India should have law on data privacy: Parliamentary panel

 As India moves towards growing digitisation of the economy against the backdrop of rising cyber crime, a parliamentary committee has suggested that the government should expeditiously bring in a legislation on data privacy.

The recommendation was made by the Parliamentary Standing Committee on Finance, headed by Congress leader M. Veerappa Moily, in its report titled "Trans

India calls off deal for Israeli anti-tank missiles

JERUSALEM  - India has called off an order to buy Spike anti-tank guided missiles from Israel's state-owned defence contractor Rafael, the company said on Wednesday.

The deal was worth about $500 million and the announcement of its termination came a couple of weeks before Israeli Prime Minister Benjamin Netanyahu is due to visit India.

An Indian De

RBI sets rupee reference rate at 63.4833against US dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 63.4833 against the US dollar and 76.5418 for the euro. The corresponding rates were 63.6728 and 76.5856, on yesterday.

The according to an RBI statement, the exchange rates for the pound and the yen against the rupee were 86.4071and 56.55 per 100 yens, respectively, based on reference rates for the dollar and cr

No proposal of PSB merger under consideration: Government

Union minister Shiv Pratap Shukla on Tuesday said no proposal regarding merger of Public Sector Banks (PSBs) is under consideration of the government. However, the government has put in place an approval framework for proposals to amalgamate nationalised banks, the Minister of State for Finance said in a written reply to Rajya Sabha.

The Banking Companies (Acquisition and Transfer of

Government rules out a single rate for all items under GST

The new indirect tax regime of GST does not envisage a single slab taxation rate structure as found in some developed economies, Parliament was informed on Tuesday.

Finance Minister Arun Jaitley said in the Rajya Sabha during Question Hour that countries which had applied a uniform tax rate on all commodities are nations where the entire population was above the poverty line.

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Creditors panel will decide on bids for bankrupt firms:Arun Jaitley

Declaring that the insolvency resolution process on large bad loan accounts of banks is neither a political nor "adversarial" issue, Finance Minister Arun Jaitley on Tuesday said it is the committee of creditors who would finally decide on the viability of bids made for the bankrupt companies.

Jaitley made this point replying to the debate in the Rajya Sabha on the Insolvenc

Tea production down by 7.79% in November 2017

 India's tea production in November 2017 stood at 118.9 million kgs, down by 7.79 per cent from 128.94 million kgs produced in the same month last year, according to Tea Board of India data.

According to estimated production data, the decline of 10.04 million kgs in November was due to drop in production in 'north' India.

In the area, which covers the easter

FRDI Bill to protect, enhance depositors rights: Government

The government on Tuesday said the proposed Financial Resolution and Deposit Insurance (FRDI) Bill, 2017 seeks to protect and enhance depositors' "existing rights and bring in a comprehensive and efficient resolution regime for financial firms".

According to the Ministry of Finance, there is presently no comprehensive and integrated legal framework for resolution, includ

RBI receiving complaints against banks for not accepting coins

The government today said there have been complaints against banks that they do not accept coins for transactions at their branches, reported PTI. "The Reserve Bank of India (RBI) has informed that it has been receiving general complaints from the public against banks for non-accepting coins," Minister of State for Finance Shiv Pratap Shukla said in a written reply in the Rajya Sabha.

Electoral bonds will bring transparency: Arun Jaitley

 Finance Minister Arun Jaitley said on Tuesday that the electoral bonds will bring a substantial amount of transparency in political donations against the present system of such contributions.

He told the Lok Sabha that the bonds can be given only to a registered political party.

"The element of transparency is that the donors who buy these bonds, their balance she

196 cos face penal action for CSR violations: Government

The corporate affairs ministry has given permission for penal action against 196 companies for violating CSR norms in 2014-15 fiscal, according to unionminister P P Chaudhary. Under the Companies Act, 2013, certain class of profitable entities are required to shell out at least two per cent of their three-year annual average net profit towards Corporate Social Responsibility (CSR) activities.

RBI Bonds scheme not closed: Finance Ministry

The Finance Ministry today said RBI Bonds Scheme has not been closed but the interest rate on such papers lowered to 7.75 per cent. Yesterday, the government notified that the 8 per cent GoI Savings (Taxable) Bonds, 2003 "shall cease for subscription with effect from the close of business on Tuesday, January 2, 2018."

"The 8 per cent Savings Bonds Scheme, also known as

Did not write off any corporate loans: Arun Jaitley

 Union Finance Minister Arun Jaitley said on Tuesday that the Narendra Modi-government has not written off any corporate loans and such assumptions were just "misconceptions".

"Let me clarify that neither the government nor the banks wrote off any loans," Jaitley told the Rajya Sabha in response to a question that the government had reportedly written off corp

India`s spice export grew 24% in April-September 2017

Spice exports from India during April to September 2017 grew 24 per cent and touched 557,525 tonnes, valued at Rs 8,850.53 crore, as compared to the same period in 2016 when 450,700 tonnes fetched Rs 8,700.15 crore.

In dollar terms, India's exports of spices and spice products during the first half of the current fiscal were pegged at $1,373.97 million as against $1,299.96 million

GDP growth in India to accelerate over coming year: HSBC

India's growth rate is expected to accelerate over the coming year and is likely to improve further to 7.6 per cent by 2019-20 as key sectors would revive from disruptions related to the implementation of GST and demonetisation, says an HSBC report. According to the global financial services major, GDPgrowth in India is expected to accelerate to 7.0 per cent in 2018-19 from 6.5 per cent in

Government earmarks Rs 10,132 cr for internal security in 3 years

Over Rs 10,000 crore has been earmarked for internal security related expenditure in Jammu and Kashmir, Northeastern region and the Naxal-hit areas, union minister Hansraj Ahir said in Lok Sabha today. The funds worth Rs 10,132 crore will be given in three years from 2017-18 till 2019-20 under the Rs 25,061 crore umbrella scheme of modernisation of police forces announced on September 27, he sa

Centre, states, industry to discuss export situation on Jan 8

The Centre, state governments and industry representatives will meet on January 8 to discuss ways to boost the country's exports, a commerce ministry official said as per the PTI report. The third meeting of the 'Council for Trade Development and Promotion' will be chaired by Commerce and Industry Minister Suresh Prabhu.

The council was constituted to promote India's o

Scrapping `8% bonds` a deplorable act: P. Chidambaram

Congress leader and former Union Finance Minister P. Chidambaram on Monday said that the Narendra Modi governments decision to scrap the '8 per cent taxable bond' was a "severe blow" to the middle class and a "deplorable act".

"Modi government scraps 8% taxable bonds dealing a severe blow to the middle class. How will the risk-averse average citizen sa

SBI cuts base rate to 8.65% to benefit retail borrowers

State-run State Bank of India (SBI) on Monday announced a hefty reduction in its lending base rate from the New Year by 30 basis points (bps), to 8.65 per cent per annum.

With this reduction from the earlier base rate of 8.95 per cent, SBI's base rate has become the lowest among commercial banks, coming as a relief to its many retail borrowers, particularly of home and student loa

Bank of India receives Rs 2,257 cr from government

Public sector lender Bank of India on Saturday said it has received a capital infusion Rs 2,257 crore from the government.

"The bank has on December 29 received an infusion of Rs 2,257 crore from Government of India in form of common equity tier-1 capital, which is being kept as share application money and would be alloted after due procedure/conditions for allotment,"

Iran exports $20 mn-worth tiles, ceramics to Pakistan in 8 months

 Iran exported 8.5 million square metres of tiles and ceramics worth $20 million to Pakistan during the eight months to November 21.

According to Iran's commercial attache to Pakistan, Morad Nemati Zargaran, the export value will reach $30 million by the end of the current fiscal (March 20, 2018), Xinhua reported.

If the target value is achieved, Iran'

Deadline to file GSTR-1 extended till January 10

The government on Friday extended the deadline to file GSTR-1 for all taxpayers by 10 days, till January 10.

In a statement, the Finance Ministry said that all registered persons having aggregate turnover of up to Rs 1.5 crore in the preceding or the current financial year will have to file quarterly return for the July-September quarter in GSTR-1 form by January 10.

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No plans to waive corporate loans: Minister

The government has no plans to waive off corporate loans and banks while banks have advised to either resolve their issue of non-performing assets (NPAs), or stressed loans speedily, or start insolvency proceedings in this regard, Parliament was informed on Friday.

In a written reply to the Lok Sabha, Minister of State for Finance Shiv Pratap Shukla also said that the stressed advance

India`s end-September external debt at $495.7 billion - finance ministry

NEW DELHI - India's July-September external debt rose 2.1 percent from end-June to $495.7 billion, the finance ministry said in a statement on Friday.

On a residual maturity basis, short-term debt constituted 41.7 percent of total external debt at the end of September, slightly up from 41.1 percent at the end of June, the statement showed.

(Reporting by