Economy

Cabinet approves draft GST bills

Cabinet approves draft GST bills

New Delhi [India], Mar. 20 : The Union Cabinet on Monday gave its nod to four legislations of the much-awaited Goods and Services Tax (GST) bill, namely Central, State, Union Territory and Integrated GST, along with the Compensation Bill.

The aforementioned legislations are reported to be taken up for discussion in the Parliament later this week.

The meeting held earlier today was chaired by Prime Minister Narendra Modi, exclusively to discuss the outcomes of the above legislations, subsequently enabling the GST to be rolled out as per schedule on July 1, 2017.

The Central, State, Union Territory and Integrated GSTs were earlier approved by the GST Council after multiple discussion over 12 meetings of the Council held in the last six months.

Very little volatility in Indian market post Fed rate hike: Arvind Subramanian

Very little volatility in Indian market post Fed rate hike: Arvind Subramanian

New Delhi [India], Mar 16 : Hailing the decision of the US Fed to overnight increase the funds rate to a target range of 0.75 percent to one percent, Chief Economic Adviser Arvind Subramanian on Thursday said that it was anticipated with a probability of 100 percent and added that this move should not be seen as a surprise.

Talking about the affect of the rate hike on the Indian market, Subramanian said there is very little volatility in the market, adding there is, however, pressure on the rupee to strengthen in the coming weeks.

"There is very little impact on India and Indian rupee in terms of capital outflows because export numbers have been good so far," added Subramanian.

US Fed raises rates at March meeting with high expectations of economy boost

US Fed raises rates at March meeting with high expectations of economy boost

New Delhi [India], Mar 16 : The Federal Reserve on Wednesday increased its benchmark interest rate a quarter point amid rising confidence that the economy is on the path of robust growth.

It for the second time in three months that the Fed has increased its interest rates, which is widely anticipated by the financial markets as it has taken the overnight funds rate to a target range of 0.75 percent to one percent and set the Fed on a likely path of regular hikes ahead.

"The market was bracing for a much more hawkish tone from the Fed. The early reaction looks to be one of relief, that the market's worst fears were averted," said Michael Arone, the chief investment strategist at State Street Global Advisors.

GST implementation: Govt. announces compensation to states for five years

GST implementation: Govt. announces compensation to states for five years

New Delhi [India], Mar 16 : The Goods and Services Tax (GST) Council headed by Finance Minister Arun Jaitley on Thursday announced the panels' consensus on significant issues including fixing the threshold limit for registration and full compensation for five years to the states for losses on account of the GST implementation.

The GST Council is expected to endorse the remaining two crucial bills including the State GST (SGST) and Union Territory GST (UTGST) here today.

The Council's nod will act as another decisive step in the run up to the implementation of the overhauled tax regime from July 1.

SBI, CREDAI sign MOU towards development of Real Estate Sector

SBI, CREDAI sign MOU towards development of Real Estate Sector

New Delhi [India], Mar. 16 : The State Bank of India (SBI) and the Confederation of Real Estate Developers' Associations of India (CREDAI) on Wednesday inked a Memorandum of Understanding (MOU) to jointly conduct various initiatives towards the development of the Real Estate Sector for a period of three years.

SBI and CREDAI have a common objective of providing housing for all.

Each of them will leverage their individual strengths and collaborate in areas which will be beneficial to the sector and the consumers at large.

The MOU was exchanged between Rajnish Kumar, Managing Director SBI and Geetambar Anand, President CREDAI at the CREDAI National Conclave held in Delhi on March 6 and March 7.

Union Minister Venkaiah Naidu was also present for the occasion.

Inflation soars to 3.65 per cent in February

Inflation soars to 3.65 per cent in February

New Delhi [India], Mar. 15 : Retail inflation rose to a four-month high of 3.65 per cent in February this year, mainly due to an increase in the prices of food items.

Inflation measured in terms of the Consumer Price Index had stood at 3.17 per cent in January this year. Retail inflation was 5.26 per cent in February last year.

According to data released by the Central Statistics Office, retail inflation in food items rose to 2.01 per cent in February, from 0.61 per cent in January.

But prices of vegetables declined by 8.29 percent and of pulses by 9.02 per cent.

The increase in prices may weaken the case for an immediate interest rate cut by the RBI, which had kept lending rates unchanged at the last review in February, citing risks to inflation. (ANI)

February WPI inflation rises 6.55 percent against 5.25 percent

February WPI inflation rises 6.55 percent against 5.25 percent

New Delhi [India], Mar 14 : The Wholesale Price Index (WPI) or inflation for the month of February rose by 0.5 percent to 185.5 (provisional) from 184.6 (provisional) for the previous month.

The annual rate of inflation, based on monthly WPI, stood at 6.55 percent (provisional) for the month of February, 2017 (over February, 2016) as compared to 5.25 percent (provisional) for the previous month and -0.85 percent during the corresponding month of the previous year.

Primary articles index rose by 0.9 percent to 258.1 (provisional) from 255.7 (provisional) for the previous month.

GST Bill likely to be tabled before Cabinet on March 22

GST Bill likely to be tabled before Cabinet on March 22

New Delhi [India], Mar 8 : Maintaining the tempo for the much-awaited Goods and Services Tax (GST) against the backdrop of the crucial Uttar Pradesh Assembly elections, sources in the Finance Ministry on Wednesday said the bill will be presented before the Cabinet on March 22.

The government, which is leaving no stone unturned to lose its sight on the biggest tax reform, has said that the Central GST Law, Integrated GST Law, State GST Law and Union Territory GST and Compensation Law will be put together for the Cabinet's approval on March 22.

However, the Finance Ministry has said that it will table the CGST, IGST and Compensation Law before the Parliament on March 27.

GST Council meet at Vigyan Bhawan begins; to finalize supporting legislations

GST Council meet at Vigyan Bhawan begins; to finalize supporting legislations

New Delhi [India], Mar 4 : The crucial Goods and Services Tax (GST) Council meet, headed by Finance Minister Arun Jaitley has commenced at Vigyan Bhavan with the agenda to get the council's approval on iGST (integrated GST), cGST (central GST) and sGST (state GST) drafts before the second half of the budget session of Parliament that begins on March 9.

However, the State GST and UT GST will not be on the council's agenda for today as the tax reform lies pending with the Law Commission for legal framing.

The government is keen to roll out the new regime from 1 July for which it is likely to hold 12 GST Council meetings in the next week to discuss and get it cleared.

India to make available more soft loans for new infrastructure projects in Nepal: Jaitley

India to make available more soft loans for new infrastructure projects in Nepal

New Delhi [India], Mar 3 : Union Finance Minister Arun Jaitley, who is attending the Nepal Investment Summit 2017 at Kathmandu, has stated that New Delhi is Kathmandu's largest partner in trade and investment with more than two-third of the country's trade being with India, accounting for nearly 40 percent of total FDI in Nepal.

"Nepal is well poised to attract further FDI from India by creation of a conducive legal and regulatory framework," said Jaitley while addressing the Nepal Investment Summit.

While sharing his views on India's experience in reforming its economy and attracting Foreign Direct Investment (FDI), Jaitley said that India and Nepal have wide ranging engagement in trade and investment.

GST to be implemented on July 1: GSTN

GST to be implemented on July 1: GSTN

New Delhi [India], March 2 : The Goods and Services Tax Network (GSTN) will comply with the deadline set by the Ministry of Finance regarding the official implementation of the much-awaited GST Bill scheduled for July 1, 2017.

GSTN CEO Prakash Kumar claimed that all necessary arrangements for timely implementation of the GST have been made.

"The Reserve Bank of India ( RBI) had already approved 30 banks for payment regarding the GST. Apart from these banks, the payment can be made via other banks through the National Electronic Fund Transfer (NEFT) or Real Time Gross Settlement (RTGS)," Kumar told ANI.

RBI releases 'Quarterly Statistics on Deposits, Credit of Scheduled Commercial Banks for December 2016'

RBI releases 'Quarterly Statistics on Deposits, Credit of Scheduled Commercial

New Delhi [India], Mar 1 : The Reserve Bank of India ( RBI) on Wednesday released its quarterly statistics on Deposits and Credit of Scheduled Commercial Banks (SCBs) as on December 31, 2016.

On a year-on-year (y-o-y) basis, aggregate deposits grew at an accelerated

pace in all population groups (except in metropolitan areas) and for all bank groups; on the other hand, however, bank credit decelerated across all population groups and bank groups.

Term deposits constituted the highest share in aggregate deposits in all population groups, except in rural areas where savings deposits (53.4 percent) recorded the major share.

Metropolitan bank branches continued to contribute the largest share of aggregate deposits (51.6 percent) and total bank credit (65.6 percent).

GDP estimates imply minimal impact of demonetization, says SBI report

GDP estimates imply minimal impact of demonetization, says SBI report

New Delhi [India], Mar 1 : The State Bank of India's Economic Research Department in its report on GDP estimates noted that the Q3 FY17 estimates are crucial in the sense that it should have given the impact of what happened in the economy during those two months of demonetization.

The report further added that despite the upward revision of Q1 FY16 and Q2 FY16, the GDP estimates for Q1 FY17 and Q2 FY17 have been revised upwards indicating improvement in economic activity in first half of current fiscal.

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.




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