Government to change security features of banknotes every 3-4 yrs

The Indian Government has said that to check counterfeiting, it plans to change security features of higher denomination banknotes of Rs 2,000 and Rs 500 every 3-4 years in accordance with global standards. As per reports, the move comes in the wake of recovery of a large amount of fake Indian currency notes in last four months after demonetisation. The issue was discussed at a high-level meeti

Government seeks $2 bn funding from NDB for infrastructure projects

The Indian Government has said that it is seeking USD 2 billion in funding from the New Development Bank for infrastructure projects and wants NDB to disburse faster loans. Commenting on the issue, Finance Minister Arun Jaitley told the media, “India has a huge unmet need for infrastructure investment, estimated at about Rs 43 lakh crore (about $646 billion) over the next five years.&rdqu

Government fetches over Rs 2 lakh cr from levies on petrol, diesel

The total collection of government through excise duty on petrol and diesel has been Rs 2,01,935 crore for the first eleven months of FY 2016-17, said government. The excise levy on petrol earned Rs 64,509 crore, while that on diesel garnered Rs 1,37,426 crore, as per the PTI report. An additional excise duty of Rs 6 a litre is levied and collected on Motor Spirit (petrol), said Santosh Kumar G

Petrol price trim by Rs 3.77 a litre, diesel by Rs 2.91

For the first time in two-and-a-half months, the rate of petrol and diesel prices have been changed. The petrol price is slashed by Rs 3.77 a litre and that of diesel by Rs 2.91 per litre, as per the media reports. Petrol price will be cut by Rs 3.77 per litre, excluding state levies, said Indian Oil Corporation Ltd (IOCL). Actual decrease will be larger after taking into account the local levi

Exports likely to touch $270 bn this financial year: FIEO

The Federation of Indian Export Organisations (FIEO) said that with the country’s exports recording healthy growth during the past few months, the shipments are expected to touch USD 270 billion by end of the current fiscal, as per the media reports. During this challenging period, India witnessed double digit growth in exports in February after a long time, said FIEO, quoted PTI. FIEO, P

Biometric payments to replace cards in next few yrs: Amitabh Kant

Niti Aayog has said that mobile wallets and biometric modes of payments will replace debit and credit cards in the next three to four years. Commenting on the issue, NITI Aayog CEO Amitabh Kant told the media, "Physical banking in India is almost dead and it is adopting pervasive technologies with such an accelerated pace that in next three to four years, the digital transactions would mov

India`s GDP growth to touch 7.6% next year: DBS

A DBS report has said that India's GDP growth is expected to pick up again to 7.6 per cent next year thanks to improving consumption, timely rains, higher public sector spending, and better export growth. According to the global financial services major, the ongoing reforms will strengthen the productivity part of growth and the country's GDP will benefit from India's favourable wor

RBI raises FPI limits on investment in Government bonds: Reports

The Reserve Bank has said that it has increased foreign portfolio investors' (FPI) limits on investment in government bonds by an aggregate Rs 170 billion for the April- June period. Commenting on the issue, a RBI Official told the media, “The limits for investment by FPIs in central government securities have been increased by Rs 110 billion, while the same for SDLs are up by Rs 60 b

Jet fuel rates cut by over 5%

With the recent dip in global crude oil prices to around $50 a barrel levels, the price of aviation turbine fuel (ATF), or jet fuel, has been cut by over 5 per cent -- reversing a trend of hikes over the last two months.

State-run oil marketers have cut the price of jet fuel by Rs 2,811.38 per kilolitre (kl), or by 5.1 per cent, to Rs 51,428 per kl with effect from Saturday. ATF price

Traffic-congested Jammu, Srinagar to get ring roads soon: Nitin Gadkari

The central government on Sunday announced that it has sanctioned Rs 4,300 crore for the construction of ring roads -- one each in Jammu and Srinagar -- to decongest traffic in the two cities of Jammu and Kashmir.

Union Minister for Road Transport and Highways Nitin Gadkari told a rally near this Jammu town that Rs 2,100 crore and Rs 2,200 crore have been earmarked for the ring roads

SJVNL generates record 9,045 mn units of hydro power

Public sector undertaking Satluj Jal Vidyut Nigam Ltd (SJVNL) on Sunday said it generated 9,045 million units of electricity at its three power plants in the last fiscal, surpassing the target of 8,700 million units.

India's largest hydro project 1,500 MW Nathpa Jhakri plant in this state recorded a 103.5 per cent achievement of the target with 7,050.62 million units, an official

Infosys founder Narayana Murthy criticises pay hike for operations chief

By Sankalp Phartiyal and Aby Jose Koilparambil

MUMBAI/BENGALURU  - A dispute between the founders and the board of software services company Infosys Ltd over governance spilled into public again on Monday, as founder N.R. Narayana Murthy criticised a pay hike for Chief Operating Officer Pravin Rao.

Infosys defended the move, but said it took a statement

Rain-hit farmers face staggering losses

 Farmers in some northeastern states are suffering as the torrential rain and hailstorm in the past four days have destroyed crops, causing them staggering losses.

The rain stopped on Sunday for a few hours after a heavy downpour on Saturday night.

Meanwhile, the action committee formed by the Manipur government is yet to make its presence felt.

The pre-monsoo

India, Malaysia keen to take bilateral trade to $15 billion

India and Malaysia have expressed keenness to take their bilateral trade to $15 billion in the "immediate future", with the CEO's Forum identifying infrastructure, healthcare, education and SMEs as key areas of furthering cooperation.

A joint statement of the India-Malaysia CEO's Forum issued on Saturday called for a balanced Regional Comprehensive Economic Partnersh

India looking at $2 bn funding from New Development Bank: Arun Jaitley

Finance Minister Arun Jaitley on Saturday said that India was looking at $2 billion loan from the New Development Bank (NDB), adding that the expectations were of a cheaper rate and expeditious disbursement.

"We have proposed projects worth about $2 billion for NDB funding, which I hope will be taken up by the Board expeditiously. Being a lean organisation, it is also expected th

Innovation key to sustainable prosperity in India: Prakash Javadekar

With India stepping into the digital era with 108 crore people owning mobiles and 112 crore having Adhaar cards, innovation will be the only way for sustainable prosperity for the country, Human Resources Development Minister Prakash Javadekar said here on Saturday.

Inaugurating the Smart India Hackathon 2017 final round, Javadekar said the figures indicate the capacity of people to a

India likely to grow at 7.2% in 2017, 7.7% in 2018: Arun Jaitley

The Indian economy is expected to grow at 7.2 per cent in 2017 and by 7.7 per cent in 2018, Finance Minister Arun Jaitley said on Saturday.

"Though this is a challenging time, India has remained a bright spot. We have successfully implemented reform measures," Jaitley said at the second annual meeting of the New Development Bank (NDB) here.

He said that India requi

Cabinet fixes NBS rates for P&K fertilisers

The Cabinet Committee on Economic Affairs (CCEA) on Friday approved the fixation of Nutrient Based Subsidy (NBS) rates for Phosphatic and Potassic (P&K) fertilisers for 2017-18 with reduction in phosphorous and potash nutrient and increase in nitrogen and sulphur, a cabinet communique said.

The meet was chaired by Prime Minister Narendra Modi.

The estimates outgo of the

Cabinet nod for CIRDAP centre in India

The Union Cabinet on Friday approved setting up of an establishment of a Centre on Integrated Rural Development for Asia and the Pacific (CIRDAP) in India.

The decision was taken by the cabinet chaired by Prime Minister Narendra Modi here, a cabinet communique said, adding an agreement will be signed by CIRDAP and Ministry of Rural Development for establishment of a CIRDAP centre at t

Himachal's fiscal liabilities increased to Rs 41,197 crore: CAG

The overall fiscal liabilities of Himachal Pradesh increased to Rs 41,197 crore in 2015-16 with a growth of eight per cent over the previous year, the Comptroller and Auditor General of India (CAG) said on Friday.

Presenting a grim picture of the state's financial health, it said the liabilities stood at 37 per cent of the Gross State Domestic Product (GSDP) and 176 per cent of th

Rs 2,256 cr project for GST integration approved

The government has approved Rs 2,256 crore outlay for Project Saksham to bolster the information technology network for the new GST regime, Parliament was informed on Friday.

Project Saksham is the name given to CBEC's IT Infrastructure Project, while enable not just the implementation of Goods and Services tax (GST) but also support all existing services in Customs, Central Excis

Council tentatively approves GST Rules: Arun Jaitley

In preparation of the impending new indirect tax regime from July 1, the Goods and Services Tax (GST) Council, in its 13th meet on Friday, gave tentative approval to the remaining set of rules, said Union Finance Minister Arun Jaitley.

"Today, out of nine set of rules, four have been tentatively approved. The other five, which have already got approval have been corrected and bro

Chaos as crowds throng RBI to exchange old currency

Hundreds thronged the RBI here with old demonetised notes to grab new ones on the last day of official exchange on Friday but most people returned home disappointed.

Bank officials and security personnel turned away many because the facility was only for those who were abroad during the demonetisation as well as Non-Resident Indians (NRIs).

Even many eligible claimants faile

CBDT notifies simplified one-page ITR form

The Central Board of Direct Taxes (CBDT) has notified income-tax return forms (ITR forms), including a one-page simplified ITR Form-1 (Sahaj), which can be used by individuals having income up to Rs 50 lakh.

This initiative will benefit more than two crore taxpayers, who will be eligible to file their return of income in this simplified form.

"One of the major reforms m

SC bans hotels, restaurants along highways from serving liquor

The Supreme Court on Friday said hotels and restaurants falling within 500 metres on either side of the national and state highways cannot serve liquor.

A bench of Chief Justice Jagdish Singh Khehar, Justice D.Y. Chandrachud and Justice L. Nageswara Rao, however, relaxed the ban to 220 metres in respect of municipal bodies with 20,000 or less population falling along the highways.&nbs