India Inc borrows $1.05 bn from foreign markets: Reports

The Indian Government has said that the Indian industry borrowed USD 1.05 billion from foreign markets last month, including the rupee denominated bonds (RDBs) route. As per reports, in contrast, the borrowings were USD 1.32 billion in May last year. However, the two sets of data are not comparable as the RDB route was not there until September. As per RBI data, of the total in May this year, e

Government not to hike PDS foodgrain prices for another yr: Ram Vilas Paswan

The government today decided not to hike prices of foodgrains sold under the Food Law via ration shops for one more year. Under the National Food Security Act (NFSA), which was passed in 2013 during the previous UPA regime, there is a provision for revision of the issue prices of foodgrains every three years. At present, the government supplies highly subsidised foodgrains at Rs 1-3/kg to over

Government should make policy for manufacturing commercial planes: Ajay Singh

SpiceJet has said that India should come out with policy initiatives for local manufacturing of commercial planes as its aviation market is poised to become the third largest in the world. Commenting on the issue, SpiceJet Chief Ajay Singh told the media, “The Indian government should come out with policy initiatives for manufacturing commercial planes inside the country. It (making comme

India not much affected by global malware attack yet: Ravi Shankar Prasad

The government on Wednesday said it has started proactive measures to keep the country insulated from the latest round of ransomware attack, which has hit Europe, adding that so far there was no large-scale impact on India.

"We have been taking proactive steps... we have sent out advisories (on the cyber attack and the malware)... India is not much affected at this stage," I

Government, JNPT set out to contain damage from malware attack

The Ministry of Shipping and JNPT have got onto the front foot trying to contain the disruption in operations at one of the port terminals in the wake of the latest malware attack, said an official statement. "It has been informed by the private terminal operator (APM Maersk) that this disruption is a consequence of a worldwide disruption being faced by them because of a cyber attack,"

Difference of opinion between RBI, government is not bad: Y.V. Reddy

Difference of opinion between Reserve Bank of India and the government is not a bad thing at all, says former RBI Governor Y.V. Reddy, whose differences with the then Finance Minister P. Chidambaram in 2004 on opening the banking system to foreign ownership made him consider quitting the post.


Reddy, the RBI Governor between 2003 and 2008 who has written an autobiography '

Government mandates Aadhaar-PAN linking from July 1

The government has made it mandatory to link existing Aadhaar numbers with PAN of taxpayers with effect from July 1. Amending income tax rules and notifying the same, the government has made quoting of the 12-digit biometric Aadhaar or the enrolment ID a must at the time of application of permanent account number (PAN). Finance Minister Arun Jaitley through an amendment to tax proposals in the

Kerala government to invest Rs 50,000 cr on infra projects: Reports

The Kerala government has said that it is planning to invest about Rs 50,000 crore on infrastructure projects this year to enhance job opportunities for the youth. Commenting on the issue, state Finance Minister Thomas Issac told the media, “The proposed investment is huge for a small state like Kerala. I don't go into how we are financing. It's going to take place. It will change

Government forms committee for National Education Policy

The HRD ministry has appointed a new nine-member panel, headed by space scientist Krishnaswamy Kasturirangan, to work on a New Education Policy (NEP), said an official statement. The Prakash Javadekar-led HRD ministry has chosen experts and educationists from wide-ranging backgrounds to be part of the panel that is expected to recast Indias education policy.

Besides Kasturirangan, who

Irdai looking at inventive methods to utilize Ad budget

The Indian Government has said that Irdai is looking for innovative methods to utilise this year's advertisement budget that has been raised to Rs 66.5 crore. As per reports, the Government is keen on increasing insurance penetration in the country, especially in remote areas. The Insurance Regulatory and Development Authority of India (Irdai) makes use of various platforms like newspapers,

Cargo traffic up 5.56% in April-May 2017-18: Reports

The Indian Government has said that India's top 12 major ports saw their cargo traffic go up by 5.56 per cent to 113.63 million tonnes (mt) in April-May of 2017-18, riding on the back of surge in demand. As per reports, these top ports, under the administrative control of the Centre, had handled 107.65 mt cargo in April-May 2016.

According to the Indian Ports Association, increase

CAIT urges government for trial period of GST

The Confederation of All India Traders (CAIT) on Monday called for a nine-month "trial period" of the landmark taxation reform Goods and Services Tax (GST).

According to CAIT Secretary General Praveen Khandelwal, if accepted then the nine month period from July 1, 2017 to March 31, 2018 should be utilised to understand the GST by both the government and traders as the new ta

Government postpones provision relating to TDS, TCS under GSTec

The government has postponed the provision relating to Tax Deduction at Source and Tax Collection at Source under the GST, ahead of its July 1 roll-out.

This has been done to provide more time for persons liable to deduct tax at source and e-commerce companies and their suppliers to prepare for the historic tax reform.
 

Maharashtra announces Rs 34,000 crore farm loan waiver

The Maharashtra government on Saturday announced a loan waiver package of Rs 34,000 crore that will provide relief to 89 lakh farmers in the state.

After a cabinet meeting cleared the loan waiver package, Maharashtra Chief Minister Devendra Fadnavis told media persons here that debts of up to Rs 1.5 lakh per farmer will be written off, which means loans of at least 40 lakh farmers wil

First phase of Jewar airport gets government nod

Civil Aviation Minister Ashok Gajapathi Raju on Saturday said approval for the first phase of Jewar airport in western Uttar Pradesh has been granted.

According to the Civil Aviation Ministry, site clearance for the first phase of the airport at Jewar in Greater Noida is envisaged to be completed in five years. 

Elaborating on the project, Minister of State for Civil Av

Government to give PAN, taxpayer data access to NATGRID: Reports

The Indian Government has said that the NATGRID, a network aimed at sharing information about terrorists among security agencies, will now be getting access to the Income Tax Department's PAN records and individual taxpayers' data.

As per reports, the ambitious project launched during UPA II rule will soon be getting new powers to access tax payers' information after it si

Government to be lenient in initial period of GST implementation: Hashmukh Adhia

The Indian Government has said that it will be lenient in enforcing penal laws for violations during the initial period of implementation of the new national sales tax regime, GST. Commenting on the issue, Revenue Secretary Hashmukh Adhia told the media, “A distinction would be made between genuine mistakes in filing of returns and deliberate attempts to evade taxes.”

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Government to set up 2 call centres to handle GST queries: Reports

The Indian Government has said that GST Network (GSTN), the company providing IT services for GST, will launch two call centres to handle queries from taxpayers and tax officials regarding GST. As per reports, the Goods and Services Tax will be rolled out from July 1, and GSTN will have a major role to play as it will have to handle the huge traffic of invoices and turnover details of companies

Government announces 30 more smart cities, Trivendrum tops list

The government of India on Friday released another list of 30 cities for development as smart cities, taking the total cities picked up so far to 90 under Smart City Mission launched on June 25, 2015.

Announcing the new batch of smart cities, Minister of Urban Development and Housing & Urban Poverty Alleviation M.Venkaiah Naidu said that 45 cities contested for 40 available smart

World Bank, AIIB co-financing for Andhra power project

The Indian government on Thursday signed an agreement with the World Bank and the Asian Infrastructure Investment Bank (AIIB) for co-financing loans worth $570 million for the 'Power for All' project in Andhra Pradesh.

The total cost of the project is $570 million, of which $240 million is from the World Bank arm International Bank for Reconstruction and Development (IBRD) and

Mumbai airport not to participate in next bidding under UDAN: Reports

The Indian Government has said that Mumbai airport is unlikely to participate in the second round of bidding for air routes for the government's regional connectivity scheme UDAN because of capacity-crunch at the busy airport. As per reports, the Chhatrapati Shivaji International Airport handled 837 flights a day, or one in 65 seconds, on an average in fiscal 2016-17, becoming the world'

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

US to spend $7.5 mn to develop India`s power grid: Reports

The US Government has said that it will spend USD 7.5 million to help advance India's power grid, as part of the two countries' commitments to ensuring access to affordable and reliable energy. Commenting on the issue, US Energy Secretary Rick Perry told the media, “The Ministry of Science and Technology and industry will match the commitment of US' Department of Energy, bring

Japan government raises economic view, says moderate recovery intact

TOKYO - Japan's government on Thursday raised its overall view of the economy for the first time in six months, reflecting a gradual pick-up in private consumption and underscoring its confidence that an export-led recovery is broadening.

The government also raised its view of private consumption - which has been a weak link in the economy - saying that it is pick

MeitY launches webpage to help IT, elect co`s in GST regime

The government has launched a webpage to facilitate taxpayers to address issues related to Information Technology Services & Electronics goods, MeitY said. The move has come to ensure preparedness for GST implementation from July 01, this year.

The Ministry of Electronics and Information Technology (MeitY) said in a release that, “In order to ensure preparedness for GST impl