NPS service fortnight by pension regulator extended till till July 21

The Pension Fund and Regulatory Development Authority (PFRDA) on Monday said it has extended, till July 21, the ongoing service fortnight (June 27-July 21), aimed at creating awareness on the National Pension System (NPS), till July 21.

"Keeping in view the demand raised by government nodal offices and also benefits to the NPS subscribers, PFRDA has decided to extend the NPS Serv

First test of India's new bankruptcy law offers cautionary tale

By Devidutta Tripathy and Euan Rocha

MUMBAI - In January, Innoventive Industries, a speciality steelmaker based in western India, was forced into the bankruptcy court by its lenders, testing for the first time new insolvency rules that aim to resolve India's $150 billion bad debt overhang.

The company, which makes steel tubes and auto parts for customers

Arun Jaitley to be chief guest in NABARD Foundation Day

The Union Finance Minister Arun Jaitley to be the Chief Guest on the occasion of 36th Foundation Day of NABARD dedicated to celebrate the Silver Jubilee of SHG Bank Linkage Programme, according to a statement released by the ministry of finance. Self Help Group Bank Linkage Programme (SHG BLP), the pioneering initiative of Financial Inclusion by NABARD, completed 25 years during this year and i

India to enter new Global Foreign Exchange Committee: Report

India is expected to soon get a seat on the Global Foreign Exchange Committee (GFXC), a newly-constituted forum of central bankers and experts working towards promotion of a robust and transparent forex market, said a media report. As per reports, the committee has been set up under the guidance of the Bank for International Settlements (BIS), an international financial organisation owned by 60

Government okays Amazon's proposal for FDI in food

The government has approved American e-commerce major Amazon's proposed USD 500 million investment in retailing of food products in India, an official said. The proposal was pending before the Foreign Investment Promotion Board (FIPB) which has been abolished now. Hence, the Department of Industrial Policy and Promotion (DIPP) gives the green signal to the proposal. As per the proposal, the

Government seeks report on NSE trading glitch

The finance ministry today sought a report from Sebi on the technical glitch in the National Stock Exchange's system that had led to trading disruptions. Sources at the ministry said it was a technical problem that led to trading disruptions and there was no information about hacking. Investors faced problems on the NSE, which had briefly stopped trading in cash and F&O (futures and opt

RBI sets rupee reference rate at 64.5405 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.5405 against the US dollar and 73.5826 for the euro. The corresponding rates were 64.7342 and 73.8811, on Friday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 83.2766 and 56.53 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quo

GST has special significance for States: Jitendra Singh

Union Minister of State for Development of North Eastern Region (DoNER), MoS PMO, Jitendra Singh has said that GST has a special significance for Jammu & Kashmir and the eight States of the North-East Region. The same also applies to States like Uttarakhand and Himachal Pradesh, he said. Briefing the media in Nainital on Sunday, Jitendra Singh said the GST promises to provide a level-playin

DeMo no ground for banking ombudsman to handle complaints: RBI

Customers' complaints about problems like cash withdrawal and exchange of old notes faced post demonetisation cannot be entertained under the Banking Ombudsman (BO) scheme, the Reserve Bank said as per the PTI report. The central bank said that demonetisation is not one of the 27 grounds under which a customer can lodge a complaint with the Banking Ombudsman. During the demonetisation perio

India Inc can save millions by using HR technologies: Experts

Use of modern HR technologies can help India Inc improve productivity and save millions of dollars by optimal use of human resources, say experts as per the PTI report. India commands a nearly USD 600-700 million slice from the global pie of USD 54 billion human resource technology market. Even though HR technology is still nascent in India, it has already achieved a base of USD 0.5 billion acc

Protectionism may take away gains from globalisation: Prime Minister

Prime Minister Narendra Modi has said that rise in protectionism threatens to take away the gains from globalisation. At the G20 Summit, Modi stressed that the grouping should speak in one voice to support and sustain a regime of openness. Commenting on the issue, Prime Minister told the media, “The decision on demonetisation has dealt a blow to corruption, boosted digitisation and enlarg

CBDT plans to dispose of 3 lakh pending cases: Reports

The CBDT has said that it has formulated an action plan to dispose of about 3 lakh cases, bearing Rs 6.11 lakh crore revenue, that are pending before its appeals commissioners across the country. As per reports, the Central Board of Direct Taxes (CBDT), that frames policies for the Income Tax Department, has now directed the I-T appeals commissioners to dispose of 500 cases per annum and priort

Banks should maintain zero tolerance against bad loans: Finance Minister

The finance ministry has said that it has asked banks to maintain zero tolerance against bad loans and be prepared to fight cases to resolve large NPAs or non-performing assets. Commenting on the issue, a Ministry Official told the media, “The ministry has been asking banks to take tough action against such borrowers and be ready to fight court cases as well.”

“The a

Government planning to revive small savings: Minister

The Indian Government has said that it wants to revive small savings as it is currently not as robust as it should be. Commenting on the issue, Minister of State for Commerce & Industry, Nirmala Sitharaman told the media, "Small savings is backbone of the economy. Small savings is not as robust as it was always. We want to revive it." As per reports, interest rate has come down to

RBI plans to set up PCR to control loan defaults: Viral Acharya

The Reserve Bank has said that it is looking at setting up a high level task force to prepare a roadmap for public credit registry (PCR) to help control loan defaults, improve credit culture and promote financial inclusion. Commenting on the issue, RBI Deputy Governor Viral Acharya told the media, “A transparent and comprehensive PCR is the need of the hour in India. Such registers help e

Narendra Modi to interact with Chief Secretaries of states, UTs

Prime Minister Narendra Modi will on Monday interact with Chief Secretaries of all states and Union Territories during a conference organised by NITI Aayog to "further the spirit of cooperative and competitive federalism".

Secretaries of finance, health, agriculture, and industry of states and UTs will also attend the National Conference of Chief Secretaries.

The d

India to be part of new global foreign exchange committee

 India will soon have representation in the Global Foreign Exchange Committee (GFXC) of various central bankers and experts that has been recently formed to work towards the development of a transparent global foreign exchange market.

Acording to a report on reducing misconduct risks in the financial sector presented by the Financial Stability Board (FSB) at the G20 Summit of lea

GST holds special significance for Jammu and Kashmir, north-east states: Minister

 Union Minister Jitendra Singh on Sunday said the GST system has a special significance for Jammu and Kashmir and the north-eastern states as it promises to provide a level playing field to all.

"The Goods and Services Tax promises to provide a level playing field to all the states. This equitable fair deal has been worked out to such an extent that several developed and man

RBI amends order on bankruptcy action on 12 large NPAs

The Reserve Bank of India (RBI) has amended its earlier order asking banks to initiate bankruptcy proceedings against 12 companies which have outstanding loans amounting to over Rs 5,000 crore as on March 2016.

The amendment, made through a notification late on Saturday, comes after the Gujarat High Court asked the RBI to remove the stipulation on its order last month that the 12 non-

New MRP should consider input tax credit under GST: Government

The government on Saturday said the new MRP on products manufactured, packed or imported before July 1 should take into consideration extra availability of input tax credit under GST.

"The declaration of new MRP on unsold stock manufactured, packed, imported prior to July 1 should not be done mechanically but after factoring in and taking into consideration extra availability of

G20 rejects protectionism, wants to act against money laundering, corruption

Rejecting emerging protectionist trends, the G20 countries, including India, on Saturday agreed to keep the markets open and fight protectionism, including all unfair trade practices and hinted at advancing the implementation of international standards on transparency to fight corruption, tax evasion, money laundering and terrorist financing.

In a major step against black money genera

Jaitley launches app to help users verify GST rates

Finance Minister Arun Jaitley has launched a mobile app 'GST Rates Finder' to help any person who has purchased a footwear or has been billed by a hotel to cross verify the correctness of the rate of GST charged.

"This mobile app helps users to find rates of GST for various goods and services. It can be downloaded on any smart phone and can work in offline mode, once

Modi decries protectionism, says G20 must lead on major issues

 Criticising the threat to globalisation posed by protectionism in some leading G20 nations, Prime Minister Narendra Modi on Friday exhorted the grouping to assume the leadership on major global issues and said India stood ready to carry forward the fight against corruption and black money.

"The rise in protectionism threatens gains from globalisation. G20 must speak in

CAIT urges government to form GST Coordination Committee at district level

The Confederation of All India Traders (CAIT) on Friday urged the government to form a Goods and Services Tax (GST) Coordination Committee at the district level, comprising senior officials and representatives of trade to facilitate smaller traders.

According to the traders' association, trade leaders from 23 states arrived at a unanimous resolution to form the committee at t

Government launches scheme for IPR awareness

Taking forward the National Intellectual Property Rights (IPR) Policy 2016, a ‘Scheme for IPR Awareness – Creative India; Innovative India’ has been launched by Cell for IPR Promotion and Management (CIPAM) under the aegis of the Department of Industrial Policy and Promotion. Ministry of Commerce & Industry said that the scheme aims at raising IPR awareness amongst student