'No proposal to replace income tax with transaction tax'

 There is no proposal to replace income tax with the banking cash transaction tax, Parliament was informed on Friday.

"In the present there is no such proposal under consideration," Minister of State for Finance Santosh Kumar Gangwar said in a written reply in the Lok Sabha, in reply to a query as to whether the government was considering replacement of income tax with

No modalities yet on 100% FDI in aviation: Minister

The government on Friday said it still has to work out the modalities of any policy to allow 100 per cent FDI in domestic airlines.

"We have not initiated any talks with anyone. What the government said is it will invite 100 per cent foreign direct investment (FDI) in aviation. The modalities of how we are going to do it is still to be worked out," Civil Aviation Minister P.

No proposal to withdraw Rs 2000 banknote: Arun Jaitley

Finance Minister Arun Jaitley on Friday said there was no proposal before the government to withdraw the new Rs 2,000 currency notes.

"There is no proposal to withdraw the Rs 2,000 denomination banknote," Jaitley said in a written reply to the Lok Sabha.

He further said the old Rs 500 and Rs 1,000 notes that have been returned to the currency chests of Reserve Bank

Government approves printing plastic notes

The Reserve Bank of India (RBI) has been authorised to conduct field trials for printing plastic Rs 10 denomination notes which will have a longer life span, Parliament was informed on Friday

"Approval for procurement of plastic substrate and printing of bank notes of Rs 10 denomination on plastic banknote substrates has been conveyed to the RBI," Minister of State for Finan

Reliance-CPSE second ETF oversubscribed 3.7 times

 Retail investors of Reliance Mutual Fund Central Public Sector Enterprises-Exchange Traded Fund (CPSE ETF) have, on the final day on Friday, bid for Rs 9,200 crore, that is, over 3.7 times of Rs 2,500 crore issue size, the company announced here.

Reliance Mutual Fund, a part of Reliance Capital, plans to raise Rs 2,500 crore through its second further fund offer (FFO) of its CPS

Indian steel exports grow 78% during April-February

Indian steel exports have risen by 78 per cent in the eleven months (April-February) of the current fiscal and the country is on course to becoming the second largest steel producer in the world, Steel Minister Chaudhary Birender Singh said on Friday.

Noting that "the past 3 years have been quite challenging for the steel industry", the Minister said the "government of

India`'s export of hazardous goods zooms

Export of hazardous goods from India has zoomed by nearly 70 per cent in seven years, mainly due to superior quality of packaging, testing and other aspects, a top official of the Indian Institute of Packaging said here on Friday.

"Earlier, we used to issue around 7,000 certificates for packaging of hazardous goods; now, it has increased to 12,000 every year," institute Dire

Rs 8,040 cr loan given to Vijay Mallya in 2004, declared NPA in 2009

Loans totalling over Rs 8,000 crore were given to absconding industrialist Vijay Mallya during the tenure of the previous UPA government at the Centre, Parliament was informed on Friday.

In response to a supplementary on the matter, Minister of State for Finance Santosh Gangwar, without naming Mallya, told the Lok Sabha during Question Hour that the loan of Rs 8,040 crore to the indus

Wallet 'curtain-raiser', payments bank will be 'show': Paytm

Paytm founder and CEO Vijay Shekhar Sharma on Friday said that the firm's mobile wallet business was only a curtain-raiser and the payments bank would be the main show.

"We should be a bank (payments bank) by this month-end. Wallet was a curtain-raiser for our business. Payments bank will be the show," Sharma said here at the India Today Conclave.

Ruling out co

GST can push up GDP by 150-200 bps: HDFC Chairman

HDFC Chairman Deepak Parekh on Friday said the Goods and Services Tax (GST) regime can push up the country's growth by as much as 150-200 basis points (bps).

"If we have a good GST system, lot of experts say GDP could go up by 150-200 bps," Parekh said at the India Today Conclave here.

India's GDP for the third quarter ended in December 2016 recorded a grow

Current budget for Northeast Rs 50,000 cr, says Jitendra Singh

The current budget for Northeast for FY 2017-18 is around Rs 50,000 crore which is significantly higher than that in earlier years and is also an indication of high priority that the union government accords to the development of that region, the government said.

In reply to a question in Rajya Sabha, Union Minister of State (Independent Charge) for Development of North Eastern Region

Govt seeks House nod for additional spending of Rs 11.35 lk cr

The government today sought Parliament's approval for the third and final batch of Supplementary Demands for Grants for the current fiscal entailing an additional expenditure of Rs 11.35 lakh crore. The net cash outgo, however, will be only Rs 14,786 crore. The rest will be matched by savings of the ministries/ departments or by enhanced receipts/recoveries aggregates.

The current

RBI sets rupee reference rate at 65.5411 against dollar

The Reserve Bank of India has fixed the reference rate of the rupee at 65.5411 against the US dollar and 70.6074 for the euro. The corresponding rates were 65.3836 and 70.1893, previously.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 80.9957 and 57.84 per 100 yens, respectively, based on reference rates for the dollar and cross-cur

Govt to amend EPF scheme to enable members buy homes

The Government has taken a decision for modification in the Employees’ Provident Funds (EPF) Scheme, 1952 to add a new paragraph 68 BD under which a member of Employees’ Provident Fund (EPF), being a member of a co-operative society or a housing society having at least 10 members of EPF, can withdraw upto 90 per cent from the Fund for purchase of dwelling house/flat or construction

US rate hike not to affect Indian markets: Ficci

Industry bodies have said that the interest rate hike by the US Fed is not likely to create much volatility in Indian markets and will have only a minimal impact on the RBI's monetary policy stance. Ficci said the monetary policy stance of the RBI is likely to be determined by a host of factors, the Fed rate hike being one of them.

The Ficci further said that since Fed rate hike i

GST Council caps cess on luxury goods at 15%: Reports

The Indian Government has said that a maximum of 15 per cent cess on top of the peak GST rate of 28 per cent will be levied on luxury goods and aerated drinks after the GST Council approved a cap on cess along with supporting legislations.

Commenting on the issue, Finance Minister Arun Jaitley told the media, “The actual cess on demerit goods, which will help create a corpus for

Sick PSUs should be given chance for revival: Panel

A Parliamentary panel has suggested the government to tread with caution in strategic divestment and shutting down sick public sector units and also asked it to provide reasonable and financially prudent chances for their revival, said media reports. In its report, the Department Related Parliamentary Standing Committee on Industry said it is always prudent to keep in mind that Central Public S

Fundamentals don't support long-term rupee rally: Care Ratings

Rating agency Care Ratings said the ongoing rupee appreciation is short-lived and Reserve Bank will soon have a role to play in correcting the sentiment, reported PTI. The rupee traded in the range of 66.70 and 65.41 between March 1 and March 16. But has appreciated by nearly Rs 1.23 against the US dollar since March 1 making it the best performing unit in the whole of Asia this year. "We

EPCES hails GST council decision on SEZs

The Export Promotion Council for SEZ and EoUs has welcomed the GST Council's decision to treat supplies to special economic zones at par with exports, reported PTI. Export Promotion Council for SEZ and EoUs (EPCES) said that earlier the supply of goods or services, to an SEZ developer and SEZ units were defined as 'zero rated supply' under IGST, and it mandated the developers and un

Council approves all five draft bills for GST

With the Goods and Service Tax (GST) Council on Thursday approving the remaining two draft bills -- UTGST (Union Territory GST) and SGST (state GST), all the five enabling draft bills stand approved to enable a likely rollout of the new indirect tax regime by July 1.

Congress protests SBI chief's comments on farm loans waiver

 A group of Congressmen including legislators on Thursday staged a protest outside the State Bank of India headquarters at Nariman Point protesting its Chairperson Arundhati Bhattacharya's remarks on farm loans waiver.

The protesters numbering over two dozen raised slogans against SBI and entered the SBI building demanding to meet some senior officials to register their forma

RBI's policy unlikely to be impacted by Fed rate hike

The US Fed rate hike is no surprise and may not impact RBI's policy next month as it had already factored in the global development and will be guided by local factors, said experts. The US Fed hike is as per the expected lines, which raised its benchmark interest rate for the second time in three months and there is forecast of two additional hikes this year, experts said. "RBI will n

Cabinet clears IIIT (Public- Private Partnership) bill 2017

The union cabinet has approved the Indian Institutes of Information Technology Public Private Partnership (IIIT PPP) Bill, 2017 and also granted statutory status to the 15 IIITs in Public Private Partnership (PPP) and declared them as institutions of national importance.

These 15 IIITs in Public Private Partnership (PPP) will grant degrees to their students in the academic courses con

Cabinet okays India-Bangladesh MoU on Aids to Navigation

The union cabinet has approved signing of a Memorandum of Understanding (MoU) on Aids to Navigation (AtoNs) between India and Bangladesh. According to an official statement, “The Union Cabinet chaired by the Prime Minister Narendra Modi has approved signing of a Memorandum of Understanding (MoU) on Aids to Navigation (AtoNs) between the Directorate General of Lighthouses & Lightships

RBI sets rupee reference rate at 65.3836 against dollar

The Reserve Bank of India has fixed the reference rate of the rupee at 65.3836 against the US dollar and 70.1893 for the euro. The corresponding rates were 65.5146 and 69.6224, previously.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 80.2649 and 57.73 per 100 yens, respectively, based on reference rates for the dollar and cross-cur