No intention to introduce Islamic banking: minister

Union minister Mukhtar Abbas Naqvi has said that India has a wide network of different banks to meet the financial needs of people and hence the government has no intention to consider introducing Islamic banking. Commenting on the issue, Union minister Mukhtar Abbas Naqvi told the media, "In India, the government will not allow Islamic banking, because India is a secular and democratic co

Slap higher tax rate on falsely revised ITRs: CBDT

The CBDT has said that it has asked the taxman to scrutinize cases where a taxpayer has filed a revised income tax return (ITR) post demonetization. It has also asked them to slap higher tax rate in instances where black money is detected. As per reports, the policy-making body of the I-T has issued a two-page instruction/directive to all regional chiefs of the department on November 24, stipul

Looming inflation to dash rate cut hopes, says ASSOCHAM

As uncertainty and apprehension looms over crude oil prices and vegetables, mainly on the back of rising retail prices of onion and tomatoes, are disrupting the home makers’ budget, inflation would remain a key concern both for the RBI and the government dimming any hope of a cut in interest rates, the ASSOCHAM said on Sunday.

“However much over-leveraged India Inc may wis

Technology will bring `revolutionary changes` in education

There would be "revolutionary changes" in education sector with the use of technology and the Internet in the future, BJP general secretary Ram Madhav said , and asked whether teachers were ready to face the challenge, reported PTI. "Ten years from now, you will be seeing a totally different education in the world. There won't be classrooms any more.

You need to hav

Standard & Poor retains BBB- rating, stable outlook for India: Reports

Standard & Poor's has said that it will stick with its BBB-minus sovereign rating and stable outlook for India due to low income levels, high debt and weaker government finances. As per reports, Moody's Investors Services had a week ago upgraded India's credit rating to "Baa2" from "Baa3", one notch higher than S&P's current rating, citing progress on

Income levels increased significantly in last 3 decades: Chief Economic Adviser

Chief Economic Adviser Arvind Subramanian said India's steady growth has resulted in a consistent decline in poverty and improvement in several human development indices, including reduction in the infant mortality rate (IMR), reported PTI. Delivering a lecture on 'India's Precocious Growth Model and Its Future', organised by MCR HRD Institute of Telangana, he said income levels

India passing through fast formalisation phase: Finance Minister

Finance Minister Arun Jaitley has said that India is at present passing through a stage that will in future be recognised as a phase of fast formalisation of the economy. Commenting on the issue, Finance Minister Arun Jaitley told the media, " India is seeing the replacement of a cash dominated economy with a more formal and digitised economy.

One of the great changes will be the

GST may have fewer rates in future: Chief Economic Adviser

Chief Economic Adviser (CEA) Arvind Subramanian has said that going forward the Goods and Services Tax (GST) may probably have fewer rates by collapsing 12 per cent and 18 per cent tax slabs into one. He said the new tax regime, rolled out from July 1, will stabilise in the next six to nine months and become a model for other countries.

Commenting on the issue, Chief Economic Adviser

`Tinkering in rates by banks unlikely in short-term`

With excess liquidity being drained out of the banking system, interest rates are in for a pause, said HDFC Bank Deputy Managing Director Paresh Sukthankar as per the PTI report. Both deposit and lending rates probably have bottomed out and further tinkering in rates by banks unlikely in the immediate future, he said.

"Look at the successive policy that RBI has been putting out.

GDP growth to improve in 2nd quarter: Economic Secretary

Economic Affairs Secretary Subhash Chandra Garg has said that the decline in GDP growth has bottomed out and improvement would be visible in the second quarter data. As per reports, economic growth had dipped to a three-year low of 5.7 per cent in the April-June quarter of the current financial year.

Commenting on the issue, Economic Affairs Secretary Subhash Chandra Garg told the med

Major dip in cash payments after note ban: RBI study

An RBI study has said that the note-ban has resulted in a fundamental shift in the payment habits in the economy. According to the study, there has been a move away from cash payments to and a wider adoption of retail electronic payments, card usage at merchant terminals and cheques. As per reports, the government had on November 8 last year surprisingly cancelled all the banknotes in the Rs 1,

Populist nationalism damages economic growth: Raghuram Rajan

Populist nationalism is potentially quite damaging to economic growth, and which is often articulated as the majority community's feelings of aggravation at being discriminated against, former RBI Governor Raghuram Rajan said on Sunday.

In a conversation, the recording of which was shown at the Times Litfest event here, he said that populist nationalism is ascedent all over the wo

Punjab, Haryana procure nearly 245 lakh tonnes paddy

Agrarian states Punjab and Haryana have procured nearly 245 lakh tonnes of paddy so far, Food and Supplies Department officials said here on Sunday.

Both states are heading towards a record paddy procurement this season, officials said.

Punjab has procured nearly 176.5 lakh tonnes of paddy while neighbouring Haryana has procured 68.33 lakh tonnes of paddy.

Governme

Demonetisation drive was meant to cleanse the system: Hasmukh Adhia

 The government's demonetisation drive was meant to cleanse the system and do away with black money, Finance Secretary Hasmukh Adhia said here on Friday.

"Demonetisation was meant to cleanse the system and do away with black money," Adhia told DD News.

He further said people had lot of cash stashed away in the houses, demonetisation has brought t

Lack of S&P upgrade will not impact India: SBI

 Rating agency Standard & Poor's (S&P) refusal to upgrade India's sovereign ratings will have no major impact on the country's creditworthiness, state-run State Bank of India (SBI) said on Friday

Earlier in the day, the American rating maintained status quo on India's soveriegn rating at BBB- with a stable outlook, a development that comes a week afte

Government taking economy on right track: Nirmala Sitharaman

The confidence exhibited by some of the top international rating agencies in Indias economic trajectory shows that the Narendra Modi government is steering the economy in the right direction, Defence Minister Nirmala Sitharaman said here on Friday.

Her comments came after rating agency Standard & Poor's (S&P) on Friday kept India's sovereign ratings same as last y

Money getting formalised via insurance, MFs, IPOs: Arun Jaitley

Previously unaccounted-for wealth, or black money, in India is gradually coming into the formal system post-demonetisation as evident from the increased flow of funds into areas like insurance, mutual funds and stock public offers, Finance Minister Arun Jaitley said on Friday.

He said that the process of digitisation that has picked up pace post last November's demonetisation

S&P has not downgraded India: Government

The government on Friday expressed relief that the ratings agency Standard & Poor's (S&P) had not downgraded India's sovereign ratings.

"S&P has not downgraded (India), S&P has also confirmed the investment grade. So, I don't see that there will be any opposite influence in our costs or otherwise because of the ratings," Subhash Chandra Garg,

S&P maintains India`s sovereign ratings at BBB- with stable outlook

Rating agency Standard & Poor's (S&P) on Friday refused to upgrade India's sovereign ratings maintaining status quo at BBB- with stable outlook, a development that comes a week after Moody's did an upgrade.

"The stable outlook reflects our view that, over the next two years, growth will remain strong, India will maintain its sound external accounts positi

No proposal to withdraw cheque book facility: Reports

The finance ministry has said that there is no proposal to withdraw the bank cheque book facility, which is an integral part of the payments landscape. As per reports, the clarification comes in the backdrop of reports in a certain section of media that there is a possibility that the central government may withdraw bank cheque book facility in the near future, with an intent to encourage digit

UK cos "largely positive" on India, pain points stay: Report

UK businesses remain "largely positive" about improvements in ease of doing business in India, but there are concerns about the pace and execution of reforms, says a report as per the PTI. According to the UK India Business Council's 3rd annual Ease of Doing Business in India survey, a majority of respondents (51 per cent) said the business environment has improved though the perc

Government launches new app for citizen services: Reports

Prime Minister Narendra Modi launched a new mobile app -- UMANG (Unified Mobile Application for New-age Governance) which will allow citizens to access government services on a single platform, said media reports. As per reports, the app was slated to be released in December last year. The services live on the app include Aadhaar, DigiLocker, Bharat Bill Payment System (BBPS) among others.

India, US to work for inclusive growth: Ivanka Trump

US President Donald Trump's daughter and adviser Ivanka Trump has said that India and the US will continue to work together to increase economic opportunities and inclusive growth. As per reports, Ivanka, will lead a high-powered American delegation of officials, women entrepreneurs and businessmen for the Global Entrepreneurship Summit (GES) 2017 in Hyderabad, a three-day summit beginning

Winter Session of Parliament to begin from December 15

The Cabinet Committee on Parliamentary Affairs (CCPA) has recommended convening of Winter Session of Parliament this year from December 15, 2017 to January 5, 2018, subject to exigencies of government business, says Ananthkumar, the Minister of Parliamentary Affairs. The minister stated that the ensuing Winter Session will have a total of 14 sittings over a duration of 22 days. The meeting was

Government initiatives to boost growth momentum: Dun & Bradstreet

A report has said that the slowdown in the economy has bottomed out, and going forward, the pace of recovery will depend on initiatives the government takes to boost growth momentum, especially private investment. According to Dun & Bradstreet, there has been improvement on some parameters of the economy following the slowdown, post demonetisation and GST.

Commenting on the issue,