India firms fear lingering economic aftershocks from cash crackdown

GHAZIABAD, India - Struggling with customers unable to pay on time and plummeting sales, Indian small-business owner Ravi Jain fears the government's crackdown on cash will have a much larger impact than predicted by top policymakers.

Jain's bath taps manufacturing firm Supreme, along with many other Indian businesses, has been shaken by New Delhi's shock

States` fiscal deficit will rise to 3.3% in 2017-18: Ind-Ra

The states' fiscal deficit will rise only marginally to 3.3 per cent in fiscal year 2017-18 from the expected 3.2 per cent in 2016-17, domestic ratings agency India Ratings and Research (Ind-Ra) said as per the PTI report.

"The aggregate fiscal deficit of Indian states is expected to increase marginally to 3.3 per cent of gross domestic product (GDP) in FY18 from the forecast

Can't share details of govt response on Sharia banking: RBI

The response given by the Finance Ministry on an RBI report about the introduction of Sharia banking in India cannot be disclosed, the central bank said according to the PTI report. The Reserve Bank of India (RBI) was asked to give the copy of the letter sent to it by the ministry on the recommendation of its Inter Departmental Group (IDG) regarding Islamic banking.

The central bank h

RBI sets rupee reference rate at 66.7249 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 66.7249 against the US dollar and 70.5149 for the euro. The corresponding rates were 66.8351 and 70.5444 on Friday.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 82.8923 and 59.51 per 100 yens, respectively, based on reference rates for the dollar and cross-cur

Bad bank may push India loan clean-up, says Fitch Ratings

The creation of a 'bad bank' could accelerate the resolution of stressed assets in India's banking sector, but it may face significant logistical difficulties and would simultaneously require a credible bank recapitalisation programme to address the capital shortfalls at state-owned banks, says Fitch Ratings.

According to Fitch Ratings, India's banks have significant a

State finances to remain resilient in FY18, says India Ratings and Research

India Ratings and Research (Ind-Ra), a country’s leading rating agency, has said that it expects the aggregate fiscal deficit of Indian states to increase marginally to 3.3 per cent of gross domestic product (GDP) in FY18 from its forecast of 3.2 per cent for FY17.

The agency has maintained its forecast for FY17. The aggregate state’s debt/GDP ratio may increase marginally

Demonetisation process is almost complete: Arun Jaitley

Finance Minister Arun Jaitley said that the demonetisation process is almost complete, hailing it as the "smoothest possible replacement" of high denomination currency anywhere in the world.

Describing the government's decision to take Rs 500 and Rs 1,000 notes out of circulation as a move towards creating a "new normal" in India, the minister told an audience

Capital markets add 24 lakh investor accounts in 2016

The country's two depositories - NSDL and CDSL - saw the number of investor accounts rising by 24 lakh in 2016, 44 per cent more than a year ago, reflecting investors' growing confidence in domestic bourses.

In 2015, about 16.7 lakh investor accounts were added in total on the National Securities Depository Ltd (NSDL) and the Central Depository Services Ltd (CDSL). The cumulat

Eight of top 10 cos add Rs 66,708 cr in m-cap; RIL shines

Eight of the 10 most valued Indian companies together added Rs 66,707.68 crore in market valuation last week, with RIL emerging as the biggest gainer. Barring ITC and HDFC, rest eight companies including TCS, HDFC Bank and ONGC saw a rise in their market capitalisation (m-cap) for the week ended Friday.

RIL's valuation zoomed by Rs 34,790.41 crore to Rs 3,83,619.01 crore, becoming

UBI only after withdrawal of present schemes: Arvind Subramanian

Chief Economic Advisor Arvind Subramanian said Universal Basic Income (UBI), as proposed in the recent Economic Survey, can be put in place only after withdrawal of the existing welfare projects, reported PTI.

"The cost of this programme (UBI) is so huge that it cannot be an add-on to the existing programmes (welfare schemes) as the government cannot afford it and the government&

HSBC being probed for abetting tax evasion in India, elsewhere

Tax authorities in India and other countries are probing HSBC Bank, including its Swiss and Dubai offices, for allegedly abetting tax evasion by four Indians and their families, the multinational lender has disclosed.

"Various tax administrations, regulatory and law enforcement authorities around the world, including in the US, France, Belgium, Argentina and India, are conducting

Each Indian should teach 125 others BHIM payment app: Narendra Modi

Declaring digital payments will help fight corruption and proliferation of black money, Prime Minister Narendra Modi on Sunday said each citizen should teach 125 persons how to use the BHIM digital payment app.

"Remembering Babasaheb Ambedkar, you teach at least 125 persons about downloading the BHIM app," Modi said in his monthly 'Mann Ki Baat' radio broadcast.

Now, scanned copy of Rs 2,000 note dispensed from UP ATM

Days after fake notes of Rs 2,000 were dispensed from a State Bank of India TM in the national capital, an ATM in Uttar Pradesh's Shahjahanpur gave out a scanned copy of the high-denomination note, police said on Saturday.

The incident came to light when Puneet Gupta sought to withdraw Rs 10,000 from the ATM. Of the five Rs 2,000 notes that were dispensed, one was a scanned copy o

India poised to be more open, less protectionist: Arun Jaitley

Union Finance Minister Arun Jaitley on Saturday said that India aspires to be a more open economy and stay away from protectionism.

"An aspirational India poised to be more open and less protectionist," Jaitley said in his lecture on ‘Transforming India: Vision for the Next Decade' at the London School of Economics, adding that country's "emphasis is on in

Focus now needed on stopping black money flow: Arvind Subramanian

India's Chief Economic Advisor Arvind Subramanian on Friday said that after the attack on black money through demonetisation, the country should now focus squeezing its flow.

Delivered a talk on "The Surprise that is the Indian Economy" at the Indian Institute of Management, Ahmedabad, he said the need was to adopt a carrot and stick approach to prevent the flow and gene

India`s forex reserves inch lower by $57 mn

India's foreign exchange (Forex) reserves marginally fell by 56.8 million as on February 17, 2017 official data showed on Friday.

According to the RBI's weekly statistical supplement, the overall Forex reserves decreased to $362.72 billion from $362.78 billion for the week ended February 10.

Segment-wise, the Foreign Currency Assets (FCAs) -- the largest component of

Retrenchment in e-commerce industry not unique to India: Minister

Commerce and Industry Minister Nirmala Sitharaman has said corporate downsizing and retrenchment in the country's e-commerce industry were not unique phenomena happening in India but were occurring globally.

The minister's comments came a day after major layoffs were announced by e-commerce major Snapdeal.

"This is not peculiar to India," the minister told

SBI should look at VRS post merger of associate banks: AIBEA

The State Bank of India should come with a voluntary retirement scheme after considering the overall staffing picture after merger of five associate banks instead of the five announcing such a scheme before the merger, said the leader of a major bank union.

"The five associate banks of State Bank of India (SBI) will soon come out with a voluntary retirement scheme (VRS) as their

With pastures shrinking, India may be importing milk by 2021

India may have to import milk in four years, if it cannot increase fodder supply for its 299 million cattle, as rising pressure on land reduces pastures nationwide.

Spurred by rising incomes, a growing population and changing food preferences, the demand for milk and milk products will grow to at least 210 million tonnes by 2021-22, a rise of 36 per cent over five years, according to

African Development Bank's annual meet in Ahmedabad in May

The annual conference of the African Development Bank (AfDB) will be held in India's Ahmedabad in May, an Indian official said.

"We (India) are a minority shareholder in African Development Bank and every bank has its annual conference..basically it is the shareholders meeting of the bank which will be held in Ahmedabad from May 19-24," said Amar Sinha, Secretary (Econom

WTO trade facilitation will help developing world most: FIEO

The WTO's Trade Facilitation Agreement (TFA), which aims to ease customs rules among countries, will most benefit developing countries, the Indian exporters' body said on Thursday.

The TFA, which is the first multilateral agreement achieved by the World Trade Organisation in its 21-year history, came into effect on Wednesday following its ratification by two-thirds of the memb

CBEC launches GST mobile app

In step with the governments Digital India initiative, the Central Board of Excise and Customs (CBEC) on Thursday launched a Goods and Services Tax (GST) mobile application for taxpayers to readily access a host of information related to the new indirect tax regime.

"Taxpayers can readily access a host of information such as the approach and guidelines for migration to GST, draft

Arun Jaitley to leave for 5-day official visit to Britain

 Union Finance Minister Arun Jaitley would leave on Friday morning for a five-day visit to Britain during which he will hold a businesses interaction with UK-India Business Council and deliver a lecture at London School of Economics, an official statement said.

"Union Minister for Finance Arun Jaitley will leave early morning tomorrow on a five day official visit to London U

Telangana government, Cyware Labs to 'cyber-aware' employees

Cyber security awareness platform Cyware Labs and the Telangana government on Thursday announced they would make the government employees "cyber-aware" to report suspicious cybersecurity incidents.

Cyware Labs will deploy its cyber situational awareness and incident reporting solution 'Cyware Enterprise System' (CES) to educate the employees of the Telangana governme

Finance Ministry seeks applications for post of MDs at IIFCL, IFCI

The Finance Ministry has invited applications of eligible candidates for the post of Managing Directors at India Infrastructure Finance Company Ltd (IIFCL), and IFCI. The post of MD at the country's oldest financial institution IFCI has been vacant since December 12 while vacancy for the head of IIFCL would arise in June.

Currently, IFCI is being headed by acting Deputy Managing D