EPFO enrolls 82 lakh new subscribers under enrolment campaign

Retirement fund body, EPFO has said that it has enrolled over 82 lakh new subscribers under its Employees' Enrolment Campaign 2017 started on January 1 this year. Under the scheme, the employers got the opportunity to file the declaration of unregistered employees under the EPFO Act, with a nominal fine of Re 1 per annum on account of damages.

Commenting on the issue, an Employees

Government to analyze impact of CSR projects undertaken by PSUs

The Indian Government has said that it is planning to conduct a study for assessing the impact of corporate social responsibility projects undertaken by various public sector firms. As per reports, the study, to be carried out by the Department of Public Enterprises, will cover 134 central public sector enterprises including BHEL, BPCL, Coal India, ONGC and NTPC, among others.

It will

RBI considering extending NPA classification period: Reports

The Reserve Bank of India has said that it is looking into request for extending the NPA classification period from the current 90-day window to help small and medium enterprises. Commenting on the issue, Minister of State for Finance Arjun Ram Meghwal told the media, "Some people have made representation to the Finance Ministry of raising the NPA classification period beyond existing 90 d

RBI asks banks to file for insolvency in 12 large NPA A/Cs

Clamping down on bad loans, the RBI identified 12 accounts for insolvency proceedings with each of them having over Rs 5,000 crore of outstanding loans, accounting for 25 per cent of total NPAs of banks, reported PTI. The banking sector is saddled with non-performing assets (NPAs) of over Rs 8 lakh crore, of which Rs 6 lakh crore is with public sector banks (PSBs).

These 12 accounts w

RBI inks info exchange pact with Czech National Bank

The Reserve Bank said it has inked an information exchange agreement with the Czech National Bank, reported PTI. The Reserve Bank (RBI) said it has executed the Letter of Cooperation (LoC) on 'Supervisory Cooperation and Exchange of Supervisory Information' with the Czech National Bank.

The LoC was exchanged between Vladimir Tomsik, Vice Governor on behalf of Czech National Ba

Government planning to unveil new industrial policy: Reports

The Indian Government has said that it is working on a new industrial policy with a view to promoting and developing frontier technologies, innovation and enhancing competitiveness of domestic products. Commenting on the issue, a senior official told the media, "With the changing manufacturing scenario, introduction of new technologies, innovation, R&D, artificial intelligence and auto

Govermment working on new industrial policy

The government is working on a new industrial policy with a view to promoting and developing frontier technologies, innovation and enhancing competitiveness of domestic products. "With the changing manufacturing scenario, introduction of new technologies, innovation, R&D, artificial intelligence and automation, there is a need to completely revamp the industrial policy of 1991.

Liquidity position of States improve during FY16 and FY17: Ind-Ra

India Ratings and Research (Ind-Ra) has said aggregate liquidity position of the states has improved during FY16 (revised estimate (RE)) and FY17 (budget estimate (BE)). Ind-Ra believes the reasons for divergence between fiscal performance and liquidity conditions during FY16 (RE) and FY17 (BE) were due to enhanced liquidity provision for states from January 2016 and impact of Ujwal Discom Assu

GST scheduled to roll-out on July 1, 2017: Government

The Government of India has emphasised that Goods and Services Tax (GST) is scheduled to roll-out on July 01, 2017, ministry of finance said in a statement. “The Central Board of Excise and Customs (CBEC) in coordination with the State Governments have increased their outreach programmes with regard to Goods and Services Tax (GST) so as to reach the last trader,” the ministry notifi

Cooling food inflation to pull June CPI to sub-2%: BofAML

Falling food inflation is expected to pull June CPI inflation to the sub-2 per cent level and may prompt the Reserve Bank to go in for a 25 bps rate cut in its policy review in August, says a report. "We have grown more confident of our call for a 25 bps RBI rate cut on August 2 with CPI inflation falling to 2.2 per cent in May from 3 per cent in April," Bank of America Merrill Lynch

RBI sets rupee reference rate at 64.4453 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.4453 against the US dollar and 72.1465 for the euro. The corresponding rates were 64.2584 and 72.1324, yesterday.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 81.7424 and 58.59 per 100 yens, respectively, based on reference rates for the dollar and cross-cu

Employer confidence in India dips to lowest since 2005

Indian employers expect steady hiring outlook for next three months, but their confidence have dipped to the least optimistic level since 2005 amid uncertainties in global markets, says a report according to the PTI. Globally, the strongest third-quarter hiring plans were reported in Japan, Taiwan, Hungary, while India was ranked at the seventh place with a net employment outlook of just 14 per

RBI to issue Rs 500 notes in new series with inset letter A

The Reserve Bank of India said that it will issue new Rs 500 currency notes with inset letter “A” in both the number panels.

“In continuation of issuing of Rs 500 denomination banknotes in Mahatma Gandhi (new) series from time to time which are currently legal tender, a new batch of banknotes with inset letter “A” in both the number panels, bearing the si

Industrial growth to pick up with rise in global demand: FICCI

Apex industry body The Federation of Indian Chambers of Commerce and Industry (FICCI) has said that India’s factory output would improve with pick up in global demand. “Overall the industrial growth seems to be stablising and could pick up momentum if global demand is steady in months to come. Industry is looking forward to forthcoming foreign trade policy review to further encourag

Traders need to state GSTIN for export, import: Commerce Ministry

The Commerce Ministry has said that after the implementation of the Goods and Services Tax, traders will have to declare only their GST Identification Number at the time of import or export. Currently, all exporters and importers declare their IEC (import-export code).

Commenting on the issue, a Commerce Ministry Official told the media, “With the implementation of the GST, GSTI

India Inc calls for rate cut as IIP dips to 3.1%: Reports

The industry has restated its demand for an interest rate cut by the RBI as India's industrial output growth slipped to 3.1 per cent in April, said media reports. Industry body Assocham said the Reserve Bank's status quo on rates has disappointed the industry as there was a room for reduction in key policy rate. It further highlighted the need for creating a conducive environment for in

Link APY account to Aadhaar to avail Government`s co-contribution: Finance Ministry

The finance ministry has said that subscribers of the Atal Pension Yojna (APY) will have to link their Aadhaar to their accounts for availing up to Rs 1,000 government's co-contribution. Commenting on the issue, a Finance Ministry Official told the media, “Any individual who is eligible to receive benefits under the APY will have to furnish proof of possession of Aadhaar number or und

Modern export infra can enhance competitiveness of exporters: CUTS

Research and advocacy firm, CUTS International has said that a strong and modern export infrastructure would help enhance competitiveness of Indian exporters in the global market and boost shipments. Commenting on the issue, a CUTS International Official told the media, "A robust export infrastructure leads to trade creation while the lacklustre picture of the same culminates into trade di

Credit discipline will be disrupted by farm loan waivers: Kotak

According to a report, farm loan waivers are populist actions and lead to disruption of credit discipline among borrowers as Maharashtra became the latest in the list of states writing off farmers' loans. According to Kotak Institutional Equities, frequent occurrence of such populist actions may lead to risks of impaired credit discipline and weak risk-reward for banks and reduced credit av

SBI`s paid-up share capital rises to Rs 863 crore

 Lending major State Bank of India (SBI) on Monday said that its paid-up capital has increased to Rs 863.20 crore after its recent share placement through QIP.

"Pursuant to the allotment of equity shares in the issue, the paid-up equity share capital of the bank stands increased from Rs 810,98,57,182 to Rs 863,20,50,393 comprising 863,20,50,363 equity shares of face val

SMEs will benefit from composition scheme, says CBEC chief

Central Board of Excise and Customs (CBEC) Chairperson Vanaja Sarna has said that small and medium enterprises engaged in trade, manufacturing and restaurants business will benefit under the new limit of the Composition Scheme for the GST.

"Everybody will get the benefit, those who are already listed in the services or the traders or manufacturers among services... without a

Banks need to register in each state under GST law: Hasmukh Adhia

The Indian Government has said that Banks will need to make registrations in each state separately under the GST law so that they are ready for the new indirect tax regime roll-out from July 1. Commenting on the issue, Revenue Secretary Hasmukh Adhia told the media, "Banks will have to register separately in each state under GST. They do not have any option.

That is the law under

NIIF agrees to offer funding to stressed projects: Reports

The National Investment and Infrastructure Fund (NIIF) has said that it is ready to provide last mile funding to stressed projects funded by banks. As per sources, to deal with the issue of cyber security, the government proposed a separate financial computer emergency response team. As per reports, the issue of funding from NIIF came up before the meeting of Finance Minister Arun Jaitley and h

Infosys CEO meets Arun Jaitley over preparedness for GST

 IT major Infosys' Chief Executive Officer Vishal Sikka on Monday met Union Finance Minister Arun Jaitley over the company's preparedness for the GST roll-out on July 1.

According to sources, the agenda of ten meeting was the Goods and Services Tax Network (GSTN) and related issues. 

Sources added that during the meeting, Sikka briefed Jaitley reg

GST preparedness among small businesses major challenge: CAIT

CAIT said the preparedness for GST among small businesses remains a major challenge, as the traders are mostly ill-equipped in terms of technology which is a pre-requisite for complying with the new tax regime, reported PTI. "... Nearly 60 per cent of small businesses in the country have been devoid of digital technology.

The basic challenge is that at a time when everything will