Demonetisation, GST will reduce cash in system: Arun Jaitley

Finance Minister Arun Jaitley on Saturday said that generation of cash will become difficult as a result of demonetisation coupled with the implementation of the Goods and Services Tax (GST).

"Demonetisation coupled with the implementation of Goods and Services Tax (GST) regime will make generation of cash a lot more difficult, help towards the objective by creating greater compl

Money flow into financial savings increased post note ban: Viral Acharya

Post demonetisation, there has been a visible channelising of money towards financial assets like insurance and mutual funds, Reserve Bank of India (RBI) Deputy Governor Viral Acharya said on Saturday.

"It will take us many years to understand the outcome of demonetisation. I sense that in financial assets, something has changed as black money transactions are now not easy,"

India`s smart cities` plan can adversely impact environment

The Indian government's vision to create 100 new smart cities to support the rapidly growing urban population could have a significant detrimental impact on the environment, a study has warned.

Researchers led by Hugh Byrd, professor and a specialist in urban planning at the University of Lincoln, UK, said the detrimental environmental impact would increase at a greater rate than

Actively working towards clean political funding: Arun Jaitley

Finance Minister Arun Jaitley on Saturday said that the government was actively working towards providing a system of clean political funding.

"When we deal with the subject of how the political system will be funded, we hope through cleaner money in future. We are actively working on this," he said here at the Delhi Economics Conclave 2017 organised by the Finance Ministry.

I-T Department unearths income of Rs 5,400 cr post-note ban

The Income Tax (I-T) Department has unearthed undisclosed income of more than Rs 5,400 crore in over a thousand search operations carried out since the November 8 demonetisation of high-value currency, Parliament was informed on Friday.

"During the period from November 9, 2016 to January 10, 2017, more than 1,100 searches and surveys were conducted by the I-T Department apart fro

Arun Jaitley launches pension plan for senior citizens with 8% assured return

Finance Minister Arun Jaitley on Friday formally launched a pension scheme for senior citizens with an assured return rate of eight per cent, favouring efficiency with social security.

"Banks have to lend at feasible rates, while senior citizens want secure, reasonable, unfluctuating return on their investment," Jaitley said here launching the pension scheme -- Pradhan

Government looking at monthly wind project auctions

The government plans to hold auctions for wind power projects every month, ensuring, however, that this process does not push up tariff rates, Power and New and Renewable Energy Minister Piyush Goyal said on Friday.

Speaking at an event here for signing power purchase agreements (PPAs) under the first wind auction scheme of the government, Goyal said that wind energy auctions should b

CAG picks holes in crop insurance schemes

The CAG has picked several holes in the crop insurance schemes including Narendra Modi government's flagship Pradhan Manti Fasal Bima Yojana (PMBFY), saying delays in release of compensation by states to affected farmers defeated "the objective of providing timely financial assistance".

In its audit report on agriculture crop insurance schemes, tabled in Parliament on Fr

Global Economy: That was fun; now comes the slowdown

By Jeremy Gaunt

LONDON- For all the talk of world economies rising in sync, there does not seem to be an abundance of optimism about how long it will last.

Tucked away in Reuters latest quarterly economic poll series is a projection that growth rates in nearly all of the world's largest economies will fall over the next two years. Inflation, meanwhile, w

Government mulls insurance cover for digital transaction frauds

The government is "very seriously" considering the recommendations of the Chandrababu Naidu committee on digital payment security, including insurance cover for the victims of fraudulent digital transactions, a union minister said on Friday.

In response to a question by Samajwadi Party MP Naresh Agrawal, Union Electronics and Information Technology Minister Ravi Shankar Pras

DAVP spent Rs 1,286 cr in 2016-17 on Government ads: Minister

The Indian Government has said that the Directorate of Advertising and Visual Publicity (DAVP) has spent about Rs 1,286 crore in 2016-17 on advertisements about government policies, schemes, projects and events through various mediums. As per reports, the DAVP is the nodal agency to undertake multi-media advertising and publicity for various ministries and departments of the government.

GST Council may take up certain tax issues at Aug meet

The GST Council at its meeting next month is likely to take up taxation issues raised by sectoral bodies along with a review of the implementation of the new tax regime, a top official said as per the PTI report. Central Board of Excise and Customs (CBEC) Chairperson Vanaja Sarna also said the department is keeping track of revenue trends post the GST rollout from July 1, but actual positions w

Notes in circulation at 85% of pre note-ban level: Govt

Notes in circulation are above 85 per cent of the pre-demonetisation levels and steps have been taken to accelerate remonetisation, the government said today. "The notes in circulation as on June 23, 2017 stood at Rs 15,074.43 billion as against Rs 17,540.22 billion as on October 28, 2016," Minister of State for Finance Arjun Ram Meghwal said in a written reply to the Lok Sabha.

India`s growth to accelerate in June quarter: Morgan Stanley

A Morgan Stanley report has said that strong import growth in June points to continued recovery in India's domestic demand and indicates that economic expansion will accelerate from the April-June quarter. According to global financial services major, exports growth weakened sequentially for the fourth consecutive month - but imports growth remained strong, pointing towards robust domestic

RBI sets rupee reference rate at 64.3185 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.3185 against the US dollar and 74.8796 for the euro. The corresponding rates were 64.4273 and 74.1880 yesterday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 83.5369 and 57.53 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quot

Niti panel yet to finalise report on autonomous bodies: Government

The Niti Aayog panel tasked with undertaking a comprehensive review of autonomous bodies is yet to finalise its report, Parliament was informed, reported PTI. The government think tank had formed this committee in January 2017 after being recommended by the finance ministry to suggest ways to enhance operational efficiency, governance mechanism and effectiveness of autonomous bodies in the coun

India considering to change financial year to anuary-December: Arun Jaitley

NEW DELHI - Finance Minister Arun Jaitley on Friday told lawmakers that the government is considering to change the country's financial year to January-December from April-March.

"The matter of changing financial year is under consideration," Jaitley told lawmakers in a written reply to the lower house of parliament.

He declined to elaborate wh

Finance Minister releases National Trade Facilitation Action Plan

Finance Minister Arun Jaitley released the National Trade Facilitation Action Plan and said the WTO-Trade Facilitation Agreement (TFA) coming into force on February 22, 2017 was a major milestone for the global trading system, reported PTI. Jaitley further said India looks forward to ensuring compliance with the TFA, according to a Finance Ministry statement.

"This Action Plan gi

Niti Aayog makes presentation before par panel on digitisation

Niti Aayog made a presentation on 'proliferation of digital payment and how it is transforming India's economy' to a parliamentary panel looking into issues concerning demonetisation, sources said as per the PTI report. The Standing Committee on Finance, headed by senior Congress leader and former Union Minister M Veerappa Moily will meet again on July 27.

The panel, sourc

Swachh Bharat Mission gains momentum, on way to target: Government

The Government on Thursday said that Swachh Bharat Mission has picked up great momentum now and it is hopeful to achieve the target of Swachh Bharat by October 02, 2019. Replying to a question in the Lok Sabha, the Minister of State for Drinking Water and Sanitation Ramesh Chandappa Jigjinagi said that the Sanitation Coverage, which was 41.80 per cent on 2.10.2014, has increased to 65.07 per ce

GST will benefit small traders more: Narendra Modi

Prime Minister Narendra Modi on Thursday said that the Goods and Services Tax (GST) will benefit small traders more and asked the party MPs to give pace to their activities in specific parliamentary constituencies.

The Prime Minister's remarks came during his meeting here with a group of Bharatiya Janata party (BJP) MPs from eastern Uttar Pradesh, which was also attended by party

More than half of India`s gas-fired power plants idle: Piyush Goyal

NEW DELHI - About 57 percent of gas-fired power plants in India are lying idle due to non-availability of domestic gas, Power Minister Piyush Goyal told lawmakers on Thursday.

"Domestic natural gas supply to power sector can improve only in case production levels increase in future," Goyal said.

India, which has an installed gas-powered capacity o

Finance Minister working on capital infusion strategies on PSBs: Reports

The finance ministry has said that it is working on the capital infusion strategy for public sector banks and an announcement to this effect will come soon. Commenting on the issue, a senior finance ministry official told the media, “The funds infusion matrix as per the Indradhanus scheme is being given a final shape on the basis of representations from various banks for their capital nee

Government to launch Aajeevika Grameen Express Yojana

The Ministry of Rural Development will launch a new sub-scheme under Deendayal Antyodaya Yojana - National Rural Livelihoods Mission (DAY-NRLM) which will be named as Aajeevika Grameen Express Yojana (AGEY). The Minister of State for Rural Development Shri Ram Kripal Yadav said that the main objectives of AGEY are to provide an alternative source of livelihoods to members of Self Help Groups (S

RBI to issue Rs 20 denomination notes soon: Reports

The Reserve Bank has said that it will shortly issue bank notes of denomination Rs 20 in Mahatma Gandhi series 2005 that will be similar in design to those currently in circulation. Commenting on the issue, a RBI Official told the media, “The new notes will be bearing inset letter 'S' in the number panel and signature of Governor Urjit R Patel.”

“Both the num