GST Council meet gets underway in Guwahati, Congress protests

The 23rd GST Council meeting got underway here on Thursday evening while the opposition Congress agitated outside the venue protesting the negative impact of GST on small businesses, poor and marginalised sections of the society.

While the officials of state/union territory Finance Departments met during the first day of the meeting on Thursday, Finance Ministers of at least 24 states

Modi to visit Philippines for Asean, East Asia Summits

Prime Minister Narendra Modi will on Sunday leave on a three-day visit to the Philippines where he will attend the Asean and East Asia Summits and hold a bilateral meeting with President Rodrigo Duterte, it was announced on Thursday.

This will be Modi's first official visit to the Philippines.

"He will be going there to attend the 15th Asean-India Summit and the 12t

Entrepreneurship will be strength of Indian economy: Arun Jaitley

 Union Finance Minister Arun Jaitley on Thursday said entrepreneurship is going to be a strength of the Indian economy as jobs in the public as well as organised private sectors are not enough for the country's huge working population.

"The strength of the Indian economy is going to be entrepreneurship. There is relevance of both skilling and entrepreneurship in India. I

IT expertise at banks` board level a must, says RBI ED

With cyber threat emerging as a major risk for the financial sector, the Reserve Bank today said banks need to have a board with IT expertise to ensure speedy implementation of measures to address this challenge. Banks need to have a broader organisational framework to prepare for cyber security threats. "With banking becoming more technology driven, IT expertise at the board level has bec

India, Bangladesh launch connectivity projects

A number of connectivity projects, including a new passenger train service between Kolkata and Bangladesh's southwestern industrial city of Khulna, were today launched by Prime Minister Narendra Modi and his Bangladeshi counterpart Sheikh Hasina that will help reduce the travel time by three hours. These projects also include the second Bhairab and Titas railway bridges built at the cost of

RBI sets rupee reference rate at 64.8967 against US dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.8967 against the US dollar and 75.3061 for the euro. The corresponding rates were 65.0592 and 75.3841, yesterday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 85.2548 and 57.13 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quo

Demonetisation was for institutional cleansing: Niti Aayog`s Bibek Debroy

NITI Ayog member Bibek Debroy admits that demonetisation was a temporary shock on growth but asserts that the economy has now climbed back. One year into the disruptive note ban, Prime Minister Narendra Modi's economic policy adviser says the worst is over and there are signs that things are improving now.

He also says demonetisation should not be seen through a narrow cost-benefi

Outlook for global sovereigns is stable, says Moody`s

Moody's Investors Service, a global rating agency, has said that its outlook for sovereign creditworthiness in 2018 is stable overall, with the healthy growth and synchronized global economic expansion of 2017 likely to continue into 2018. "The benign state of the global sovereign credit environment is reflected in the fact that almost three-quarters of Moody's-rated sovereigns cur

GST advisory group in favour of expanding composition scheme

The advisory group set up to suggest changes to the GST Act today deliberated on how to expand the scope of the composition scheme as well as rationalise the reverse charge mechanism process, reported PTI. This was the first meeting of the advisory group after it was formed earlier this week to suggest changes to the GST laws to make it more simple for taxpayers. Industry sources said the delib

IICA signs two MoUs with Haryana Vishwakarma Skill University

Two Memorandum of Understanding (MoUs) have been signed between Indian Institute of Corporate Affairs, Atal Innovation Mission – Niti Ayog and Haryana Vishwakarma Skill University in Delhi on Wednesday. Speaking on the occasion, Injeti Srinivas, Secretary, Ministry of Corporate Affairs (MCA) said that this collaboration can become a good model on synergetic action.

In his Conclu

DeMo a stride towards digital, formal economy, feel experts

What good or bad demonetisation has brought to the country is still a conclusion that remains too distant, but industry experts opine the move has set a tone for formalising the economy predominantly run on cash, reported PTI. Exactly a year ago on this day, Prime Minister Narendra Modi in his address to the nation had announced the scrapping of Rs 500 and Rs 1,000 banknotes, citing corruption,

Government committed to promote transparency in the system: Minister

On the occasion of Anti Black Money Day being celebrated in the country, the Minister of Women and Child Development Maneka Sanjay Gandhi briefed the media about the initiatives taken by the WCD Ministry in promoting transparency, e-governance, preventing leakages in the system as well as eliminating areas of corruption. Addressing the media, Maneka Gandhi said that the government is totally co

Unorganised sector workers protest against note ban, GST

The All India Unorganised Workers Congress (AIUWC) on Wednesday protested against the Narendra Modi government's demonetisation policy and demanded a special scheme to help them overcome the problems they are facing due to the Goods and Services Tax (GST).

The unorganised workers demanded that they should not be made to pay GST for payments related to their work.

The pro

Demonetisation a miracle, not scam: Jayant Sinha

 Rejecting West Bengal Chief Minister Mamata Banerjee's comments on demonetisation, Union Minister Jayant Sinha on Wednesday said the note ban announced on November 8 last year was a "miracle and not a scam".

"In Bengal, under the leadership of Mamata Banerjee, demonetisation has been seen as a scam. I tell her honestly and directly that it is a miracle, not a

India touts bank note ban, opposition fumes and Nepal short-changed

By Manoj Kumar and Abhirup Roy

NEW DELHI/MUMBAI - Indian officials extolled last year's shock ban on high denomination bank notes as a success on Wednesday, while opponents staged protests and Nepal said its citizens were still stuck with billions of rupees in old money.

Prime Minister Narendra Modi withdrew 500 ($7.5) and 1,000 rupee ($15) notes fr

Demonetisation a tragedy for Gandhis: Smriti Irani

 Union Minister Smriti Irani on Wednesday attacked the family of Congress President Sonia Gandhi by dubbing it a "family synonymous with graft" and said demonetisation was a tragedy for the family.

"Demonetisation (on November 8, 2016) certainly came as a tragedy for the Gandhis as they have become so identified with corruption and ever since they have been losing

Note ban led to banks lowering lending rates: Prime Minister`s Office

The Prime Minister's Office has said that Banks have lowered their lending rates by about 1 per cent post demonetisation, citing various benefits of the scrapping of old high-value currency notes. As per reports, the Government scrapped the old Rs 500/1,000 notes on November 8 and the holders were asked to deposit them with banks by December 30. Although there was separate timelines for NRI

India slips to 7th position in business optimism ranking

India has slipped in 'business optimism' index to the 7th position in the September quarter, from the 2nd slot in the previous three months, showing clear signs of lag in the economy, says a survey as per the PTI. Indonesia is at the top, followed by Finland (2nd), the Netherlands (3rd), Philippines (4th), Austria (5th) and Nigeria (6th), as per Grant Thornton's International Busine

Global banks expect digital investments to yield returns by 2020: Study

Technology investments in 2018 will revolve around ‘topical’ areas such as information security, advanced analytics and open banking APIs, as opposed to ‘future-looking’ areas such as conversational AI, robotic process automation, the Internet of Things, augmented reality or virtual reality, reveals a Infosys Finacle-Efma research. Infosys Finacle, a product subsidiary o

Prime Minister thanks people for supporting demonetisation

Prime Minister Narendra Modi on Wednesday thanked the people of the country for supporting his government's measures to eradicate black money, on the first anniversary of demonetisation.

In a series of tweets which included slides and videos, the Prime Minister called demonetisation "a historic and multi dimensional success", and a "decisive blow" to terrorism

World Bank Group`s IFC to help develop e-waste sector in India

World Bank Group's International Finance Corporation (IFC) on Wednesday said it has scaled up its programme to focus on developing a sustainable e-waste management ecosystem in India and mobilise private sector investment towards the sector.

"In line with IFC's global strategy of ‘creating markets, creating opportunities', its India e-waste programme is focused

Terror funding through counterfeit notes has fallen: Arun Jaitley

 A year after demonetisation, Finance Minister Arun Jaitley on Wednesday said terror funding through counterfeit currency had come down drastically in Jammu and Kashmir and Chhattisgarh.

"It is very clear that terror financing has dropped drastically. We have learnt from security agencies in Jammu and Kashmir and Chhattisgarh that cash flow has come down. The number of incid

GSTN`s robust system can withstand last minute rush: Prakash Kumar

GSTN CEO Prakash Kumar has said that the company handling the IT backbone of GST has put in place a robust tax filing system that can withstand last minute rush. As per reports, the Goods and Services Tax Network (GSTN), which went live on November 8 last year, has over the year improvised the system to help lakhs of businesses to pay taxes and file returns under the new GST regime every month.

Rise in digital transactions, tax payers post note ban: Nitin Gadkari

The government's demonetisation decision a year ago led to 58 per cent growth in digital transactions and an increase in the number of tax payers, Union minister Nitin Gadkari said as per the PTI report. The Centre's scrapping of the old Rs 500 and Rs 1,000 currency notes on November 8 last year hurt those who had black money, he added. "These are government figures, which show a g

Digital Rath to spread awareness on cashless payments

Union minister Smriti Irani today flagged off a 'digital rath' as part of an initiative to accelerate adoption of cashless payments among merchants in various cities. Under the initiative, by December 31 global payments solutions provider Mastercard aims to reach out to around 10 lakh merchants in cities, including Lucknow, Kolkata, Pondicherry, Navi Mumbai and Bhopal, to inform them ab