DIPP proposes Rs 2K cr credit guarantee scheme for startups

The commerce and industry ministry said it has proposed a Rs 2,000 crore credit guarantee scheme for startups to help them access funds, reported PTI. For the scheme, a corpus contribution of "Rs 2,000 crore is proposed keeping in mind the challenges faced by startups in accessing funds," Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Lok Sabha.

RBI pushes 'Make in India' for currency security features

In a big 'Make in India' push, the Reserve Bank on Monday came out with fresh tender for currency security features, mandating that the supplier set up the manufacturing unit in the country within two years and gradually increase the local content, reported PTI. RBI cancelled two tenders issued earlier for supply of security features and fibre for currency notes in order to incorporate

Can`t make public the names of big defaulters, RBI tells SC

The Reserve Bank of India on Monday told the Supreme Court that it could not make public the identities of the big defaulters of loans as such disclosure could severely impact the businesses.

Telling the bench headed by Chief Justice Jagdish Singh Khehar that disclosing the names of big defaulters could adversely impact the businesses, the RBI said that there were laws that can b

Government refuses new opportunity to exchange demonetised notes

The Central government on Monday refused to give another opportunity to exchange demonetised currency notes of Rs 500 and 1,000 to those who couldn't do it by the deadline of December 30, 2016, saying this would defeat the very objective of eliminating black money.

In an affidavit filed in the Supreme Court, the affidavit, filed by Finance Ministry Under Secretary T. Narasimh

IBC segregates judicial, commercial aspects of insolvency

The Insolvency and Bankruptcy Code has segregated judicial and commercial aspects of the insolvency process whereby stakeholders have the right to decide on what suits them, IBBI chairperson M S Sahoo said as per the PTI report. The Code, which became operational in December last year, provides for a market-determined and time-bound insolvency resolution process. The Insolvency and Bankruptcy B

Traders past records will not be dug up: Prakash Javadekar

Union minister Prakash Javadekar sought to allay fears of the trading community over their past records being dug up after they start filing GST returns, saying no such thing will happen, reported PTI. The minister however went on to add that the traders should start a "new inning" after GST implementation and do their business in honest and fair manner.

Javadekar was speaki

RBI sets rupee reference rate at 64.3666 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.3666 against the US dollar and 73.6933 for the euro. The corresponding rates were 64.4539 and 73.5677, as on July 14,2017. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 84.2173 and 57.12 per 100 yens, respectively, based on reference rates for the dollar and cross-cur

Finance Minister urges industry to spend 2% of profits on CSR

Union Finance Minister Arun Jaitley urged the industry to spend 2 per cent of their profits on corporate social responsibility (CSR) activities, reported PTI. He also asked industry representatives to focus on building toilets in schools, especially for girls. "There are villages which have seen a bulb and a toilet for the first time. We target to electrify all the villages by 2018. I appe

RBI to increase lending to agriculture and small enterprises

As lending to the priority sector is a good business, the Reserve Bank of India is set to revamp the State-Level Bankers' Committees (SLBC) to enable more lending to agriculture and small and micro enterprises, its Deputy Governor S.S. Mundra said. "We are looking at revamping the entire structure of SLBC so that banks can lend more to the priority sector, which has the potential to cr

Government launches GST training programme

The government launched a GST training programme to skill around two lakh youths in six months to handle tax compliance issues like invoice making, reported PTI. The people would be trained under the Pradhan Mantri Kaushal Vikas Yojana (PMKVY). The new training course would cater to the need of GST trained professionals to help businesses in areas such as registration and calculation of tax lia

Jan Dhan deposits at new highs of Rs 64,564 cr

Deposits in Jan Dhan accounts have touched a new high of Rs 64,564 crore, of which over Rs 300 crore came in the first seven months of demonetisation, according to government data. The Pradhan Mantri Jan-Dhan Yojana (PMJDY), Prime Minister Narendra Modi's pet scheme, aims at bringing hitherto unbanked areas and people under a formal banking system.

Bank accounts can be opened with

New consumer protection law to be tabled in Parliament

The Consumer Protection Bill, 2017, which aims at strengthening the consumer protection mechanism, is set to be introduced during the monsoon session of Parliament.

The new law, which will replace current Consumer Protection Act, 1986, once it is passed in Parliament, enforces consumer rights and provides a mechanism for redressal of complaints regarding defect in goods and deficiency

Rs 8 lakh cr NPAs may face bankruptcy proceedings by Mar 2019: Assocham

Emboldened by the Banking Regulation (Amendment) Ordinance, the RBI is expected to push for resolution bad loans worth around Rs 8 lakh crore by March 2019, a move that could bring down the NPAs and improve the financial health of banks, a study by Assocham said. "So, it should be safe to assume that the non-performing assets (NPAs) mess would largely be resolved by the first quarter of fi

RBI to revamp bankers' panels to boost priority sector lending

As lending to the priority sector is a good business, the Reserve Bank of India is set to revamp the State-Level Bankers' Committees (SLBC) to enable more lending to agriculture and small and micro enterprises, its Deputy Governor S.S. Mundra said on Saturday.

"We are looking at revamping the entire structure of SLBC so that banks can lend more to the priority sector, which h

16 new bills listed in Monsoon Session of Parliament

 At least 16 new bills are listed for introduction in the upcoming Monsoon Session of Parliament in both Lok Sabha and Rajya Sabha, including to implement the GST in Jammu and Kashmir, and a bill to amend the Citizenship Act to allow certain illegal immigrants get Indian citizenship.

The bulletins of both Lok Sabha and Rajya Sabha show there are 16 new bills that the governm

No GST on second hand goods if sold cheaper

The buying and selling of second hand goods will not attract Goods and Services Tax (GST) if sold at a price cheaper than the purchase price, the government said on Saturday.

Rule 32(5) of the Central Goods and Services Tax (CGST) Rules, 2017, provides that where a taxable supply is provided by a person dealing in buying and selling of second hand goods or used goods as such or after

`Opportune time for RBI to cut key interest rates`

 This is the opportune time for the Reserve Bank of India to cut key interest rates to boost manufacturing and investment which are in the lackluster trajectory, an industry body said on Saturday.

"Despite the significant deceleration in inflation rate, the repo rate is still high and growth of industry and manufacturing sector is in the lackluster trajectory," Gopal Ji

GST registration closes on July 30

The government on Saturday exhorted traders liable for registration under the Goods and Services Tax (GST) regime to do so at the earliest as July 30 is the last date, failing which would attract a penalty.

"As per the GST laws, one is required to take registration on or before July 30. All traders are requested to register now without waiting for the last date," the Finance

Action against Essar Steel based on internal panel's advice, RBI tells Gujarat HC

The RBI on Friday told the Gujarat High Court that there was no document supporting its directive to initiate insolvency proceedings against 12 major defaulters, including Essar Steel, but the action was taken on advice of the Internal Advisory Committee.

The Reserve Bank of India's submission came in response to the high court's Thursday directive for placing on record before

PM Narendra Modi holds FDI policy`s review meet

 Prime Minister Narendra Modi on Friday held a meeting with senior government functionaries to review the countrys current foreign direct investment (FDI) policy.

Finance Minister Arun Jaitley and Commerce and Industry Minister Nirmala Sitharaman, among others, attended the meeting which was held at the Prime Minister's residence.

The meeting is understood

Highways to be used for laying optical fibre, oil and gas pipelines: Nitin Gadkari

 India's two lakh kilometre-long highways could be used for laying optical fibre and oil and gas pipelines, Road Transport and Highways Minister Nitin Gadkari said on Friday.

India has around two lakh kilometres of highways, and the ministry has offered the use of this entire stretch for laying optic fibre and oil and gas pipes, Gadkari said at INFOCOM 2017 organised by ABP G

NIIF to soon reach threshold funding, Arun Jailtey told

 Following steady progress on fund-raising efforts with several international institutional investors, a certain threshold investment in the National Investment and Infrastructure Fund is expected to be reached soon, Finance Minister Arun Jaitley was told on Friday during his review meet of NIIF.

The third meeting of the Governing Council of National Investment and Infrastructure

Government making speedy efforts to reform agri-mkts: Agriculture Minister

Agriculture Minister Radha Mohan Singh said farmers are not getting right price in view of bumper crop, but the government is making speedy efforts to reform agri-markets and ensure better realisation for growers, reported PTI. Since agriculture is a state subject, a three-year road map to double farmers income by 2022 has been prepared and sent to state governments for implementation, he said.

Myanmar is key pillar in India`s `Act East `policy: Prime Minister

Prime Minister Narendra Modi today described Myanmar as a "key pillar" of India's 'Act East' policy and expressed his firm commitment to strengthen the bilateral relationship in all areas, reported PTI. He made the comments when Commander-in-Chief of the Myanmar Defence Services Sr Gen. U Min Aung Hliang called on him here, a PMO statement said. Hliang briefed the prime mi

GST procedural hurdles easing out for exporters: CFBA

The initial procedural and software glitches of Goods and Services Tax have smoothen a lot, Calcutta Freight Brokers Association said as per the PTI report. "Initially, there were lot of problems with procedural issues since GST was rolled out from July 1. There were problems in generating shipping bills. But a lot had been eased and now export consignments has also picked up now," Ca