RBI started printing Rs 2000 notes from August 2016: Reports

According to a reply received by Chandrashekhar Gaud, resident of Neemuch district of Madhya Pradesh, Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL), an RBI subsidiary, started printing the Rs 2000 notes two and a half months before the November 8 demonetisation.

"A reply from BRBNMPL to my query under the Right To Information Act said the printing of Rs 2000 notes

Performance of auto asset-backed securities stabilized in January : Moody’s

Moody's Investors Service has said that the performance of auto asset-backed securities levelled off in January after deterioration due to the currency crunch post demonetisation. Commenting on the issue, a Moody’s Official told the media, “The performance of rated Indian auto asset-backed securities (ABS) is not expected to deteriorate beyond March 2017 as the economy recovers

Indian economy projected to grow by over 7.5% this FY: Prez

President Pranab Mukherjee said Indian economy was projected to grow by more than 7.5 per cent in the current financial year, reported PTI. The President noted that for 50 years before independence, the economic growth rate of India was 0 to 1 per cent. In the 1950s, the growth rate rose to 1-2 per cent, while in the sixties 3-4 per cent and in the 90s, with economic reforms it increased by 6 t

NIIF mulls raising foreign funds to boost infra buffer: CEO

Infrastructure fund NIIF is planning to raise capital from global institutional investors to meet India's funding needs, estimated to be as much as USD 1 trillion, for building roads, ports, bridges and airports, reported PTI. "We are in the process right now of raising of capital from international institutional investors.

As per different estimates, we in India need from ab

Hold camps on digital payments from April 1: RBI to banks

RBI asked banks to organise special camps from April 1 to educate public about digital payments through UPI and 99# (USSD) code platforms, reported PTI. It said the policy on conduct of camps by FLCs (Financial Literacy Centres) and rural branches of the banks has been revised given the recent developments on withdrawal of legal tender status of old Rs 500/1,000 notes and the focus on going dig

GST Bill to make peak tax rate 40%, slabs intact for now

The GST levy may go up to 40 per cent after the GST Council proposed raising the peak rate in the Bill to 20 per cent, from the current 14 per cent, to obviate the need for approaching Parliament for any change in rates in future, reported PTI.

The model Goods and Services Tax Bill will replace the clause which states the tax rate "not exceeding 14 per cent, with "not exceed

Exit non-core businesses: Finmin to banks

As part of capital raising exercise, the Finance Ministry has advised state-owned banks to prepare a list of their non-core assets and look at disposing them at opportune time. They have been asked to move forward on the idea based on deliberations at the Gyan Sangam last year, said the media report.

Some of the banks have started the process while others are gearing up, the sources s

4 cos file papers to raise about Rs 700 cr via rights issue

As many as four companies, including Mahindra Lifespace Developers, have approached capital markets regulator Sebi to raise nearly Rs 700 crore through rights issue. Other three firms are Vardhaman Special Steels, Intellect Design Arena and ZenoTech Laboratories. These four companies filed draft documents with the Securities Exchange Board of India (Sebi) in January and February this year to mo

NITI Aayog to partner with eminent CSOs

Recognizing the important role played by Civil Society Organizations (CSOs) in effective implementation of government policies, NITI Aayog has decided to effective partnership with them for efficient utilization of government resources, especially in the social sector.

“An effective partnership between the government and the CSOs will go a long way in efficient utilization of go

Indian auto-backed securities to remain stable: Moody's

 Global credit rating agency Moody's Investors Service on Thursday said the performance of Indian auto-backed securities (ABS) is not expected to deteriorate post March 2017.

In a statement, Moody's said after worsening immediately after demonetisation last November the performance of rated Indian ABS levelled off in January 2017.

Moody's said the performanc

RBI sets rupee reference rate at 66.7433 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 66.7433 against the US dollar and 70.3074 for the euro. The corresponding rates were 66.8482 and 70.5716 previously.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 81.9875 and 58.50 per 100 yens, respectively, based on reference rates for the dollar and cross-cu

'Swachh Shakti Saptah' launched in Haryana

Launching the 'Swachh Shakti Saptah' in Haryana, union minister Narender Singh Tomar today said "swachhta" (cleanliness) has become a movement which now needs to made a mass movement. "Owing to the priority given by Prime Minister Narendra Modi, 'Swachhta' has become a movement in the country and now it needs to made a mass movement with significant contribution o

Virtual currency poses potential financial risks: R Gandhi

According to media reports, Reserve Bank of India Deputy Governor R Gandhi has raised concerns over virtual currencies such as Bitcoin and said they pose potential financial, legal, customer protection and security-related risks. The RBI Deputy Governor further said that such digital currencies are not created by any authority but more and more people have started accepting them. Commenting on

Banks to charge Rs 150 after four cash transactions: Reports

Banks including HDFC Bank, ICICI Bank and Axis Bank have begun charging a minimum amount of Rs 150 per transaction for cash deposits and withdrawals beyond four free transactions in a month, said media reports. As per reports, the charges would apply to savings as well as salary accounts. The bank would also cap the third party cash transactions at Rs 25,000 per day, while cash handling charges

GDP data intriguing, figures don`t add up: Economists

Government data showing a surprise 7 per cent GDP growth in the October-December quarter has left many economists puzzled who say the figures 'do not add up' and may be "masking" the real impact of demonetisation, reported PTI. The economists finding the data intriguing include those from public sector giant SBI as well as global majors like Nomura and Bank of America Merrill

All banks must enable mobile banking by March 31: Government

 In a move to promote digital transactions post-demonetisation, the government on Wednesday said it has asked banks to provide mobile banking facility to all customers by the end of the current fiscal on March 31.

"What we have asked the banks to do is to enable all customers who have mobiles for mobile banking. We are asking banks to run a nationwide campaign up to March 31

India seeks $5-7 bn aid from World Bank

 Union Finance Minister Arun Jaitley on Wednesday urged the World Bank to grant India $5-7 billion to meet its funding requirements.

"An increase in World Bank's support is imperative to meet our current requirement of $5-7 billion and for a huge pipeline of projects," said Jaitley in a statement after meeting its Chief Executive Kristalina I. Georgieva here.

Indian economy picking up after note ban: Moody`s

 India's economic growth is picking up as liquidity conditions normalise in the aftermath of the note ban, said global credit rating business Moody's Investors Services on Wednesday.

"We expect the Indian economic growth to continue to pick up as liquidity conditions normalise and the reform agenda is back on track," said Moody's in a statement here.

Government panel recommends legal framework to protect migrants

Stating that the migrant population makes substantial contribution to economic growth and their constitutional rights need to be secured, a government appointed panel has recommended necessary legal and policy framework to protect their interests, an official statement said on Wednesday.

The "Working Group on Migration" set by the Ministry of Housing and Urban Poverty Allevi

GDP figures don`t show note ban impact on informal sector

The latest official figures of GDP growth in India for the third quarter ended December do not accurately reflect the negative fallout of the ban on high value currency, the country's former chief statistician said on Wednesday.

"My sense is that once the informal sector numbers come in next year, we would probably see that (growth rate) going below six and a half per cent,&q

Banks need incentives to clean up bad loans: SBI

The State Bank of India (SBI) on Wednesday said that the Reserve Bank of India (RBI) needs to give some incentives to banks for resolution of bad loans in terms of provisions or extending the deadline of March 31 to clean up their books.

"Wherever resolution is being attempted, some kind of incentivisation from RBI in terms of NPA (non-performing assets) recognition date of March

Freight and fridge sales: Indian economists seek GDP clues amid data doubts

By Rajesh Kumar Singh

NEW DELHI - Surprised again by India's strong official growth statistics, economists are relying increasingly on high-frequency indicators like bank credit and rail freight to gauge the real health of Asia's third-largest economy.

For India's cash-reliant economy, Prime Minister Narendra Modi's decision in November

SAP launches 'GST in a Box' to help Indian SMEs

German software company SAP SE on Wednesday launched "GST in a Box" -- an all-inclusive solution portfolio to help the Indian firms become GST compliant.

The 'GST in a Box' solution enables organisations to effectively manage suppliers, customer engagement and supply chain in the new tax regime. 

"Out of an estimated 4-5 billion invoice

RBI sets rupee reference rate at 66.8482 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 66.8482 against the US dollar and 70.5716 for the euro. The corresponding rates were 66.7375 and 70.7151 previously.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 82.7180 and 58.91 per 100 yens, respectively, based on reference rates for the dollar and cross-cu

FICCI lauds 7.1% GDP growth, says economy back on track

Apex industry body FICCI has said that the better-than-expected growth of India’s GDP in the third quarter indicates that process of remonetization is complete and we see the economy getting back on track.

“With the second advance estimate for 2016-17 at 7.1 per cent, the data belies the widespread expectation of sub 7 per cent growth this fiscal year. The process of remon