India plans to initiate international flying right talks, starting with Singapore

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The aviation ministry is expected to restart the process of expanding international flying rights agreements with key countries, starting with Singapore, by next month. The exercise has faced a lot of criticism from the government in the past, but still is likely to be done, ministry told media. The process is set to resume with a ministry delegation

Liberia offers hydrocarbon resources to India to aid in meeting energy demands

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Liberia has now finally offered India, access to its hydrocarbon reserves, which will be helpful in meeting the energy requirements of India to some extent. Moreover, Liberia has also sought Indian help in building its infrastructure, particularly roads and power. “Liberia is at the verge of a large discovery. Many big firms such as Chevron Corp

CCI to review the progress of stalled oil and gas projects today

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In a bid to review the progress in expediting work in 39 stalled blocks, the Cabinet Committee on Investment (CCI) is likely to meet today. The committee would focus on sorting out differences between oil and defence ministries over the stalled oil exploration blocks. A source close to development confirmed that the CCI will have its meeting in the ev

Telecom operators seek funds for achieving green targets to power cellular towers

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Telecom operators in India have shared their estimates with the government stating that they will not be able to achieve the 2015 target for using renewable energy to power cellular towers unless they are provided subsidy or viability funding. The operators discussed the issue at an inter-ministerial meeting with the telecom department and said that i

No corporate mobile numbers to be ported unless authorised: TRAI

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The Telecom Regulatory Authority of India (TRAI) has said that the corporate mobile numbers can be ported out only if it is ratified by the authorised person of the subscriber to whom such number has been allotted. While releasing Telecommunications Mobile Number Portability (Fifth Amendment)Regulations, 2013, TRAI said, “No corporate mobile num

Diesel sales fall for the first time since May 2009

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Domestic sales of diesel vehicles fell 2 per cent in February from a year ago period owing to continuous hike in the prices and improved electricity situation. It was the first fall since May 2009. The first decline since September 2010, the fall in demand helped bring overall local fuel sales down 1.5 per cent in February from a year ago.

2G case: Delhi court summoned Bharti Airtel chief Sunil Mittal, others

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A Delhi court has summoned as accused some of the well-known faces in telecom industry including chairman-cum-Managing Director of Bharti Cellular Ltd Sunil Bharti Mittal, Essar Group promoter Ravi Ruia and five others in a case concerning alleged irregularities in allocation of additional spectrum to Airtel and Vodafone during the NDA regime. Apart f

Future Group shelves plan to sell stakes in retail formats

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Future Group has put off its plans to sell stakes in some of its retail formats as it has managed to halve its debt burden in one year by selling Pantaloon department store and non-retail businesses. "We are no longer interested in diluting stake in these formats as debt has come down to a comfortable level", chairman, Future Group, Kishore

Technology industry in India likely to grow to Rs.1.8 trillion by 2016, says Boston Consulting Group

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The technology requirements of Indian businesses and government are ever increasing, and this surge is coupled with an increased consumerization. The mushrooming demands of the sectors are directed towards a predictable growth in the Indian technology industry, to a whopping Rs.1.8 trillion by 2016, a report released on Monday by the Boston Consulting

Mangalore LNG Terminal expected to be ready by 2018

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The Mangalore LNG import Terminal in the New Mangalore Port is set to come on stream by 2018, Petroleum Minister Veerappa Moily said on Monday. ONGC, BPCL, Japan’s Mitsui and New Mangalore Port Trust are first expected to ink a feasibility agreement for the re-gasification terminal having a capacity of 2-3 million tons per annum. The consortium

Goa Budget proposes to impose green tax of 0.5% on petroleum products

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Goa Chief Minister, Manohar Parrikar while presenting the budget has imposed a tax of 0.5 per cent on the petroleum products as well as 2 per cent of tax on the non-biodegradable packing material (plastic). The Minister presented budget of Rs 10,053.24 crore for the fiscal 2013-2014, projecting a fiscal deficit of Rs 1365 crore and in a bid to increas

Vijay Kelkar committee invites comments from stakeholders

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India’s Vijay Kelkar committee, which has proposed substantial ways to reduce India's energy import dependency by 2030, has invited comments from stakeholders on this matter by Apr 19, the Directorate General of Hydrocarbons (DGH), which is a technical arm of the oil ministry, told media. Oil Minister Veerappa Moily formed the committee rece

Liquidity deficit widens amid advance tax outflows

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Banks borrowing under the Reserve Bank of India’s (RBI) daily liquidity adjustment facility (LAF) jumped to Rs 1,42,670 crore on Monday compared with an average Rs 1 lakh crore daily in the last month, as advance tax outflows were on their way out of the system. The last day for payment of advance tax was Friday when banks had borrowed Rs 1,35,1

Basel-3 norms set to hit hard small banks: S&P

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Rating agency Standard & Poor’s (S&P) on Monday said the Basel-3 norms kicking in from April 1 may make the life harder for small Indian banks as they will have to raise capital and withstand tough competition, failing which they may also become takeover targets. Indian banks will start implementing Basel-3 norms from April 1 and increas

CCEA approves road projects worth Rs 7,915 cr in UP, Gujarat, Maharashtra & Haryana

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The government approved road projects in Uttar Pradesh, Gujarat, Maharashtra and Haryana worth Rs 7,915 crore. The projects were approved under the government’s flagship road building programme National Highways Development Project (NHDP). The approval was given by the Cabinet Committee on Economic Affairs (CCEA) for four of its projects to be b

Stricter regulatory requirement to hit performance of Indian banking sector: CII

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Expressing concern over performance of Indian banking sector, the apex industry body CII on Monday said the profitability of banks are expected to decline sharply as financial health of lenders take a hit owing to impact of stricter regulatory requirement amid rising stress on asset quality. In a survey titled ‘Health of Indian Banking sector in

Chidambaram wants PSBs to take steps for recovering loans

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Concerned over rising bad loans, finance minister P Chidambaram on Monday asked banks public sector banks to take steps for reducing their NPAs as rising number of companies default on their dues in spite of affluent promoters. “We wish banks take firm steps to recover NPAs. Promoters have to bring in additional money and companies have the duty

Private oil refiners may not sell fuel if pricing mechanism changes: Media Reports

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In case the government changes the method of pricing diesel and petrol, private oil refiners such as Reliance Industries Ltd. and Essar Oil might not sell fuel to the state-run oil companies, said the media reports. Rather than current practice of pricing the fuels after adding transportation and customs duty to the international price, the Finance Mi

PSBs claim Rs 68k cr from over 7000 defaulters

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Public sector banks have been struggling to recover over Rs 68000 crore by over 7000 defaulters including individuals and companies that were given Rs 1 crore or more as of March 2012. State Bank of India, the largest public sector lender holds the highest portion of default payment aggregating to Rs 23,320 crore by 2,419 borrowers while the other ban

Govt assures MSMEs to help increase exports

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Cabinet Secretary, Ajit Seth has provided an assurance to the micro, small and medium enterprises (MSME) that the government will soon adopt measures to increase exports from the sector. The government would form two to three groups, which will focus on ways to increase exports from the MSME sector, Seth said in a review meeting of the export scenario

Engineering exports likely to drop by 6% in this fiscal

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Hit by slowdown in global demand, the country’s engineering exports are likely to decline by nearly 6 per cent, and expected to reach USD 56 billion by the end of current financial year, as against the export target of USD 60 billion. "Our traditional markets - the US and Europe - are not recovering at a healthy rate. We can at maximum reac

Aviation Ministry looking to revive Juhu airport

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Rising air traffic at the Mumbai airport and the delay in the construction of the proposed Navi Mumbai airport has led the Civil Aviation ministry to consider plans of reviving Juhu airport. Civil Aviation Minister Ajit Singh said, “Juhu (airport) becomes very important if Mumbai has to maintain its position as the commercial and financial capit

Petrol gets cheaper by Rs 2 per litre; diesel unchanged

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Good news for common-man finally, in two parts. First, oil marketing companies (OMCs) have reduced the petrol prices by Rs 2 per litre with effect from Friday midnight, marking the steepest reduction in its rates in nine months. Secondly, the OMCs have also decided to not to raise the diesel prices as there were speculations that the subsidized fuel m

Is money laundering really spreading its dirty wings to country's most respected lenders?

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I believe that most of us have heard the term ‘money laundering’ several times, but I think very few of us have really pondered to get into the depth of it and know the dirty picture behind it. Money laundering has travelled a long distance and has become much more organized and sophisticated, from the cowboy bank robber to Capone’s

RBI suggests banks to issue credit, debit cards with photo, PIN and signature of cardholder

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The Reserve Bank of India (RBI) has suggested banks to deliberate over the idea of issuing debit and credit cards with photograph of the cardholder so as to prevent any misuse. “Banks have been advised by the RBI that, with a view to reducing the instances of misuse of lost/stolen cards, they may consider issuing cards with photographs of the ca