Arun Jaitley on Wednesday said goods may become "slightly cheaper" once all other taxes are removed after implementation of the Goods and Service Tax.

Replying to a debate on the four bills related to GST in the Lok Sabha, he said all other taxes like entry tax in states will be removed once the GST is in place.

"Once all other taxes are

Banks to remain closed on April 1: RBI

The Reserve Bank of India (RBI) on Wednesday said banks need not remain open on April 1, as against its earlier order, because it may affect the annual closing, especially in view of the State Bank of India (SBI) merger.

"In consultation with the government, it has been decided that while the agency banks are to keep all their branches dealing with government business open on all

German SMEs urged to`Make in India`

Highlighting the key initiatives taken by the Indian government for creating a pro-business environment in the country, a top official at the Embassy of India in Berlin urged the German Mittelstand (SMEs) companies to invest and partner India in the IT and electronics sectors.

On the sidelines of CeBIT 2017 global event for digital business, Abhishek Singh, Deputy Chief of Mission, ur

UCO Bank staff unions sign MoU to implement turnaround plan

UCO Bank employees and officers' unions signed a Memorandum of Understanding (MoU) with the management with some conditions for implementing its turnaround plan, an official said on Wednesday.

"The management of the bank, the employee unions and officers associations commit by this MoU that they take responsibility collectively for successful implementation of the turnaround

RBI expected to hold rates this yr, may tighten in 2018: Goldman Sachs

The Reserve Bank is expected to keep policy rates on hold this year but there are risks tilted towards a hike in 2018, a Goldman Sachs report said as per the PTI. According to the global financial services major, inflation is likely to remain within the RBI's target range of 2-6 per cent, but India is still some time away from bringing inflation to its 4 per cent target sustainably.

GST rates will have no inflationary impact: Finance Minister

Finance Minister Arun Jaitley said that the tax rates will be kept at the current levels so as not to have any inflationary impact, reported PTI. Introducing four bills to give effect to the Goods and Services Tax (GST), Jaitley said the legislations will have to be passed by Parliament and one by each of the state assemblies to turn India into one market with a single tax rate.

The F

Government preparing long term strategic plans for India's development

Long term strategic plans are being prepared for overall development of the country and consultations with states and other stakeholders have been completed with respect to these proposed initiatives, the government said according to the PTI report. "For overall development of the country, a long term vision with 15 years perspective up to 2030, a seven-year strategy for achievement of the

Lok Sabha passes all four GST Bills

The Lok Sabha on Wednesday passed the much-awaited Central Goods and Services Tax (GST) Bill, Integrated GST Bill, Compensation GST Bill and Union Territory GST Bill 2017, after negating all the amendments put forward by the Opposition.

The four GST Bills were passed after an eight-hour marathon debate in the Lower House. 

The government is targeting the roll-out date o

CBDT refuses to grant relief to those who defaulted on 1st IDS installment

The Central Board of Direct Taxes (CBDT) has refused to grant any relief to those black money declarants who failed to submit their first installment of tax and penalty under the IDS owing to personal emergencies or liquidity crunch, reported PTI.

The policy-making body of the Income Tax department made it clear that such condonation of delay in making payments by the deadline of Nove

Aadhar not compulsory to avail welfare scheme benefits: Government

The Indian Government has said that identity proofs other than Aadhaar can also be used to avail of welfare scheme benefits, a day after the Supreme Court said biometric cards cannot be made mandatory for accessing social benefits. Commenting on the issue, Law Minister Ravi Shankar Prasad told the media, "This is required to be clarified that the Supreme Court itself has permitted delivery

Government to borrow Rs 3.72 lakh cr in H1 of next fiscal: Reports

The Indian Government has said that it will borrow from markets about Rs 3.72 lakh crore in the first half of next fiscal beginning April which is 64 per cent of the borrowing target for full financial year.

As per reports, the borrowing in the April-September period will be a little higher compared to other years as the finance ministry and the RBI foresee other ministries to start s

Further digital push possible due to excess cash in economy: Government

The Indian Government has said that as there is excess cash of about Rs 2.5-3 lakh crore floating in the economy, a further push to digital mandate is possible. As per reports, State Bank of India has published 9 research reports on the estimated cash supply by Reserve Bank of India after the demonetisation of old Rs 500 and Rs 2000 notes, announced on November 8, 2016.

Commenting on

FinMin gives 6-month extension to 12th Plan schemes

The Finance Ministry has extended the time period for 12th Plan schemes ending on March 31 by six months, thus giving time to ministries to complete their appraisals, reported PTI. The 12th Plan, which is the last of the Five Year Plans, is coming to an end on March 31. "This extension is granted only for a period of six months after March, 2017 i.E. Till September 30, 2Ol7 by which time t

February economic activity in India saw small uptick: Report

Economic activity in India in February registered a small improvement led by foreign trade and consumer indicators, an analyst report said on Tuesday.

"Economic activity saw a small uptick in February with our Activity Index monthly growth improving to 3.1 per cent versus 0.9 per cent in January," US investment banking firm Jefferies said in a report titled "India: Freq