No proposal to import wheat: Minister

The government has no proposal to import wheat on its account, Minister of State for Consumer Affairs, Food & Public Distribution C.R. Chaudhary told Rajya Sabha on Friday.

According to the minister, the stock of wheat in the central pool was 13.747 million tonnes on January 1 this year, against the stocking norms of 12.8 million tonnes for the January-March quarter, which is adeq

I-T Department planning real-time issuance of PAN: Finance Minister

The Income Tax Department is considering issuance of Permanent Account Number (PAN) on a real-time basis using Aadhaar, the government informed Parliament on Friday.

"The Income Tax Department is considering to issue PAN cards on a real-time basis using Aadhaar's e-Know Your Customer facility. The proposal is at an initial stage of consideration," Minister of State for F

12 lakh new notes infused in the market: Arun Jaitley

Around 12 lakh new currency notes have been infused into the market by the Reserve Bank of India ever since the remonetisation process has started, Finance Minister Arun Jaitley said today. The RBI has informed that till February 24, a total of 11,64,100 new currency notes are in circulation in the market, Jaitley said in the Lok Sabha.

"This amount must have now increased to 12

IBA asks customers to complete urgent bank transactions today

The Indian Banks Association has asked customers to complete urgent banking transactions today in view of the next three days being bank holidays. Banks in several parts of the country will be closed tomorrow (on account of it being the month's second Saturday), on March 12 (Sunday) and for the Holi festival on March 13.

"The Indian Banks' Association appeals to all bank

Government to launch pilot scheme to promote ornamental fishery

The government will launch a pilot scheme for promoting ornamental fisheries sector with an outlay of Rs 61.89 crore to meet rising demand in domestic and export markets. It is a sub-sector of the fisheries sector dealing with breeding and rearing of coloured fish of both freshwater and marine water.

In India it is small but vibrant and there is a potential for tremendous growth. Abou

REC donates Rs 25 Crore towards Swachh Bharat Kosh

The Finance Secretary Ashok Lavasa, who is also the Chairperson of the Swachh Bharat Kosh (SBK) on Thursday received a cheque of Rs. 25 crore towards the SBK by P.V. Ramesh Babu, CMD of Rural Electric Corporation (REC) Limited as part of REC's Corporate Social Responsibility (CSR).

The occasion also witnessed the presence of Parmeshwaran Iyer, Secretary, Ministry of Drinking Water

Credit quality of corporates showing signs of recovery: Crisil

Rating agency Crisil has said that credit quality of corporates is showing signs of gradual recovery driven by firm commodity prices, stable macros and lower interest costs, which will help boost their revenue growth to a five-year high of 8-9 per cent in fiscal 2018.

Commenting on the issue, Crisil managing director Ashu Suyash told the media, "Revenue growth of India Inc, drive

Government releases draft guidelines for m-wallets: Reports

The Indian Government has said that it has released draft guidelines for transactions made through prepaid payment instruments (PPIs) like mobile wallets, smart cards and paper vouchers and also sought feedback from various stakeholders.

As per reports, the draft IT (Security of Prepaid Payment Instruments) Rules 2017 have been designed to ensure adequate integrity, security and confi

Exim Bank approves $ 750 mn loan to Nepal: Reports

The Export Import Bank of India (Exim Bank) has said that it has approved USD 750 million loan to Nepal to finance its post-earthquake reconstruction projects. As per reports, a separate USD 92.18 million line of credit (LOC) has been given to Tanzania to finance rehabilitation and water supply improvement in Zanzibar. Commenting on the issue, a RBI Official told the media, “The line of c

Lok Sabha passes bill to raise maternity leave to 26 weeks

Women working in the organised sector will now be entitled to paid maternity leave of 26 weeks, up from 12 weeks, as Parliament on Thursday passed a bill in this regard that will benefit about 1.8 million women. The new law will apply to all establishments employing 10 or more people and the entitlement will be for only up to first two children.

For third child, the entitlement will b

India, Belgium ink protocol to amend double taxation avoidance agreement

India and Belgium have signed a Protocol to amend the double taxation avoidance agreement to curb tax evasion, an official statement said. "India and Belgium have signed a protocol amending the existing agreement and protocol between the two countries for avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income on Thursday in the national capital,&q

Icra sees CAD rising to 1.2% next fiscal on rising crude, gold

Icra said higher oil and gold imports will end the four-year trend of moderation in the current account deficit (CAD) in 2017-18, and the gap will widen to USD 30 billion or 1.2 per cent of the GDP, reported PTI. "Higher oil and gold imports will enlarge the current account deficit to USD 30 billion (1.2 per cent of GDP) in fiscal 2018 from USD 20 billion in 2016-17 (0.9 per cent of GDP),

Government collects Rs 1.15 cr to fund regional air connectivity

The central government on Thursday said it has collected a little more than Rs 1.15 crore to fund its regional air connectivity scheme.

According to Civil Aviation Minister Ashok Gajapathi Raju Pusapati, the scheduled airlines are required to pay a regional connectivity fund (RCF) levy on certain flights operated within India. 

"Till date an amount of Rs 1,15,42,00

Arun Jaitley , RBI officials to discuss banks' bad loans

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

The magnitude of the problem can be guaged from the NPA figures of state-run banks, which at the end of the current fiscal's second quarter that ended in September, rose to Rs 6.3 lakh c

Kolkata EPFO targets additional 1 lakh subscribers by March

Driven by fresh enrollment from construction, jute industry and recruitment agencies, the regional office of Employee Provident Fund Organisation here is targeting one lakh additional subscribers by March end, an official said on Thursday.

"Despite a smaller target compared to other regions, Kolkata has already surpassed the target with active participation from the stakeholders.

Internet services to Odisha panchayats in next 3 years

Odisha Chief Minister Naveen Patnaik on Thursday said the state government is focusing on offering high speed broadband internet services to the gram panchayat level in the next three years.

"The state government is focusing on providing end to end dedicated government network from the state headquarters to gram panchayat level by offering high speed broadband internet services i

Haven't revised merger structure with Max Life Insurance: HDFC firm

HDFC Standard Life Insurance Company Ltd. has not revised to the insurance regulator the proposed merger structure of Max Life Insurance Company Ltd. with itself, a top official of the former company said on Thursday.

He said the private life insurer company is hoping to get a positive reply to the merger proposal from the Insurance Regulatory and Development Authority of India (IRDAI

Himachal targets 6.8% growth, compared with last fiscal's 8.1%

Himachal Pradesh's economic growth is expected to be 6.8 per cent this fiscal as against 8.1 per cent during the previous year and its per capita income is estimated at Rs 147,277, Chief Minister Virbhadra Singh said on Thursday.

The Gross State Domestic Product (GSDP) at current prices in 2015-16 increased to Rs 113,667 crore from Rs 104,177 crore in the previous fiscal and as pe

Use of big data should be key in policy making: Arvind Subramanian

Chief Economic Adviser Arvind Subramanian has said the use of big data in the Economic Survey 2016-17 has helped break some existing myths related to internal trade and connectivity and should be utilised actively in policy making.

"The Economic Survey 2016-17 has been able to utilise big data for aggregating trends related to movement of people and goods in the country. These tr

State-backed rivals force India's e-payment firms to step up

By Sankalp Phartiyal and Devidutta Tripathy

MUMBAI  - Electronic payment firms got a big boost when India abolished most of the country's banknotes last year, but rival state-sponsored e-payment services are forcing them to raise their game to hang on to their new customers.

Until November's move, which scrapped 86 percent of all notes to foil c

Come clean on black money under PMGKY, I-T Department tells people

Warning that the black money was traceable to its holders like one's fingerprints, the Income Tax Department on Thursday asked people to come clean and pay 49.90 per cent tax on undisclosed income under Pradhan Mantri Garib Kalyan Yojana by March 31.

"Like fingerprints, your black money will lead us to you! The Income Tax Department has information about your undisclosed inco

RBI sets rupee reference rate at 66.770 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 66.7707 against the US dollar and 70.3229 for the euro. The corresponding rates were 66.6362 and 70.4011 yesterday.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 81.1665 and 58.33 per 100 yens, respectively, based on reference rates for the dollar and cross-cur

'India's current account deficit to touch $30bn in 2018'

India's current account deficit is expected to increase by $10 billion to $30 billion in the 2017-18 fiscal due to higher oil and gold imports, credit rating agency ICRA said on Thursday.

However, the pressure related to the financing of a larger current account deficit would abate with the resumption of Non-Resident Indian (NRI) deposits in 2018.

The ICRA expects a rise

RBI to issue new Rs 10 notes, old ones to remain valid

 The Reserve Bank of India (RBI) on Thursday said it will shortly issue new Rs 10 denomination currency notes, while clarifying that the old Rs 10 notes will also remain valid.

"The Reserve Bank of India will shortly issue Rs 10 denomination banknotes in the Mahatma Gandhi Series-2005 with inset letter 'L' in both the number panels, bearing the signature of Urjit R.

Current account deficit will see 50% rise to $30 bn in FY18: ICRA

 A rise in the prices and import volumes of crude oil and gold is likely to weigh on India's current account deficit, taking it up by 50 per cent to $30 billion in 2017-18 from $20 billion in the current fiscal, domestic rating agency ICRA said on Thursday.

However, the pressure related to the financing of a larger current account deficit would abate with the resumption of no