Russia invites Indian industry to tap investment opportunities

Boris Dubrovsky, Governor, Chelyabinsk Region, Russia, on Thursday invited Indian industry to explore the investment opportunities in the Chelyabinsk Region of Russia, which offers tax incentives to foreign investors.

Speaking at an interactive session organized by FICCI, he held out the assurance that the Chelyabinsk Region would cooperate with the Indian businesses and their investm

RBI sets rupee reference rate at 64.5701 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.5701 against the US dollar and 69.1675 for the euro.

The corresponding rates were 64.6364 and 69.3355 on yesterday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 82.7014 and 59.03 per 100 yens, respectively, based on reference rates for the dollar and cross-

India needs to accelerate investment in children, education: World Bank

It is "extremely important" for India to increase and accelerate its investment in children and education as the country has a "very high" child stunting rate, World Bank President Jim Yong Kim said.

Lauding Narendra Modi for demonetisation and Swachh Bharat mission, Jim said the Prime Minister needs to accelerate things quickly in educational outcomes so that Indi

Ravi Shankar launches 3 legal aid, empowerment initiatives

The Minister of Law & Justice and Electronics & IT, Ravi Shankar Prasad has launched three key legal aid and empowerment initiatives of the Department of Justice – including Pro bono legal services, Tele law service and Nyaya Mitra scheme.

Ravi Shankar said that the country’s legal system would be digitally transformed, as digital inclusion holds the key to the cou

RBI minutes hint rate hike on table: Nomura

The minutes of the RBI's April 6 policy meeting suggest that the next move of the Central bank will likely be a hike in key policy rates, says a report. According to the Japanese financial services major Nomura, all members expressed concern about stickiness in core inflation and believed that the disinflationary effect of demonetisation will be transient.

The minutes of the MPC m

Positive outcome expected from GST reform: IMF Chief

The IMF has said that the ongoing Goods and Services Tax (GST) reform is as an act of courage and some positive outcome is expected as a result of the decision.

Commenting on the issue, IMF chief Christine Lagarde told the media, "The GST reform is really an act of courage.

It really means reforming in-depth in each of the Indian States in order to substitute the State

Government to unveil urban rental housing policy soon: Reports

The Indian Government has said that a policy on urban rental housing will soon come up before the Union Cabinet for approval. Commenting on the issue, Housing and Urban Poverty Alleviation Minister M Venkaiah Naidu told the media, “The policy aims at meeting the growing housing needs of migrants, students, single working women and others.”

"We have formulated a Nation

RBI working on mechanism to deal with bad loans: Mundra

RBI Deputy Governor S S Mundra has said that the RBI is working on a mechanism in consultation with the government to deal with the problem of mounting bad loans in the banking sector. Commenting on the issue, RBI Deputy Governor S S Mundra told the media, "It is difficult to put a time... it could be very near.

My sense says there is so much of seriousness and engagement and so

Revised PCA rules to impact NPA laden PSBs: Fitch Ratings

A report has said that RBI's updated `prompt corrective action' (PCA) rules can potentially impact more than half of the NPA-laden state-run banks. Commenting on the issue, a Fitch Official told the media, "More than half of state-owned banks would breach at least one of the new thresholds, mainly owing to high NPLs, based on their latest financial reports."

“T

Government may extend central aid to spur private investments in housing: M. Venkaiah Naidu

Minister of Housing and Urban Poverty Alleviation M. Venkaiah Naidu on Thursday said that to promote private investments in affordable housing on a large scale, his ministry is considering to extend central assistance.

The assistance would be to the tune of Rs 1.50 lakh per eligible beneficiary belonging to the economically weaker section under the projects taken up even on private la

RBI monetary policy panel warns of upside risks to inflation

Citing upside risks to inflation from price pressures as the main reason for keeping its key interest rate unchanged earlier this month, the RBI's monetary policy committee (MPC) said there is room for banks to further cut interest rates, minutes of the MPC meeting on April 5-6, released on Thursday, showed.

At its first bi-monthly policy review of the 2017-18 fiscal, the RBI pref

India records impressive growth in recent years: IMF

India's growth has been "impressive" in the recent years which makes room for tax broadening efforts by the government, according to a top IMF official. "India has recorded quite an impressive growth performance in recent years. Our view is that the elimination of fuel subsidies and the targeting of social benefits has delivered in terms of allowing the union budget target to

Business confidence slips marginally in April-June: D&B

Business confidence for the April-June quarter of this year declined marginally as weak consumption and investment demand kept mood subdued, says a survey.

The metric saw a pick-up compared to the previous quarter, but fell 2.6 per cent as against the same period of the previous year. The Dun & Bradstreet Composite Business Optimism Index stood at 78.9 during April-June of 2017, d

RBI inks MoU with Bank of Guyana for info exchange

The Reserve Bank of India has signed a Memorandum of Understanding (MoU) on “Supervisory Cooperation and Exchange of Supervisory Information” with Bank of Guyana. The MoU was signed by Dr Gobind N. Ganga, Governor on behalf of Bank of Guyana and Dr Urjit R. Patel, Governor on behalf of Reserve Bank of India.

The Reserve Bank has entered into Memorandum of Understanding, Le

Finance Ministry approves 8.65% rate on EPF: Labour Minister

Labour Minister Bandaru Dattatreya today said that the Finance Ministry has approved 8.65 per cent interest rate on EPF for 2016-17. The ratification of the 8.65 per cent on EPF will enable the retirement fund body EPFO to credit this rate of return into the accounts of four crore subscribers. "Finance Ministry has agreed to 8.65 per cent rate of interest.

Now, the communication

Governmentt committed to bring path breaking changes to transform India: M. Venkaiah Naidu

Minister for Information & Broadcasting, M. Venkaiah Naidu, has said that scripting of New India by bringing disruptive changes in governance had resulted in removing deficiencies, catalysing proficiencies and reaping efficiencies. The transformational initiatives brought out by the government aimed at initiating change and altering the status quo thus positioning India as a global leader,

RBI sets rupee reference rate at 64.6364 against dollar

The Reserve Bank of India on Thursday fixed the reference rate of the rupee at 64.6364 against the US dollar and 69.3355 for the euro. The corresponding rates were 64.5443 and 69.1915 on Wednesday.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 82.8057 and 59.35 per 100 yens, respectively, based on reference rates for the dollar and

NSE allows F&O trading in 16 cos including Mahanagar Gas

Top stock exchange the NSE will admit for trading on its futures and options segment the derivative contracts in 16 companies including Mahanagar Gas, Multi Commodity Exchange Of India (MCX), Nestle India, Raymond and Fortis Healthcare, beginning April 28. Berger Paints, Can Fin Homes, Cholamandalam Investment And Finance Company, Gujarat State Fertilisers & Chemicals, V-Guard Industries, G

RBI issues deadline for deposits under PMGKDS: Reports

The RBI has said that it has given time till April 30 for commensurate deposits by people who have declared their unaccounted income under the Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS) that allowed parking money in non-interest bearing deposits for four years. As per reports, the extension of time till April 30 has also been given to banks for uploading details into the RBI's E-Ku

India returned to fiscal consolidation in fiscal year2016-17: IMF

The IMF has said that India returned to fiscal consolidation in the fiscal year 2016-17 largely due to the near-elimination of fuel subsidies and enhanced targeting of social benefits.

Commenting on the issue, an IMF Official told the media, "India returned to fiscal consolidation in fiscal year 2016/17, supported by the near-elimination of fuel subsidies and enhanced targeting o

infrastructure of digital payments to increase 3 times in 2017: MeitY

The Ministry of Electronics and IT (MeitY) has said that the infrastructure of digital payments in India is expected to increase three-fold by the end of 2017 with almost five million electronic point of sale (PoS) machines.

Commenting on the issue, MeitY Secretary Aruna Sundararajan told the media, "We expect that by December, the number will actually go up to five million PoS,

Deposits under PMGKDS can be made till April-end

The central government and the RBI on Wednesday allowed time till April 30 for "commensurate deposits" by citizens who have declared their unaccounted income under the Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS) that offered non-interest bearing deposits for four years.

The scheme had black money holders opportunity to declare their unaccounted income under till Marc

RBI`s latest moves precursors to Ind-AS implementation: Jefferies

The RBI's latest notifications to force banks to report deviations from prescribed asset quality norms and under-provisioning for bad loans, and take in higher standard asset provisioning across risky sectors, particularly in telecom, point to the implemention of Indian Accounting Standard (Ind-AS) next year, a US consultant said on Wednesday.

"Starting March 2017, banks will

Finance Minister may take up H1B visa issue with US authorities

Finance Minister Arun Jaitley indicated that he would take up the visa issue with the US authorities during his visit to America, reported PTI.

"These (IT industry issues) are matters of discussion with the appropriate authorities there. Once I do discuss and get an opportunity, I will let you know," he told reporters when asked whether he would take up concerns of the India

Cabinet clears signing of amended tax treaty with Portugal

The Union Cabinet today approved signing of the protocol amending the convention between India and Portugal for avoidance of double taxation. "The Union Cabinet chaired by Prime Minister Narendra Modi has given its approval for signing of a Protocol amending the convention between India and Portugal for avoidance of double taxation.

"The Protocol will also ensure prevention