Jaitley to visit US for IMF-World Bank annual meet

Finance Minister Arun Jaitley will leave on an official visit to the US early on Monday to participate in the annual meetings of the World Bank and the International Monetary Fund (IMF), a official statement here said.

On the first leg of his week-long stay in the US, Jaitley will arrive in New York on Monday, where he will hold investor meetings organised by Bank of America and the C

India has to grow faster, running against time: Arun Jaitley

India needs to grow at a faster pace, Finance Minister Arun Jaitley has said, while asserting that there was public support for the government's reform initiatives despite the difficulties arising from implementing GST, for instance.

"The obvious challenge to the country is to grow and grow fast. It has to grow at a much higher rate than we have been growing in recent history

First government to formulate policy for air connectivity to smaller cities: Narendra Modi

Prime Minister Narendra Modi on Saturday said that the present central government is the first since independence that has formulated a National Civil Aviation Policy (NCAP) for providing air connectivity to smaller cities.

Prime Minister Modi talked about the NCAP at a foundation stone laying ceremony held here for development of a new airport.

According to state-run Airpor

IT raids over 50 places in NCR, recovers Rs 7 cr

The Income Tax Department on Saturday raided over 50 premises belonging to a leading auto spare parts manufacturing firm in the National Capital Region and recovered cash worth Rs seven crore, officials said.

An IT official requesting anonymity told IANS that the searches were carried out at offices and properties of the Jai Bharat Maruti Group across Delhi, Harayana's Gurugram an

Government announces GST sops

Facing severe criticism over the implementation of Goods and Services Tax, the government on Friday night announced a slew of measures to ease the concerns of traders, exporters and small business while slashing the rates on 27 items of common consumption, including roti, khakra, namkeens, stationery, man-made yarn -- with most of them brought to five per cent category.

Of daily use i

GST Council reduces tax rates on 27 goods, approves quarterly return filing

Facing severe criticism over the implementation of Goods and Services Tax, the government on Friday announced a slew of measures to ease the concerns of traders, exporters and small business while slashing the rates on 27 items of common consumption, including roti, khakra, namkeens, stationery, man-made yarn -- with most of them brought to five per cent category.

The Goods and S

Suresh Prabhu thanks Narendra Modi , Arun Jaitley for addressing exporters` GST issues

Thanking Prime Minister Narendra Modi and Finance Minister Arun Jaitley for addressing exporters' issues in the GST Council meeting, Commerce Minister Suresh Prabhu on Friday said his ministry would make maximum effort on promoting exports.

"Thx @narendramodi ji @arunjaitley for addressing the exporters issues in #GSTCouncil. We shall together work on promoting exports,"

Discussion on economy good for democracy: M. Venkaiah Naidu

Vice President M. Venkaiah Naidu said on Friday that the ongoing discussion on management of economy was good for democracy and noted that there will be some initial hiccups in the process of any transformation.

Naidu, who inaugurated the International Conference on Technological Advancements in Railway and Metro Projects 2017, said that steps towards economic transformation will have

GST Council discussing quarterly return filing

The Goods and Services Tax (GST) Council is actively discussing relief measures for traders, including quarterly return filing and increasing threshold limit for Composition Scheme, sources said on Friday.

"Council members requested quarterly return filings for businesses with turnover less than Rs 1.5 crore," a Council member said on the sidelines of its ongoing meeting.

GST Council approves Rs 1 cr threshold for Composition Scheme, quarterly return filing: Sources

The Goods and Services Tax (GST) Council on Friday raised the threshold limit for Composition Scheme to Rs 1 crore and allowed quarterly return filing for traders having Rs 1.5 crore turnover to ease the tax filing for small traders.

Rs 1 crore threshold in the Composition Scheme has been approved also by the GST Council members, sources said here on the sidelines of its ongoing meeti

India eases GST rules for small businesses, exporters

NEW DELHI  - Finance Minister Arun Jaitley said on Friday that the rules for small businesses and exporters would be eased under the Goods and Services Tax (GST), a move that could provide relief to thousands of small firms.

Small businesses would be allowed to file tax returns once a quarter instead of monthly returns, Jaitley said following a meeting of the GST

Note ban, GST will take some time to show results: Sunil Kant Munjal

Describing note ban and the implementation of GST as structural changes in the economy, Hero Enterprises Chairman Sunil Kant Munjal today said though there may be short time hiccups, such steps would yield results in the long run. "Structural changes will take six months to two years time to show results.

There may be some short term (hiccups). As I said, next year, if the govern

RBI sets rupee reference rate at 65.2276 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 65.2276 against the US dollar and 76.2641 for the euro. The corresponding rates were 65.1758 and 76.5685, yesterday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 85.3112 and 57.72 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quo

Gradual recovery on cards, FY`18 GVA growth likely at 6.7%

The Indian economy is expected to see a gradual cyclical recovery with GVA growth averaging 6.7 per cent this fiscal, slightly higher than 6.6 per cent in 2016-17, says a Nomura report. According to the Japanese financial services major, there could be some downside to the RBI's near-term projections. "In our baseline, we expect some of the growth drag caused by demonetisation and GST

India`s GST rollout positive step: official

The positive steps taken by the Indian government like the implementation of the Goods and Services Tax and the ease of doing business are heartening, a senior business executive said here today, but voiced concern over the slow litigation process. Sunil Peter, chief executive officer of the Singapore Indian Chambers of Commerce and Industry (SICCI), said the arbitration courts could help in qu

Aadhaar now a must for post office deposits, PPF, KVP

The government has made biometric identification Aadhaar mandatory for all post office deposits, PPF, the National Savings Certificate scheme and Kisan Vikas Patra. Existing depositors have been given timetill December 31, 2017to provide the 12-digit unique identification number. Ministry of Finance has issued four separate Gazette notifications making Aadhaar mandatory for opening all post off

Outgoing boss of SBI says credit growth is "unfinished agenda"

MUMBAI (Reuters) - Arundhati Bhattacharya, who ends four years at the helm of State Bank of India on Friday, said reviving lending in the country was one of the major tasks left unfinished.

India's state banks, including market leader SBI, the country's largest, have battled rising bad loans in recent years, a fight that has dampened credit growth and slowed a long-awaited eco

Prime Minister Modi, facing flak on economy, to ease burden on small firms

NEW DELHI - Prime Minister Narendra Modi's government is set to cut red tape for small and medium-sized companies on Friday, as it rushes to address growing criticism of its stewardship of Asia's third-largest economy.

Modi, in a rare acknowledgment that economic sentiment had turned negative, this week defended his handling of the economy, which in the June q

Par panel to invite RBI governor to brief on FRDI Bill

RBI Governor Urjit Patel is likely to brief the members of the parliamentary panel assessing the crucial Financial Resolution and Deposit Insurance (FRDI) Bill next month, a member said. The panel has decided to invite Patel at a time when the bill was opposed by the bank unions who have also requested the finance minister to withdraw this legislation.

The Financial Resolution and Dep

India` trade relationship with Ethiopia very strong: President

The President of India, Shri Ram Nath Kovind, has said that Ethiopia and India have been trading with each other for centuries. Trade relations between Ethiopia and India flourished during the ancient Axumite Empire from the 1st century AD.

“Today the economic relationship covers trade, private investment, concessional loans for infrastructure projects and development assistance

Indian cos see rebound in EU business prospects: Ficci

Indian companies doing business in Europe are witnessing a rebound in their business prospects in the region for the first time in two years, according to a report as per the PTI. The survey by Ficci observed that a gradual turnaround has been achieved by Indian corporates by successfully re- positioning and re-aligning their operational capabilities in one of the most demanding and organised m

IBBI amends norms for setting up information utilities

The Insolvency and Bankruptcy Board said it has amended the rules for information utilities, providing more leeway for setting up such entities, reported PTI. Now, a listed Indian company can hold up to 100 per cent stake in an information utility -- which stores financial information that helps to establish defaults as well as verify claims expeditiously.

Under the Insolvency and Ban

Promote cashless transactions to strengthen economy : J P Nadda

Union minister J P Nadda urged people to adopt cashless transactions to strengthen the economy, saying it would increase the income of the banks and accelerate development, reported PTI. Speaking at 'Mudra Protsahan' programme organised by the state-level bankers' committee here, Nadda said there were only 24.4 lakh taxpayers out of which only 47,417 had declared their annual income

India calls for new global partnership to boost economic growth

India has called for a new global partnership to stimulate the weak economic growth through long-term investments in critical sectors and enhancing trade.

The global economic recovery is only progressing slowly and growth is weaker than expected while risks persist, Ashish Sinha, a First Secretary in India's UN Mission, told the General Assembly committee dealing with economi

Measures to ease traders` GST worries in offing

Some measures to ease the difficulties being faced by traders owing to GST are likely to be announced after the GST Council's meeting on Friday after Prime Minister Narendra Modi met Finance Minister Arun Jaitley and BJP President Amit Shah here and discussed the state of the economy and steps to revive growth.

While Amit Shah cut short his tour of Kerala, Jaitley returned fr