Government approves Rs 6,721 cr NH projects in Meghalaya, Mizoram

The government has approved Rs 6,721-crore projects in Meghalaya and Mizoram for development of 403 kms of National Highways. "The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, has given its approval for development of 403 kms of National Highways in Meghalaya and Mizoram," a statement from the Ministry of Road Transport and Highways said after the CC

Government to unveil 5 bills for implementation of GST: Finance Minister

The Finance Minister has said that five legislations will soon be introduced in Parliament with the objective of rolling out the comprehensive indirect tax reform GST from July 1. Commenting on the issue, Finance Minister Arun Jaitley told the media, "The Government will bring before Parliament four GST legislations and there will be a fifth legislation as Excise and Customs Acts will have

Cabinet apprised of Indo-US cyber security pact

The Cabinet has been apprised of the cyber security agreement between Indian security watchdog CERT-In and the US Homeland Security Department. "The Union Cabinet chaired by Prime Minister Narendra Modi has been apprised of the memorandum of understanding (MoU) signed between the Indian Computer Emergency Response Team (CERT-ln)... and the US Homeland Security Department on cooperation in

Interest subsidy scheme to be effective from January 1: Reports

The Indian Government has said that it's credit-linked interest subsidy scheme for housing loans taken by people in mid-income groups has been made effective from January 1 under which EMIs will go down by over Rs 2,000 per month. As per reports, Prime Minister Narendra Modi had on December 31 last year announced Credit Linked Subsidy Scheme for Middle Income Groups -- CLSS(MIG).

Government approves Rs 1,100 cr capital infusion in IOB: Reports

Chennai-based state lender Indian Overseas Bank has said that it will get Rs 1,100 crore as turnaround-linked capital infusion from the government. The bank has said it has received a communication from the Finance Ministry for a capital allocation of Rs 1,100 crore as part of turnaround linked capital infusion plan.

As per reports, the Government has approved the second tranche of ca

Cabinet nod for raising NABARD captial to Rs 30,000 cr

The Union Cabinet has approved amendments to the NABARD Act to increase authorised capital to Rs 30,000 crore from Rs 5,000 crore, a move that will help the agency fulfil its commitments. The Cabinet chaired by Prime Minister Narendra Modi approved amendments to the National Bank for Agriculture and Rural Development Act, 1981 as proposed in the draft Bill with such changes of drafting and of c

CESTAT expects pending tax disputes to reduce before GST roll out

The Customs, Excise and Service Tax Appellate Tribunal (CESTAT) expects number of pending tax disputes would go down before implementation of Goods and Services Tax as it is disposing of cases quickly, an official said on Wednesday.

"Currently there are about 88,000 pending cases with the tribunal. We are trying to dispose the cases as quickly as possible given the constraints of

SBI-Mahila Bank merger on April 1: RBI

The Bharatiya Mahila Bank will be merged with the State Bank of India on April 1, along with five associate banks, the Reserve Bank of India (RBI) said on Wednesday.

"All branches of Bharatiya Mahila Bank (BMB) will function as branches of the SBI from April 1. Customers, including depositors of BMB, will be treated as customers of SBI," the RBI said in a statement here.

India, China slow down coal expansion, says report

Cuts in coal-based power plants and a strong growth in renewable energy has caused a significant slowdown of coal expansion in Asian countries, particularly India and China, says a report.

In its third annual survey of the global coal plant pipeline, the report 'Boom and Bust 2017: Tracking The Global Coal Plant Pipeline' said 68 GW of construction in India and China is now fr

Moody`s affirms negative outlook on Adani Abbot Point Terminal

 US rating agency Moody's on Wednesday maintained the Adani Group-run Abbot Point Terminal Ltd's Ba2 bank credit facility rating, saying its outlook is negative.

"Moody's Investors Service has on Wednesday affirmed Adani Abbot Point Terminal Pty Ltd's (AAPT) Ba2 senior secured and senior secured bank credit facility ratings. The outlook remains negative,"

FACTBOX - Finance bill: India curbs cash transactions after demonetisation

By Manoj Kumar

NEW DELHI  - The Lok Sabha on Wednesday approved a ban on cash transactions above 200,000 rupees ($3,055), enacting tax measures from last month annual budget aimed at boosting investment in the country.

After scrapping high-value currency notes in November, Prime Minister Narendra Modi is pushing a raft of measures to boost cashless tran

IPR policy should protect knowledge to spur innovation and investment: Expert

The new National Intellectual Property Rights policy of the Government of India has established a unified institutional mechanism for implementation, monitoring and reviewing of intellectual property (IP) and aims to incorporate and adapt global best practices to the Indian scenario, says S. Rama Rao, Senior Advisor, Intellectual Property, Technology Transfer and International Relations, Solstr

Jaitley hopes GST roll out from July 1 to make goods cheaper

A new nationwide goods and services tax (GST) will be rolled out from July 1 to create one of the world's biggest single markets, make commodities cheaper and make tax evasion difficult, Finance Minister Arun Jaitley said today. Speaking at the 23rd Conference of the Commonwealth Auditor General, Jaitley said India has "hugely" a non-tax compliant society and the government banned

India could exceed revised tax target of 17 trillion rupees in 2016/17 - Arun Jaitley

NEW DELHI  - Finance minister Arun Jaitley on Wednesday said he expected the country to exceed the upwardly revised tax collection target of 17 trillion rupees in the 2016/17 fiscal year that ends on March 31.

Net tax receipts in the first 10 months of 2016/17 fiscal year were 8.16 trillion rupees, government data showed last month.

The federal governme

RBI inks MoU with Central Bank of Nigeria

The Reserve Bank of India has announced its Memorandum of Understanding (MoU) on "Supervisory Cooperation and Exchange of Supervisory Information" with the Central Bank of Nigeria. The apex bank signed an MoU with Central Bank of Nigeria under the presence of Godwin Emefiele, Governor on behalf of Central Bank of Nigeria and Dr Urjit R Patel, Governor Reserve Bank of India.

Unless we create more wealth, we can distribute only poverty: M. Venkaiah Naidu

The Minister of Urban Development M. Venkaiah Naidu has said that unless we create more wealth, we can distribute only poverty. Addressing the 3rd National Leadership Conclave, organized by All India Management Association (AIMA) here today, he said that nations, such as India and China, earlier believed in distribution of wealth, but the focus has now shifted to generation of wealth. He said t

RBI sets rupee reference rate at 65.4881 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 65.4881 against the US dollar and 70.7206 for the euro. The corresponding rates were 65.3117 and 70.2950 yesterday.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 81.6833 and 58.70 per 100 yens, respectively, based on reference rates for the dollar and cross-cur

SBI officials held for violating RBI guidelines

The CBI has arrested two senior State Bank of India (SBI) officials for misappropriating funds of around Rs 12.40 lakh by violating the RBI guidelines imposed during demonetisation, an official said on Wednesday.

Senior Special Assistant M. Sultan Mohiuddin and Deputy Manager (Operations) I.J. Raja Sekhar, employed at SBI's Buchireddypalem branch in Andhra Pradesh's Nellore di

India tries to fix Iran trade payments as Trump hardens line

By Nidhi Verma and Manoj Kumar

NEW DELHI  - India is exploring setting up a new payments mechanism for trade with Iran, after its old sanctions workaround broke down, as state banks remain fearful of handling payments from Tehran in case the United States imposes a fresh financial embargo.

U.S. President Donald Trump has denounced an agreement between I

Government approves 1.17 lakh more affordable houses for urban poor

The Housing Ministry has approved construction of 1,17,814 affordable houses for urban poor in 6 states at a total cost of Rs 5,773 crore, as per the government release. The Ministry of Housing and Urban Poverty Alleviation said in a release that, “It has approved construction of 1,17,814 affordable houses for the benefit of urban poor in six states at a total cost of Rs 5,773 cr for whic

Hopeful of rolling out GST from July 1: Finance Minister

Finance Minister Arun Jaitley said he is hopeful of rolling out the biggest tax reform GST from July 1 which will make goods and services cheaper and tax evasion difficult, reported PTI. The Finance Minister also said achieving a growth rate of 7-8 per cent is plausible and if economies pick up globally then the country's growth rate can go up further. Demonetisation, Jaitley said, will act

Demonetisation to augment economic activity: Government

The government's demonetisation move is set to augment the economic growth as interest rates have come down as a result of increased deposits in banks, Parliament was informed as per the PTI report. It is noteworthy that the government is being targeted constantly from across the quarters for nullifying old Rs 500/1,000 notes from circulation in November, contending it would impact the econ

CCEA likely to approve Rs 550/qtl hike in copra MSP

The Cabinet Committee on Economic Affairs (CCEA) is likely to approve a proposal to increase the minimum support price (MSP) of milling copra for the 2017 season by Rs 550 per quintal to Rs 6,500, reported PTI. The ministry has proposed an increase in the MSP of milling copra to Rs 6,500 per quintal for this year, up by 9.24 per cent from Rs 5,950 per quintal last year. It has recommended 8.7 p

RBI recasts norms on currency hedging for MNCs

The RBI changed norms to provide operational flexibility to multinational entities and their Indian subsidiaries exposed to currency risks arising out of current account transactions in the country, reported PTI. The extant hedging guidelines have been amended to provide operational flexibility for booking derivative contracts to hedge the currency risk arising out of current account transactio

Income of CPSEs declines by over 10% in FY16: Survey

The total income of central public sector enterprises in the country reduced by over 10 per cent even as their losses widened in 2015-16, according to the Public Enterprises Survey tabled in Parliament, reported PTI. The report, tracking the performance of CPSEs in 2015-16, showed their total income stood at Rs 17,64,754 crore compared to Rs 19, 65,657 crore in 2014-15, registering a 10.22 per