Nirmala Sitharaman to launch TIES scheme for export infra

Commerce Minister Nirmala Sitharaman will launch today a new scheme for creating export infrastructure in the states, reported PTI. The Trade Infrastructure for Export Scheme (TIES) would primarily focus on projects like customs checkpoints, cold storages at ports and last mile connectivity, an official said. Finance Minister Arun Jaitley in the Budget announced a new central scheme TIES to dev

Demonetisation, GST to make economy more efficient, compliant: Reliance MF

 Going forward, demonetisation along with the Goods and Services Tax (GST) will make the economy more efficient and compliant, Reliance Mutual Fund's CIO (Equity Invest) Sunil Singhania said on Tuesday.

"Demonetisation brings a lot of efficiencies in the system and moves sales from unorganised to organised platform, reduces evasion. Going forward, along with the GST, we

Indian growth, reforms could boost US exports: USTR

 India's economic growth coupled with reforms like the Goods and Services Tax (GST) could help boost American exports to India in future, the US Trade Representative (USTR) here has said.

"India's economic growth and development could support significantly more US exports in the future. India's reform of its Goods and Services Tax regime could help create a commo

Rising food prices push up February retail inflation

By Manoj Kumar

NEW DELHI  - Indian retail price inflation picked up in February, after having cooled the previous month to its lowest in at least five years, supporting the view that the Reserve Bank of India (RBI) no longer has room to ease monetary policy.

Last month, the central bank changed its monetary stance to "neutral" from "accommodative", m

M&A deals fall 26% to $1.3 bn in February, outlook strong: Survey

Corporate India's merger and acquisition activity in February fell 26 per cent in value terms over the year-ago month to USD 1.3 billion owing to declining domestic activity, says a survey. According to assurance, tax and advisory firm Grant Thornton, there were 32 merger and acquisition (M&A) deals in February worth USD 1,354 million, a 26 per cent fall in deal value and 11 per cent de

Government must bail out troubled big borrowers at time: CEA

The government needs to bail out large corporate borrowers at times in a capitalist system though it may lead to charges of cronyism, Chief Economic Adviser Arvind Subramanian has said, while supporting the idea of a 'national bad bank', reported PTI. Conceding that bailing out big borrowers will lead to the allegations of corruption and crony capitalism, he underlined that at times the

WPI inflation spikes to 6.55% in February on surge in food rates

Inflation based on wholesale prices shot up to 39-month high of 6.55 per cent in February because of costlier food and fuel items, reported PTI. The Wholesale Price Index based inflation, reflecting the annual rate of price rise, in January was at 5.25 per cent. According to the official data released, food prices witnessed a sharp rise by 2.69 per cent in February as compared to a deceleration

No more cash withdrawals limits at ATMs from today

All limits on savings bank cash withdrawals post-demonetisation ended on Monday, as had been announced by the Reserve Bank of India (RBI) last month. In a two-stage process, the weekly withdrawal limit per account had been raised to Rs 50,000, from Rs 24,000, with effect from February 20, and all limits on ATM withdrawals were slated to cease from March 13.

The announcement had been m

India, Iran should take instant steps to bolster trade: FIEO

Exporters' body FIEO has said that India and Iran need to take immediate steps like enhancing cooperation in the banking sector and rationalising duties on agri commodities to boost bilateral trade. As per reports, the Federation of Indian Export Organisations (FIEO) has demanded a significant cut in import duty by Iran on basmati rice.

Commenting on the issue, FIEO Director Gener

Protectionist western economy to have big impact on India: CEA

Chief Economic Adviser Arvind Subramanian has said that if the Western economies become more protectionist, it can have a "big impact" on the domestic economy. Commenting on the issue, Chief Economic Adviser Arvind Subramanian told the media, "Year 2016 will go down in history as the moment when the advanced economies -- Europe and America -- actually decided to change their mode

ICICI Bank, SBI top in bank frauds list: RBI data

RBI data has said that ICICI Bank topped the list of banks that witnessed most number of frauds during April-December period of 2016 with state-owned SBI taking the second spot. As per reports, during the first nine months of the current fiscal, as many as 455 fraud cases involving Rs 1 lakh and above were detected in ICICI Bank, closely followed by SBI (429), Standard Chartered (244) and HDFC

FPI net inflow kitty at Rs 10,000 crore in March so far

Foreign investors pumped in over Rs 10,000 crore in the Indian capital markets this month so far and the trend is expected to continue in coming weeks following the BJP's stunning show in the assembly elections. The latest net inflow comes following a net investment of Rs 15,862 crore in the capital markets -- equity and debt -- last month. Prior to that, FPIs had pulled out a total of over

Markets set to gain after Modi's landslide victory in Uttar Pradesh

Indian shares, bonds and rupee are likely to gain when trading resumes on Tuesday as Prime Minister Narendra Modi's landslide victory in Uttar Pradesh is seen as an endorsement of his economic reform agenda. Modi's win strengthens his claim to a second term in national elections in 2019, and investors are betting it will embolden the ruling Bharatiya Janata Party (BJP) to embark on more

RBI says note-ban impact on GDP over; warns of inflation spike

Post-demonetisation, the RBI warned of a possible spike in inflation and stressed the need to make digital payments "safe and secure", even as it felt that the adverse and transient impact on the economy has "by and large" dissipated already, reported PTI. In a preliminary assessment report on 'Macroeconomic Impact of Demonetisation', an RBI paper said Rs 1000/500 no

Finance Minister, Patel brainstorms ways for faster resolution of NPAs

Finance Minister Arun Jaitley discussed options on resolution of bad loans with RBI Governor Urjit Patel and other top officials in finance ministry but creation of a 'bad bank' to hold such loans seemed not on top of alternatives, reported PTI. Jaitley had called the meeting to deliberate on options on resolution of stressed assets in the banking sector. While RBI was not in favour of

All cash withdrawal limits go back to pre-demonetisation era

All limits on savings bank cash withdrawals post-demonetisation ended on Monday, as had been announced by the Reserve Bank of India (RBI) last month.

In a two-stage process, the weekly withdrawal limit per account had been raised to Rs 50,000, from Rs 24,000, with effect from February 20, and all limits on ATM withdrawals were slated to cease from March 13.

The announcement

UP assembly poll verdict support to demonetisation: Devendra Fadnavis

Maharashtra Chief Minister Devendra Fadnavis said on Saturday that results of the assembly elections announced during the day proved wrong those who had opposed demonetisation.

The Bharatiya Janata Party recorded impressive wins in Uttar Pradesh and Uttarakhand and was not far behind the Congress in the seat tally in Goa and Manipur.

"Those who opposed demonetisation ha

Himachal to develop 200 organic villages

Himachal Pradesh, whose economy largely banks on agriculture and horticulture, aims to develop bio villages by promoting organic farming. The state is also eyeing investment in cold chains.

An additional 2,000 hectares will be brought under organic farming and there are plans to develop 200 bio-villages in the next fiscal, a government spokesperson told IANS.

He sa

Inquiry into GST's IT infra firm for alleged tax evasion still on: CBEC

The inquiry into the probable case of service tax evasion by Goods and Services Tax Network (GSTN) -- which is creating the IT backbone for the new indirect tax regime -- is still on, Central Bureau of Excise and Customs (CBEC) Chairman Najeeb Shah said.

"It's an inquiry which is going on. GSTN is giving services and is receiving payments, so it has to pay servic

SBI gets new subsidiary firm to manage estate matters

Public lender State Bank of India (SBI) on Saturday said it has incorporated a wholly-owned subsidiary firm - SBI Infra Management Solutions (SBIIMS) - to take care of its premises and estate related matters.

"The primary role of the new entity will be to handle transaction management and advisory services, project management, facility management and implementation of policies an

Arun Jaitley , RBI Governor discuss banks' bad loans

Finance Minister Arun Jaitley met with Reserve Bank of India (RBI) Governor Urjit Patel and other senior officials here on Friday to discuss the issue of banks' non-performing assets (NPAs) or bad loans, sources said.

"Lot of options were discussed for early resolution of stressed assets. RBI made some suggestions and these will be taken forward to and be given a concrete sha

SEBI directs stock brokers to redress complaints within 15 days

Securities market regulator SEBI on Friday directed stock brokers and depository participants to redress investors' complaints within 15 days of receiving them.

"With a view to make the complaint redressal mechanism through SCORES (SEBI Complaints Redress System) more efficient, all stock brokers and depository participants are directed to redress the complaint within a perio

Delhi assembly passes Budget; Sisodia calls it `people-friendly`

The Delhi assembly on Friday passed the 2017-18 Budget that AAP legislators hailed as "poor-friendly" but BJP leader Vijender Gupta slammed it for not keeping promises.

Gupta, who is Leader of Opposition in the assembly, said the fiscal deficit and revenue expenditure had increased while Value Added Tax collection and capital spending had decreased in the Budget estimates.

Paytm, Reliance Jio apologised for PM's picture in advt: Minister

Paytm and Reliance Jio have tendered apologies for using pictures of Prime Minister Narendra Modi in their advertisements without prior permission, the government told the Rajya Sabha on Friday.

"Paytm and Reliance Jio have apologised for their inadvertent mistake," C.R. Chaudhary, Minister of State for Consumer Affairs, Food and Public Distribution, said in a written reply.

Government plans 2 mn tonnes buffer of pulses: Minister

The government is creating a dynamic buffer of up to two million tonnes of pulses, Minister of State for Consumer Affairs, Food & Public Distribution C.R. Chaudhary told the Rajya Sabha on Friday.

Around 14.25 lakh tonnes of pulses were procured and contracted for imports for the buffer as on March 6, he informed the house.

According to the minister, during 2015-16, arou