Global M&A activity may drop to $2.5 trn in 2017: Report

Global merger and acquisition activity is expected to moderate amid economic and political uncertainty with deal size likely to drop to USD 2.5 trillion this year from USD 2.8 trillion in 2016, says a report. Global M&A and IPO activity slowed in 2016 as factors such as volatility in the US stock market, growing concerns about China's economic slowdown, and dropping oil and commodity pr

RBI keeps policy rate on hold for second meeting in a row

MUMBAI - The Reserve Bank of India (RBI) kept its repo rate on hold at 6.25 percent for a second straight policy meeting, opting to wait for more clarity on inflation trends and on how a radical crackdown on "black money" is impacting economic growth.

The RBI's monetary policy committee on Wednesday voted 6-0, its third unanimous decision in a row since

`90 days since demonetisation, withdraw restrictions on cash withdrawals`

A TMC member of the Rajya Sabha on Wednesday asked the Centre to do away with cash withdrawal limit from banks and ATMs, saying that Prime Minister Narendra Modi had sought time of only 50 days to normalise the situation.

Raising the matter in the house soon after it met for the day, Sukhendu Sekhar Roy of Trinamool Congress (TMC) quoted Modi addressing the nation wherein he aked for

Government allows multiple deposits under Garib Kalyan Deposit Scheme

The government has said that the declarants can make multiple deposits under the Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS). "The government has decided to allow declarants to make deposits on one or more occasions in the PMGKDS, 2016," the Finance Ministry said in a statement. The deposits can be made by a person at authorised banks till March 31, it said.

As per t

Rs 16,200 cr in black money detected by IT department: Finance Minister

The Indian Government has said that over Rs 16,200 crore in black money has been detected by the government after investigations on global leaks about Indians stashing funds abroad.

Commenting on the issue, Finance Minister Arun Jaitley told the media, “As a result of systematic investigations, an undisclosed income of about Rs 8,200 crore (including protective assessment of inc

Government allocates Rs 10,000 cr in Bharat Net project: Reports

The Indian Government has said that it has made an allocation of Rs 10,000 crore for the ambitious Bharat Net project in a bid to strengthen rural connectivity. As per reports, the project will ensure high-speed broadband on optical fibre which will be available in over 1.5 lakh gram panchayats with hotspots and access to digital services at low tariffs.

Commenting on the issue, Finan

Budget focuses on consolidation, better implementation of schemes: Lavasa

The Union Budget 2017-18 may not be high-sounding but it focuses on better consolidation and implementation of government schemes, Finance Secretary Ashok Lavasa said on Tuesday.

"The spirit with which the Budget proposals for 2017-18 were prepared was to ensure better consolidation and smooth implementation of government's developmental and various social schemes though in s

Debit card charges may decline further: Jaitley

With a view to promote digital transactions, the Reserve Bank of India (RBI) is working to reduce the Marginal Discount Charges (MDR) for debit card transactions above Rs 2,000, Parliament was told on Tuesday.

"RBI is deciding on this…it is work in progress. I am sure as volumes (of digital transactions) are increasing, the charges will come down," the Finance Ministe

Lok Sabha passes bill on demonetisation

The Lok Sabha on Tuesday passed the bill to ban old bank notes of Rs 500 and Rs 1,000 and provides for punishment for holding such currency notes.

The Specified Bank Notes (Cessation of Liabilities) Bill, 2017, seeks to replace the ordinance on demonetisation promulgated by the government in December 2016.

Replying to the debate on the bill which was passed after amendments

Rs 16,200 cr undisclosed foreign income detected: Arun Jaitley

 A total of Rs 16,200 crore in undisclosed foreign income of Indians has been detected under the HSBC and International Consortium of Investigative Journalists (ICIJ) lists, Finance Minister Arun Jaitley said on Tuesday.

"As a result of systematic investigations, undisclosed income of about Rs 8,200 crore (including protective assessment of income of Rs 1,497 crore) has been

167 bank officials suspended for note ban irregularities: FinMIn

A total of 167 bank officials have been suspended and 41 transferred for their involvement in irregularities relating to demonetisation, Parliament was informed on Tuesday.

"As part of their staff accountability mechanisms, on the basis of prima facie involvement in irregularities relating to demonetisation, Public Sector Banks (PSBs) are so far reported to have placed 156 offici

Lok Sabha passes Payment of Wages (Amendment) Bill

The Lok Sabha on Tuesday passed a bill which enables employers to pay wages through cheque or by crediting it to bank accounts.

The existing provision of payment in current coin or currency notes will remain in place. 

The Payment of Wages (Amendment) Bill was passed by the House after the reply of Bandaru Dattatreya, Minister of State for Labour and Employment.

RBI likely to hold interest rates at Wednesday's review

The Reserve Bank of India (RBI) is expected to hold key interest rates at its final monetary policy review for this fiscal on Wednesday -- its second after November's note ban -- in the wake of banks being flush with funds post-demonetisation and a firming up of global oil prices.

As a result of the surge in bank deposits following the recent demonetisation of high value currency,

Prime Minister Narendra Modi says cash crackdown is a fight for the poor

By Manoj Kumar

NEW DELHI - Prime Minister Narendra Modi on Tuesday defended his decision to abolish high denomination bank notes that has left the economy reeling, calling it a "fight" for the poor.

Modi's comments came days before the start of a regional assembly election in Uttar Pradesh, a battleground state that is home to one in six I

Bank of America Merill Lynch sees 0.25% rate cut to tide over note-ban impact on GDP

To reverse the impact of the demonetisation drive to growth prospects, the Reserve Bank will cut rates tomorrow as well as in the April policy review, foreign brokerage Bank of America Merill Lynch said as per the PTI report.

"We continue to expect the RBI-MPC (monetary policy committee) to cut the rates by 0.25 per cent on Wednesday and in April with demonetisation hurting growt

Public Sector bank scrips, SUTTI holding may part of 2nd CPSE ETF

The Finance Ministry is considering including shares of public sector banks and government's shareholding in erstwhile PSUs in the second CPSE Exchange Traded Fund (ETF) which it plans to launch next fiscal, reported PTI.

Banking on the performance of the ETF which it launched in March 2014 with scrips of 10 PSUs, the Department of Investment and Public Asset Management (DIPAM) is

Oil firms` merger will face big challenges: Fitch Ratings

The proposed merger of the Indian state-run oil and gas companies would face significant execution challenges in managing integration of employees, addressing overcapacity in the merged entity and getting support for the merger from private shareholders, US rating agency Fitch Ratings said on Tuesday.

"A merger would face significant execution challenges, particularly in terms of

India Inc raised Rs 46K cr in January via debt placement

India Inc raised about Rs 46,000 crore through private placement of corporate debt bonds in January, taking the total to a staggering Rs 5.25 lakh crore during 10 months of the current fiscal, reported PTI.

The funds have been raised for business expansion, to repay loans and meet working capital requirements. In debt private placement, firms issue debt securities or bonds to institut

Rupee may break 66.2-68.7 range on note ban, oil prices: DBS

A 'resilient' Indian rupee has weathered the post-US election headwinds fairly well but the domestic currency may still break above its 66.2-68.7 range established since early 2016, says a DBS report as per the PTI. Currencies of high growth economies - PHP (Philippine Peso), IDR (Indonesian Rupiah), VND (Vietnamese Dong) and INR (Indian Rupee) - were notably resilient when DXY (US Doll

Demonetisation, a right decision at right time: Prime Minister Narendra Modi

Prime Minister Narendra Modi on Tuesday strongly defended his government's decision to ban high value currency notes, saying it was the right step taken at the right time to rid the Indian economy of tax evasion and black money.

Modi, speaking in the Lok Sabha in reply to motion of thanks to the President's address, mocked at the opposition protests against the November 8, 201

CBDT signs 4 unilateral Advance Pricing Agreements

The Central Board of Direct Taxes (CBDT) has entered into four unilateral Advance Pricing Agreements (APAs) pertaining to the manufacturing, financial and information technology sectors.

"Four APAs were signed on Monday. The international transactions covered in these agreements include contract manufacturing, IT-enabled services and software development services," the Finan

Eliminate customs duty on gold to curb smuggling: Arvind Panagariya

Niti Aayog Vice Chairman Arvind Panagariya says that he would suggest eliminating customs duty on gold to curb smuggling and thereby reduce its potential as a vehicle for parking black money.

The current customs duty on gold is excessive and this leads to a "huge amount" of smuggling, he said here on Monday while delivering a lecture on India's economic policy and perfor

Asian liquidity stress index improves to 29.4% in January: Moody`s

Moody's Investors Service, a global rating agency, has said that its Asian Liquidity Stress Index (Asian LSI) fell for the second consecutive month in January 2017, registering 29.4 per cent a slight improvement from 30.3 per cent in December 2016.

"The Asian LSI fell to 29.4 per cent largely due to an increase in the number of Moody's-rated high-yield companies to 126 fr

CBDT signs four more unilateral advance pricing agreements

The Central Board of Direct Taxes (CBDT), Ministry of Finance has entered into four more unilateral advance pricing agreements (APAs) on February 06. “The four APAs signed pertain to the manufacturing, financial and information technology sectors of the economy.

The international transactions covered in these agreements include contract manufacturing, IT enabled services and sof

Focus of Budget is to make nation more tax compliant: Finance Ministry

The budget this year focuses on the clarity and certainty of the tax laws, while at the same time endeavoring to make the country more tax compliant and to honour the honest taxpayers, says Sushil Chandra, Chairman, Central Board of Direct Taxes, Ministry of Finance.

“The focus areas for the budget this year are digitalization, demonetization, expansion of tax base, and saving t