Economy

GST council expected to finalise laws at the Udaipur meeting today

GST council expected to finalise laws at the Udaipur meeting today

New Delhi [India], Feb. 18 : The 10th council meeting of the Goods and Services Tax (GST) to vet the draft supporting legislations crucial for its implementation has begun at Udaipur here today.

The meeting is being chaired by the GST council who aim to get clearance on a number of issues, including the formation of a GST Appellate Tribunal, which will discuss matters related to GST implementation and suggestions.

Pak Board of Investment identifies 41 sites for CPEC economic zones

Pak Board of Investment identifies 41 sites for CPEC economic zones

Islamabad [Pakistan], Feb.15 : Pakistan's Board of Investment (PBOI) has identified 41 sites for establishing special economic zones (SEZs) to give a boost to the multi-billion dollar China-Pakistan Economic Corridor (CPEC) projects.

According to the Dawn, the Board of Investment (BOI) gave this information to the National Assembly's Standing Committee on Planning, Development and Reform on Tuesday.

The committee was informed that the 41 sites had been selected after consultations with the provincial, Azad Jammu and Kashmir and Gilgit-Baltistan governments and the Federally Administered Tribal Areas secretariat.

The emphasis of the meeting was to look for ways to give a fillip to export-oriented businesses and to reap the full benefits of the CPEC.

Tax collection up to January 2017 shows trend of healthy growth

Tax collection up to January 2017 shows trend of healthy growth

New Delhi [India], Feb 10 : The tax collection figures up to January 2017 have shown consistent trend of healthy growth in both Direct and Indirect Taxes as the net indirect tax grew at the rate of 16.9 percent compared to corresponding month last year with growth rate in net collections for customs, central excise and service tax at the rate of 10.1 percent, 26.3 percent and 9.4 percent respectively January, 2017.

UBI may be launched as a pilot, says Arun Jaitley

UBI may be launched as a pilot, says Arun Jaitley

New Delhi [India], Feb 10 : Extolling virtues of the Universal Basic Income, Finance Minister Arun Jaitley on Friday said that at least one state is willing to take a plunge and launch a pilot on the scheme, proposed by the Economic Survey.

"UBI is an idea worth considering. Today I had the first finance minister of a state meeting me to say that my state is willing to take a plunge as a pilot project pooling all the state and central subsidies. We will identify the poor people of the state, give cheque to a family every month" said Jaitley while addressing captains of the industry at the ASSOCHAM annual event.

This way he said, poverty can be eliminated over night in a region where it is implemented.

ASSOCHAM seeks RBI nudge to banks for full transmission of interest cuts, post- note ban

ASSOCHAM seeks RBI nudge to banks for full transmission of interest cuts

New Delhi [India], Feb 8 : As the Monetary Policy Committee of the Reserve Bank of India meets on February 7 and 8 for next bi-monthly credit policy, apex industry body ASSOCHAM has impressed upon the central bank and the Finance Ministry to ensure adequate transmission of cuts in the interest rates even as the industry would seek at least 50 to 75 basis point reduction in the benchmark lending rates, post demonetization.

RBI proposes to waive off bank transactions charges and decrease interest rate for credit cards

RBI proposes to waive off bank transactions charges and decrease interest rate

New Delhi [India], Feb. 4 : In an attempt to promote cashless transactions in the country, Reserve Bank of India (RBI) has given banks the freedom to fix bank service charges for transactions, stated Santosh Kumar Gangwar, Minister of State in the Ministry of Finance, in Lok Sabha on Friday.

RBI has deregulated interest rates on credit card dues. Interest rates are determined by banks with the approval of their respective Board of Directors subject to regulatory guidelines on interest rate on advances issued by RBI from time to time. RBI does not maintain information on the rate of commission charged.

India signs Financing Agreement with World Bank for USD 201.50 Million

India signs Financing Agreement with World Bank for USD 201.50 Million

New Delhi [India], Feb. 2 : Aiming to enhance quality and improve efficiency of the Engineering Education System, a Financing Agreement for IDA credit of USD 201.50 Million was signed with World Bank for the 'Third Technical Education Quality Improvement Programme' (TEQIP III) on Wednesday.

The Agreement was signed by Raj Kumar, Joint Secretary, Department of Economic Affairs, on behalf of the Government of India and Junaid Kamal Ahmad, Country Director, World Bank (India) on behalf of World Bank.

The objective of the agreement is to improve the Engineering Education sector in Uttarakhand, Himachal Pradesh, Bihar, Uttar Pradesh, Madhya Pradesh, Chhattisgarh and Rajasthan, along with eight North Eastern States and Andaman and Nicobar Islands.

India stands out as a 'shining spot' despite world economy facing challenges: Jaitley

India stands out as a 'shining spot' despite world economy facing challenges

New Delhi [India], Feb. 1 : Finance Minister Arun Jaitley in his Union Budget 2017-18 speech today expressed gratitude towards the people of India for showing their strong support towards the government as a trusted custodian of public money, which has led the country towards a formal economy.

"We are moving from an informal to a formal economy," said Jaitley while ensuring more steps will be taken in the future to ensure that growth reaches all.

Extending support to the people, the Finance Minister said that the government was elected amidst huge expectations of the people and the theme of good governance.

Jaitley presents Union Budget despite Oppn protest

Jaitley presents Union Budget despite Oppn protest

New Delhi (India), Feb. 1 : Finance Minister Arun Jaitley has begun presenting the Union Budget in Parliament today amid expectations of an increase in income tax exemption limits, to incentives for the Micro Small and Medium Enterprises (MSME) sector post the November 8 demonetisation drive.

Lok Sabha Speaker Sumitra Mahajan paid tribute to former union minister and Indian Union Muslim League (IUML) leader E. Ahamed, who passed away this morning.

"I would have adjourned the House. But today's sitting has been fixed by the President for presentation of the Budget. Instead the House will be adjourned tomorrow as a mark of respect for E. Ahamed ji," the Lok Sabha Speaker said.

Rail stocks decline three to five pct ahead of Rail Budget

Rail stocks decline three to five pct ahead of Rail Budget

New Delhi [India], Feb 1 : With maximum focus on safety, speed and infra development, the Finance Minister Arun Jaitley will present the first Rail Budget subsumed in the General Budget today.

With higher expectations with the sector, the shares of rail-related companies are in focus. Shares such as Texmaco Rail, Kalindee Rail Nirman, Titagarh Wagons and Kernex Microsystems were down three percent to five percent intraday.

On the other hand, the investors are looking for a safety fund for railways reeling under a series of deadly derailments, development of new lines, station redevelopment and setting up of Rail Development Authority and High Speed Rail Authority in the Rail Budget.

General Budget: Nation looks forward to cleanliness, women safety in Indian Railways

General Budget: Nation looks forward to cleanliness, women safety in Indian Rail

Hyderabad/Patna [India], Feb, 1 : With all eyes set on the presentation of the General Budget, the people across the country stressed on cleanliness in the Indian Railways and expressed hope that the government will come up with initiatives aimed at ensuring that the trains run on time.

The frequent users of Southern Railways in Hyderabad say that although ticket prices are reasonable, there is a need for compartments to be cleaned well. Additionally, the trains should be more viable for physically handicapped people to use them.

One of the locals in Andhra Pradesh's capital city Hyderabad said that adequate medical facilities need to be available with a medical practitioner on board at all times so that any medical emergency can be resolved at the earliest.

Finance Minister Arun Jaitley to present Union Budget today

Finance Minister Arun Jaitley to present Union Budget today

New Delhi [India], Feb. 1 : The 2017 Union Budget will be presented today in Parliament by Finance Minister Arun Jaitley and there will be no separate Rail budget from this year, as it has been merged with the General Budget.

The government has advanced the date of budget presentation so as to complete the entire process before the end of financial year.

The first part of the budget session has been kept brief in view of ongoing assembly polls in five states.

Later in the day, the Finance Minister will reply to questions by Twitterati on the budget proposals.

He said that he will be happy to respond to the questions sent directly to him on Twitter. The questions can be asked on Twitter by using hashtag #MyQuestionToFM.

Revenue officers to wear black badges to work today

Revenue officers to wear black badges to work today

New Delhi [India], Jan. 30 : The members of Internal Revenue Service (IRS) Association and All India Association of Central Excise Gazetted Executive Officers will wear black badges today to raise their concerns regarding Implementation of Goods and Services Tax (GST).

The Revenue officers will wear black badges across the country. IRS Association said that all states chapter head will be in Delhi and will observe Monday as 'Black Day'.

They will meet top officials at North Block and raise their demand to take back decision taken on GST council meet held on January 16.

Talking to ANI, All India Association of Central Excise Gazetted Executive Officers said that they would work on their ITO office wearing black badges.

Currency Update by Kedia Commodity

Currency Update by Kedia Commodity

USDINR trading range for the day is 68.22-68.48.

Rupee snapped four-day losses on dollar selling by foreign banks and on speculation that the government of India would adhere to its path of fiscal consolidation.
The government had, earlier, set a fiscal deficit target of 3.5% for the current year and 3% for FY18 and FY19.
India's trade deficit narrowed to $10.37 billion in December from provisional $13 billion a month ago, government data showed.

EURINR trading range for the day is 73.25-73.71.

Euro gained as dollar dropped at the start of President Donald Trump’s first full week in office amid concerns over the lack of clarity on his economic policies.

RTI query reveals RBI clueless about fake currencies detected post demonetization

RTI query reveals RBI clueless about fake currencies detected post demonetizatio

New Delhi [India], Jan. 24 : The Reserve Bank of India has admitted it has no confirmed data of the number or value of fake currencies detected since the demonetisation of Rs 500 and Rs 1,000 notes.

As per an RTI query, which is filed by an activist Anil Galgali, revealed that RBI has no information regarding fake currencies detected post-demonetisation.

"We presently don't have the confirmed data on this query," said a reply from the RBI's Department of Currency Management (Forged Note Vigilance Division), to the RTI activist.

In a pointed query, Galgali had asked RBI to provide details of the number or value of the fake currencies detected post-demonetisation, the name of the banks, dates, etc, between November 8 to December 10, 2016.

mjunction conducts e-auction of commercial papers worth Rs. 700-crore for SAIL

Steel Authority of India Limited

New Delhi [India], Jan. 21 : mjunction services limited, a B2B e-commerce company, successfully conducted on Friday an e-auction for commercial papers (CPs) worth Rs. 700 crore for Steel Authority of India Limited (SAIL).

This was a significant step for SAIL towards adopting a business practice that is completely technology-driven, and thus a step forward in the government's Digital India programme.

SAIL said, "For SAIL, this e-auction conducted by mjunction of commercial papers has led to better price discovery. The process was structured, less time consuming, has a scope for greater participation and above all transparent."

CPSE ETF's FFO gets overwhelming response from investors

CPSE ETF's FFO gets overwhelming response from investors

New Delhi [India], Jan. 21 : The Further Fund Offer (FFO) of the Central Public Sector Enterprises (CPSE) Exchange Trade Fund (ETF) has got an overwhelming response as the issue got over-subscribed by wide margin.

The FFO, which was launched on Janury 17, 2017, got bids of approximately Rs. 12,000 crore (US$ 1.7 billion) and received applications from over two lakh investors across 300 cities.

This was the largest disinvestment program undertaken by the Government of India using ETF and largest fund offering by any Mutual Fund in India till date.

RBI Gov assures PAC of normalisation in currency soon

RBI Gov assures PAC of normalisation in currency soon

New Delhi [India], Jan 20 : Reserve Bank of India (RBI) Governor Urjit Patel on Friday told the Public Accounts Committee (PAC) that the cash crunch in the country post the November 8 demonetisation drive will normalise with the passage of time.

Sources said the central banking institution also informed the PAC that specific agencies like Financial Intelligence Unit and Income Tax Dept are looking into abnormal deposits.

Explaining demonetisation to the PAC members, the RBI Governor informed them about the efforts being made to normalise the situation of cash crunch in rural areas. He also threw light on the efforts being made to normalise the situation in urban areas.

More than 3.81 lakh consumers and 21,000 merchants win prizes worth Rs. 60.90 crore at Digi-dhan Melas

More than 3.81 lakh consumers and 21,000 merchants win prizes worth Rs. 60.90

New Delhi [India], Jan. 20 : The Government's efforts to give a boost to the digital payment systems and the cashless economy, post-demonetisation have generated enthusiastic response from the people. People from different age groups, occupations and different walks of life have taken part in a big way in the Lucky Graahak Yojana and Digi-dhan Vyaapaar Yojana giving a fillip to digital transactions.

Economy to grow five-fold by 2040, quotes FICCI representation on reforms required for a transition to gas based economy

Economy to grow five-fold by 2040, quotes FICCI representation on reforms

New Delhi [India], Jan 19 : Indian economy is poised to grow five-fold by the year 2040. Hydrocarbons will continue to play an important role in this growth story. This is also important that we increase our domestic oil and gas production to reduce overdependence on oil imports.

While delivering the inaugural address at PETROTECH 2016, Prime Minister Modi said, "I have to set a target to reduce import dependence by ten percent by 2022. This will have to be achieved during a period of increasing oil consumption."

He also stated that his government accords high priority to move towards a Gas Based Economy and efforts should be made to increase domestic production.




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