RBI eases foreign investment rules for corporate debt

MUMBAI  - The Reserve Bank of India (RBI) on Friday eased rules governing foreign investment in corporate bonds by excluding rupee-denominated securities from its overall debt limit.

The move potentially freed up 440 billion rupees ($6.79 billion) of debt available to offshore investors.

Access to the corporate bonds by foreign investors will be phased

Government advises taxpayers to confirm identity of income tax search authorities

The government on Friday asked taxpayers to confirm the identities of the income tax authorities who conduct search exercises in case of suspected tax evasion, in the wake of forged identities being used by miscreants.

"The tax payers is well within his rights to seek and inspect the warrant of authorisation, confirm the identities of authorised income tax authorities mentioned o

Decision on allowing PE firms to buy stake in insurance firms soon: IRDAI

The Insurance Regulatory Development Authority of India (IRDAI) will come out with a decision in a months time on allowing private equity (PE) firms to buy stake in insurance companies, its chairman T.S. Vijayan said on Friday.

"In insurance companies, we look at it in two different ways -- investors and promoters. Anybody can invest in the company, for promoter, we are studying

Government working towards getting back earlier growth rate: Arun Jaitley


Finance Minister Arun Jaitley on Friday said the government was working towards getting back the earlier growth rate numbers of the country and was fully prepared for a "responsive action".

Jaitley's clarification came amid reports of the government planning a financial stimulus to give a boost to the economy as the GDP numbers in the first quarter dipped to a lo

Finance Minister dispels concerns over high GST transition credit

The finance ministry today sought to dispel concerns about Rs 65,000 crore transitional credit claims saying that the Centre's revenue kitty will not go down because of these claims. Over 46 lakh businesses have paid taxes to the tune of Rs 95,000 crore in July. However, businesses also claimed credit for past taxes paid in the form of excise and service tax worth Rs 65,000 crore.

Depts start notifying mandatory standards for products: DIPP

A Government Official has said that various departments have started the process of notifying mandatory standards for products as best quality is fundamental to pushing economic growth. Commenting on the issue, Secretary in the Department of Industrial Policy and Promotion (DIPP) Ramesh Abhishek told the media, “To become part of the global value chain, quality should be the best in the w

RBI may revise down GVA growth forecast, keep rates on hold

The Reserve Bank is expected to revise down its GVA growth projection for this financial year at its upcoming meet on October 4, but policy rates are likely to stay unchanged, says a Nomura report.

According to the Japanese financial services major, further easing in policy rates is unlikely as momentum of core inflation has been much higher than expected and because the growth slowdo

Rs 65,000 cr transitional credit claim not `incredibly high`: Finance Minister

The Rs 65,000 crore claimed as transitional credit under GST by businesses so far is not "incredibly high" and will not burn a hole in the revenue collections of the government, as the amount will be used up over subsequent months and not in one go, the Finance Ministry said on Friday.

The government's clarification came after it was revealed that traders had claimed Rs

GST Network in a very sound state: GSTN Chairman

The GSTN has said that nearly 30 lakh GST returns have been filed so far for August. Commenting on the issue, GSTN Chairman Ajay Bhushan Pandey told the media, “GST Network is in a "very sound state" and the quantum of returns filed are a testimony to the system's strength.” "Over 29.41 lakh GST returns have been filed for the month of August till noon.

GST implementation smoother than expected: Arun Jaitley

Finance Minister Arun Jaitley today said the implementation of the new taxation regime GST is going smoother than expected in initial phase. The decision-making mechanism at the top between the Centre and the states has been "reasonably institutionalised" and the mechanism created to address day-to-day issues is robust, he said. "... these are early days of the implementation of

Deadline to file transitional credit under GST extended to October 31

The government has extended to October 31 the deadline for businesses to file transitional credit claims under the Goods and Services Tax system, an official notification said.

"In exercise of the powers conferred by Rule 117 of the Central Goods and Services Tax Rules, 2017, on the recommendation of the Council, the period for submitting the declaration in Form GST TRAN-1 is ext

RBI sets rupee reference rate at 64.9596 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.9596 against the US dollar and 77.7566 for the euro. The corresponding rates were 64.5256 and 76.7403, as on yesterday.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 88.3061 and 57.99 per 100 yens, respectively, based on reference rates for the dollar and cr

Government unveils guidelines for division of taxpayers under GST

The Indian Government has said that the Centre and states will divide the tax payer base under GST through computer-based random sampling taking into account geographical location and type of the taxpayer.

As per reports, the GST Council secretariat laid down guidelines for division of taxpayers on the basis of their turnover to ensure single interface under the new indirect tax regim

Boosting private investment, banks` growth major concerns: Arun Jaitley

 Looking at ways to boost economy amid a slowdown, Finance Minister Arun Jaitley on Friday said that encouraging private investment and improving capacity of banking system to support growth are the two major challenges for which best solutions have to be found.

"There are two major challenges - encouraging private sector investment and improving capacity of banking system t

Economy booster package should look at raising capital expenditure: C. Rangarajan

Former Reserve Bank of India Governor C. Rangarajan on Friday said the package the government is looking at to revive the economy should be partly to raise capital expenditure and look at problems preventing private investments from rising.

"The package in my opinion should be partly to raise capital expenditure of the government, but suited in a way in which it will stimulate pr

Arun Jaitley pledges to find resources to support debt-laden banks

Mumbai  - India will make efforts to find resources to support debt-laden banks to help them fund economic growth, Finance Minister Arun Jaitley told a meeting of bankers on Friday.

Jaitley said stressed bank assets have become a "concern" for the economy. Bad loans have crimped the ability of Indian lenders to offer new credit.

Growth in Asia

NITI Aayog inks pact with IRF Geneva to cooperate in field of ITS

The National Institution for Transforming India (NITI Aayog) and the International Road Federation, Geneva (IRF Geneva) have, today, signed a Statement of Intent (SoI) to cooperate in the field of Intelligent Transportation Systems (ITS). The objective of the SoI is to create a national platform, involving all relevant Government of India stakeholders, Indian and foreign companies active in the

Indian economy to grow 6.7% in 2017-18, says OECD

Indian economy is projected to grow at a lower than expected rate of 6.7 per cent this fiscal due to the "transitory effects" of demonetisation and the GST implementation, according to Paris-based think tank OECD. The Organisation for Economic Cooperation and Development (OECD) has also revised downwards its estimate for the country's growth in next financial year (2018-19) to 7.2

ADB sanctions $300 mn for fiscal reforms in West Bengal

Multilateral funding agency ADB has said that it has sanctioned a USD 300 million loan facility for carrying forward fiscal reforms in West Bengal. Commenting on the issue, a ADB Official told the media, “The board of Asian Development Bank (ADB) approved a loan of USD 300 million to continue a comprehensive series of fiscal reforms in West Bengal to bring about more accessible, affordabl

Credit growth unlikely to pick up during festive season

Credit growth is unlikely to pick up during the festival season, though improvement is expected in September industrial growth numbers due to restocking by the automobile industry, an SBI report said as per the PTI report. The yearly SBI Composite Index for September 2017 is at 22-month high of 53.6 (moderate growth) compared to last month's index of 50.9 (low growth), said the SBI Ecowrap

Modi to flag off Mahamana Express on Friday from Varanasi

Prime Minister Narendra Modi will flag off the new Varanasi-Vadodara Mahamana Express from Varanasi in Uttar Pradesh on Friday, railway officials said on Thursday.

The flag-off of the third Mahamana Express would be done via videoconferencing at 3.30 p.m. Modi would be undertaking the flag-off during his two-day visit to his parliamentary constituency Varanasi.

Railways Mini

GST returns filing peaked to record 13.76 lakh on last day: GSTN

More than 13.76 lakh returns -- the highest in a day till now -- were filed on Wednesday, the last day of filing returns under the GST system for August, the Goods and Services Tax Network (GSTN) said on Thursday

An overwhelming majority of taxpayers logged on the GST portal to file returns during daytime, with a bulk of traffic witnessed in the afternoon hours, the hourly data on fil

GSTN portal accepting 80,000 returns/hour: Ajay Bhushan Pandey

The GSTN has said that businesses have used the GST Network portal on the last day of filing initial returns for August with over 80,000 GSTR-3B being uploaded every hour. Commenting on the issue, GSTN Chairman Ajay Bhushan Pandey told the media, “Businesses have time till midnight to file August returns in GSTR-3B form and the network is geared up to take the load.”

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Consumer sentiment to remain muted this festive season: Study

Consumer sentiment during the ongoing festive season remains muted and there is unlikely to be a major surge in festival buying this year, says a report. While around 52 per cent of the 7,659 citizens polled said their spending may be limited to Rs 10,000 during the festive season, 28 per cent said they will not be spending anything, the survey conducted by citizen engagement platform LocalCirc

RBI sets rupee reference rate at 64.5256 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.5256 against the US dollar and 76.7403 for the euro. The corresponding rates were 64.3637 and 77.2493, as on yesterday.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 87.1547 and 57.30 per 100 yens, respectively, based on reference rates for the dollar and cr