RBI finalises peer to peer lending norms

The Reserve Bank of India (RBI) has finalised norms for peer-to-peer (P2P) lending platforms and is expected to release final guidelines in 2-3 weeks, a top finance ministry official said according to the PTI report. According to the official, the finance ministry has given its comments to the central bank and the latter is giving final touches to the rules. "We have given our comments to

Power demand & generation sees improvement in May: Reports

An India Ratings report has said that power demand and generation has improved in May, but declining coal stock may lead to power shortage. Commenting on the issue, an Ind-Ra Official told the media, "Power demand in May 2017 increased 6.3 per cent year on year to 105.5 billion units (BUs). Even after the sharp increase in year on year demand in May 2017, India was able to manage the power

NITI Aayog in favour of higher taxes on SUVs: Reports

The Government think tank NITI Aayog has said that there should be a higher tax on big cars and SUVs and is in favour of promotion of mass transport system like metro rail to improve air quality. As per reports, the proposed National Energy Policy has also pitched for providing conducive regulatory framework to encourage investments in the energy sector in India which would around USD 3.6 trill

India`s 2016/17 cotton exports seen down 17 pct to 6 million bales - trade body

MUMBAI  - India's cotton exports in 2016/17 are likely to fall 17 percent from a year ago to 6 million bales, a leading trade body said on Thursday, as an appreciating rupee dented the competitiveness of the Indian fibre in the world market.

The world's biggest cotton producer is likely to have harvested 33.63 million bales of cotton in the 2016/17 season

Equities close flat on derivatives expiry day, metal stocks surge

The Indian equity markets on Thursday recouped after sixth consecutive sessions of losses to close on a flat note -- marginally in the green -- as volatility was induced on the day of June derivatives expiry.

According to market observers, positive global cues and healthy buying in metal, FMCG and capital goods stocks aided the key indices to trade on a higher note.

The wide

Modi set to launch India's biggest tax reform amid protests

By Manoj Kumar

NEW DELHI  - At midnight on Friday, India will introduce a nationwide goods and services tax with Prime Minister Narendra Modi taking centre-stage in parliament for what will be the country's biggest tax reform in the 70 years since independence from British colonial rule.

The GST will replace about 20 central and state taxes such as

No plans to make CIL arms into separate entities: Piyush Goyal

Union Power Minister Piyush Goyal has said that the Government is not considering any proposal to make Coal India arms into independent companies. As per reports, Government think tank Niti Aayog had suggested in its draft National Energy Policy to spin off Coal India's seven arms into independent firms and imbibe competition, saying the coal behemoth was supplying coal to consumers at high

Indian stocks to scale new highs on government reforms: Reuters poll

By Vivek Mishra and Indradip Ghosh

BENGALURU  - The benchmark Sensex will reach a record high by year-end, driven in part by confidence the government will likely pass through major reforms, according to a Reuters poll of strategists who said weak corporate earnings remain a concern.

With gains of over 15 percent so far this year, the Sensex has outperf

IndiGo, other airlines show interest in buying stake in Air India - TV

NEW DELHI  - InterGlobe Aviation owner of IndiGo airline, has shown unsolicited interest in buying a stake in state-owned carrier Air India, television channel CNBC-TV18 reported.

Several other airlines, domestic and international, have also expressed interest in buying a stake in Air India, CNBC-TV18 reported, quoting civil aviation ministry officials. The repor

Mutual funds managers need to improve due diligence: SEBI

MUMBAI - Indian mutual funds need to improve their due diligence before investing in corporate bonds and not rely only on credit ratings given rising concerns about potential defaults, the chairman of Securities and Exchange Board of India (SEBI) said on Thursday.

The warning by SEBI Chairman Ajay Tyagi comes as several companies, including Amtek Auto, Jindal Steel an

Farm loan waiver may dent state finances, risk slippage: Fitch Rating

Loan waiver schemes being doled out to farmers could have a significant impact on state government finances and pose risk of further fiscal slippages, Fitch Ratings said. Four states-- Uttar Pradesh, Maharashtra, Punjab and Karnataka, which account for around one-third of India's population-- have announced farm loan waivers and other state governments are likely to feel pressure to impleme

Coal projects provide growth scope for mine developers: Ind-Ra

With the central and state utilities expected to invite bids for coal mining in the near future, domestic mine developer and operators (MDOs) with a good track record will have a big growth opportunities, said India Ratings as per the PTI report. "The MDO route presents a large growth opportunity for domestic engineering, procurement and construction (EPC) players with a demonstrated relev

Cabinet okays signing of pact between India and US on Homeland Security

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi on Wednesday approved signing of a Memorandum of Cooperation between India and the United States of America on Homeland Security.

The memorandum of cooperation will further strengthen bilateral security relations between India and the USA and will also help in coordination and interactions among the six Sub-Groups that

Finance Minister turns down demands for deferring GST rollout

Finance Minister Arun Jaitley rejected demands for deferring the Goods and Services Tax (GST) rollout saying the Constitution does not give luxury to delay the nation's biggest economic reform by six months, reported PTI. Not ruling out a few initial glitches when more than a dozen state and central taxes are abolished and barriers between 29 states done away with, Jaitley said the system i

Cabinet approves plan to privatise Air India

By Sudarshan Varadhan and Tommy Wilkes

NEW DELHI  - India approved plans on Wednesday to privatise debt-laden Air India, the first step of a process that could see the government offload an airline struggling to turn a profit in the face of growing competition from low-cost rivals.

Finance Minister Arun Jaitley told reporters after a cabinet meeting tha

Oil prices rise to two-week high on dip in U.S. output

By Karolin Schaps

LONDON  - Oil prices rose to a two-week high on Thursday, extending a rally into a sixth straight session, after a decline in weekly U.S. production eased concerns about deepening oversupply.

Crude prices slipped to the lowest in 10 months last week but have since rebounded more than 7 percent, stretching their bull-run to the longest

India gold premiums jump to 7-1/2-month high ahead of tax hike

By Rajendra Jadhav and Nithin ThomasPrasad

BENGALURU/MUMBAI  - Gold premiums in India jumped to the highest level in 7-1/2 months this week as consumers advanced purchases to avoid paying higher tax when a new nationwide sales tax takes effect from July 1.

India, the world's second-biggest gold consumer, has said it will impose a 3 percent goods and

Wipro touts U.S. jobs amid visa uncertainty

MUMBAI - Wipro Ltd, India's third-largest software services exporter, said on Wednesday that more than half its workforce in the United States consists of locals after it hired more than 1,600 people in the last six months.

The statement comes as U.S. President Donald Trump has asked federal agencies to review a visa program that Indian IT firms such as Wipro use to fly engineers

Fitch Ratings maintains negative outlook on banking sector

 Fitch Ratings maintained the negative outlook on the Indian banking sector based on an assessment on the sector's core capitalisation, a top official of the ratings agency said on Wednesday.

"We have maintained the negative outlook on the sector and the large part of that is from our concerns on capitalisation levels at public sector banks and how they have eroded becau

No deferring GST launch: Arun Jaitley

Yet again ruling out deferring the implementation of the Goods and Services Tax (GST), Finance Minister Arun Jaitley on Wednesday appealed to the opposition parties, their MPs and states where these parties run the governments to attend the midnight launch of the new tax law in Parliament on June 30.

"It is neither partisan nor dictated by any pressure. I appeal to all the partie

CBDT signs Advance Pricing Agreements with Indian taxpayers

The Central Board of Direct Taxes (CBDT) has entered into five unilateral Advance Pricing Agreements (APAs) with Indian taxpayers in June along with a bilateral APA involving the United Kingdom, the Finance Ministry said on Wednesday.

The APA Scheme endeavours to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and determining the a

UCO Bank to raise Rs 3,000 cr capital, hopes to be profitable in FY19

 State run lender UCO Bank, which is planning to raise Rs 3,000 crore capital in the current fiscal, is hoping to turn profitable in the next financial year, an official said on Wednesday.

"This year it (return to profits) is not possible. We expect to become profitable in next year," the lender's Executive Director Charan Singh said on the sidelines of its ann

Mukesh Ambani keeps salary unchanged at Rs 15 crore

Reliance Industries Chairman and Managing Director Mukesh Ambani has kept his own salary unchanged at Rs 15 crore, said the company's annual report for 2016-17.

This is the ninth consecutive year since Ambani's compensation package has been set at Rs 15 crore.

"The Chairman and Managing Director's compensation has been set at Rs 15 crore as against Rs 38.75

Uber launches UberEATS in Delhi NCR

Global ride-hailing service Uber on Wednesday launched its food delivery service app UberEATS in the Delhi-National Capital Region, starting with Gurugram.

The UberEATS app is separate to the Uber app people use to request a cab ride and has been built specifically to make food delivery as seamless as possible. 

"As a step further in our global expansion strategy,

Cabinet nod to in-principle divestment of Air India stake

The Cabinet on Wednesday gave in-principle approval for Air India stake divestment, Finance Minister Arun Jaitley said here.

"In-principle approval for Air India divestment has been given. The Civil Aviation Ministry's proposal for formation of a group under the chairmanship of the Finance Minister to decide the modalities of divestment process has also been accepted," h