Jitendra Singh launches online software for departmental proceedings

The Union Minister of State Development of North-Eastern Region, Personnel, Public Grievances & Pensions, Atomic Energy and Space, Jitendra Singh on Thursday launched the online software for departmental proceedings. Speaking on the occasion, Jitendra Singh complemented the Department of Personnel and Training (DoPT), CVC and other departments for their collective efforts in this direction.

India to take corrective steps to ensure telecoms growth

MUMBAI  - India's telecoms minister said on Thursday that the government would take corrective steps to ensure growth in the sector, the world's second-biggest by number of users, amid worries about financial stress.

Carriers in India's telecoms sector have been hurt by a price war eating into revenues and profit. High levels of debt in companies have

Arvind Panagariya sees action on privatising Air India in 6 months

NEW DELHI - The government is expected to take some action on privatising state-owned airline Air India in next six months, a top government policy adviser told television channel CNBC-TV18 on Thursday.

The comment from Arvind Panagariya, deputy head of policy think-tank Niti Aayog, comes amid reports that India's salt-to-software Tata conglomerate has shown an in

Only single GST return to be filed every month: Hasmukh Adhia

The Indian Government has said that the new tax regime will not be cumbersome and compliance- heavy, as the taxpayers need to file only one return every month, similar to what they presently do. Commenting on the issue, Revenue Secretary Hasmukh Adhia told the media, “The notion that assessees will have to file three returns every month is unfounded and retailers or B2C dealers need not g

NCAER revises India`s economic growth to 7.6%: Reports

Economic think-tank NCAER has said that it has revised up its projection for the India's economic growth to 7.6 per cent for the current fiscal, compared with the earlier prediction of 7.3 per cent on forecast of normal monsoon. Commenting on the issue, a NCAER Official told the media, “Prospects for the agricultural sector in 2017-18 remain optimistic on forecast of good rains.

India`s merchandise exports to touch $325 bn in FY 18: FIEO

With exports recording continuous growth, exporters body FIEO expects that the country's merchandise shipments would reach $325 billion this fiscal. Federation of Indian Export Organisations (FIEO) President Ganesh Kumar Gupta also said while India is showing a positive trend on exports since the last nine months, there is a bit of anxiety in the business with regard to the Goods and Servic

RBI sets rupee reference rate at 64.4950 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.4950 against the US dollar and 72.0732 for the euro. The corresponding rates were 64.6025 and 71.9413, as on June 21.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 81.7990 and 58.05 per 100 yens, respectively, based on reference rates for the dollar and cros

India eyes breakthrough on U.S. surveillance drones ahead of Modi trip

By Sanjeev Miglani and David Brunnstrom

NEW DELHI/WASHINGTON - India is pushing for U.S. approval of its request to buy a naval variant of the Predator drone, officials said, as Prime Minister Narendra Modi tries to revitalise relations with Washington when he meets President Donald Trump for the first time.

Securing agreement on the purchase of 22 unarmed d

BOJ's Iwata sees no need to raise rates now as economy needs support

By Leika Kihara

AOMORI, Japan  - Bank of Japan Deputy Governor Kikuo Iwata on Thursday dismissed the need to raise interest rates any time soon, stressing that the economy still requires support from "powerful" monetary easing, with inflation far from the central bank's 2 percent target.

He also called for maintaining the BOJ's loose p

RBI Governor says 'high uncertainty' on inflation: MPC minutes

 RBI Governor Urjit Patel cited "high uncertainty" on inflation while holding the central bank's key interest rate for the fourth successive policy review earlier this month, though it was the first time that a Monetary Policy Committee (MPC) member had voted against the majority decision, the minutes of the latest MPC meeting released on Wednesday showed.

At its se

Digital commerce market to reach Rs 220,330 cr by December 2017: Report

The digital commerce market, which grew at a compounded annual growth rate (CAGR) of 30 per cent during December 2011-16, is estimated to reach Rs 220,330 crore by the end of 2017, a recent report said here on Wednesday.

According to the Digital Commerce Report 2016, published by the Internet and Mobile Association of India (IAMAI) and IMRB Kantar, the market reached Rs 168,891 crore

Commerce Ministry to coincide mid-term review of FTP with GST roll-out

Union Commerce and Industry Ministry is trying to coincide the mid-term review of the Foreign Trade Policy (2015-20) to coincide with the roll-out of the Goods and Services Tax (GST) and it is aligning the existing schemes in the policy with the upcoming indirect tax regime, officials said here on Wednesday.

"We are trying Foreign Trade Policy review to coincide with the launch o

Retail banking faces significant threat from FinTech entrants: Study

Retail banking faces significant threat from entrants in Financial Technology (FinTech) space who are using simpler and less expensive services and depending on their scalability, could even prove disruptive for the traditional banks, a study said on Wednesday.

Despite retail banking being a tech-intensive industry, FinTech providers - having few similarities to traditional banks - ar

Russia can take lead in Make in India for defence: Arun Jaitley

Russian companies which have had a long experience in working with India can take a lead role in participating in the Make in India programme, Indian Defence Minister Arun Jaitley said on Wednesday.

"We have initiated a series of policy and procedural changes to facilitate tie-ups, including joint ventures and technology partnerships between Indian and foreign companies. Russian

Government asks banks to deposit junked notes at RBI by July 20

The government has permitted banks and post offices to deposit junked Rs 500 and Rs 1,000 notes with the Reserve Bank by July 20. This is the second window the government has provided to banks, post offices and cooperative banks for depositing the junked notes with RBI.

The earlier window was open till December 31, a day after the 50-day period of demonetisation of high value currency

RBI sets rupee reference rate at 64.6025 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.6025 against the US dollar and 71.9413 for the euro.

corresponding rates were 64.4672 and 71.9583, as on June 20 According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 81.5348 and 58.07 per 100 yens, respectively, based on reference rates for the dollar and cross-cur

E-payments will support China`s economic rebalancing: Moody's

The rapid rise of third-party electronic payments is boosting China's online consumer market growth and it will support its economy's rebalancing, a Moody's report said.

The value of the third-party e-payments in China has grown at an annual rate of more than 100 per cent since 2015, offering consumers an alternative to banks' payment channels at lower transaction cost

India allows banks, post offices to deposit old bank notes with RBI

NEW DELHI  - India on Wednesday allowed banks and post offices to exchange old, big bank notes, which are no longer in circulation, with the Reserve Bank of India (RBI) in a month, provided these notes were collected by Dec. 30, 2016, a finance ministry statement said.

India's cooperative banks have also been allowed to exchange old currency notes with the RB

Prime Minister dedicates Powergrid`s 400 kV Lucknow - Kanpur D/C Transmission Line to nation

The Prime Minister Narendra Modi on Tuesday dedicated POWERGRID’s 400 Kilo Volt(kV) Lucknow – Kanpur Direct Current (D/C) Transmission Line with associated bays to the Nation.

“Constructed as a part of “Northern Region Strengthening Scheme-XXXII”, this transmission line will provide high quality transmission infrastructure for ensuring reliable and qualit

May's air passenger traffic sets record: Minister

 Minister of State for Civil Aviation Jayant Sinha on Tuesday said that the country's air passenger traffic for last month has set a record as over one crore passengers were ferried by domestic airlines in May.

"Aviation figures for May registers a new record with over one crore passengers flying domestically in a single month," he tweeted. 

According

DCCBs allowed to deposit demonetised notes with RBI

In a significant move, the government on Tuesday allowed the RBI to accept demonetised notes of Rs 500 and Rs 1,000 received by the District Central Cooperative Banks (DCCBs) during November 10-14 last year.

The gazette notification comes on a day when the Shiv Sena announced endorsement of NDA Presidential candidate Ram Nath Kovind, after the party had last week demanded that the ove

Norms on no-fly list in July : Jayant Sinha

Union Minister Jayant Sinha on Tuesday said rules for a national no-fly list "are being finalised" and will be issued next month.

According to the Minister of State for Civil Aviation, the norms on the list will be issued in the first week of July. 

The minister revealed on the sidelines of an event here that the ministry has received "very comprehensive

Cabinet Secretary satisfied with preparations for GST rollout

Union Cabinet Secretary P.K. Sinha, along with secretaries of 30 central ministries, on Tuesday took stock of readiness for the launch of the GST regime from July 1, an official said.

According to a Finance Ministry release here, besides secretaries connected with the Goods and Services Tax (GST), representatives of 167 public sector undertakings (PSUs) joined the meeting through vide

ADB to give $275 mn loan for urban services upgrade in Madhya Pradesh

The Indian government has signed an agreement with the Asian Development Bank whereby the lender will provide a $275 million loan to upgrade piped water supply and municipal services in 64 small towns in Madhya Pradesh.

"The Asian Development Bank (ADB) and the Government of India signed a $275 million loan on June 19, 2017, for improving urban services in 64 small towns in the S

No farm loan waiver, Centre has to meet fiscal deficit target: Arun Jaitley

Ruling out Central funding for any state's farm loan waiver, Finance Minister Arun Jaitley on Tuesday said that the government has to meet its fiscal deficit target.

"We have got Fiscal Responsibility and Budget Management (FRBM) Act and fiscal deficit target, we intend adhering to it," the Finance Minister told reporters here during a press briefing when asked about the