Finance Minister releases National Trade Facilitation Action Plan

Finance Minister Arun Jaitley released the National Trade Facilitation Action Plan and said the WTO-Trade Facilitation Agreement (TFA) coming into force on February 22, 2017 was a major milestone for the global trading system, reported PTI. Jaitley further said India looks forward to ensuring compliance with the TFA, according to a Finance Ministry statement.

"This Action Plan gi

Niti Aayog makes presentation before par panel on digitisation

Niti Aayog made a presentation on 'proliferation of digital payment and how it is transforming India's economy' to a parliamentary panel looking into issues concerning demonetisation, sources said as per the PTI report. The Standing Committee on Finance, headed by senior Congress leader and former Union Minister M Veerappa Moily will meet again on July 27.

The panel, sourc

Swachh Bharat Mission gains momentum, on way to target: Government

The Government on Thursday said that Swachh Bharat Mission has picked up great momentum now and it is hopeful to achieve the target of Swachh Bharat by October 02, 2019. Replying to a question in the Lok Sabha, the Minister of State for Drinking Water and Sanitation Ramesh Chandappa Jigjinagi said that the Sanitation Coverage, which was 41.80 per cent on 2.10.2014, has increased to 65.07 per ce

GST will benefit small traders more: Narendra Modi

Prime Minister Narendra Modi on Thursday said that the Goods and Services Tax (GST) will benefit small traders more and asked the party MPs to give pace to their activities in specific parliamentary constituencies.

The Prime Minister's remarks came during his meeting here with a group of Bharatiya Janata party (BJP) MPs from eastern Uttar Pradesh, which was also attended by party

More than half of India`s gas-fired power plants idle: Piyush Goyal

NEW DELHI - About 57 percent of gas-fired power plants in India are lying idle due to non-availability of domestic gas, Power Minister Piyush Goyal told lawmakers on Thursday.

"Domestic natural gas supply to power sector can improve only in case production levels increase in future," Goyal said.

India, which has an installed gas-powered capacity o

Finance Minister working on capital infusion strategies on PSBs: Reports

The finance ministry has said that it is working on the capital infusion strategy for public sector banks and an announcement to this effect will come soon. Commenting on the issue, a senior finance ministry official told the media, “The funds infusion matrix as per the Indradhanus scheme is being given a final shape on the basis of representations from various banks for their capital nee

Government to launch Aajeevika Grameen Express Yojana

The Ministry of Rural Development will launch a new sub-scheme under Deendayal Antyodaya Yojana - National Rural Livelihoods Mission (DAY-NRLM) which will be named as Aajeevika Grameen Express Yojana (AGEY). The Minister of State for Rural Development Shri Ram Kripal Yadav said that the main objectives of AGEY are to provide an alternative source of livelihoods to members of Self Help Groups (S

RBI to issue Rs 20 denomination notes soon: Reports

The Reserve Bank has said that it will shortly issue bank notes of denomination Rs 20 in Mahatma Gandhi series 2005 that will be similar in design to those currently in circulation. Commenting on the issue, a RBI Official told the media, “The new notes will be bearing inset letter 'S' in the number panel and signature of Governor Urjit R Patel.”

“Both the num

GST on int`l freight to make air cargo non-competitive

Levying GST on international freight is likely to make air cargo "non-competitive", an industry body said as per the media reports. Freighters were not liable to pay any tax under the service tax regime, while now they have to pay 18 per cent GST. "Subjecting international freight at 18 per cent GST is totally unfair as it will stifle the growth of air cargo.

"Why

India on track to grow at 7.4% in 2017: ADB

India is expected to achieve the projected growth rate of 7.4 per cent in 2017 and further up 7.6 per cent next year on strong consumption demand, with South Asia leading the growth chart in Asia and the Pacific, an ADB supplement report said. "India, the sub-region's largest economy, is expected to achieve previous growth projections of 7.4 per cent in 2017 and 7.6 per cent in 2018, p

RBI sets rupee reference rate at 64.4273 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.4273 against the US dollar and 74.1880 for the euro. The corresponding rates were 64.3211 and 74.2265 yesterday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 83.9166 and 57.45 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quot

Cadre review of defence accounts service approved

The Union Cabinet today approved the cadre review of the Indian Defence Accounts Service (IDAS) under the defence ministry which provides for increasing 23 posts. The additional positions sanctioned include one post at secretary level (apex scale) and six at higher administrative grade (at par with additional secretary).

As per the decision, 10 posts at the level of junior administrat

Cabinet okays revision of ICWF guidelines

The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved revision of the Indian Community Welfare Fund (ICWF) guidelines, to expand scope of welfare measures that can be extended through the fund to overseas Indian nationals in times of distress and emergency. The ICWF, set up in 2009, is aimed at assisting overseas Indian nationals in times of distress and emergency in the most

Robust export demand to boost Asian economies: ADB

Surging global demand for Asian exports and low oil prices will help China and the region's developing economies grow faster than expected this year and next, the Asian Development Bank said. The region should now grow by 5.9 per cent this year and 5.8 per cent in 2018, the Manila-based lender said in a report. The bank updated its earlier forecasts, released in April, that predicted 5.7 pe

Cabinet clears MoU with Netherlands on space technology

The Union Cabinet has approved the Memorandum of Understanding (MoU) between India and Netherlands on cooperation in the exploration and uses of outer space for peaceful purposes. The MoU was signed on May 11 & 22, 2017 at Bangalore and The Hague respectively, according to a Cabinet statement released on Wednesday.

This agreement shall enable the following areas of cooperation suc

Cabinet okays Central Goods and Services Tax (Amendment) Bill, 2017

The Union Cabinet chaired by Prime Minister Narendra Modi has given its ex-post facto approval for the promulgation of the Central Goods and Services Tax (Extension to Jammu & Kashmir) Ordinance, 2017 and replacement of the Ordinance by the Central Goods and Services Tax (Amendment) Bill, 2017.

The Ordinance has extended the provisions of the Central Goods and Services Tax Act, 20

Cabinet approves signing BRICS MoC on tax matters

The Union Cabinet chaired by the Prime Minister Narendra Modi on Wednesday approved signing of Memorandum of Cooperation (MOC) in respect of tax matters between India and the Revenue administrations of BRICS countries namely, Brazil, Russian Federation, China and South Africa. The MoC aims to further promote cooperation amongst the BRICS Revenue administrations in international forum on common

Cabinet gives nod for Hindustan Petroleum merger with ONGC

The Union Cabinet on Wednesday gave its in-principle approval to the merger of oil marketer Hindustan Petroleum Corp Ltd (HPCL) with state-run explorer Oil and Natural Gas Corp. (ONGC), official sources here said.

The cabinet approved the sale of the government's stake in HPCL to ONGC. Under the arrangement, the exploration giant will not have to make an open offer after buying th

Revenue from imports up 11% in first 15 days of GST: CBEC

 Though the complete revenue flows from the GST cannot be guaged before October when the new indirect tax regime completes its first quarter, the revenue collection from imports under the Goods and Services Tax has seen an 11 per cent month-on-month increase in the first 15 days, the CBEC has said.

The total revenue flow from imports stands at Rs 12,673 crore from July 1-15

Nothing is perfect immediately, take GST's example: Manohar Parrikar

Goa Chief Minister Manohar Parrikar, cornered by the Opposition in the assembly over a controversial order, on Wednesday cited the example of the GST to illustrate how legislations sometimes are not perfect in the immediate sense.

The Opposition was forcing him to tweak a recent government order that disallows government employees to attend public grievances meetings at homes of elect

States planning to improve ease of doing business: Official

A Government Official has said that state governments are taking several steps such as setting up of single window system for approvals with an aim to improve ease of doing business. Commenting on the issue, Department of Industrial Policy and Promotion (DIPP) Secretary Ramesh Abhishek said that as many as 17 states had made laws to provide single window system.

“Powers of sever

RBI to issue Rs 20 notes with Urjit Patel`s signature

The Reserve Bank of India on Wednesday said it will shortly issue Rs 20 denomination banknotes in the Mahatma Gandhi Series, with the inset letter 'S' in both the number panels. “The design of these banknotes to be issued now is similar in all respects to the 20 banknotes in the same series issued earlier,” RBI notified today. All the banknotes in the denomination of Rs 20 i

Bajaj Finance net rises 42% at Rs 602 cr

Bajaj Finance today reported a jump of 42 per cent in its net profit at Rs 602 crore for the first quarter ended June of 2017-18. Net profit in April-June of 2016-17 was at Rs 424 crore. Total income rose 39 per cent to Rs 3,165 crore for the June quarter as against Rs 2,282 crore a year ago, the company said in a regulatory filing. Shareholders also approved the proposal of Rs 4,500 crore fund

Banks to take Rs 2.4 tn haircut to resolve top 50 stressed accounts

Banks are likely to take a haircut of Rs 2.4 trillion, or nearly 60 per cent, to resolve 50 large stressed accounts, said a Crisil report said as per the PTI. These 50 companies are from the metals (30 per cent of total debt), construction (25 per cent) and power (15 per cent) sectors, and account for half of the Rs 8 lakh crore non -performing assets (NPAs) in the banking system as on March 31

GDP may rise to $8 trn in next 15 years: Arvind Panagariya

NITI Aayog has said that India's GDP may rise to about USD 8 trillion over the next 15 years if the country registers an economic growth of 8 per cent annually and come very close to eliminating abject poverty entirely. Commenting on the issue, NITI Aayog Vice Chairman Arvind Panagariya told the media, “With that level of economic growth, living standards and amenities that are taken