Rs 8,08,318 crore agriculture credit disbursed till December '16

Agriculture credit to the tune of Rs 8,08,318 crore has been disbursed in the current fiscal till December 2016, Lok Sabha was informed according to the PTI report. Minister of State for Finance Santosh Gangwar said a total of Rs 8,77,527 crore worth of agriculture credit have been disbursed in 2015-16 and Rs 8,45,328 crore in 2014-15. The central government, the Reserve Bank of India and the N

GST Bills to be introduced in Parliament next week: Finance Minister

Finance Minister Arun Jaitley said supporting legislations for implementation of goods and services tax will be introduced in Parliament next week, reported PTI. The finance minister maintained that GST is likely to be rolled out from July 1. Jaitley said there is long procedure before the Bills are introduced in Parliament and the GST Council cleared those four bills only last week.

Finmin, bankers to meet on utilising excess liquidity

The Finance Ministry has called a meeting of bankers today to discuss the ways to utilise the excess liquidity in the system, reported PTI. The meeting to be attended by heads of select large banks will be chaired by Economic Affairs Secretary Shaktikanta Das. Besides, RBI top officials including a Deputy Governor are also expected to attend. The demonetisation announced by Prime Minister Naren

Declare black money by March 31 or face penalty: warns I-T Dept

With the scheme to declare unaccounted income coming to an end on March 31, the income tax department on Friday warned black money holders to make use of the remaining period or face penalty.

"Why wait till March 31, 2017? Declare your black money now or get penalised later!" the income tax department said in an advertisement in newspaper dailies here. 

It ask

Government approves assistance for states hit by calamities: Reports

The Indian Government has said that it has approved Rs 5,021 crore as assistance to 10 states hit by calamities, including flood and drought. As per reports, the High Level Committee, headed by Home Minister Rajnath Singh, approved the central assistance to Andhra Pradesh, Assam, Bihar, Himachal Pradesh, Karnataka, Manipur, Rajasthan, Tamil Nadu, Telangana and Uttar Pradesh.

Commentin

Exports to become more competitive with GST: Minister

The Commerce Minister has said that the implementation of GST, the new indirect tax regime, would help remove barriers between the states and make exports more competitive. Commenting on the issue, Commerce and Industry Minister Nirmala Sitharaman told the media, "GST (Goods and Services Tax) gives a feeling that market in India is one now and there are no barriers between regions or provi

Net profit growth improved significantly for manufacturing cos: RBI

The RBI has said that net profit growth of listed private sector manufacturing companies improved significantly in the third quarter of this fiscal, while there was a contraction in the services (other than IT) sector. Commenting on the abridged financial results of 2,784 listed private non-financial companies for October-December period of 2016-17, the Reserve Bank said improved profit growth

Farm loan waiver disturbing credit discipline: S.S. Mundra

Reserve Bank of India (RBI) Deputy Governor S.S. Mundra has expressed concern over farm loan waiver affecting credit discipline, said media reports. Commenting on the issue, Reserve Bank of India (RBI) Deputy Governor S.S. Mundra told the media, "The RBI's views has always been that farm loan waiver affects credit discipline." On resolution of the non-performing assets (NPAs) issu

Third Protocol amending India-Singapore DTAA notified

The Third Protocol amending India-Singapore Double Taxation Avoidance Agreement (DTAA) was notified on Thursday. The agreement came into force on February 27 this year.

The two countries had signed it on December 30 last year.

The India-Singapore DTAA at present provides for residence-based taxation of capital gains of shares in a company. 

"The Third Pro

India's current account deficit rises in third quarter

India's current account deficit (CAD) rose to $7.9 billion in the third quarter (October-December) of 2016-17 from $7.1 billion in the same quarter of 2015-16, the Reserve Bank of India (RBI) said on Thursday.

"Despite a slightly lower trade deficit on a year-on-year (y-o-y) basis, the CAD widened primarily on account of a decline in net invisible receipts," the Reserve

Farm loan waiver affects credit discipline: RBI

Echoing State Bank of India chief Arundhati Bhattacharya's views, Reserve Bank of India (RBI) Deputy Governor S.S. Mundra on Thursday expressed concern over farm loan waiver affecting credit discipline.

"The RBI's views has always been that farm loan waiver affects credit discipline," Mundra told reporters at the launch of Bandhan Bank's branch here.

On

UK retail sales suffer biggest three-monthly drop since 2010 as fuel costs bite

British retail sales in the three months to February recorded their biggest slide in nearly seven years as higher fuel prices eroded shoppers' disposable income, official data showed on Thursday.

British inflation is starting to climb rapidly in the wake of the hefty slide in sterling seen after June's vote to leave the European Union - something economists expect to eat into

GST will lift barriers, make exports more competitive: Nirmala Sitharaman

With a unified pan-India market slated to become a reality through implementation of the Goods and Services Tax (GST) from July 1, the removal of octroi barriers between states would help make exports more competitive, Commerce Minister Nirmala Sitharaman said on Thursday.

"GST gives a feeling that market in India is one now, and there are no barriers between regions or provinces

RBI sets rupee reference rate at 65.4220 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 65.4220against the US dollar and 70.6688 for the euro. The corresponding rates were 65.4881 and 70.7206, previously.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 81.8495 and 58.81 per 100 yens, respectively, based on reference rates for the dollar and cross-cu

RBI inks info exchange pact with Thailand

The Reserve Bank of India signed a Memorandum of Understanding (MoU) on “Supervisory Cooperation and Exchange of Supervisory Information” with Bank of Thailand. The MoU was signed by Dr Veerathai Santhiprabhob, Governor on behalf of Bank of Thailand and Dr Urjit R. Patel, Governor on behalf of Reserve Bank of India, RBI said in a notification.

The Reserve Bank has entered

Coir Board implements Mahila Coir Yojana for women

The Coir Board is implementing Mahila Coir Yojana (MCY) for women empowerment by providing training and distribution of coir processing equipments, said Giriraj Singh, Minister of State for MSME. In a written reply to a question in Rajya Sabha, the Minister of State for MSME, Giriraj Singh said that, “The Coir Board is implementing Mahila Coir Yojana (MCY) exclusively for empowering women

GST Bills to be placed in Parliament this week

The Goods and Services Tax (GST) enabling bills will be placed in Parliament for approval this week itself, Minister of State for Finance Arjun Ram Meghwal said on Thursday.

The four GST Bills -- Central Goods and Services Tax (CGST) Bill 2017, Integrated Goods and Services Tax (IGST) Bill 2017, Union Territory Goods and Services Tax Bill (UTGST) 2017, and Goods and Services Tax (Comp

Cabinet clears FFS establishment proposal

The union cabinet has approved the proposal for Fund of Funds of Start-ups (FFS) which was established in June, last year with a corpus of Rs 1,000 crore, as per the government release. The government said in a release that, “The Union Cabinet chaired by the Prime Minister Narendra Modi has approved the following proposals with regard to the Fund of Funds of Start-ups (FFS) which was esta

Aadhaar may become single identify card in future: Finance Minister

Aadhaar may become the only card required to identify a person, replacing Voter ID and PAN, Finance Minister Arun Jaitley said in the Lok Sabha, reported PTI. Jaitley was replying to a debate on the Finance Bill and the accompanying 40 amendments to different laws including one making Aadhaar mandatory for filing of income tax return from July as well as for applying for permanent account numbe

Government policies should be market-friendly: YV Reddy

The policies of the government should be market-friendly rather than being business friendly, former RBI Governor Y V Reddy said as per the PTI report. Addressing an event here, he said the primary role of the state is to protect the rights of its citizens. Reddy advocated that the government policies should be market-friendly, rather than being business friendly.

Referring to the Cen

CCEA okays policy on extension of PSCs

The Cabinet Committee on Economic Affairs (CCEA) has approved policy for extension to the Production Sharing Contracts (PSC) inked by government awarding pre-NELP exploration blocks, as per the government release.

The CCEA said in a statement that, “The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi has approved a policy for grant of extension

Finance minister calls banks to discuss new facility to drain cash

By Suvashree Choudhury and Devidutta Tripathy

MUMBAI - The finance ministry has called bankers into a meeting on Friday to discuss setting up a new facility to absorb surplus cash in the banking system, according to a letter sent to heads of lenders seen by Reuters on Thursday.

The finance ministry wants to discuss implementing a new framework called a "

Government to set up single window online system for trade info: Reports

The Indian Government has said that it is planning to set up a single window online system for providing all information and services related to international trade. As per reports, the plan is to provide importers and exporters the facility to submit applications and clearance documents as well as obtaining approvals and benefits electronically at a single point only in a digital mode.

Government to take action against 9.3 lakh non responders: Finance Minister

The Indian Government has said that action will be taken against 9.29 lakh entities who have not responded to the I-T department's queries over cash deposited by them which did not match their income profile. Commenting on the issue, Finance Minister Arun Jaitley told the media, “During the 50-day demonetisation period, 18 lakh entities deposited scrapped notes of Rs 500 and 1000, whi

Government approves Rs 6,721 cr NH projects in Meghalaya, Mizoram

The government has approved Rs 6,721-crore projects in Meghalaya and Mizoram for development of 403 kms of National Highways. "The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, has given its approval for development of 403 kms of National Highways in Meghalaya and Mizoram," a statement from the Ministry of Road Transport and Highways said after the CC