BSE signs cooperation pact with Egyptian Exchange

Leading bourse Bombay Stock Exchange said that it has joined hands with Egyptian Exchange (EGX) for cooperation in exchange of information across business areas. In a statement, EGX Executive Chairman Mohamed Omran said that the exchange aims to cross list and trade securities that would provide new investment alternatives to investors in both markets.

 

The exchanges s

RBI likely to cut repo rate by 25 bps in Aug: ICRA

Credit rating agency ICRA has anticipated that the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) would reduce the repo rate by 25 basis points (bps) in the upcoming policy review in August 2017. However, the decision is unlikely to be unanimous and the tone of the policy document may not signal that further cuts would be forthcoming.

In addition, the RBI is likely

Government seeks parliament approval for $1.7 billion extra spending

NEW DELHI - The Indian government on Wednesday sought parliament's approval to spend an extra 106.5 billion rupees ($1.65 billion) in new spending in the fiscal year to March 2018, on top of an earlier approved spending of $333.3 billion in the annual budget.

The additional expenditure includes 70 billion rupees for the oil ministry and 5 billion rupees for price

Government bonds oversubscribed; FPIs bid for USD 2.3 bn

Government debt securities saw robust response from foreign investors, attracting bids USD 2.3 billion as against USD 1.7 billion on offer. The online auction was conducted yesterday on BSE's ebidxchange platform from 1530 hrs to 1730 hrs after the market closed. At the end of the two-hour auction, as many as 44 bids were declared successful out of 58.

Foreign portfolio investors

Government rejigs four Cabinet Committees

Four key Cabinet Committees has been restructured following the recent resignation of Information and Broadcasting Minister Venkaiah Naidu to contest the vice-presidential election. Naidu was member of Cabinet Committee on Accommodation, Cabinet Committee on Economic Affairs, Cabinet Committee on Parliamentary Affairs and Cabinet Committee on Political Affairs.

The Cabinet Secretariat

Arun Jaitley releases case study on GST

 Finance Minister Arun Jaitley on Tuesday released a case study on the birth of the Goods and Services Tax (GST) in India titled "The GST Saga: A Story of Extraordinary National Ambition", an official statement said.

"In view of the successful roll-out of the GST on 1 July 2017, it was felt that there was a need for the public to know of the story of how GST e

GST: CNG hiked by Rs 1.11 a kg, PNG by 33 paise a unit

Following the roll-out of the GST, state-run Indraprastha Gas Ltd (IGL) hiked the price of CNG in Delhi by Rs 1.11 per kg, and of piped natural gas (PNG) to households by 33 paise per unit, effective Wednesday, to account for increase in tax under the pan-India indirect tax regime.

In Noida, Greater Noida and Ghaziabad, the revision would result in an increase in CNG of Rs 1.27 p

`Indus Food` mega exports event to be held in January

 In the endeavour to make India an agro-processing hub, the government will organise its biggest food export promotion event in the country - Indus Food - in January next year, it was announced on Tuesday.

"We propose to bring at least 400 buyers to Indus Food, to target core areas we have identified for attention in the food and beverage industry," Commerce Secret

Looking at measures in FTP to support exporters: Rita Teaotia

The commerce ministry is looking at measures to be announced as part of the review of the foreign trade policy (FTP) to boost exports, Commerce Secretary Rita Teaotia said as per the PTI report. She said that the review of the policy is now almost coming to its logical conclusion and the exercise will be completed by September. "We are looking to see what are those measures by which we can

India Inc borrowings from overseas market at $1.63 bn in June

India Inc's borrowings from foreign sources like external commercial borrowings (ECBs) and rupee bonds stood at USD 1.63 billion in June, RBI data showed as per the PTI report. In June 2016, Indian companies had borrowed USD 1.07 billion from overseas markets using these instruments.

However, the two sets of data are incomparable as there were no rupee denominated bonds (RDBs) or

India will need $4.5 tn by 2040 for infrastructure: Report

India will need investments to the tune of around USD 4.5 trillion till 2040 to develop infrastructure to improve economic growth and community wellbeing, said Global Infrastructure Hub as per the PTI report. According to its report 'Global Infrastructure Outlook', India has an infrastructure investment need of USD 4.5 trillion by 2040, making it the second largest infrastructure market

Compensation for Centre`s civilian staff enhanced

The ex gratia lump sum compensation to families of the central government's civilian employees who die in harness has been increased, the Lok Sabha was told on Tuesday.

In a written reply, Minister of State for Home Kiren Rijiju said the compensation has been increased as per the 7th Central Pay Commission (CPC) recommendations. 

Rijiju said deaths due to accidents

GST Council panel to select National Anti-profiteering Authority

The GST Council has formed a selection committee headed by the Cabinet Secretary to identify and recommend eligible persons for appointment as the chairman and members of the National Anti-profiteering Authority.

The National Anti-profiteering Authority under GST is tasked with ensuring that the full benefits of a reduction in tax on supply of goods or services flow to the consumers.<

Inflation to rise to 4.4% in second half of 2017: Nomura

Retail inflation in India is expected to rise "noticeably" from 'trough' in June to 4.4 per cent in the second half of this year, driven mostly by food prices and the base effect, says a Nomura report. According to the Japanese financial services major, although inflation has bottomed, in the medium term it is expected to see a significant uptrend and rise above the RBI's

CII inaugurates new office in Tirupur

Confederation of Indian Industry (CII) as part of serving the traders in the knitwear industry, has opened a new office in Tirupur. The CII Southern Region, Chairman, Vikram Kirloskar formally inaugurated the office yesterday in the presence of CII Tirupur, District Chairman, K Kandasamy, Vice Chairman, D Venkatesh, a press release said. Noting that the district considered as the 'Knitwear

Need examples to deter benami deals: Finance Minister

Finance Minister Arun Jaitley said example needs to be set to create a deterrent against use of anonymous people to hide ill-gotten wealth, amid some politicians and their family members coming under the scanner for alleged benami deals, reported PTI. Referring to opposition of PAN-Aadhaar linkage, he said it is an "effective anti-evasion measure" and will get rid of multiple PAN card

RBI sets rupee reference rate at 64.3580 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.3580 against the US dollar and 75.0607 for the euro. The corresponding rates were 64.4494 and 75.1287, as on July 24,2017. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 83.8778 and 58.05 per 100 yens, respectively, based on reference rates for the dollar and cross-cur

Tax base widens to 6.26 cr in last fiscal: Sushil Chandra

The CBDT has said that income taxpayer base moved up substantially to 6.26 crore at the end of the last fiscal, from nearly 4 crore earlier. Commenting on the issue, Central Board of Direct Taxes (CBDT) chairman Sushil Chandra told the media, “Post demonetisation the department has taken a host of measures to increase tax base and the statement of financial transaction (SFT) report filed

Trend Micro to secure LIC Mutual Fund`s network

As cybersecurity threats loom, LIC Mutual Fund on Tuesday mandated cybersecurity firm Trend Micro to secure its endpoints, network and data centres.

This comes after Trend Micro announced that it was securing State Bank of India's (SBI) 2.75 lakh endpoints across 26,000 branches. 

"This partnership helped us combat the challenges of securing and prote

GST won`t impact growing Indian smartphone market: Report

The overall smartphone demand in India will hit 234 million units in 2017, an increase of 11 per cent year-on-year (YoY) and the Goods and Services Tax (GST) would have no impact on smartphone demand in the country, global market research firm GfK said on Tuesday.

"Smartphone demand in India also remained resilient in the second quarter of 2017, having levelled out slightly to 14

India Inc`s overseas investment dips 46% in June

Direct investments by Indian firms abroad plunged by 46 per cent to USD 1.12 billion in June this year, according to the RBI data. They had invested USD 2.07 billion in their overseas ventures in June last year. In previous month, May 2017, the investment figure stood at USD 1.26 billion. The investments made last month were a mix of issuance of guarantees (USD 370.11 million), loans (178.80 mi

EODB not facilitating reforms on ground: Experts

The current ease of doing business (EODB) reforms focus only on easing permits but are not facilitating reforms on ground, experts opined, reported by the PTI. Views were expressed at a round-table discussion on "Competitiveness and EODB" that reached to a conclusion. The discussion focused on the topic comparing India and the USA. "There is a considerable similarity in the feder

Niti for increasing savings, investments to boost growth

Niti Aayog has made a strong case for boosting savings and investments with a view to push the country's economy into a higher growth trajectory, reported PTI. In its appraisal of the Twelfth Five Year Plan (2012-17), the Aayog has stressed on maintaining macro-economic stability. "Low levels of savings and investment rates are still a cause of concern.

Thus, intense and dedi

Finance Minister introduces bill to replace Banking Regulation Ordinance

Finance Minister Arun Jaitley introduced a bill in the Lok Sabha to authorise RBI to direct banks to resolve problems of stressed assets, which have reached "unacceptably high level", reported PTI. The Banking Regulation (Amendment) Bill, 2017, seeks to amend the Banking Regulation Act, 1949 and replace the Banking Regulation (Amendment) Ordinance, 2017, which was promulgated in May t

India should target inflation rate of 4-5%: US expert

 Indian policymakers would do well to target keeping annual retail inflation in the country in the range of 4-5 per cent without aiming to lower this rate significantly, according to an American expert.

"India should target inflation at 4-5 per cent," Kenneth Rogoff, Professor of Economics at Harvard University in the US told BTVi in an interview.

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