Competition Commission slaps Rs 52.24 cr fine on BCCI

The Competition Commission of India (CCI) has imposes penalty of Rs 52.24 crore on Board of Control for Cricket in India (BCCI) for abuse of dominant position for imposing restriction that deny access to the market for organization of professional domestic cricket league.

The apex body has found BCCI to be in contravention of the provisions of Section 4(1) read with Section 4(2)(c) of

Steps taken to resolve tech glitches for export refund: Government

The Indian Government has said that technical glitches have led to export refunds piling up and assured exporters that steps are being taken to fix the problem. Commenting on the issue, senior finance ministry officials told the media, “Delays in Goods and Services Tax (GST) refunds to exporters are attributed to technical glitches in GSTN, which are being corrected, but the government is

India, Italy sign MoU to boost cooperation in health sector

India and Italy on Wednesday signed a Memorandum of Understanding (MoU) for enhanced cooperation in the health sector. Commenting on the development, J P Nadda stated that both the countries share a strong and rich traditional relationship which has been enhanced by high level visits. Also, there is a mutual interest in the promotion of stronger ties in the health sector, he added.

Th

Note ban, GST may have `reinforced`growth deceleration: CEA

Chief Economic Advisor Arvind Subramanian said demonetisation and GST rollout may have "reinforced" the growth deceleration that had already set in, reported PTI. He also exuded confidence that "we will soon come out from these two policy experiments" and regain growth. "I think that deceleration in growth, if you look at numbers, actually preceded before these two acti

Development should be inclusive: Rajiv Kumar

NITI Aayog Vice Chairman Rajiv Kumar said that development should be inclusive in nature and not an "elite" and urban-centric activity, reported PTI. "Development should not be an elite and urban areas-centred activity," a release from Dr MCR HRD Institute, Telangana government, quoted him as saying while addressing the All India Services officers attending a Foundation Cour

RBI cautions co-operative societies against using bank in name

The Reserve Bank of India (RBI) on Wednesday cautioned some co-operative societies against the use of word "Bank" in their names.

"It has come to the notice of RBI that some Co-operative Societies are using the word - Bank - in their names. This is a violation of Banking Regulation Act, 1949 (As Applicable to Co-operative Societies)," the central bank said in

GST to be simple for everyone by March: Union Minister

Union Minister of State for Finance Shiv Pratap Shukla on Wednesday said the Goods and Services Tax (GST) should smoothen out by March 2018 as the government has been addressing the concerns and it would become so simple that people would not have any issues.

"By March, it will be so simple that even children will able to understand... even in a country like Singapore, it took fo

Mizoram key to Act East Policy: President

President Ram Nath Kovind on Wednesday said Mizoram was a key to India's 'Act East' Policy and the state will link other northeastern states to our neighbours in Southeast Asia and the rest of India.

"Mizoram is a key to India's Act East Policy. The state will link our northeastern states to our neighbours in Southeast Asia as well as to other parts of India. That

RBI issues caution against co-operatives using word `Bank`

The Reserve Bank of India on Tuesday issued caution against various Co-operative societies using the word “Bank” in their names. “This is a violation of Section 7 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) (the B.R.Act, 1949),” RBI said in a press release.

The apex bank also said that it has also come to the notice that some C

India`s inflation likely to rise, interest rates won`t: Reuters poll

BENGALURU  - The Reserve Bank of India is likely to leave interest rates unchanged at its December policy meeting and through the end of next year, despite expectations that inflation will breach its 4 percent target in the next few months, a Reuters poll showed.

The results, from a poll of economists taken over the past week, also found there is a bigger ri

Government names B N Sharma as GST anti-profiteering body Chairman

The government has appointed senior bureaucrat B N Sharma as the first chairman of the anti-profiteering body that will ensure consumers get benefit of reduced prices under the Goods and Services Tax (GST), reported PTI. The National Anti-Profiteering Authority "has been set up for a two-year period, which would begin from the date Sharma assumes charge as Chairman", a finance ministr

Set up tripartite mechanism to implement labour policy: Minister

Union Labour Minister Santosh Kumar Gangwar has said that he has asked all states to put in place tripartite mechanism for formulating and implementing labour policies. Commenting on the issue, a Labour Ministry Official told the media, “Gangwar has written to Chief Ministers of all states to establish tripartite mechanisms comprised of worker group, employer group and government group at

Digital payments fast replacing cash: Minister

Finance Minister Arun Jaitley has said that digital transaction is fast taking the place of cash being a predominant instrument for transactions with a series of government initiatives to formalise the economy. Commenting on the issue, Finance Minister Arun Jaitley told the media, "We had almost reconciled to the fact that the economy would be substantially informal. It's only on its o

Economic growth likely to pick up in Q2: Experts

India's economic growth is likely to show a significant improvement for the September quarter of the current fiscal over the previous three months, when the GDP slipped to a 3-year low of 5.7 per cent, say experts as per the PTI. The Central Statistics Office (CSO) is scheduled to come out on Thursday with the estimates of the second quarter gross domestic product (GDP).

The data

Spike in bond yields irrational, profit-driven: Report

The ongoing spurt in government bond yields, despite a recent rating upgrade by Moody's and growth revival, defies logic and is driven by profit-booking, says a report as per the PTI. The government bond yield has been on a roll of late and is hovering around 7 per cent, which is around 30-35 basis points higher than in the first half of FY18.

Despite government remaining committe

Clarifications expected on IBC ordinance: Expert

Some clarifications are expected on promoter ineligibility once the ordinance of Insolvency and Bankruptcy Code (IBC) becomes a law, an expert said on Tuesday.

The IBC ordinance has been interpreted as the government's move to prevent unscrupulous and undesirable persons from bidding for companies in insolvency.

"By the time, the actual bill will be tabled in parlia

India`s wheat, pulses output seen rising, to curb imports

MUMBAI  - India's production of wheat and pulses is expected to jump in 2018 as a hike in the government's assured purchase prices and ample rainfall have prompted farmers to plant more of the winter crops, industry officials told Reuters.

Higher production will help the south Asian country reduce imports of pulses in the 2018/19 fiscal year starting Apri

Indian economic growth set to end five-quarter slide: Reuters poll

BENGALURU - Indian economic growth likely rebounded in the July-September quarter from the slowest growth in three years, with demand picking up modestly as the effects from a shock ban on high-value currency notes eased, a Reuters poll showed.

If that's correct, the data will be the latest evidence of a broad-based global economic upturn across Asia and most of t

GES reflects US-India economic, security partnership: Ivanka Trump

The holding of the Global Entrepreneurship Summit (GES) for the first time in India reflects the growing security and economic partnership between America and India, Ivanka Trump, the daughter of US President Donald Trump and his Advisor, said on Tuesday.

The three-day event, being co-hosted here by the US and India, is being attended by 1,500 entrepreneurs, investors and eco-system s

Hyderabad summit draws 1,500 delegates

About 1,500 delegates from 150 countries and territories are taking part in the three-day Global Entrepreneurship Summit (GES) here that began on Tuesday.

Ivanka Trump, adviser to and daughter of US President Donald Trump, headed the US delegation to the event, co-hosted by the US and India at the Hyderabad International Convention Centre (HICC) in Hitec City. It will focus on women e

Government policies triggered economy`s formalisation: Arun Jaitley

Finance Minister Arun Jaitley on Tuesday said that the government's policy initiatives have initiated a set of chain reactions towards formalisation of the economy.

"Several policy initiatives of government have set up a chain reaction, which is visible in various ways," Jaitley said here at the official launch of Paytm Payments Bank.

"If you have a privat

No loan waiver for capitalists, says Jaitley

Finance Minister Arun Jaitley on Tuesday denied that the government had waived off bank loans of big capitalists and asserted that proceedings had been initiated against 12 largest defaulters for time-bound recovery of dues totalling Rs 175,000 crore.

"Over the last few days, a rumour is being propagated regarding waiver of loans of capitalists by banks... Government has not waiv

Skill India partners with Airbnb to upskill hospitality entrepreneurs

A tripartite Memorandum of Understanding (MoU) was signed today between National Skill Development Corporation (NSDC) and Tourism and Hospitality Sector Skill Council (THSC) with Airbnb, the world’s leading community-driven hospitality company. “The MoU will provide hospitality skills training to hospitality micro-entrepreneurs in India,” Ministry of Skill Development and Entr

India, Peru to boost bilateral trade and investment

India and Peru are negotiating a trade agreement to increase bilateral trade and investment and the second round of discussions are going to be held in Jan- Feb, 2018 in Peru, said FICCI, an apex industry body. In view of this, FICCI and Embassy of Peru in India organized a Seminar. Addressing the seminar Jorge Castaneda, Ambassador of Peru to India said Peru looks forward to enter into a trade

HSBC pegs Q2 growth at 6.3%; sees inflation holding rates

British brokerage HSBC today said GVA growth will come in at 6.3 per cent for the second quarter, and risks to inflation will prevent the Reserve Bank from tinkering its policy rates at the next review, reported PTI. Growth data for the July-September period is expected to be released on Thursday, while the Reserve Bank will be coming out with a bi-monthly review on December 6.

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