'Expansion of roads, railways happening at accelerated pace'

The expansion of roads and railways are happening at an accelerated pace in different parts of the country, including the North East, a senior NITI Aayog official said as per the PTI report. NITI Aayog advisor (Transport) Manoj Singh said roads and railways expansion are being done at an accelerated speed and much more could be seen taking off by end of current fiscal.

He also pitched

India firms borrow $2.23 bn from foreign sources in Feb: RBI

Indian firms' borrowing from foreign sources stood at $2.23 billion in February 2017, RBI data showed. In February 2016, the domestic companies had raised more than $1.35 billion from overseas markets through external commercial borrowings (ECBs). The two sets of numbers, however, are not comparable as the new data include money raised through rupee denominated bonds (RDBs) in overseas mark

RBI changes currency hedging norms for MNCs: Reports

The RBI has said that it has 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. As per reports, the existing hedging guidelines have been amended to provide operational flexibility for booking derivative contracts to hedge the currency risk arising out of c

Hoping to implement GST from July 1: Arun Jaitley

Finance Minister Arun Jaitley said on Wednesday that the government was hoping to implement the Goods and Services Tax (GST) by July 1 after the enabling Bills get Parliament's nod in the current budget session.

"GST is the biggest reform in India. Hopefully, GST will be implemented by July 1. GST Bills will hopefully be cleared in Parliament," Jaitley said here at the 2

Government to focus on supplying lower denomination notes: Shaktikanta Das

Economic Affairs Secretary Shaktikanta Das has said that the focus of the Government is to print and supply Rs 500 and lower denomination notes to avoid accumulation of high-value currency. Commenting on the issue, Economic Affairs Secretary Shaktikanta Das told the media, "The approach which is now being followed is the greater focus on manufacturing and supply of Rs 500 and other lower d

Government to simplify FDI approval process by abolishing FIPB: Shaktikanta Das

The Indian Government has said that it will come out with a roadmap in the next few weeks to further simplify the FDI approval process by abolishing the FIPB. Commenting on the issue, Economic Affairs Secretary Shaktikanta Das told the media, "The process of FDI approval is being simplified further by dismantling the FIPB and delegating the power to ministries or the regulators as the case

Defaulters owe Rs 91,155 cr to public sector banks: Government

The Indian Government has informed the parliament that there were more than 9,100 wilful defaulters who together owed Rs 91,155 crore to public sector banks at December-end. As per reports, Banks declare wilful defaulters as per the norms stipulated by the Reserve Bank of India.

Commenting on the issue, Minister of State for Finance Santosh Kumar Gangwar told the media, “There w

BMB to be merged with SBI from 1st April: Government

The Indian Government has said that Bharatiya Mahila Bank (BMB) will be merged with the country's largest lender State Bank from April 1 to ensure greater banking outreach to women. Commenting on the issue, a Government Official told the media, "It (merger) shall come into effect on April 1, 2017," The undertaking of the BMB as it stood immediately before the effective date shall,

Aadhar to be mandatory for filing I-T return, PAN application

The government on Tuesday proposed to make Aadhaar Card mandatory for filing income tax returns and also applying for a Permanent Account Number (PAN).

The proposal was made through an amendment to the Finance Bill 2017 moved by Finance Minister Arun Jaitley in the Lok Sabha.

Besides being necessary for filing an income tax return, any application for an income tax PAN will

Mukesh Ambani tops Forbes list of 101 Indian billionaires

India has the fourth largest number of billionaires globally, with Reliance Industries (RIL) Chairman Mukesh Ambani heading the list of more than 100 high net worth individual Indians, as per the latest listing by American magazine Forbes.

The US, with 565, has more billionaires than any other nation. China comes next with 319, while Germany is at number three with 114.

Micr

RBI amends hedging guidelines for MNCs' Indian subsidiaries

The Reserve Bank of India (RBI) on Tuesday said it has amended the hedging guidelines for Indian subsidiaries of multi-national companies (MNCs) with a view to providing operational flexibility.

"With a view to providing operational flexibility to multinational entities and their Indian subsidiaries exposed to currency risk arising out of current account transactions emanating in

Government eases norms for early payment to retirees

The union government has decided that in all cases where the service of the retiring Central Government employees has been verified, payment of the accumulation under Savings Fund of Central Government Employee Group Insurance Scheme (CGEGIS) will be made without awaiting confirmation of deduction of each monthly subscription of CGEGIS, according to an official statement.

The ministry

GST implementation to benefit Meghalaya: Minister

Meghalaya will be benefited through the Goods and Services Tax (GST) regime which is likely to be implemented on July 1, Taxation Minister Zenith M. Sangma said on Tuesday.

"Destination-based consuming states like Meghalaya will benefit from the GST implementation," he informed the state assembly during Question Hour.

The final decision on the implementation of the

SBI awaits Bharatiya Mahila Bank merger date

A day after the Centre approved the merger of Bharatiya Mahila Bank (BMB) with the State Bank of India (SBI), the public lender on Tuesday said the effective date of implementation will come from the government.

"As per the Finance Ministry, the merger of BMB with SBI has been approved. We are awaiting the date of merger. The effective date of merger will come in the notific

Jaitley moves Finance Bill 2017 for passage in Lok Sabha

Finance Minister Arun Jaitley on Tuesday moved the Finance Bill, 2017, for consideration and passage in the Lok Sabha, saying that since it provides for electoral bonds, it required consideration as a Money Bill, which can only be debated in the Lower House.

A Finance Bill is ordinarily introduced to give effect to the financial proposals of the government for the next financial year.

India to become 3rd largest consumer economy by 2025

With the nominal year-over-year (y-o-y) expenditure growth at 12 per cent and with consumption set to triple to $4 trillion, India will be the third largest consumer market by 2025, a report said on Tuesday.

"Consumption in India is set to triple to $4 trillion by 2025 as rising affluence drives changes in consumer behaviours and spending patterns that have big implications for c

'Affluence to drive consumption in India to $4 tn by 2025'

Consumption in India is set to triple to USD 4 trillion by 2025 as rising affluence drives changes in consumer behaviour and spending patterns, says a study. It pegs nominal year-on-year expenditure growth at 12 per cent, more than double the anticipated global rate of 5 per cent making India the third-largest consumer market by 2025. As per a Boston Consulting Group (BCG) study, 'The New I

Supreme Court questions government over demonetised currency

The Supreme Court on Tuesday asked the government why it did not exercise the legal option of letting people deposit the demonetised currency beyond December 31.

Asking the government to explain why such a window was not given to those who could not adhere to the December 31 deadline, Chief Justice Jagdish Singh Khehar, Justice D.Y. Chandrachud and Justice Sanjay Kishan Kaul gave it t

Japan thermal power generation dips 40%

 Increased renewable capacity in post-Fukushima disaster will see Japanese thermal power generation decline to 40 per cent below 2015 levels by 2030, the Institute for Energy Economics and Financial Analysis (IEEFA) said on Tuesday.

The IEEFA report -- Japan: Greater Energy Security Through Renewables Electricity Transformation in a Post-Nuclear Economy -- emphasises the pot

Government considering 100% FDI in insurance broking

The government is considering allowing 100 per cent foreign direct investment in insurance broking with a view to giving a boost to the sector and attracting more funds. The FDI policy, at present, allows 49 per cent foreign investment in the insurance sector that encompasses insurance broking, insurance companies, third party administrators, surveyors and loss assessors as defined by the Depar

RBI sets rupee reference rate at 65.3117 against US dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 65.3117 against the US dollar and 70.2950 for the euro. The corresponding rates were 65.3827 and 70.3779, previously.

According to a RBI statement, the exchange rates for the pound and the yen against the rupee were 80.6273 and 57.95 per 100 yen, respectively, based on reference rates for the dollar and cross-cur

RBI proposes to limit value in PPIs at Rs 1 lakh

The RBI proposed to fix the upper limit for Pre-paid Payment Instruments at Rs 1 lakh in view of growing usage of PPIs for purchase of goods and services, reported PTI. The RBI had received requests from stakeholders and other entities for relaxations in certain areas while strengthening the norms for safety and security, risk mitigation and customer protection aspects related to usage of PPIs.

Demonetization adds to short-term pressure on Indian NBFCs: Moody`s

Moody's Investors Service, a global rating agency, has said that Indian non-bank financial companies (NBFCs) will demonstrate broadly stable asset quality, but delinquencies will likely rise over the next 1-2 quarters, as demonetization adversely affects collections across asset classes.

"While the 90+days delinquency rate in the commercial vehicle (CV) loan segment largely s

Note ban has banks turning away retail customers in trove: Cibil

Credit information company Cibil said even though the number of people approaching banks for loans has increased since the demonetisation drive, the credit granted continues to be in the negative territory, reported PTI. "We are clearly seeing a divergence between consumers who have shown increased demand for credit, and lenders, who have scaled back their originations since the demonetisa

Shortage of funds, manpower to hit implementation of schemes: Par panel

The Ministry of Skill Development and Entrepreneurship is facing acute shortage of manpower and funds, which will adversely affect the implementation of some of its flagship schemes, a Parliamentary panel has observed as per the PTI report. In its report on the demands for grants related to the Ministry of Skill Development and Entrepreneurship, the committee headed by BJP MP Kirit Somaiya said