Demonetisation benefits visible in IT enforcements, tax filings

A day after the RBI's report revealed that 99 per cent of demonetised currency had come back into the banking system, the Finance Ministry on Thursday claimed that the note ban's benefits were clearly visible in terms of a quantum jump in enforcement actions and growth in direct tax collections.

"The government launched a concerted drive against black money with demonetis

Indian economy`s growth slows down in Q1 2017-18 at 5.7%

India's GDP growth for the first quarter of the current fiscal ended June slowed down to 5.7 per cent, from 6.1 per cent reported for the fourth quarter of 2016-17, official data showed on Thursday.

According to data from the Central Statistics Office (CSO), the GDP for Q1 stood at Rs 31.10 lakh crore, or a growth of 5.7 per cent, compared with 6.1 per cent in the fourth quarter o

India`s economic growth unexpectedly hits three-year low in June quarter

By Rajesh Kumar Singh

NEW DELHI - India's economic growth unexpectedly slid to a three-year low in the last quarter, delivering a blow to Prime Minister Narendra Modi who is facing criticism for disrupting business activity through his shock cash squeeze last year.

Gross domestic product grew 5.7 percent in April-June, its slowest pace since the January-

India`s infrastructure output growth accelerates to 2.4 percent in July

NEW DELHI - India's annual infrastructure output growth accelerated to 2.4 percent in July, driven up mainly by higher electricity and steel production, government data showed on Thursday.

The output grew a revised 0.8 percent year-on-year in June.

For April-July, the annual output growth was 2.5 percent, data showed.

Electricity production gre

Tax authorities to go after evaders post GST: Finance Minister

Finance Minister Arun Jaitley has said that the government will adopt a carrot-and-stick policy on taxation and post GST, tax authorities will go after evaders whose invoices do not match tax payment. Commenting on the issue, Finance Minister Arun Jaitley told the media, “The government over the last 2-3 years has made tax evasion difficult that has come as a rude shock to many, and GST w

India`s April-July fiscal deficit at 92% of full year target

India's April-July fiscal deficit stood at 92.4 per cent -- or Rs 5.05 lakh crore -- of the full year Budget target of Rs 5.46 lakh crore, official data showed here on Thursday.

The data furnished by the Comptroller General of Accounts (CGA) showed that April-July fiscal deficit was 73.7 per cent of the Budget in the same period of the last fiscal.

The 2017-18 deficit --

Government never expected spiked currency not to come back: Official

Rejecting criticism after the RBI indicated that almost 99 per cent of demonetised currency returned to the banking system, Economic Affairs Secretary Subhash Chandra Garg on Thursday said the government never said it didn't expect it to come back and ruled out any more window period for exchange of old notes.

"There was clear expectation that much of it (demonetised notes) w

Moody`s affirms stable outlook for Indian banking system

Moody's Investors Service, a global rating agency, has said that its outlook for the Indian banking system is stable, with the system's ongoing progress in managing legacy asset issues offsetting the significant capital shortfalls some banks continue to face. "The outlook for the system is also in line with the stable outlooks for 10 of the 15 banks we rate in this system and refle

RBI sets rupee reference rate at 64.0154 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.0154 against the US dollar and 76.0439 for the euro. The corresponding rates were 63.9431and 76.4504, yesterday.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 82.6951 and 57.91 per 100 yens, respectively, based on reference rates for the dollar and cross-cur

Significant portion of junked notes could be black money: FM

The Indian Government has said that over Rs 15 lakh crore of junked currency has come back into the banking system post demonetization and significant portion of it could be black money. Commenting on the issue, a finance ministry official told the media, “The tax authorities have found undisclosed income of Rs 17,526 crore and Rs 1,003 crore has been seized so far.” "A signifi

India, China jointly propose cutting of US, EU farm subsidies

India and China jointly submitted a proposal to the World Trade Organisation (WTO) calling for the elimination - by developed countries - of the most trade-distorting form of farm subsidies, known in WTO parlance as Aggregate Measurement of Support (AMS) or ‘Amber Box’ support as a prerequisite for consideration of other reforms in domestic support negotiations, according to an offi

All banned notes deposited with banks may not be legitimate: Arun Jaitley

In the backdrop of the RBI's report stating that 99 per cent of the demonetised cash had come back into the banking system, Finance Minister Arun Jaitley on Thursday said "all of it may not be accounted money".

"Demonetisation helped in bringing transparency in the system. Money getting back into banking system -- not necessarily legitimate money," Jaitley said

AIIB may pump in $1.5 bn in Indian projects

The Asian Infrastructure Investment Bank (AIIB) is mulling pumping in $1.5 billion (Rs 9,599 crore) in six new projects in India that includes Rs 1,279 crore in India's National Investment and Infrastructure Fund (NIIF), a top AIIB official has said.

India has been trying to attract investments for NIIF from several international institutional investors. The Indian government has

Government to build STPs under Hybrid Annuity Model at Varanasi, Haridwar

In the first-of-its-kind success, the creation and maintenance of sewage treatment infrastructure under Hybrid Annuity based PPP model has taken off, with NMCG awarding work to private sector for construction and maintenance of Sewage Treatment Plants (STPs) in two major cities in Ganga river basin - Varanasi and Haridwar, according to an official statement.

According to Ministry of W

99% of scrapped 500, 1,000 rupee notes back in system: RBI

An astronomical Rs 15.28 lakh crore, or 99 per cent of the junked 500 and 1,000 rupee notes, have returned to the banking system, the RBI said, prompting the Opposition to question the efficacy of demonetisation in curbing black money, reported PTI. The Reserve Bank, which has so far shied away from disclosing the actual number of junked currency deposited after the November 8, 2016, decision,

Economic activity to expand 7.3% this fiscal: RBI

Economic activity as measured by Gross Value Added (GVA) is expected to expand by 7.3 per cent in the current fiscal, up from 6.6 per cent in 2016-17, the Reserve Bank said noting the risks are evenly balanced, reported PTI. The headline inflation, it said, is expected to be in the range of 2-3.5 per cent in the first half of 2017-18 and 3.5-4.5 per cent in the later part. Global growth is gain

Mumbai may lose sheen among investors due to ill civic infrastructure

Complimenting resilience shown by Mumbaikars in battling heavy rains on August 29, the ASSOCHAM on Wednesday said the mega city would lose its sheen among the large domestic and global investors, as it is ill-equipped to face such eventualities. "No words are adequate for admiration for the bold and hardworking people of Mumbai but such a large and productive work force deserves a better d

Aadhaar data kept, processed only on own secure servers: UIDAI

The UIDAI has rejected charges that foreign firms were accessing sensitive data, saying no Aadhaar information has ever been stored or processed outside its own data centre and resides only within its fully-secured servers. "Aadhaar data is fully safe and secure and has robust uncompromised security. The UIDAI data centre is an infrastructure of critical importance and is protected accordi

Modi meets Swiss President ahead of delegation talks

Prime Minister Narendra Modi met Swiss President Doris Leuthard here on Thursday ahead of delegation-level talks between the two sides.

"Deepening ties for mutual development," External Affairs Ministry spokesperson Raveesh Kumar tweeted. He said Modi received Leuthard at Hyderabad House.

The two leaders then attended a meeting of business leaders of India and Swit

No plans to reintroduce Rs 1,000 notes: Finance Minister

The finance ministry has said that it is not planning to re-introduce Rs 1,000 currency bills that were scrapped as part of the demonetisation move last November. Commenting on the issue, Economic Affairs Secretary Subhash Chandra Garg told the media, "There is no proposal to reintroduce 1,000 rupee note." As per reports, the Government had announced the withdrawal of old Rs 500 and R

GDP growth to slow down to 6% in Q1, better to track GVA

Foreign brokerage HSBC today estimated GDP growth slowing down to 6 per cent for April-June period, as against the 6.1 per cent in the preceding quarter, but said GVA growth should be the number to watch from here. "Repercussions of an early budget and the newly implemented Goods and Services Tax (GST) rates, receipts and rebates are likely to distort upcoming GDP readings...It's a goo

Cabinet okays equivalence of posts in Govt, PSUs, PSBs

The Union Cabinet on Wednesday gave its approval to the norms for establishing equivalence of posts in Government and posts in PSUs, PSBs etc. for claiming benefit of OBC reservations. This addresses an issue pending for nearly 24 years. This will ensure that the children of those serving in lower categories in PSUs and other institutions can get the benefit of OBC reservations, on par with chi

Cabinet apprised of jointly issue of postage stamps with Canada

The Union Cabinet was informed today that India and Canada have mutually agreed to jointly issue a set of two Commemorative Postage Stamps on India-Canada: Joint Issue on the theme "Diwali". “The joint stamps will be released on 21st September, 2017.

A Memorandum of Understanding (MoU) has already been signed signed between Department of Posts and Canada Post for this

Dyson International`s FDI proposal gets DIPP nod

Two foreign direct investment (FDI) proposals, including that of consumer durables manufacturer Dyson International, have received regulatory clearances, an official statement said on Wednesday.

According to the Commerce and Industry Ministry statement, a proposal from Dyson International to carry out single brand retail business in India was approved by Department of Industrial Polic