Consultancy firm conducting study to revive PEC: Minister

Commerce and Industry Minister Nirmala Sitharaman has said that a study has been carried out by a consultancy firm for the revival plan of loss-making trading firm PEC. As per reports, PEC Ltd has made losses during the last two financial years. Commenting on the issue, Commerce and Industry Minister Nirmala Sitharaman told the media, “As per memorandum of understanding signed by PEC with

Implementation of GST to be fiscal neutral: Nomura

A Nomura report has said that the implementation of Goods and Services Tax (GST) is likely to be fiscally neutral and its impact on inflation is expected to be less than 20 basis points. According to the Japanese financial services major, the GST council is making steady progress and is expected to be implemented in the July-September quarter this year.

As per reports, though the impa

Government collects Rs 21,128 cr as Clean Environment Cess: Reports

The Indian Government has said that an amount of Rs 21,128.59 crore has been collected as Clean Environment Cess from across the country in the April-January period of the ongoing fiscal. Commenting on the issue, Minister of State for Coal and Power Piyush Goal told the media, “Of the Rs 21,128.59 crore, the component of central excise was Rs 20,285.27 crore and the component of Customs w

No FDI in defence, ports, coal in April-December period: Nirmala Sitharama

As many as five sectors including defence, ports and coal have failed to attract any foreign direct investments during the April-December period of the current fiscal, Parliament was informed according to the PTI report. The other two segments which were not able to attract the foreign inflows are - photographic raw film & paper and coir, according to the data shared by Commerce and Industr

Federal Bank looks at 20% credit growth

Private sector lender Federal Bank, hoping to end the current financial year with a 25 per cent credit growth, is eyeing 20 per cent growth in the next fiscal, an official said on Monday.

"Our credit growth up to December was 32 per cent and we are expecting to touch 25 per cent credit growth by March. We are looking at 20 per cent (credit) growth on a higher base in FY 18,"

GST impact on inflation to be less than 20 bps: Nomura

The implementation of Goods and Services Tax (GST) is likely to be fiscally neutral and its impact on inflation is expected to be less than 20 basis points, says a Nomura report. According to the Japanese financial services major, the GST council is making steady progress and is expected to be implemented in the July-September quarter this year. Though the impact of GST is likely to be minimal,

RBI sets rupee reference rate at 65.3827 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 65.3827 against the US dollar and 70.3779 for the euro.

The corresponding rates were 65.5411 and 70.6074 last Friday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 81.0157 and 58.06 per 100 yens, respectively, based on reference rates for the dollar and cross-c

Government collects Rs 21,129-cr as Clean Environment Cess in Apr-Jan

The government today said an amount of Rs 21,128.59 crore has been collected as Clean Environment Cess from across the country in the April-January period of the ongoing fiscal, reported PTI. Of the Rs 21,128.59 crore, the component of central excise was Rs 20,285.27 crore and the component of Customs was Rs 843.32 crore, Minister of State for Coal and Power Piyush Goyal said in a written reply

EPFO may invest up to 15% in equity markets

Buoyed by the surging stock markets, the Employees Provident Fund Organisation (EPFO) may propose to invest up to 15 per cent of its investable amount in equity markets during the next financial year, Union Labour Minister Bandaru Dattatreya said. "We are proposing to invest up to 15 per cent during the next year. Central Board of Trustees (CBT) meeting will be held on March 30. We will se

Digital payments to weed out black money, corruption: Jitendra Singh

Union Minister Jitendra Singh said promoting digital payments is a part of the government's overall strategy to weed out black money and corruption from public life, reported PTI. "Promoting digital payment is a part of government's overall strategy to weed out black money and corruption from public life," Singh said at a function in Udhampur. With an aim to promote Digital pa

Cabinet clears GST supplementary legislations

The Cabinet today cleared four supporting GST legislations, paving the way for their introduction in Parliament as early as today, said the media reports. The four supporting legislations -- the Compensation Law, the Central-GST (C-GST), Integrated-GST (I-GST) and Union Territory-GST (UT-GST)-- would be introduced as Money Bill, sources said as per the PTI report. "The GST legislations hav

No significant change in H1B visa regime: US to India

The United States has conveyed to India that there is no significant change in the H1B visa regime, Commerce Minister Nirmala Sitharaman said as per the PTI report. Sitharaman said in Lok Sabha that India is articulating its concerns regarding the visa policy vigorously with the new administration in the US. However, the Minister said, there is no significant change in the H1B visa regime.

Digital economy opens new avenues for law graduates: Ravi Shankar Prasad

Digital economy will require both technological and legal innovations, and law graduates have enormous opportunities to tap in the push for Digital India, Union Minister Ravi Shankar Prasad said as per the PTI report. The Minister for Law and IT delivered the convocation address at Gujarat National Law University. Prasad said law graduates will have new avenues opening up for them especially in

EPFO may invest up to 15% in equity markets

Buoyed by the surging stock markets, the Employees Provident Fund Organisation (EPFO) may propose to invest up to 15 per cent of its investable amount in equity markets during the next financial year, Union Labour Minister Bandaru Dattatreya said. "We are proposing to invest up to 15 per cent during the next year. Central Board of Trustees (CBT) meeting will be held on March 30. We will se

Government to infuse fresh capital in 10 weak banks: AIBEA

A top leader of All India Bank Employees' Union (AIBEA) has said that the central government has decided to infuse fresh capital totalling Rs 8,586 crore into 10 weak banks subject to commitment to quarterly milestones by bank boards, management, employees and unions. Commenting on the issue, AIBEA General Secretary C.H. Venkatachalam told the media, “SBI Caps will draw a bank wise ac

80% informal economy will be transformed through digitization: Minister

The Indian Government has said that more than 80 per cent of informal economic activities, especially in retail, will be brought into formal economy through digitalisation and cash-less transactions. Commenting on the issue, Union minister JP Nadda told the media, “It will increase the number of tax payers with availability of adequate funds for development.”

“27 cro

RBI authorised to conduct trials of plastic notes: Government

The Indian Government has said that the RBI has been authorised to conduct field trials of plastic notes of Rs 10 that have a longer life span. Commenting on the issue, Minister of State for Finance Arjun Ram Meghwal told the media, "it has been decided" to conduct a field trial with plastic banknotes at five locations of the country.”

"Approval for procurement of

No link between agriculture prices & note ban: Government

The Indian Government has said that there is no direct link between demonetisation and the prices of agricultural commodities. Commenting on the issue, Agriculture Minister Radha Mohan Singh told the media, "There is no direct link between demonetisation and the prices of agricultural commodities."

“The selling prices are governed by market forces of demand and supply,

Around Rs 2,82,212 cr revenue to be generated through cess: Minister

The Finance Minister has said that an estimated Rs 2,82,212 crore revenue will be generated through cess and surcharge in 2017-18. Commenting on the issue, Finance Minister Arun Jaitley told the media, “The total revenue generated through cess and surcharge during 2014-15 was Rs 1,19,276.65 crore, which increased to Rs 2,65,661.61 crore in 2016-17.” "The estimated revenue likel

Hardline priest Yogi Adityanath's elevation a sign Modi is moving toward Hindu India

By Douglas Busvine

NEW DELHI - A saffron-robed Hindu holy man was sworn in on Sunday to lead Uttar Pradesh, sealing what appears to be a shift in course by Prime Minister Narendra Modi that could redefine the world's largest democracy as a Hindu nation.

The choice as Uttar Pradesh chief minister of Yogi Adityanath, a firebrand Hindu ascetic with a histor

Centre to infuse Rs 8,586 cr capital in 10 weak banks

Contrary to its earlier stand of infusing fresh capital in strong banks, the central government has decided to infuse fresh capital totalling Rs 8,586 crore into 10 weak banks subject to commitment to quarterly milestones by bank boards, management, employees and unions, said a top leader of All India Bank Employees' Union (AIBEA).

He also said SBI Caps will draw a bank wise

Future Group hopes its fashion business to grow 30% in FY18

The Future Group is expecting its fashion business to grow 30 per cent in the next financial year to touch Rs 10,000 crore, a company official said on Saturday.

"We expect our fashion business to grow by 30 per cent in FY18 and it is expected to touch Rs 10,000 crore in the next year," Group's CEO Kishore Biyani said here.

The group is also expecting

Entire country should discuss, understand GST: Narendra Modi

As the Goods and Services Tax (GST) system heads for a July 1 rollout, Prime Minister Narendra Modi on Saturday said people should make efforts to discuss and understand the new indirect tax regime.

"I want the entire country to discuss and try to understand GST," Modi said here at the India Today Conclave through video conferencing.

"In GST, the ent

UBI to get Rs 418-crore capital from government

State-run United Bank of India on Friday said the central government will infuse Rs 418 crore capital in the bank as a part of turnaround-linked capital infusion plan.

"The exchange (Bombay Stock Exchange) is hereby informed that the bank has received a communication from the central government...informing inter alia capital allocation of Rs 418 crore as a part of turnaround-link

India not happy as world's largest arms importer: Arun Jaitley

India is not happy with the label of world's biggest importer of arms, Defence Minister Arun Jaitley said on Friday.

"India has third-largest armed forces in the world. We are also one of the largest importers of defence equipment in the world. This definitely is not a label we are happy with," Jaitley said at the India-Russia Military Industrial Conference here.