FIEO asks Government to analyze sectors with low growth: Reports

Exporters body FIEO has said that it has asked the government for an analysis of the sectors recording low or negative growth. Federation of Indian Export Organisations (FIEO) also said that 15 out of 30 major product groups have shown negative growth in June. These sectors include plastic, handicrafts, carpet, textiles, pharmaceuticals, gems and jewellery, leather, oil seeds and tobacco.

Manufacturing sector lowest paid at Rs 211.7 an hour: Report

Despite the government's concentrated efforts towards making India a manufacturing hub, the median hourly salary in the manufacturing sector decreased by 16 per cent, from Rs 251.9 in 2014 to Rs 252.1 in 2015 and Rs 211.7 in 2016, a report said on Tuesday.

"The rate at which the salaries in the sector are dipping could pose a challenge to attract new talent entering the marke

GST levied depends on room tariff, not hotel's star rating: Government

The government on Tuesday said that room tariff below Rs 7,500 per day will attract 18 per cent GST, irrespective of the star rating of the hotel.

"Reports have been received expressing doubts whether five-star hotels are liable to pay GST at the rate of 28 per cent irrespective of the declared tariff of a unit of accommodation," Finance Ministry said here in a statement.

CAD to widen to 1.3% of GDP in 2017: Nomura

India's current account deficit (CAD) is likely to widen to 1.3 per cent of GDP in 2017 from 0.6 per cent in 2016, largely owing to stronger domestic growth in the second half of this year, says a Nomura report according to the PTI, According to the Japanese financial services major, import demand is expected to resume once GST disruptions settle down after July. "W

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Consumers across India have unanimously hailed GST : Jitendra Singh

India's current account deficit (CAD) is likely to widen to 1.3 per cent of GDP in 2017 from 0.6 per cent in 2016, largely owing to stronger domestic growth in the second half of this year, says a Nomura report according to the PTI, According to the Japanese financial services major, import demand is expected to resume once GST disruptions settle down after July.

"We expect I

RBI sets rupee reference rate at 64.3301 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.3301 against the US dollar and 74.1469 for the euro. The corresponding rates were 64.3666 and 73.6933 yesterday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 84.2917 and 57.39 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quot

CII in favour of introduction of new industrial policy: Reports

Confederation of Indian Industry has said that it has sought a new industrial policy considering the presence of e-commerce players, as the existing one was more than 20 years old. Commenting on the issue, President of CII Shobana Kamineni told the media, "We need a new industrial policy. At this time, we are working on an industrial policy which was crafted in the 90s. There seems to be s

Inflation likely to remain subdued: Assocham

Inflation is expected to remain subdued on account of good monsoon and the inability of the industry to raise prices, Assocham said as per the PTI report. "Going forward, there could be some disruption for one or two vegetables such as tomatoes but overall, the situation is going to remain quite comfortable for the consumers at least till October-November," the chamber said in a state

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