Pay income tax, apply for PAN using mobile app soon

In step with government's digital India drive, the Income Tax department is developing an app that will soon allow assessees to pay taxes or apply for PAN using smartphones. The department is also working on a project to issue PAN to assessees within minutes by way of e-KYC authentication using Aadhaar, a move that will help bring more people under the tax net by making it easier for people

India, UAE trade to hit USD 100 billion by 2020: CII

Trade between India and the UAE is set to hit USD 100 billion by 2020, up from the current USD 60 billion, the Confederation of Indian Industry has said. "This is evident in the growing interest by the Indian companies towards the Middle East markets and in particular the UAE and efforts made by the Ministry of Commerce & Industry and CII to further strengthen the trade and investment

GST could raise solar tariffs by 10%: Report

Solar tariffs in India may rise by nearly 10 per cent if current tax exemptions are curtailed under the proposed Goods and Services Tax (GST) regime, a local think-tank dealing with energy and environment issues has said.

"India's emerging solar sector could see tariffs rise by nearly 10 per cent if current tax exemptions were curtailed in the roll out of the GST," the D

RBI sets rupee reference rate at 66.9193 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 66.9193 against the US dollar and 70.8207 for the euro. The corresponding rates were 66.9439 and 71.0877, yesterday.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 83.4149 and 58.56 per 100 yens, respectively, based on reference rates for the dollar and cross-cu

Cabinet gives in-principle nod for Sabarimala airport

The Kerala cabinet today gave in-principle approval for setting up a greenfield airport at Sabarimala to cater to lakhs of devotees who visit the famous Lord Ayyappa hill shrine every year. The cabinet entrusted the Kerala State Industrial Development Corporation to hold a study on the proposed airport, an official release said. Presently the only way to reach the hill shrine is by road.

India Ratings and Research maintains stable outlook on private banks and large PSBs for FY18

India Ratings and Research (Ind-Ra) has maintained a stable rating and sector outlook on private sector banks and large public sector banks (PSBs) while it has retained the negative sector outlook for small & mid-sized PSBs for FY18. The rating firm expects large PSBs with better access to capital and private sector banks with their robust capitalisation to navigate another year of low grow

Stronger relation with Asia-Pacific nation key to digital transformation: Minister

“Networks are the key to transforming India into a knowledge based society and a digital economy”, said P P Chaudhary, Union Minister of State for Law and Justice and Electronics and Information Technology at the 43rd Asia Pacific Advanced Network Meeting 2017 on Tuesday.

The minister emphasized upon India’s strong position at the digital frontier, riding on the back

WPI spikes on rising oil price, industry seeks rate cut: FICCI

Apex industry body FICCI has said that wholesale price index (WPI) has gone up in January due to the firming up of oil prices and select commodities such as basic metal alloys that are mirroring the global trends.

Commenting on WPI data, FICCI, President, Pankaj Patel said, “Food prices, however, continue to remain benign and this is a positive development. In fact, CPI based in

India, Croatia ink pact on economic cooperation

India and Croatia has inked an agreement for enhancing trade and economic cooperation between the two countries. “Agreement between the Government of the Republic of India and the Government of the Republic of Croatia on Economic Cooperation was signed by Commerce and Industry Minister Nirmala Sitharaman, Government of India and Martina Dalic, Deputy Prime Minister and Minister of the Eco

Government hasn’t waived off a paisa of any industrialist: Finance Minister

The Indian Government has said that it has not waived even a single paisa of any industrialist and Rahul Gandhi is levelling false allegations in this regard. Commenting on the issue, Union Finance Minister Arun Jaitley told the media, "Rahul Gandhi, in his rallies, has been alleging that the Central government has waived over Rs one lakh crore loan of 50 top industrial houses in the count

Finance Minister reels off statistics, says data call for rating upgrade

Citing sound macroeconomic parameters, finance ministry officials on Tuesday pitched for a rating upgrade in their meeting with global rating agency Fitch, reported PTI. The officials also sought to understand how it rates sovereigns as rating agencies have been denying an upgrade citing stress on balance sheets of both banks and corporates.

The ministry also explained the representat

GST likely to halt economy: Avendus Capital

Even as the economy is getting itself together post-note ban shock, the implementation of goods and services tax (GST) is also likely to cause serious disruptions, Avendus Capital Alternate chief executive Andrew Holland said according to the PTI report. "Valuations are challenging.

We are seeing early signs of pick-up from demonetisation but its not a V-shape pick-up and will no

Exporters' dues of over Rs 100 cr held back in Iran: EEPC

The Engineering Export Promotion Council (EEPC), apex body for engineering exporters, said it has received representations from several members claiming that payments to the tune of over Rs 100 crore for shipments to Iran have been held up, reported PTI. The lack of clear banking mechanism and channels have caused the problem, EEPC India said in a statement.

"Under the Foreign Tr

FIPB to take up 24 foreign investment proposals on February 21

FIPB will decide on 24 foreign investment proposals, including those of Vodafone India and Dr Reddy's Laboratories, on February 21, reported PTI. The 243rd meeting of the Foreign Investment Promotion Board (FIPB), to be chaired by Economic Affairs Secretary Shaktikanta Das, will have 24 items on the agenda, a finance ministry statement said.

They include investment applications of

Services inflation needs to decline for 4% CPI: SBI's Ecowarp

 In order to achieve a four per cent CPI (consumer price index) rate, services inflation needs to decline by 86 basis points (BPS), lending major State Bank of India (SBI) reported in an economic research paper on Tuesday.

On Monday, the Central Statistics Office (CSO) reported that India's annual retail inflation eased to 3.17 per cent in January from 3.41 per cent in Decemb

Rupee outperformance to come under pressure: Edelweiss

The fundamental pressure on USD/INR is on upside and the pair is heading towards a level of 72-73 by December-end this year, says an Edelweiss Securities report according to the PTI. According to the Edelweiss Forex rates annual currency outlook 2017, the outperformance of the rupee is unlikely to continue and US weak dollar policy can create some downside pressure on USD/INR in the near term.<

WPI spikes to 30-month high of 5.25% as fuel prices soar

Soaring petrol and diesel prices fuelled wholesale inflation to a 30-month high of 5.25 per cent in January although vegetables and pulses moderated, reported PTI. Wholesale price index (WPI) based inflation, which reflects the annual rate of price rise, has risen for the second straight month, the cash crunch following demonetisation notwithstanding.

In December and November, it stoo

Government makes no allocation for Start-Up Fund for next fiscal

The government has made no provision for its ambitious India Aspiration Fund, part of StartUp India initiative, for the next financial year and has reduced the allocation to Rs 100 crore from Rs 600 crore made earlier for the current fiscal, reported PTI.

In order to provide support to startups through Fund of Fund operations, IAF, with a corpus of Rs 2,000 crore, was launched by Fina

Demonetisation to purge system of prevalent ills: Arun Jaitley

Union Finance Minister Arun Jaitley on Tuesday defended the November 8 demonetisation, saying the Centre took the decision with a larger objective of cleansing the system of excessive cash.

The scrapping of the high-value currency notes was taken with the larger objective of ridding the system of excessive cash, which is at the root of every illegality and crime, be it organised crime

BSE, NSE to move 47 cos to restricted trade segment

Leading stock exchanges BSE and NSE will shift 47 companies to the restricted trading segment from Thursday as a safeguard for investors. BSE will shift scrips of 34 firms to the trade-to-trade or the 'T' or 'XT' group segment, while the National Stock Exchange has decided to move 13 stocks, the bourses said in separate notices.

The stocks to be moved to the 'T'

RBI sets rupee reference rate at 66.9439 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 66.9439 against the US dollar and 71.0877 for the euro. The corresponding rates were 66.9663 and 71.1718, yesterday.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 83.9811 and 59.06 per 100 yens, respectively, based on reference rates for the dollar and cross-cu

WPI inflation shoots up to 5.25% in January

India's wholesale price index (WPI), the price of a representative basket of wholesale goods, spiked to 5.25 per cent in January 2017 from 3.39 per cent in the previous month, much higher than analyst expectations of 4.16 per cent. Data released by the Department of Industrial Policy and Promotion (DIPP) showed that the sharp rise in WPI inflation was mainly due to rising petrol and diesel

Niti Aayog to get Rs 35 cr in FY18 for hiring consultants, studies

Government think tank Niti Aayog will get Rs 35 crore in the next financial year to hire consultants and prepare studies relating to assistance for states. As much as Rs 30 crore has been sanctioned for activities like hiring the services of Consultants/experts for a limited duration to provide high quality services for specific and time-bound tasks, for which general expertise is not available

No proposal to levy 5% service tax on healthcare services: Finance Minister

Settling the rumors spread in social media, the Central Government on Monday clarified that it does not intend to levy any additional service tax on healthcare services.

“The Central Government has clarified that there is no proposal in the Union Budget 2017-18 to levy 5 per cent service tax on healthcare services, as reported in certain social media circles,” according to

India`s GDP to grow 7.4% yoy in FY18, says Ind-Ra

India Ratings and Research (Ind-Ra) has said that it expects the gross domestic product (GDP) to grow 7.4 per cent year-on-year in FY18. According to Ind-Ra, helped by consumption demand and government spending, the gross value added of the three production sectors namely agriculture, industry and services would grow at 3 per cent, 6.1 per cent and 9.1 per cent yoy, respectively, in FY18.