India-United Kingdomto expand defence ties

India and the United Kingdom on Thursday agreed to expand thier defence ties with focus on defence industry, counter terrorism, training and maritime security.

"The renewed engagement will place capability and technology development at its core and seek to harness the complementary strengths of both nations in defence manufacturing and use the combined strengths of their respecti

BHIM-Aadhaar set to revolutionise Indian economy: Modi

Prime Minister Narendra Modi on Friday said the BHIM-Aadhaar digital payments platform can revolutionise the Indian economy by enabling each Indian to pay digitally using their biometric data on a smartphone.

Launching the BHIM-Aadhar digital platform here, Modi said it would boost digital payments in a manner unprecedented anywhere in the world and would be a step towards a 'less

Enforcement Directorate raids tax professionals, CAs in Delhi

The Enforcement Directorate (ED) on Thursday conducted massive searches against tax professionals and chartered accountants (CAs) here as part of its ongoing operation against shell companies, an official said.

The agency took the step under Prevention of Money Laundering Act to unearth the black money being channelled by the tax professionals using shell companies. 

India's exports revival picks up speed in March

NEW DELHI - A recovery in Indian exports gathered steam in March with a pick-up in demand for engineering and petroleum products, bolstering an economy still recovering from the government's cash clampdown.

However, a surge in gold and crude oil imports widened the monthly trade deficit to a four-month high of $10.44 billion, data released by the government showed

RBI tweaks rules for regulatory action on banks

MUMBAI - The Reserve Bank of India (RBI) on Thursday tweaked rules that trigger regulatory action against lenders who overshoot the limit on bad loans or fail to comply with capital ratios.

The changes are under the so-called Prompt Corrective Action framework unveiled in 2002, which sets thresholds that when breached trigger supervisory action from the RBI, including

Government`s nod to refund claims to provide relief to exporters

The Cabinet's approval for refund of Rs 2,700-crore claims to exporters will provide them relief and help boost shipments, FIEO today said. Hailing the approval of implementation of Supreme Court's judgement regarding Target Plus Scheme (TPS), Federation of Indian Export Organisations (FIEO) said exporters were fighting for their legitimate benefit for a long time. "This is an enco

Service tax to move up from 15% to 18% under GST: Hasmukh Adhia

 Services sector is likely to attract a higher tax rate of 18 per cent from the current 15 per cent under the Goods and Services Tax (GST) regime, thus making services "slightly" more expensive, Revenue Secretary Hasmukh Adhia has said.

"Yes, for the services sector the standard rate may move to 18 per cent," Adhia told IANS in an interview here.
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India's GDP growth may decelerate to 6.7% in March quarter

India's GDP growth is likely to slip to 6.7 per cent in March quarter but it will gradually recover to around 7.7 per cent in 2018 supported by higher consumption and public spending, says a report according to the PTI. According to the Japanese financial services major Nomura, the country's GDP growth is expected to dip to 6.7 per cent in the January- March quarter from 7 per cent in t

Pranab Mukherjee gives nod to four supporting legislations on GST

President Pranab Mukherjee has given his approval to four supporting legislations related to Goods and Services Tax (GST), paving the way for the roll out of one-nation-one-tax regime from July 1, reported PTI. The legislations were The Central GST Act, 2017, The Integrated GST Act, 2017, The GST (Compensation to States) Act, 2017, and The Union Territory GST Act, 2017, officials said today.

RBI sets rupee reference rate at 64.3165 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.3165 against the US dollar and 68.6193 for the euro. The corresponding rates were 64.6920 and 68.6706 on yesterday.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 80.8265 and 58.97 per 100 yens, respectively, based on reference rates for the dollar and cross-

Arun Jaitley, Finance Minister officials present GST blueprint to ministers

Finance Minister Arun Jaitley and his ministry officials presented to the Council of Ministers a blueprint for launch of the path-breaking GST from July 1 to transform the Indian economy, reported PTI. Revenue Secretary Hasmukh Adhia made a detailed presentation to the Council -- the supreme executive organ headed by Prime Minister Narendra Modi -- on how the Goods and Services Tax (GST) will b

India`s factory output contracts 1.2% in February

India’s industrial output slipped to four-month low of 1.2 per cent in February from a year earlier, weighed down by contraction in capital and consumer goods production, government data showed on Wednesday. “The Index of Industrial Production (IIP) with base 2004-05 for the month of February 2017 stands at 182.3, which is 1.2 per cent lower as compared to the level in the month of

India’s CPI inflation hits 5-month high of 3.81% in March

Indian consumer Price Index (CPI) inflation or retail inflation rose to five-month high of 3.81 per cent in the month of March 2017, reflecting a sign of the economic revival post demonetization, government data showed on Wednesday. “The CPI inflation stood at 3.65 per cent in the month of February, 2017, raising for the first time in seven months from 3.17 per cent in January,” acc

NPA generation show signs of moderation: ICRA

The outlook on the asset quality of the banking sector seems to be weak even as the fresh non-performing asset (NPA) generation rate continues to show signs of moderation, rating agency ICRA said in a report. Fresh NPA generation declining to 4.1 per cent during third quarter of 2016-17 as compared with 10.7 per cent during fourth quarter of 2015-16, it said. The fresh additions to gross NPAs (

Cabinet approves India Tunisia MoU on cooperation on justice

The Union Cabinet has approved a Memorandum of Understanding (MoU) on cooperation in the field of justice between India and Tunisia. During the recent years, social, cultural and commercial relations between India and Tunisia have developed in a positive direction.

The signing of an agreement on cooperation in the field of justice will further enhance good relations between the two co

Cabinet apprised of MoU between India, Russia in science

The Union Cabinet, chaired by Prime Minister Narendra Modi, was apprised of the Memorandum of Understanding (MoU) signed between India and Russia for cooperation in the field of science and technology. The MoU, inked in October last year, aims to facilitate and support joint scientific and research activities between the two countries.

It will help in exchange of information about con

FRBM suggests 3% fiscal deficit target for FY18-FY20: Reports

The Fiscal Responsibility and Budget Management (FRBM) Committee has recommended that the Indian Government should target a fiscal deficit of 3 per cent of the GDP in years up to March 31, 2020, said media reports. As per reports, the report of the committee, headed by N K Singh, was submitted to the government in January this year but was made public only today.

The panel, however, s

Deficit of postal department widens to Rs 11,138 cr in February

The Indian Government has said that the deficit of the Department of Posts widened to Rs 11,138.84 crore in February this year on account of wage revision under the 7th Pay Commission. Commenting on the issue, Communications Minister Manoj Sinha told the media, “The revenue of the postal department was Rs 10,292.18 crore and the expenditure Rs 21,431.02 crore.”

“The

Cabinet okays setting up of 'e-marketplace' for government procurement

The Union Cabinet on Wednesday approved setting up of a special purpose vehicle to be called Government e-Marketplace (GeM SPV) for providing procurement of goods & services required by Central & State Government organizations.

GeM SPV shall provide an end-to-end online marketplace for Central and State Government Ministries, Central & State Public Sector Undertakings (CPS

Cabinet approves listing of 11 CPSEs on stock exchanges

The Cabinet Committee on Economic Affairs (CCEA) on Wednesday gave its approval for listing of the following 11 Central Public Sector Enterprises (CPSEs) on stock exchanges, according to an official statement. The list includes five railway subsidiaries — Ircon International, Indian Railway Catering and Tourism Corporation (IRCTC), Rail Vikas Nigam, Indian Railway Finance Corporation (IRF

India's retail inflation edges up in March

NEW DELHI - India's annual consumer price inflation climbed up to 3.81 percent in March, government data showed on Wednesday.

Economists polled by Reuters had expected last month's annual retail inflation to come in at 3.98 percent, compared with 3.65 percent in February.

Food inflation was 1.93 percent in March, lower than 2.01 percent in Febru

RBI fixes MSS ceiling for 2017-18 fixed at Rs 1,000 bn

The Reserve Bank of India today fixed the ceiling for issuance under Market Stabilisation Scheme (MSS) for 2017-18 at Rs 1,000 billion. “In accordance with the provisions of the Memorandum of Understanding (MoU) on the Market Stabilisation Scheme (MSS), the ceiling for gross issuance under the MSS for the fiscal year 2017-18 has been fixed at Rs 1,000 billion,” RBI said in a notific

Government to bring all welfare, subsidy schemes under DBT

The Central Government has decided to bring all welfare and subsidy schemes under DBT, said Arjun Ram Meghwal, Minister of State in the Ministry of Finance in reply in Rajya Sabha. As on date, more than 500 schemes/ components of 63 ministries/ departments have been identified to be implemented through DBT mode. While, as on March 20, 2017, 90 welfare and subsidy schemes are being reported on D

Government sets up committee to examine bitcoins issue

 Against the backdrop of an RBI caution against the use of virtual currencies, including bitcoins, the Finance Ministry on Wednesday said it has constituted a committee to examine existing regulatory and legal framework on the issue.

The inter-disciplinary committee chaired by Special Secretary (Economic Affairs) has been asked to submit its report within three months. 

RBI had its 'carpe diem' moment on April 6: HSBC

The Reserve Bank "killed several birds with one stone" in its policy meet on April 6 by not sucking out excess liquidity with its permanent tool like open market operations (OMO) and CRR hike, an HSBC report says. According to the global financial services major, the RBIs decision to narrow the policy rate corridor by raising the reverse repo rate and lowering the MSF rate killed seve