Code on Wages Bill likely in the Monsoon session of Parliament

Union Labour Minister Bandaru Dattatreya said his department is working hard to lay the Code on Wages Bill in the Parliament in the upcoming monsoon session, reported PTI. The labour ministry had earlier sought a Cabinet approval for the new labour code on wages, a move which is seen as a first step towards labour reforms. "If the new bill is passed in the Parliament and becomes an Act, it

Need to further strengthen economic indicators: DEA official

 A senior Finance Ministry official on Thursday stressed the need for further strengthening of micro- and macro-economic indicators in the country.

"Indian economy's micro- and macro- indicators are quite strong and need to be further strengthened," Department of Economic Affairs (DEA) Secretary Subhash Chandra Garg said during his first media interaction after

Centre considering creation of social security fund: Minister

Union Labour Minister Bandaru Dattatreya on Thursday said the Centre is considering creating a social security fund.

He also said the central government would start the registration process for the multi-facility 'Unorganised Workers Identification Number' (UWin) card, in the next one or two months.

"Going forward, if required, a social security fund w

India has leapfrogged 3-yrs of digitisation in 7 months: Report

Demonetisation and the government's initiative to promote use of debit and credit cards at point of sale (PoS) terminals accelerated the growth of digital payment with the transaction volume reaching Rs 70,000 crore level in seven months, says a report as per the PTI.

"If demonetisation had not happened, it would have taken three years more for credit and debit cards transact

Weed out tax evaders from smaller cities: CBDT to IT Dept

With almost 91 lakh new taxpayers brought in the tax net last fiscal, the CBDT has asked the Income Tax Department to increasingly identify those who can pay tax but are not doing so, with a special focus on smaller cities, reported PTI. Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra has written a letter to his regional I-T heads across the country asking them to "maximise&qu

Prime Ministre Modi to review FDI policy tomorrow

Prime Minister Narendra Modi will review the foreign direct investment (FDI) policy tomorrow with a view to removing bottlenecks to overseas inflows, media reports said. At the meeting, the commerce and industry ministry will make a detailed presentation on proposed changes to streamline the FDI regime in the country. Finance Minister Arun Jaitley, Commerce and Industry Minister Nirmala Sithara

GST, a partial success against stated goals: Jefferies

Measured against its stated objectives, the newly introduced indirect tax regime - Goods and Services Tax (GST) - is a partial success, investment banking firm Jefferies said here on Thursday.

"It succeeds in creating a unified market and increasing compliance, thereby boosting government revenues, and partially establishes a level playing field between different kinds of fi

Goods and Services Tax to benefit MSME sector: Kalraj Mishra

MSME Minister Kalraj Mishra today said small and medium enterprises need not fear Goods and Services Tax, and they should register themselves with GST Network as it will benefit them, reported PTI. He said the government has set up GST cells to resolve all the issues related with the new tax regime. The minister was speaking to reporters at the sidelines of national workshop on Goods and Servic

Parl panel to submit report on note ban in monsoon session

The Parliamentary panel on finance has said that it will present its report on demonetisation in the upcoming Monsoon Session and RBI Governor will not be called again on the note ban issue. As per reports, during the more than three-hour long meeting of the Standing Committee on Finance, RBI Governor Urjit Patel took a lot of questions but many members said the central bank chief did not provi

RBI sets rupee reference rate at 64.4384 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.4384 against the US dollar and 73.7884 for the euro. The corresponding rates were 64.4969 and 73.9715, yesterday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 83.2480 and 57.02 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quo

Need to introduce innovations to make CSR effective: Minister

The Union Minister of State for Finance and Corporate Affairs, Arjun Ram Meghwal said that India has had a long history of social responsibility. He underlined the need for introducing innovations to be able to effectively contribute to social development and nation building through CSR projects.

The MOS (Finance & Corporate Affairs), Meghwal was speaking after releasing a Compend

`GST Rates Finder` to be soon available on ios platform: Finance Minister

CBEC Mobile app “GST Rates Finder” which is available on android platform and soon will be available on ios platform as well, according to a statement released by the ministry of finance. To install "GST Rate Finder", user of Android mobile has to first open Google Play Store and in the search option has to type GST Rate Finder. There may be many more apps available with s

Retail inflation falls to record low 1.54% in June

India’s retail inflation or Consumer Price Index (CPI) cooled down to five year low of 1.54 per cent in June, mainly on account of shrink in vegetables, food and beverage prices, increasing pressure on the Reserve Bank to lower rate next month. “The Consumer Price Index (CPI) with base 2012-100 for the month of June 2017 stood at 1.54 per cent as compared to 2.18 per cent in the mon

Ensure all traders register under GST by August 15, Modi tells Chief Secretaries

 Prime Minister Narendra Modi on Wednesday called upon all Chief Secretaries to work towards ensuring that all traders are registered under Goods and Services Tax (GST) regime by August 15.

Modi, who chaired his twentieth interaction through PRAGATI (Pro-Active Governance and Timely Implementation) platform, began with a review of the situation caused by flood and other natural c

States can set up crop insurance firms: Minister

States can set up their own insurance companies if premium payment under the Pradhan Mantri Fasal Bima Yojana (PMFSY) was putting pressure on them, Union Agriculture Minister Radha Mohan Singh said on Wednesday.

"Some states have said the premium amount is too much, which is putting pressure on them. So we asked them to form their own companies. Form companies and let there be co

Industrial production slows to 1.7% in May

India’s industrial output growth slowed to three month low of 1.7 per cent in May from 8 per cent in the year ago period, weighed down by decline in mining, manufacturing, capital goods and consumer durable goods production, which may put pressure on the RBI to cut interest rate in its next policy regime. “The quick estimates of Index of Industrial Production (IIP) with base 2011-12

RBI keeping a close watch on transactions involving cryptocurrencies: Urjit Patel

The Reserve Bank is keeping a close watch on transactions involving cryptocurrencies, Governor Urjit Patel is understood to have told the members of the Parliamentary panel on finance, reported PTI. During the more than three-hour long meeting of the Standing Committee on Finance here, the members raised concerns about rising number of transactions in various cryptocurrencies such as Bitcoin, E

M&A deals jump over two-fold to $35.84 bn in H1 2017

India Inc's merger and acquisition transactions more than doubled in value terms to USD 35.84 billion, during the first half of 2017, says a report according to the PTI. As per tax and advisory firm Grant Thornton, value of M&A deals stood at USD 15.82 billion, during the first six months of 2016. During January-June 2017, a total of 198 M&A deals worth USD 35.84 billion took place.

Record low retail inflation of 1.54% shows macro-economic stability: CEA

The historically low level of retail inflation at 1.54 per cent in June reflects the firm and ongoing consolidation of macro-economic stability, Chief Economic Adviser Arvind Subramanian said on Wednesday, suggesting that all policy makers look at data "very, very carefully", reported PTI. This "paradigm shift" in inflationary process has been missed by all, who have made &q

Deposited demonetised notes still being counted: RBI Governor

 RBI Governor Urijit Patel on Wednesday told a parliamentary committee that the amount of junked notes deposited after demonetisation was still being counted.

Patel gave this information at a meeting of the Parliamentary Standing Committee on Finance when a member specifically asked him to give details of the value of the Rs 500 and Rs 1,000 notes which were allowed to be exchang

Indias core consumer inflation seen at around 3.9-4 percent in June

NEW DELHI -India's core consumer price inflation, which excludes food and energy prices, eased to around 3.9 percent to 4 percent from around 4.2 percent in May, according to estimates from three analysts on Wednesday.

Estimates provided ranged from 3.85 percent to 4.0 percent.

Data released earlier showed India's headline annual consumer price infla

Indias industrial output up 1.7 percent in May

NEW DELHI  - India's industrial output grew 1.7 percent in May from a year earlier, government data showed on Wednesday.

Economists surveyed by Reuters had forecast 1.9 percent growth in output compared with a revised 2.8 percent year-on-year increase in April.

(Reporting by Manoj Kumar; Editing by Malini Menon)

Cabinet approves JDI between India and Germany

The Union Cabinet chaired by the Prime Minister Narendra Modi has approved proposal for signing a joint declaration of intent (JDI) between India and Germany on cooperation in the field of Health. The joint declaration of intent was signed on June 01, 2017, according to a Cabinet statement.

The JDI covers cooperation in the field of postgraduate education, training of medical personne

India, Palestine to cooperate in field of health & medicine

The Union Cabinet chaired by the Prime Minister Narendra Modi has given its ex-post facto approval for signing a Memorandum of Understanding between India and Palestine on cooperation in the field of Health and Medicine. “The Memorandum of Understanding was signed on 16th May, 2017,” Cabinet said in a press release.

The MoU covers capacity building of health staff, prevent

Government approves setting up of rice & seed research institute in Varanasi

The Union Cabinet chaired by the Prime Minister Narendra Modi has approved the establishment of the International Rice Research Institute (IRRI), South Asia Regional Center (ISARC) at campus of National Seed Research and Training Center (NSRTC) in Varanasi. “Under the proposal, a Centre of Excellence in Rice Value Addition (CERVA) will be set up in Varanasi. This will include a modern and