Economy

India secure extradition of British middleman Christian Michel from Dubai court in AgustaWestland VVIP choppers deal case

In a massive breakthrough in its hardcore investigation in the 3,600 crore rupees AgustaWestland VVIP choppers deal case, the Indian agencies have successfully secured the extradition of British middleman Christian Michel. Notably, a Dubai court on Tuesday ordered the extradition of British middleman Christian Michel in the 3,600 crore rupees AgustaWestland VVIP choppers deal case. The Dubai court pronounced the judgement after Indian authorities officially made a request to the Gulf nation, based ..

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Centre takes string of decisions to keep fall in rupee under control; Read here

With an aim to keep the rising Current Account Deficit (CAD) and the fall in rupee in control, PM Modi-led central government on Friday announced various steps including the removal of withholding tax on rupee-denominated bonds known as Masala bonds issued till March next year, relaxation for Foreign Portfolio Investment (FPI), and curbs on non-essential imports...

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RBI announces purchase of G-Secs worth Rs 10,000 Cr next week

With an aim to induce liquidity in the system, The Reserve Bank on Friday announced it will purchase government securities (G-Secs) worth Rs 10,000 crore on September 19. The purchase of the government securities will be done through Open Market Operations (OMO)...

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Centre slates steps to check rising Current Account Deficit and fall in rupee

With the backdrop of rising Current Account Deficit (CAD), and the fall in rupee, the Centre has slated an array of measures to check the financial outcomes. The steps include removal of withholding tax on rupee-denominated bonds known as Masala bonds issued till March next year, relaxation for Foreign Portfolio Investment (FPI), and curbs on non-essential imports. ..

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Acche Din! Wholesale inflation eases to four-month low of 4.53 % in August following cheaper food prices

India’s annual inflation based on wholesale price index (WPI) had eased to a four-month low of 4.53 percent in August on softening of prices of food articles, especially vegetables. According to the government data, The annual rate of inflation, based on monthly WPI, stood at 4.53% (provisional) for the month of August, 2018 (over August, 2017) as compared to 5.09% (provisional) for the previous month and 3.24% during the corresponding month of the previous year. Build up inflation rate in the financial ..

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ED files charge sheet against Mehul Choksi in #PNBScam case; says he diverted over Rs 3,250 cr to foreign countries

Continuing its high voltage investigation in PNB scam, the Enforcement Directorate has found that absconding jeweller Mehul Choksi diverted over Rs 3,250 crore funds to foreign countries. Notably, in its charge sheet, ED said that Mehul Choksi diverted over 3,250 crore rupees, amassed by defrauding Punjab National Bank, to the foreign countries including Thailand, the US, Belgium, UAE, Italy, Japan and Hong Kong...

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Vijay Mallya to appear before London court today for a hearing in his high-profile extradition case

Fugitive businessman Vijay Mallya will appear before a London court today for a hearing in his high-profile extradition case. The judge is expected to review a video of the Mumbai jail cell prepared by the Indian authorities for the embattled liquor tycoon...

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Soaring Oil Prices: the govt must act fast

Prime Minister Modi and the BJP squarely must accept the responsibility and accountability for losing political credibility among voters...

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Debt management report for April-June gets released

The Quarterly Report on Debt Management for the Quarter April-June 2018 has been released today by the Finance Ministry. During Q1 of FY19, the Central Government issued dated securities worth Rs. 1,44,000 crore in 12 tranches as against Rs. 1,68,000 crore in Q1 of FY18. The Weighted Average Maturity (WAM) of new issuances increased to 15.16 years from 14.92 years in Q1 of FY 18 owing to issuances of longer tenor securities...

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Union Surface Transport Minister Nitin Gadkari urges auto industry to focus on green transport

Union Surface Transport Minister Nitin Gadkari urged automobile industry to focus on cost-effective and pollution free public transport systems. Addressing the seminar MOVE, global mobility summit organized by NITI Aayog, Gadkari emphasized on the use of modern technology in order to fine-tune the existing transport system...

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#PNBScam: Interpol to soon decide on Red Corner Notice against Mehul Choksi

The international probe agency Interpol is all set to give its decision on issuing Red Corner Notice (RCN) against Mehul Choksi in October this year. Notably, fugitive jeweller Nirav Modi and his uncle Mehul Choksi are involved in Rs 13,000 crore Punjab National Bank (PNB) scam...

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Thanks to demonetization! Fake currency influx drops through Indo-Bangladesh border

Demonetization has been a boon for the country as the influx of fake currency has dipped considerably. DG of BSF K K Sharma said that following demonetization, there has been a drop in fake currency influx through the Indo-Bangladesh border. He also lauded Bangladesh for taking steps to prevent smuggling and influx of such fake currency notes...

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Indian ports register comprehensive growth of 5.13% during April to August this year

Favourable trade conditions made Indian ports to register a whopping 5.13% of growth and together handled 288.38 Million Tonnes of cargo during the period April to August this year. Again, Kamarajar Port has registered the highest growth. Notably, the major ports have recorded a growth of 5.13% and together handled 288.38 Million Tonnes of cargo during the period April to July 2018 as against 274.32 Million Tonnes handled during the corresponding period of previous year...

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Fin Min simplifies GST refund claims for businessmen

In a move to ease of doing business and easing compliance burden for businesses, the Finance Ministry has said GST refunds can be claimed by simply submitting a printout of ‘GSTR-2A’ form to tax authorities instead of giving all purchase invoices of a month...

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#PNBScam: India fastens process of securing Mehul Choksi’s custody; submits second extradition request to Antigua-Barbuda govt

Fastening the process of securing Mehul Choksi’s custody, India on Saturday submitted a second extradition request to Antigua and Barbuda government. Notably, fugitive jeweller Nirav Modi and his uncle Mehul Choksi are involved in Rs 13,000 crore Punjab National Bank (PNB) scam...

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India with member countries aim at “mutually beneficial and fair conclusion” of trade negotiations by year end

Being constructively engaged in the RCEP negotiations, India aims to work towards a high quality, balanced and inclusive outcomes with mutual interests of member countries. Representing India, Union Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu, took part in the RCEP ministerial meeting and 6th East-Asia Economic Ministers’ Meeting (EAS-EMM), attended by Trade and Economic Ministers of 10 ASEAN countries...

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NCLT clears path for Vodafone India and Idea Cellular merger

Finally the merger of Vodafone India and Idea Cellular has been cleared by National Company Law Tribunal (NCLT), paving the way for the creation of India's largest telecom operator worth over 23 billion US dollar with a 35 percent market share...

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India is growing and how! Highest in two years, GDP soars to 8.2% in first quarter of current fiscal

Soaring high Indian economy has seen a major growth by 8.2% in the first quarter of the current fiscal which is ought to be the highest in over two years. Ascribing the high quarterly performance to reforms and fiscal farsightedness, Finance Minister Arun Jaitley said that India's GDP for the first quarter of this year growing at 8.2% in otherwise an environment of global turmoil represents the potential of New India...

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Delhi court shields Lalu Prasad’s wife Rabri Devi, son Tejashwi Yadav in IRCTC scam case; frees them by granting bail

Delhi court today granted bail to RJD leader Lalu Prasad's wife and Bihar’s former Chief Minister Rabri Devi and son Tejashwi Yadav in an Indian Railway Catering and Tourism Corporation (IRCTC) scam case...

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Government-e-Marketplace to be launched soon for transparency, achieve cashless, contactless and paperless transactions

National Mission on Government e Marketplace (GeM) will be launched on 5th September this with an aim to promote inclusiveness, transparency and efficiency in public procurement and achieve cashless, contactless and paperless transaction. The GeM will also be adopted and used by major central Ministries, State Governments and their agencies to increase overall efficiency and lead to cost saving on government expenditure in procurement...

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Slashing social media buzz to be misleading, Banks to remain open in the first week of September

Slashing the rumors on the social media buzz that claimed banks across India will be closed for six days during the week, Ministry of Finance announces that the banks will largely remain open in the first week of September and there will be no impact on the functioning of ATMs...

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Demonetisation and its impact on Tax collection and Formalisation of the Economy

The Reserve Bank has twice released its reports stating that the demonetised Notes of `500 and `1000 have been substantially deposited in the Banks. A widely stated comment has been that just because most of the currency came back into the Banks, the object of Demonetisation has not succeeded...

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Taking a big leap, Indian Railways roll out its first ‘SMART Coach’

Taking a smart move, the Union Minister of Railways Piyush Goyal has given immense upswing boost to the infrastructure of railways. In a new move, the Indian Railways has just got its first “SMART” coach! The SMART coach has several new features that will go a long way in enhancing the safety and security of train journeys and enhancing passenger comfort. ..

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India's economic growth rate to grow at 7.4 % in current financial year: RBI

The Reserve Bank expects India's economic growth rate to grow at 7.4 percent in the current financial year on pick up in industrial activity and a good monsoon...

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Acche Din! Objectives of demonetization like checking black money, terror financing and weeding out fake currency notes achieved

The objectives of the demonetization like checking black money, terror financing, promoting digital transaction and weeding out fake currency notes have been achieved substantially. This was said by Economic Affairs Secretary S C Garg on Wednesday. In a press conference, Economic Affairs Secretary S C Garg said that the demonetization of high-value currency notes achieved its objective quite substantially and there is no cash crunch in any part of the country...

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Over 99 percent of demonetized currencies including 500 and 1,000 rupee notes returned to RBI

The Reserve Bank of India on Wednesday said that over 99 percent of the old 500 and 1,000 rupee notes that were banned by Prime Minister Narendra Modi in November 2016 have been returned. Notably, with an aim to eradicate corruption, terrorism and other anti-national activities from the country, PM Modi on November 8, 2016 announced demonetization i.e ban on 500 and 1000 rupees notes...

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Creation of Insolvency and Bankruptcy Code redefined creditor-lender relationship in India: Arun Jaitley

The creation of the Insolvency and Bankruptcy Code has redefined the creditor-lender relationship in India. This was said by Finance Minister Arun Jaitley on Monday while addressing the 71st Annual General Meeting of the Indian Banks Association. ..

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No ATM to be replenished with cash after 9 pm from next year

The Home Ministry has set the time limit for ATMs for replenishing with cash that is 9 PM in cities and 6 PM in rural areas. This notification will be levied from next year...

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UK finally confirms presence of #PNB fraudster Nirav Modi in its territory; extradition request already in process

Fugitive millionaire jeweller Nirav Modi, the prime accused in Rs 13,000 crore Punjab National Bank (PNB) scam is residing in the United Kingdom (UK). Notably, the British authorities have finally confirmed the presence of Nirav Modi in the United Kingdom. Knowing this before, the Central Bureau of Investigation (CBI) investigating PNB scam has already sent an extradition request to through the Ministry of Home Affairs (MHA)...

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#PNBScam : ED to soon send a reminder to Interpol for issuance of red corner notice against Mehul Choksi

The Enforcement Directorate is all set to send a request reminder to the Interpol to for the issuance of Red Corner Notice (RCN) against fugitive jeweller Mehul Choksi, who is accused in the Punjab National Bank (PNB) fraud case. Notably, fugitive jeweller Nirav Modi and his uncle Mehul Choksi are involved in Rs 13,000 crore Punjab National Bank (PNB) scam...

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Nitin Sandesara, a Gujarat-based businessman arrested in Dubai over Rs 5,000 crore fraud case

Crackdown on economic fraudsters continues in full swing! Notably, a fugitive businessman and a wanted in Rs 5,000 crore fraud case Nitin Sandesara was arrested in Dubai on Wednesday. Dubai authorities nabbed Nitin Sandesara, an absconding director of a Gujarat-based pharma company on the basis of a non-bailable arrest warrant issued by an Indian court. Nitin Sandesara and his pharma company are being probed in Rs 5,000 crore fraud case...

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There are 1677 defaulters who have not paid penalty: SEBI

The Securities and Exchange Board of India (SEBI) has come out with a list of as many as 1,677 entities, including individuals, who failed to pay penalties imposed by the market regulator till the end of May. The violations pertain to providing unregistered portfolio management services, failure to redress investors' complaints and unauthorized collection of money from investors, among others...

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Govt puts board of due date for filing GST returns

The government has modified the due date for filing of final GST sales returns by businesses with a turnover exceeding 1.5 crore rupees to the 11th day of the succeeding month. In a notification issued on Friday, Central Board of Indirect Taxes and Customs (CBIC) has stipulated that details of outward supplies for July 2018 to March 2019 has to be filed by the 11th of the succeeding month...

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Indian ports register whopping growth of 4.13% during April to July this year

Favourable trade conditions made Indian ports to register a whopping 4.13% of growth during the period April to July this year. Again, Kamarajar Port has registered the highest growth. Notably, the major ports have recorded a growth of 4.13% and together handled 231.48 Million Tonnes of cargo during the period April to July 2018 as against 222.29 Million Tonnes handled during the corresponding period of previous year...

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Lok Sabha gives green signal for amending GST compensation bills

The Lok Sabha has passed the Central Goods and Services Tax (Amendment) Bill, Integrated Goods and Services Tax (Amendment) Bill, Union Territory Goods and Services Tax (Amendment) Bill and the Good and Services Tax (Compensation to States) Amendment Bill...

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India's GDP to grow at 7.3% in current fiscal: IMF

The International Monetary Fund says India's GDP is poised to grow by 7.3 percent in the 2018-19 fiscal and 7.5 percent in 2019-20 on the strengthening of investment and robust private consumption...

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With 650 branches, India Post Payments Bank to create country’s banking largest network

In order to spread the roots of banking till village level, Prime Minister Narendra Modi will launch 650 branches of India Post Payments Bank (IPPB) on the 21st of this month...

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Over Rs 13.8 cr in fake notes seized across the country post demonetisation; Gujarat has highest seizure

Fake notes with the face value of over Rs 13.8 crore were seized in the country so far post-demonetisation. This was said by Minister of State for Home Affairs Hansraj Ahir on Tuesday. Notably, demonetisation was introduced to eradicate corruption, terrorism and menace of fake notes from the country...

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RBI welcomes Economist S Gurumurthy and Satish Marathe as newly appointed part-time directors on central board

Reining the chair of the apex bank, the appointment committee of the government on Tuesday appointed journalist and an affiliate of RSS, Swaminath Gurumurthy and Satish Marathe patron of Sahakar Bharathi as part-time directors for the Reserve Bank of India’s central board for four years...

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Delhi, Tamil Nadu and Gujarat emerges most-attractive state for investors in "Investment Potential Index"

Delhi has emerged the most-attractive state for investors, as it climbed on the top position on the National Council for Applied and Economic Research (NCAER)’s 2018 State Investment Potential Index. Notably, in the third edition of the annual N-SIPI that ranks all Indian states on their competitiveness in business and their investment climate, Delhi has emerged the most-attractive State for investors. Tamil Nadu has moved up four places to No 2 while Gujarat previously No 1, slipped two places to ..

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Over 2 lakh companies are under scanner for non-filing of annual returns

A total of 2,25,910 companies are under scanner for non- filing of due returns for the financial Year 2015-16 and 2016-17. This was said by Minister of State for Corporate Affairs P.P. Chaudhary on Friday. In a written reply to Lok Sabha, Minister P.P. Chaudhary said that during the financial year 2018-19, a total of 2,25,910 companies have been identified for action under Section 248 of the Act on the basis of non-filing of due returns for the financial Year 2015-16 & 2016-17. Due procedure shall ..

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Antiguan authorities confirm presence of fugitive PNB scam accused Mehul Choksi; CBI to soon initiate extradition process

The authorities of Antigua on Thursday confirmed about the presence of fugitive Punjab National Bank scam accused Mehul Choksi. Notably, this comes days after the Indian government alerted the Antigua and Barbuda government and asked the country's authorities to arrest Mehul Choksi...

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SC refuses to interfere in Delhi HC bail order for Karti Chidambaram in INXMediaCase

The Supreme Court today refused to interfere with a Delhi High Court order granting bail to Karti Chidambaram, son of former Union minister P Chidambaram, for alleged financial irregularities related to INX Media...

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#PNBScam : India makes formal request to UK for extradition of fugitive jeweler Nirav Modi

India has asked United Kingdom to extradite Nirav Modi, the main accused in the Rs 13,000 crore Punjab National Bank (PNB) scam. This was said by Minister of State for External Affairs Ministry General VK Singh on Thursday. In a written reply to Rajya Sabha, General VK Singh said that the request for extradition of Nirav Modi had been sent to the High Commission of India in London. “The request has been sent by a special diplomatic bag to the High Commission of India, London for onward transmission ..

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Unveiling hidden black money, IT Dept detects undisclosed income worth Rs. 125 Cr under FATCA

Vacuuming out the hidden black money, the Income Tax Department is working in full swing to perceive the illegal money transaction. In a new attempt to shun the illegal practice, the Income Tax Department (IT) under the Foreign Account Compliance Act (FATCA) has detected undisclosed income worth Rs. 125 Crore...

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RBI to set up internal group to review various market timings

As Reserve Bank of India hiked repo rate to 6.50 % in its third bi-monthly monetary policy review of 2018-19, the apex bank looks at extending market timings for segments such as currency future and over the counter foreign exchange. ..

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Working in full swing, GST Refunds worth Rs 54,378 crore cleared till July 31

With a continued focus on liquidating the pending GST refunds, the Central Board of Indirect Taxes and Customs (CBIC) has successfully concluded the Third Refund Fortnight from 16th July, 2018 to 31st July, 2018. Processing the GST Refund, the government processed around Rs 54,378 crore during its third refund fortnight. ..

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RBI puts burden of more 25 points on Banks: Repo rate increased from 6.25 to 6.50

After a gap of nearly 2 months, the Monetary Policy Committee, MPC, of the Reserve Bank of India today hiked repo rate by 25 basis points to 6.50 per cent in its third bi-monthly monetary policy review of 2018-19...

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Loans, deposits of Indians in Swiss bank decreased by 34.5% in 2017

The Loans and deposits of Indians, other than Banks, in the Swiss banks decreased by 34.5% in the year 2017 as compared to 2016. This was said by Minister of State for Finance Shiv Pratap Shukla on Tuesday. In a written reply to Rajya Sabha, Minister Shiv Pratap Shukla said that the data collected by Swiss National Bank in collaboration with Bank for International Settlements (BIS) shows that the loans and deposits of Indians, other than Banks, in the Swiss banks decreased by 34.5% in the year 2017 ..

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P Chidambaram Ji! You are safe, no one will arrest you till Sept 28

The Delhi High Court today extended till September 28 the interim protection from arrest granted to senior Congress leader P Chidambaram on his pleas seeking anticipatory bail in the INX Media case...

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Fulfilling their promises, Modi govt unearths Benami Property worth Rs 4, 300 crore

The Income Tax Department has provisionally attached over 1,600 cases of properties under the Benami Transactions (Prohibition) Act, 1988, worth Rs 4,300 crore. These properties include both movable and non-movable assets from lands, flats, shops, vehicles to bank account deposits...

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RBI to announce its 3rd bi-monthly policy statement for current fiscal today

Reserve Bank will announce its third bi-monthly policy statement for 2018-19, this afternoon. Monetary Policy Committee headed by RBI Governor Urjit Patel had begun its 3-day meeting in Mumbai on Monday...

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#PNBScam : Govt asks Antigua and Barbuda officials to arrest fugitive jeweller Mehul Choksi

Immediately after getting the hints of whereabouts of fugitive Punjab National Bank scam accused Mehul Choksi, the Indian government alerted the Antigua and Barbuda government and asked the country's authorities to arrest him. Notably, as soon as reports in the media about Choksi's presence in Antigua were flashed the government officials alerted the Antigua and Barbuda government in writing and verbally and asked the country's authorities to arrest him. The government officials have also conveyed ..

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Scathing remark on ‘Congress Legacy Tax’ to be a final obituary, Arun Jaitley hails success of GST in one year

The Union Minister shared a Facebook post implicating how the Goods and Service Tax has benefitted the entire nation. Giving an insight of the previous government’s tax regime, the Union Minister stated that in the pre-GST regime, India had a complicated, inefficient, multiple Indirect tax system where each assesse could be levied up to 17 different taxes. ..

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GST price slash kicking in today; Grab your favorite electronic appliances at cheaper rates!

The recent GST meeting decision has given the people enough reason to express their happiness with slash in rates of nearly 50 products. Adding another reason of happiness, giving people a major relief, the refrigerators, televisions, food processors and washing machines will be at least 7-10 % cheaper from July 28. ..

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Attention! Income Tax dept extended deadline of IT File return till 31st August

Attention all of you! Don’t worry if you have not filed Income Tax Returns (IRTs) of this year yet as a due date for filing of Income Tax Returns is extended till August 31. Notably, the move will bring to all the taxpayers who have not yet filed their return...

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A sigh of relief! Taxpayers, now file in your income tax returns by August 31

For those taxpayers who are yet to file their returns, the Central Board of Direct Taxes (CBDT) has some good news in store for you! The CBDT has extended the due date for filing of Income Tax Returns to August 31, 2018..

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UK court says no to Vijay Mallya's attempt to appeal against verdict favoring Indian bank to recover their funds

Fugitive businessman Vijay Mallya has lost his attempt to appeal against a UK High Court order in favor of 13 Indian banks to recover funds amounting to nearly 9,000 crore rupees...

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Hitting a bulls-eye! Sensex hits fresh record high, nifty crosses 11,200 for the first time

With the BSE posting fresh opening with high record, the markets opened on a positive note. It’s a strong start to the market on Friday morning, with the Sensex and Nifty opening at a fresh record high and crossing 11,200 for the first time. ..

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Fugitive Economic Offenders Bill aimed to empower authorities to confiscate properties of economic absconders, tabled in Parliament

The Fugitive Economic Offenders Bill 2018 seeks to lay down measures to empower Indian authorities to confiscate properties of economic absconders. This was said by Finance Minister Piyush Goyal on Wednesday in Rajya Sabha...

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Lok Sabha gives green signal to Prevention of Corruption Act; bribe givers, takers to be punished

The Lok Sabha on Tuesday unanimously passed the Prevention of Corruption (Amendment) Bill, 2018 that provides for punishment to bribe givers and takers, and extends prior nod for a prosecution to former public officials...

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Black Money nearing to end? Indian money deposits in Swiss Bank reduced by 80% during 2014-17

The amount of Indian money deposited in Swiss National Bank saw a prominent reduction of 80 percent between the year 2014 and 2017 after the PM Modi led government came into the power. This was said by Finance Minister Piyush Goyal in Rajya Sabha on Tuesday...

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Iraq remains top oil producer for India while Iran replaces Saudi for second spot

In the first three months of current fiscal year i.e from April to June this year, Iraq continued to be the top oil supplier while Iran emerged as the second-biggest oil supplier to Indian state refiners. This was said by Oil Minister Dharmendra Pradhan on Monday in Lok Sabha...

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Income tax collection from Gujarat surged by over 17% last year

The Income Tax department (IT Department) in Gujarat recorded a hike of 17.3% in tax collection with the total amount of Rs 46, 800 crore in the fiscal year 2017-18. However, the Income Tax department has set a target to collect revenue with 18.75% higher than in the previous year...

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#INXMediaCase: Delhi HC to hear P Chidambaram's anticipatory bail plea on tomorrow

Former Union Minister P Chidambaram’s plea, seeking anticipatory bail in the Enforcement Directorate's (ED) money-laundering case related to INX Media will be heard on July 25 said the Delhi High Court today...

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Piyush Goyal gives a reason to rejoice; GST exempted on sanitary napkins and 50 other goods

The Goods and Services Tax Council, headed by Piyush Goyal at its 28th meeting on Saturday, gave a reason to smile and increased hopes on bringing wide positive changes. The meeting announced reduction on the rates of more than 50 products, including sanitary pads, small televisions, washing machines, and refrigerators. The council also simplified the return filing process for small businesses...

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ED files charge sheet against former Himachal CM Virbhadra Singh’s son Vikramaditya in money laundering case

Embarrassment for former CM Virbhadra Singh and his family continues! Notably, the Enforcement Directorate (ED) filed a charge sheet against Virbhadra Singh’s son Vikramaditya in a money laundering case also involving the former Himachal Pradesh chief minister himself on Saturday...

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Chairing the GST Council Meeting, FM Piyush Goyal proclaimed GST to bring transparence and honesty in the system

“GST will bring transparency and honesty in the system” said Finance Minister Piyush Goyal chairing the 28th GST Council Meeting. This is ought to be the first time when Piyush Goyal chaired the meeting of GST Council after taking charge as Finance Minister in the absence of Arun Jaitley...

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I believe you have to be willing to be misunderstood if you're going to innovate

Jeff Bezos..

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Industrial sector in Punjab gets massive fillip; receives 161 project proposals with investment of Rs.8644 crore

Punjab have received 161 project proposals with a proposed investment of Rs.8644 crore in the first quarter of the current fiscal i.e from April 1, 2017 to June 30 this year. Notably, the whopping increase has come after CM Amarinder Singh led government pushed new industrial policy and the ease of business...

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Augmenting an upswing in GDP, India retains its position as the “Fastest Growing Economy in Asia”

India’s stance on growing economy which is quite evident to the whole world with the Gross Domestic Product (GDP) seeing an upscale rise strengthening the economy. India will continue to be the fastest growing major economy, ahead of China, with 7.3% growth rate in 2018-19 and 7.6% in 2019-20...

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Wave a goodbye to Rs 100! RBI announces new attractive Rs 100 with motif of Rani ki Vav

Bye Bye Rs. 100! Lavender in colour, imprinting motif of Gujrat’s ‘Rani Ni Vav’, the Reserve Bank of India is all set to replace the existing Rs 100 note with this new attractive one. Announcing to introduce new series of Rs.100 currency notes, the note will be available by next month. ..

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ED files supplementary charge sheet against former Air Force Chief S P Tyagi, others in #AgustaBriberyScandal

Moving a step further in the AgustaWestland VVIP chopper scam case, the Enforcement Directorate (ED) on Wednesday filed a supplementary charge sheet against former Air Force Chief S P Tyagi and others in a Delhi court.Notably, the supplementary charge sheet against former Air Force Chief S P Tyagi, his two cousins, lawyer Gautam Khaitan, two Italian middlemen and Finmeccanica in the AgustaWestland VVIP chopper scam case was filed before special judge Arvind Kumar in a Delhi court. Finmeccanica is ..

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Fugitive Economic Offenders Bill tabled in Lok Sabha

The Monsoon Session of the lower house saw a drama directed by the opposition parties but along with this one of the important bills which can change the scenario in Indian administration was tabled on Wednesday...

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Let LIC takeover of IDBI bank be transparent and reasonable

The Life Insurance Corporation of India (LICI) has been asked to take over the IDBI Bank and pull it out of the financial trap. The LIC has shown its willingness and adopted a resolution to this effect. VIJAY GOKHALE explains the phenomenon...

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Acquisition of up to 51% stake in IDBI Bank approved by LIC Board

Once the deal goes through, IDBI Bank, which is grappling with mounting toxic loans with gross non-performing assets rising to a staggering Rs 55,600 crore at the end of the March quarter, will get much needed capital support to revive its fortune...

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Rs 22 lakh cash recovered from hospitals of Anti-Corruption crusader Yogendra Yadav’s kins; Kejriwal rushes to save culprits

The Income Tax Department raided sister of Swaraj India Party convener Yogendra Yadav’s hospital of Rewari and brother-in-law of brother-in-law on Wednesday. The team of Income Tax Department went to the Kalawati hospital of Yogendra Yadav's brother-in-law and senior pediatrician Dr Narinder Yadav's hospital Kamala Nursing Home and his wife Dr Poonam Yadav...

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Taking stringent stance on money laundering, RBI mandates citing buyer’s name on Demand Draft

The rising concern and misuse of demand draft for money laundering has resulted in strengthening the norms of banking system. In a series of measures taken by the Reserve Bank of India to make banking strategies safer and stronger, the central bank on Thursday said it has decided to make it mandatory to mention the name of a purchaser on the demand draft (DD) at a bank branch...

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Major boost in economy of Indian ports; registers growth of 3.91% during April to June this year

Economy in India has flourished since three years due to good governance and favourable trade conditions. Therefore, major ports of the country have recorded a resounding growth of 3.91% and together handled 174.02 Million Tonnes of cargo during the period April to June this year. Kamarajar Port has registered the highest growth...

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India surpasses France to become world sixth largest economy

On the development side, the Indian economy has taken a high flight. Leaving France behind the seventh rank, India now has become the sixth largest economy in the world. This is explained in the updated World Bank 2017 updated data...

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Delhi Court makes Chidambarams ‘free bees ‘till August 7

A Delhi court extended former Union Minister P Chidambaram and his son Karti's protection from arrest in the Aircel-Maxis money laundering case till the 7th of next month on Tuesday...

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India imposes anti-dumping duty on Chinese polyster to safeguard domestic players against below-cost imports

With an aim to safeguard domestic players against below-cost imports, India on Tuesday imposed the anti-dumping duty of up to USD 528 per tonne for 5 years on a Chinese polyester yarn used in automobile and other industries. The Finance Ministry took this decision after Commerce Ministry’s arm Directorate General of Anti-dumping and Allied Duties (DGAD) recommended the duty after an investigation into alleged dumping of ‘High Tenacity Polyester Yarn' from China. However, the investigation was done ..

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And here is the next fraud: Bank of India retired official arrested in Rs 2654 crore loan scam

The Central Bureau of Investigation (CBI) arrested two retired senior officers of Bank of India in connection with an alleged loan fraud of Rs 2,654 crore by Vadodara-based Diamond Power Infrastructure Ltd, today...

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RBI cautions of fake and corrupt emails enticing general people

Cautioning the public, Reserve Bank of India has once again slated a cautionary press release for the general public. With this the RBI has cautioned people about the over use of fake letter heads of RBI, emails impersonating as employees of the bank offering people fictitious offers / lottery winnings / remittance of cheap funds in foreign currency from abroad...

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Economy of Gujarat to cherish more in 2020 as Japanese investments will grow three-fold to $3bn

Japanese firms have invested $1 Billion in Gujarat so far and by 2020 they are expected to scale up the investments to $ 3 Billion. This was said by Gujarat Chief Minister Vijay Rupani at the opening of a support centre of the Japan External Trade Organization (JETRO) on Thursday in Ahmedabad...

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UK High Court: Seize Vijay Mallya’s assets for the recovery

Fugitive Tycoon Vijay Mallya got a shock when UK high court said that his home and properties in the UK can be seized as a means of recovering the money he owes banks in India in unpaid loans, following an enforcement order...

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Further step in PNB Scam: Interpol issues red corner notice against Nirav Modi

The International Criminal Police Organization (Interpol) today issued a red corner notice against businessman Nirav Modi, in connection with the multi-crore fraud at state-run Punjab National Bank. Along with Nirav Modi, Interpol also issued a red corner notice against his brother Neeshal Modi and one of Nirav's close aide Subhash Parab. The notice has been issued in CBI and Enforcement Directorate case related to cheating, corruption & money laundering...

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Slating revolution in the history of Indian economics, India celebrates the first birthday of “Goods and Service Tax”

Many reforms lined in these four years of Modi government, there have been many first timers that the country did not witness and actually never thought this would turn out to be a success. One such revolution was made by the Goods and Service Tax. A ‘good and simple tax’ is how Prime Minister Narendra Modi described the goods and services tax (GST). ..

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We will get data on black money in Swiss bank by next year: Piyush Goyal

The amount deposited by Indians in the Swiss bank last year has increased by 50 percent. And the point was caught by the opposition party but in a reply, the Union Minister Piyush Goyal gave an answer through media that deposit in the Swiss bank has been reduced from the time PM Modi govt is there...

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Banks in queue of frauds: CBI charge sheets 2 ex-CMDs of Canara bank for loan default of 146 crore

Earlier there was people's queue in banks, now banks are in queue of fraud. Now the new name added to the list is of Canara Bank. The CBI has filed a charge sheet against two former chairman cum managing directors of the Canara Bank in connection with alleged loan default of 146 crore rupees by Jatin Mehta of Winsome Diamonds and has also sought a Red Corner Notice against the jeweler...

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SEBI decides to amend norms governing initial public offers

Regulator Sebi decided to amend the norms governing initial public offers, takeovers and buybacks as well as harmonize shareholding patterns in market infrastructure institutions and cap the tenure of managing directors at stock exchanges on Wednesday...

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Rahul Gandhi! What will you say on this matter of Robert Vadra escaping tax?: Asks BJP to Congress

Today, BJP spokesperson Sambit Patra held a press conference which threw arrows of allegation on the Congress Party. During the press conference, he said that Gandhi family is known for anonymity property. The BJP spokesman said that the Income Tax Department has instructed Robert Vadra to repay the outstanding amount of 2010-11. We would like to ask Rahul Gandhi what will he say on this matter of Robert Vadra escaping tax?..

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More than 41 lakh new jobs are created in just 8 months!

September last year to April this year has created an impressive number of jobs in the country. More than 41 lakh new jobs were created in the country during September 2017 till April this year...

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11 Public sector banks to knock doors of Parliament: Increasing bad loans and fraud cases perspires them

Increasing fraud cases and mounting bad loans has made 11 banks’ heads to knock the doors of Parliament. The public sector banks will appear before the Standing Committee of Parliament on Finance in New Delhi today...

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Presenting ‘New India’ as the most investor-friendly economies in the world, PM Modi inaugurates the 3rd annual meeting of AIIB in Mumbai

Positioning India at top with initiating it as one of the most investor-friendly economies in the world, Prime Minister Narendra Modi inaugurated the third annual meeting of the Asian Infrastructure Investment Bank in Mumbai. Believing that both, India and AIIB coming together and working for macro-economic stability, the collaboration would attract wide range of investors in the growing economy. ..

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Interpol all set to issue red corner notice against Nirav Modi for his involvement in Rs 13,000 crore #PNBScam

The Interpol is all set to issue red corner notice against billionaire jeweler Nirav Modi for his involvement in the Rs 13,000 crore Punjab National Bank (PNB) scam. Notably, the massive development comes after a series of stern action taken by Indian authorities against Nirav Modi...

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First of its kind, 24 labs set up to boost skill development in Maritime and Shipping sector

With the aim of boosting skill development, the Centre of Excellence in Maritime & Shipbuilding (CEMS) has set up 24 labs in Mumbai and Vizag. The first of its kind of infrastructure will give a major boost to the skill development in the sector...

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Addressing Indian community in Tajikistan, Nitin Gadkari vows to make Chabahar Port operational by 2019

India is trying to make Chabahar Port in Iran operational by 2019. This was said by Highways and Shipping Minister Nitin Gadkari on Thursday while addressing the Indian Community at the inauguration of the Swami Vivekananda Cultural Centre at the Indian Embassy in Dushanbe...

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Thank You Arvind

Finance Minister ARUN JAITLEY evaluates the performance of the Chief Economic Advisor Arvind Subramanian who has just resigned over pressing family matters and decided to go back to the United States...

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In retaliation to heavy hike in steel tariffs by US, New Delhi increases import duty on 29 items

Taking a stern action against Washington’s cruel move of increasing tariffs on steel and aluminium items, India on Thursday introduced a comprehensive hike in customs duty on a total of 29 products including Bengal gram, lentils, artemia etc imported from the US. The hike in the import duty will come into effect from August 4 of this year...

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And here is the next fraud: Bank of Maharashtra’s top officials arrested in 3000 Crore fraud case

Now slowly frauds are coming out in the movie and the real faces of those frauds are coming out on which one trusts and keeps his/her money as the safest option to save money. After ICICI Banks case now the reel is twisting towards Bank of Maharashtra. The Economic Offences Wing (EOW) of Pune police has arrested some top officials of Bank of Maharashtra, including its CEO and Managing Director Ravindra Marathe, in connection with the over 3,000-crore rupee fraud case against DSK group accused of cheating ..

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Digitization air sways profitable benefit of 90,000 Cr through digital transfer of money

Digital layer swaying advantages to the people across the country has been known to all. But on positive note, while everyone questions about the genuine benefits to the people, the Centre has saved almost 90,000 crores by digitally transferring money to beneficiaries of 440 government schemes...

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ICICI CEO Chanda Kochhar to be on forced leave till conclusion of Videocon Probe report

ICICI Bank’s Chief Executive Chanda Kochhar would go on leave until the internal enquiry into charges of favouritism and impropriety is concluded. In its replacement, Sandeep Bakshi, group’s life insurance head will be carrying out the functions...

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A fresh charge sheet has been filed against Vijay Mallya & others for allegedly cheating banks over Rs 6 thousand crores: ED

The Enforcement Directorate (ED) has filed a fresh charge sheet against liquor baron Vijay Mallya, and others for allegedly cheating a consortium of nationalized banks to the tune of over Rs 6,000 crore...

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India’s trade strikes a bulls-eye! Exports boost with 20% in May 2018

Progressing in every sector, India export has seen a upscale in the graph with an increase of 20.18% in the month of May. It is estimated as the highest growth compared to the past six months even though the trade deficit widened to a four month high of USD 14.62 billion...

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Vijay Mallya! Keep 2 lakh Pounds ready, you have to pay to Indian Banks: UK Court

The UK High Court has ordered embattled liquor tycoon Vijay Mallya to pay a minimum of 2 lakh pounds towards the costs incurred by 13 Indian banks in their legal battle to recover alleged dues...

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ED files charge sheet against Jharkhand former CM Madhu Koda, allies in money laundering of Rs 3633 Cr

In the money laundering case, the problems of Jharkhand's former Chief Minister Madhu Koda are increasing. The screws of the ED are getting tighter on Madhu Koda. The ED Court has again made a charge against 9 accused including Madhu Koda. Earlier, in September 2012, the charge was fixed against 7 accused including Madhu Koda...

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Now more rights to taxpayers registered under GST system; Read here to know how!

Here’s some good news for service taxpayers who are registered under GST system. In order to address the difficulties by the taxpayers of GST registered users on updating email and mobile number of the authorized signatory, the finance ministry has come up with detailed guidelines in order to address this issue. ..

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India, US to hold constructive talks to address trade and economic issues

India and the United States have agreed to hold comprehensive talks to address trade and economic issues in a positive, constructive and result-oriented manner...

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Aircel-Maxis case: ED files charge sheet in Delhi court against Karti Chidambaram

The Enforcement Directorate (ED) on Wednesday filed a charge sheet in a Delhi court against Karti Chidambaram in the Aircel-Maxis money laundering case...

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#PNBScam : Non-bailable warrant issued against Nirav Modi, others

A special court in Mumbai on Tuesday issued a non-bailable warrant against billionaire jeweler Nirav Modi and others including his family members for their involvement in the Rs 13,000 crore Punjab National Bank (PNB) scam. The decision comes after the Enforcement Directorate (ED) took cognizance of a charge sheet and moved special court seeking non-bailable warrants against accused persons in the mega scam. The non-bailable warrants (NBWs) were issued by Special Prevention of Money Laundering Act ..

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SEBI panel will be a bridge between startups and attractive stock market listing

Market regulator Securities and Exchange Board of India (SEBI) has set up a panel to recommend the ways to make stock market listing attractive for startups...

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CBIC clears pending GST refunds of over Rs 7,000 cr of exporters in 1st nine days of special refund fortnight

Central Board of Indirect Taxes and Customs (CBIC) has cleared over seven thousand crore rupees of the pending GST refunds of exporters in the first nine days of the ongoing Special Refund Fortnight...

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ED appeals court to issue non-bailable warrants against Nirav Modi, others in #PNBScam

The Enforcement Directorate (ED) on Friday appealed to a special court to take cognizance of its charge sheet and issue non-bailable warrants against billionaire jeweler Nirav Modi and others including his family members for their involvement in the Rs 13,000 crore Punjab National Bank (PNB) scam...

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Major Ports register whopping growth of 2.41% in May this year

Favourable trade conditions and rules introduced by PM Modi-led central government have brought a major boost in the economy of the country. Notably, the major ports in India have recorded a growth of 2.41% and together handled 116.26 Million Tonnes of cargo during the period April to May 2018 as against 113.52 Million Tonnes handled during the corresponding period of previous year...

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RBI’s decision to hike repo rate is appropriate: IMF

The International Monetary Fund (IMF) has welcomed the decision of the Reserve Bank of India to increase the repo rate by 25 basis point to 6.25 percent...

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Indian Bankers: Authority without responsibility?

Exploring the Question Who should be held responsible for loss caused after accounts turn NPA? Author - Madan Diwan..

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RBI speaks on Second ‘Bi-monthly Monetary Policy Statement, 2018-19’

After a gap of four years, The Reserve Bank of India (RBI) hiked repo rate -- the rate at which it lends short-term money to banks by 25 basis points to 6.25 percent today...

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ED questions P Chidambaram in Aircel-Maxis money laundering case

Enforcement Directorate (ED) questioned Former Union Minister P Chidambaram in the Aircel-Maxis money laundering case on Tuesday...

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Setting up “Customer Protection” as the theme, RBI slates Financial Literacy Week creating financial awareness

With the aim to create financial awareness among bank customers about financial products and services, good financial practices and digitization, the Reserve Bank of India has organized Financial Literacy Week under the theme “Customer Protection”...

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ED slaps fine of Rs 121 crore on BCCI, former officials accused of violating FEMA law in 2009 edition of IPL

The Enforcement Directorate (ED) has gone tough against the Board Of Control For Cricket In India (BCCI) and its former higher authorities and slapped a penalty of over 121 crore rupees for violation of the FEMA law in the 2009 edition of the Indian Premier League (IPL)...

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Eyes on you: Income Tax involves “people’s participation” to unearth black money by introducing informant reward scheme

Beware, you are under surveillance. For those who still think there black money is safe and sound think again! In a new move to involve people’s participation in unearthing the black money, the government has launched the ‘Benami Transaction Informants Rewards Scheme 2018’. According to this the people (informants) have the right to file a complaint against someone who hails black money which was invested in properties in the names of others, even though benefits were enjoyed by the investor concealing ..

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Finance Ministry unveils Phase II of Special GST refund drive

In a move to clear refund claims of exporters under Goods and Services Tax (GST), government today launched a second ‘Special Drive Refund Fortnight’ from 31st May 2018 to 14th June 2018. This time the “Special Drive Refund Fortnight” would facilitate all types of Refund claims in which Customs, Central and State GST officers will strive to clear all GST refund applications received on or before 30th April 2018...

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ED attaches Nirav Modi’s wind farm worth Rs 53 crore over his involvement in #PNBScam

Taking a stern action against billionaire jeweler Nirav Modi for his involvement in the Rs 13,000 crore Punjab National Bank (PNB) scam, the Enforcement Directorate (ED) on Wednesday attached a Rs 52.80 crore wind farm. Notably, the ED attached a Rs 52.80 crore wind farm owned by Nirav Modi's family in Rajasthan's Jaisalmer in connection with an investigation in the Rs 13,000 crore Punjab National Bank (PNB) scam. ED also issued a provisional order for attachment under the Prevention of Money Laundering ..

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Bribe, emails and corruption: CBI registers case against AirAsia airlines over violation of aviation norms

In a new chapter of major scams of corruption in India, the low cost Airasia airlines have landed up in a massive trouble. Central Bureau of Investigation (CBI) registered an FIR against group promoter Anthony Francis Fernandes, directors of Air Asia (India) Limited, alleged lobbyists and unknown officials of the civil aviation ministry, accusing them of violating Foreign Investment Promotion Board (FIPB) norms and trying to secure international flying licenses in involvement with government officers...

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Aircel-Maxis deal: Delhi court grants P Chidambaram interim protection from arrest

Former Union minister P Chidambaram has knocked the doors of Delhi court seeking protection from arrest in the Aircel Maxis money laundering case, today. Chidambaram moved his plea for anticipatory bail before Special Judge O P Saini, who directed the senior Congress leader to appear before the Enforcement Directorate, ED, on the 5th of next month as already summoned by the agency. ..

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Clarifying their stance, Finance Ministry states no change in GST law for farmers

Making tax payment easy through introducing the GST, the government has made things feasible for the people. There were certain media reports on the taxation system imposed on farmers. The Ministry of Finance on Monday rubbished various media reports, which indicated that there has been a change in laws and taxation relating to Goods and Services Tax (GST) for farmers. ..

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ED to seek immediate confiscation of Nirav Modi's assets under new Fugitive Economic Offenders Ordinance

The Enforcement Directorate (ED) is set to move a special court in Mumbai to seek permission for immediate confiscation of about seven thousand crore rupees assets of PNB scam accused Nirav Modi under the recently promulgated Fugitive Economic Offenders Ordinance...

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India bags two medals in Archery World Cup Stage II in Turkey

In Archery, India stood with proud by bagging two medals in Turkey when it opened its account at the second stage of the World Cup Stage II at Antalya in Turkey with Silver and a Bronze medal in the Compound section...

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Newly amended IBC Code law nudges to settle Rs 83,000 Cr bank dues; Read here to know how!

In a major breakthrough, the newly amended Insolvency and Bankruptcy Code law has given the perfect nudge for the system to explicitly bar promoters of companies that were classified as a non-performing asset (NPAs)...

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Relief to home buyers! Bankruptcy Code law to be amended

In order to classify home buyers as financial creditors at par with lenders to help them quickly get refunds from defaulting companies, a code has been proposed which is to amend the Insolvency and Bankruptcy Code (IBC)...

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PNB Fraud case: CBI Court orders to issue Non-Bailable warrant against Mehul Choksi

PNB Fraud case has got a further step towards justice as a special CBI court has taken cognizance of the second charge sheet filed in the 12,636-crore rupees PNB fraud case and ordered the issuance of a non-bailable warrant (NBW) against a key accused Mehul Choksi...

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IT dept traps black money of nearly 215 Cr in New Delhi

Black Money is something which has reached till our India’s roots and our Modi government is in full swing to fight against this issue. Income Tax department is the one which can find out the hidden black money by any means. Likewise, IT Department has unearthed black money of over 215 crores by conducting raids in the National Capital Region...

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Oil prices to go down soon: India gets first cargo of crude oil from UAE

In an attempt to bring down the sky-reached oil prices in India, the first cargo of the crude oil has reached India from UAE for filling up one of the two Strategic Petroleum Reserve (SPR) caverns built by Indian Strategic Petroleum Reserve Ltd at Mangalore...

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PNB fraud case: ED staples fresh assets worth Rs 171 cr of Nirav Modi

In fresh action against Nirav Modi, the Enforcement Directorate (ED) has attached assets worth over 171 crore rupees owned by the absconding diamantine in connection with its money laundering probe in the over 2 billion dollars PNB fraud case on Monday...

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Backing reforms from various fiscal sources, NITI Aayog cites India’s economy to grow by 9% in 2022.

: Focusing on creating reforms with the aim of covering tax under one setup of GST, the Indian economy has boomed up and reciprocates to blurt out benefits in a long run. Encompassing a backing of reforms like GST, demonetisation and the Insolvency and Bankruptcy Code (IBC), NITI Aayog vice chairman Rajeev Kumar exuded confidence that India will reach 9% growth rate by the year 2022. ..

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Finance Ministry ties up with 40 big daddies of job creation to extend loans to small entrepreneur

In order to extend loans to small entrepreneurs under the Mudra scheme, the finance ministry has tied up with 40 entities including Flipkart, Swiggy, Patanjali and Amul, which are big job creators...

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The Walmart- Flipcart Deal: Lure of the Quick Buck, Lack of National Pride and Staying Power

What India needs is lion-hearted businessmen who would take risk, be creative and invest in research, develop new and attractive products, market them worldwide and never lose nerve in the face of competition and never sell out; in the process create thousands of jobs for their fellow countrymen and make the nation proud...

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CBI files supplementary charge sheet against ‘Wanted’ Mehul Choksi, his companies in PNB scam

The Central Bureau of Investigation (CBI) taking a step forward on Wednesday filed a supplementary charge sheet against Mehul Choksi and his companies under Gitanjali Group in connection with Rs 13,000 crore Punjab National Bank (PNB) scam involving billionaire jeweler Nirav Modi...

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Note: Petrol price hiked by 15 paise per litre, diesel by 21 paise per litre

The prices of petrol and diesel were hiked on Wednesday 15 paise per litre and 21 paise per litre respectively in New Delhi. Notably, the prices of petrol and diesel rose for the second day in a row after Indian Oil Corp (IOC) resumed the dynamic pricing system on Monday after a 19-day halt...

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NE State Capitals to be connected by railway network by 2020

All the capital cities of the Northeastern States will be connected to each other by railway network, by 2020. The Indian Railway is likely to spend Rs 90000crore ..

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After PNB, Bank of India reaches Hong Kong court to recover $6.25 million from Nirav Modi; files lawsuit

The Bank of India (BOI) has filed a lawsuit against the fugitive offender Nirav Modi and his companies in a Hong Kong court in a bid to recover money he received on the basis of illegally-secured letters of undertaking, or LoUs. The Bank of India has filed a lawsuit against fugitive offender Nirav Modi and his four companies including Firestar Diamonds and Firestar Diamonds International to around $6.25 million he received on the basis of fake LoUs. BOI became the second bank to file a lawsuit against ..

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Fugitive liquor baron Vijay Mallya loses case filed by 13 banks in UK Court

The UK High Court has shown thumbs down to Fugitive liquor baron Vijay Mallya on Tuesday by giving the verdict in the favor of a lawsuit filed by Indian banks which pleas to collect from him over 1.55 billion US dollars...

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Asian Development Bank praises India’s GDP growth, says its ‘amazingly fast’

Proceeding ahead of the Goods and Service Tax growth in the economy, the Asian Development Bank has lauded India’s growth in Gross Domestic Product (GDP). The Asian Development bank commented that India’s projected GDP growth of over 7% for the current fiscal year is amazingly fast and if the momentum is maintained the economy will growth will double in a decade time...

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FM Arun Jaitley chairs the 27th GST Council meeting intending to simplify returns filing process

Commencing the 27th Goods and Service Tax Council meeting, Finance Minister Arun Jaitley chaired the meeting via a video conference in New Delhi today. The meeting entails in bringing the GSTN within complete government ownership and further discuss on issues like whether or not to levy Cess Tax on sugar...

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To boost aviation sector, three new airport terminal buildings set to come up at Chennai, Lucknow and Guwahati

Offering a comfy air travel experience, three major infrastructure projects enveloping new terminal buildings at the Chennai, Lucknow and Guwahati airports were approved today. In a major boost to the aviation sector, the Centre today approved a proposal to build new terminal buildings at the Chennai, Lucknow and Guwahati airports at an estimated cost of over 5,000 Crores...

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Amul MD Sodhi supports Tripura CM on cow rearing issue

In endorsement of Tripura Chief Minister Biplab Deb’s advice to the youth to rear cows than running after a government job, Gujarat Cooperative Milk Marketing Federation (GCMMF) Chief R S Sodhi said that the Chief Minister has given a practical suggestion that will end unemployment...

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Upswing in economy, GST revenue collection for April exceeds 1 lakh Cr

Welcoming the first day of May with a good news, the Goods and Service Tax collection in the month of April has crossed the Rs 1 lakh crore mark for the first time since the new tax regime was rolled out on July 1 last year. The total gross revenue for April was Rs 1.03 lakh crore...

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Electricity to all: No corner to be missed as 'Power Plants' comes to electrify firms

Electrifying performance by the government by imparting 100% electricity to the villages, India has grown fulfilling each and every promise made to the people. Moving a step ahead the electricity generating firms would now be able to sell power without binding pacts, as the Union government on Monday allowed procurement of power for three years under medium term from generators with commissioned projects but without Power Purchase Agreement (PPA)...

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Taking off on a high note, India ranks second in carrying air passengers in the world

Emerging in top ranks, India’s progress on the national and international front has been commendable. India has been projected to be the second fastest growing country in the world for passenger traffic by the Airports Council International (ACI). ..

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Centre approves new industrial development schemes for Himachal, JK and Uttarakhand

In a bid to boost the industrialization sector in Himachal Pradesh, Jammu and Kashmir and Uttarakhand, the central government has notified new industrial development schemes. According to the new industrial development schemes, all new industrial units undertaking substantial expansion in manufacturing sector and services sector including bio-technology and hydel power generation Units up to 10 MW will be eligible for the incentives. However, there is a negative category of goods that will not be ..

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All done and dusted, GST drops in 7.14 lakh Cr in Centre’s kitty for the FY 2018

When the news of GST augmented, the whole nation kept wondering if this tactics of the Modi government will work. And standing by their words, the financial year, the government mobilized Rs 7.41 lakh crore from the Goods and Services Tax (GST) during 2017-18. ..

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Dawning a new era, India performs well embarking a growth in generating 35.3 lakh new jobs

Introducing the first ever monthly payroll reporting for the formal sector to facilitate analysis of new and continuing employment, India paves path greater job creation and growth in the country. Government think tank Niti Aayog on Thursday said 35.3 lakh new jobs were generated between September 2017 and February this year...

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ED goes tough on economic offenders including Vijay Mallya, Nirav Modi and Mehul Choksi; initiates process to confiscate assets

Days after Fugitive Economic Offenders Ordinance 2018 was approved, the Enforcement Directorate (ED) has initiated the process to confiscate properties of liquor baron Vijay Mallya, diamond merchant Nirav Modi and his uncle Mehul Choksi in different bank fraud cases...

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ED seizes property worth Rs 1,100 crore of Vadodara-based Diamond company in #BankFraudCase

The Enforcement Directorate (ED) taking a stringent action against Vadodara-based Diamond Power Infrastructure Limited (DPIL) Private Limited and seized assets worth Rs 1,100 crore in connection with its money laundering investigation in a bank fraud case. Notably, Vadodara-based Diamond Power Infrastructure Limited (DPIL) Private Limited is accused of cheating various banks to the tune of Rs 2,654 crore. DPIL through its related entities gained funds fraudulently by twisting and manipulating the ..

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RBI echoes in Washington: This year India will grow at 7.4 %

India’s growth is expected to expand at 7.4 percent in the next fiscal year said RBI Governor Urjit Patel while addressing the International Monetary Finance (IMF) Committee in Washington on Sunday...

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Fugitive Economic Offenders Ordinance 2018 active now; fraudulent, economic absconders to be punished soon

In a bid to punish the fraudulent who cheat banks and escape from the country, the central government on Saturday approved Fugitive Economic Offenders Ordinance 2018 that provides for confiscating properties and assets of economic offenders...

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IMF advises India to bring more women work in formal sector; envisages growth rate at 7.4 percent in fiscal year 2018, 2019

The short-term impact of implementation of demonetization and GST in the year 2016 and 2017 is on the brink of conclusion as Indian economy is all set to grow by 7.4 percent in the fiscal year 2018 and 2019. Notably, the forecast of International Monetary Fund (IMF) said that India will grow by 7.4 percent in the fiscal year 2018 and 2019...

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Do not panic! prices of petrol, diesel increased marginally by 1 paisa and 4 paise respectively

Listen all vehicle riders, please do not panic due to increased prices of petrol and diesel. Please note that the oil companies on Friday marginally raised the prices of petrol and diesel by 1 paisa and 4 paise respectively. The increase in rates came into effect from Friday night excludes taxes levied by the states and central government. After the hike, petrol and diesel prices in Delhi have touched to 74 rupees 21 paise per litre and 65 rupees 46 paise respectively...

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Domestic airlines passengers take off with a rise of 28% in March

Domestic airlines has seen a growth in the passenger traffic with a rise of 28.03% in March this year as compared to the same period last year, with domestic carriers flying 1.15 crore passengers...

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Recovering from adverse effects of GST & demonitisation, India has projected 7.3% growth in FY 18

The World Bank on Monday predicted that India will witness a growth of 7.3% in its economy in the current fiscal as compared that of in the 2017-18 financial year at 6.7%. The country has recovered from the adverse effects of demonetisation and Goods and Services Tax (GST), the World Bank observed. It has forecasted that the nation will have a financial growth of 7.5 % in 2019 and 2020...

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New expressway to be laid down connecting Delhi and Mumbai at the cost of Rs 1 trillion

New expressway will be laid down connecting Delhi and Mumbai at the cost of 1 Lakh Crores. Union Minister for Road Transport and Highways Nitin Gadkari has assured that the work on the project will be completed in three years starting from this December...

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Another thunderbolt! CBI files charge sheet against Lalu Prasad and family over IRCTC scam

Things are really not in favour of Lalu Prasad Yadav as CBI files charge sheet against two companies and 12 people, including Former Railway Minister Lalu Prasad, his wife Rabri Devi and son Tejashwi Yadav, for alleged irregularities in granting an operational contract of two IRCTC hotels to a private firm...

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Wholesale inflation eases to 2.47% in March following cheaper food prices

India’s annual inflation based on wholesale price index (WPI) had eased to 2.47% in March 2018. The fall was propelled by the cheaper rate of food articles, the government data stated today...

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Delhi Court in no mood to send Karti Chidambaram inside the Jail; keeps him a free bird till May 2 in Aircel-Maxis case

Delhi Court today gave relief to Karti Chidambaram by granting interim protection from arrest till May 2 in two cases filed by the CBI and ED in the Aircel-Maxis matter arising out of the 2G spectrum cases...

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CBI arrest Income Tax Commissioner for accepting bribe of Rs 40 lakh

The Central Bureau of Investigation (CBI) has arrested Income Tax Commissioner in Assam under charges of accepting a bribe of Rs 40 lakhs. As per early reports, the Commissioner had sought a bribe of Rs 50 lakhs initially...

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Winning trust of people must for success in cooperative sector: Bhayyaji Joshi

Bhayyaji Joshi praises Yavatmal Urban Coop Bank for earning trust of depositors. Inaugurates new administrative building of the Bank at Yavatmal on Thursday..

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#PNBScam : MEA seeks surrender of Nirav Modi from Hong Kong authorities

The Ministry of External Affairs on Tuesday ones again confirmed that the fugitive offender Nirav Modi, who was involved in Rs 13,000 PNB scam is in Hong Kong. Notably, the development also comes one and half month after the biggest fraudulent case hit Mumbai in the month of February where Punjab National Bank reported that it has detected fraudulent and unauthorized transactions in one of its branches in Mumbai. The cumulative fraud amounts stand to Rs 13000 crores...

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Sarsanghchalak Dr Bhagwat to deliver lecture at BSE on Apr 16

Rashtriya Swayamsevak Sangh (RSS) Sarsanghchalak Dr Mohan Bhagwat will deliver a lecture on Indian Economy at Bombay Stock Exchange on Monday...

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India standing bright in global economy; ADB projects 7.3% growth in 2018, 7.6% by 2019

The Asian Development Bank (ADB) has predicted that India's growth trajectory would rise from 7.3% in 2018 to 7.6% by 2019. The agency attributed the growth projected in its Asian Development Outlook to the fortification of the Indian banking system and benefits of GST...

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Govt prepares action plan to boost growth rate of every district

Union Commerce and Industry Minister, Suresh Prabhu chaired a meeting for brainstorming and creating an action plan on role of districts in economic growth of the country. The aim of the meeting was to prepare an action plan to increase the growth rate at the district level by 3-4% per annum by accelerating economic activities. Larger aim of this initiative is to help India become a USD 5 trillion economy...

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#PNBScam : ED seeks information of businesses, assets owned by Nirav Modi, Mehul Choksi from thirteen countries

Taking a step forward in Rs 13,000 PNB scam, the Enforcement Directorate (ED) on Tuesday reached out to 13 countries to obtain information of the businesses and assets owned by diamond merchant Nirav Modi and his uncle Mehul Choksi. The Enforcement Directorate has sent letters rogatory (LRs) to the thirteen countries including Singapore, South Africa, the United Kingdom, Dubai, Belgium, the United States, Russia, France, China, and Hong Kong among others seeking information of the businesses and assets ..

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India inks participants contract with World Expo 2020 Dubai to boost economic activity

India on Tuesday signed a participants contract with the World Expo 2020 Dubai in a bid to set up India pavilion on an extra large plot in the Opportunity segment. This will provide a great opportunity to India to boost its economic sector. Notably, the World Expo 2020 held once in 5 years in Dubai...

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Five states to implement E-way bill from April 15

The Finance Ministry has decided to implement the E-way bill system in the five states of Andhra Pradesh, Gujarat, Kerala, Telangana and Uttar Pradesh. The new system will help facilitate easier movement of goods and help boost the trade industry and is being implemented by the Goods and Services Tax Network (GSTN) in collaboration with NIC...

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RBI monitoring 11 Public Sector Banks in its watch-list for NPAs

The Central Banking Institution looks forward to placing 11 Public Sector Banks (PSBs) under 'Prompt Corrective Action' to curb loans by banks in connections with NPAs (Non-Performing Assets)...

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SEBI shows red eye against 14720 entities for ‘non-genuine trades’

Capital market regulator SEBI has decided to take action against 14700 companies who have traded incorrectly. SEBI has decided to take action on about 14,700 companies, who are doing wrong business while not following rules in the illiquid Stock Option Segment. SEBI has said that strict action will be taken against such companies...

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CBI questions former deputy governor of RBI Harun Rashid Khan in Rs 13,000 cr #PNBScam

In the latest move, the Central Bureau of Investigation (CBI) on Friday questioned former deputy governor of Reserve Bank of India (RBI) Harun Rashid Khan in its probe related to Rs 13,000 crore scam involving billionaire jeweler Nirav Modi...

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MakeMyTrip ties up with Flipkart to enhance travel services

MakeMyTrip (MMT) has collaborated with e-commerce major Flipkart for selling travel services on its platform. The company said that MMT's brands including Goibibo and Redbus will enhance customer base of Flipkart to drive online bookings and to boost revenues. It added that the deals will be starting with domestic flight bookings, hotels etc in the next few weeks...

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Delhi to host the 5th MSME expo in the month of June

The Trade Promotion Organisation (ITPO) in collaboration with the MSME Development Forum is hosting the 5th Micro, Small & Medium Enterprises (MSME) expo at the Pragati Maidan in National Capital between June 21 and 23...

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Flying high to boost trade and economy, 56 new airports to be functional in coming years

Attaining to fulfill dreams of a better India, initiative roll in to create an area of development and progress. Availing possible changes and welcoming innovative ideas to boost the country’s growth, Commerce & Industry and Civil Aviation, Suresh Prabhu informed that the coming years will encompass around 56 new airports in the country...

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Food chain McDonald's goes healthy, announces to revamp its menu list all over India

McDonald's has decided to go pro-health and announced a plethora of changes to its pan-India menu such that the food they serve is more nutritious and wholesome...

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RBI keeps repo rate unchanged at 6% for the fourth time in a row

Mumbai, April 5: Reserve Bank of India (RBI) has announced its monetary policy rate where repo rate at 6.25% and reverse repo rate at 5.75% which remains unchanged. The apex bank has kept the key policy rates unchanged as it expected earlier.The retail in..

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Govt asks PNB, investigation agencies to share details of Rs 13,000 crore fraud to apex body of Chartered Accountants

Months after Punjab National Bank was hit hard by more than Rs 13,000 crore scam involving billionaire jeweler Nirav Modi, the central government on Tuesday asked the bank and investigation agencies to share details of the fraud with the Institute of Chartered Accountants of India (ICAI)...

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Paytm Mall raises Rs 2900 Cr fund from Alibaba, SoftBank

Online marketplace Paytm Mall is all set to raise a sum of Rs 2900 crore from Japan's SoftBank Group Corp and China's Alibaba Group. While SoftBank will invest Rs 2600 crore, the Chinese online commerce giant will invest rest of the amount. As per reports, Paytm Mall has already received the first tranche of Rs 357.5 crore...

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Direct tax collection surges by 17% to 9.95 lakh crore rupees in FY18

The Direct Tax collections for the fiscal year 2017-18 stood at 9.95 lakh crore rupees, which is 17.1 percent higher than net collection of 2016-17. The tax collections during the fiscal year 2017-18 has exceeded the budget estimates of 9.80 lakh crore rupees...

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#PNBScam : CBI interrogates officers of GM, DGM rank of other banks issued LoUs to Nirav Modi

Months, after Punjab National Bank was hit hard by more than Rs 13,000 crore scam involving billionaire jeweler Nirav Modi, the Central Bureau of Investigation (CBI), has questioned five officers of GM and DGM rank of Bank of India, Allahabad Bank and Axis bank...

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Petrol price touches a 4-year high of Rs 73.73, diesel at highest level

The oil firms have raised the petrol price a four year high of Rs 73.73 per litre while diesel rates have been touched an all-time of Rs 64.58 in Delhi today. According to a price notification, the fuel rates in the national capital have been increased by 18 paise per litre. The petrol will now cost the highest since Sep 14, 2014 and the diesel price at highest ever since February 7, 2018...

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NHAI creates record with 7,400 km road projects of 1.22 lakh Cr in one year

In a bid to boost road connectivity, the National Highways Authority of India (NHAI) has awarded 150 road projects of 7,400 km worth Rs 1,22,000 crore In financial year 2017-18. According to Ministry of Road Transport & Highways, in last 5 years, the average length of road projects awarded by NHAI was 2,860 km with 4,335 Km awarded in the last financial year. In comparison, the length of projects awarded in FY 2017-18 is an all-time high and a record achievement by NHAI since its inception in 1995...

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After being hit hard by Rs 13,000 crore scam, PNB decides to tighten lending process

After being hit hard by more than Rs 13,000 crore scam involving billionaire jeweler Nirav Modi, the Punjab National Bank has decided to tighten loan disbursement and set up a monitoring mechanism to check loan slippages and fraud under newly introduced Mission Parivartan drive...

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Banks to be open until 8 PM on March 31 for government banking

The Central Banking Institution has announced that some of the banks would work until 8 PM on Saturday. The RBI stated that the counters of their designated branches conducting government banking be open for transactions up to 8.00 PM on March 31...

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RBI slaps monetary penalty of Rs 58.9 Cr on ICICI Bank

The Reserve Bank of India (RBI) has slammed a penalty of Rs 58.9 crore on ICICI Bank for violating the directions issued by the regulator regarding direct sale of securities from its held-to-maturity (HTM) portfolio and specified disclosure in this regard...

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CBI Special Court extends judicial custody of 11 accused including Gokulanath Shetty, Vipul Ambani in #PNBScam

A special Central Bureau of Investigation (CBI) on Wednesday extended judicial custody of 11 accused including Gokulanath Shetty and Vipul Ambani till 11th April in connection with the Rs 12,700-crore Punjab National Bank loan fraud case involving billionaire jeweler Nirav Modi...

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India, China pledge to deepen economic ties during 11th trade summit

Union Commerce Minister Suresh Prabhu and his Chinese counterpart Zhong Shan on Tuesday signed the Agreed Minutes of the 11th Session of India-China Joint Group on Economic Relations, Trade, Science and Technology...

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Fortis Hospitals to demerge with Manipal Hospitals making it largest chain in India

Fortis healthcare Hospitals to be very soon demerged with Manipal Hospitals apart from which it will sell a majority stake in its SRL Diagnostics unit to the same group. This will be the largest hospital in India...

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ED arrests Shyam Sunder Wadhwa, a close confidant of billionaire jeweler Nirav Modi in #PNBScam

The Enforcement Directorate (ED) on Wednesday arrested Shyam Sunder Wadhwa, a vice president of Firestar Group of companies in connection with the Rs 12,700-crore Punjab National Bank loan fraud case involving billionaire jeweler Nirav Modi...

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Decline in GST collections: Rs 27,085 Cr collected in Feb month, 1.05 Cr fresh returns filed

The Goods and Services Tax (GST) collections have witnessed a decline by Rs 85,174 crore in February with only 69% having filed returns. Reportedly, 1.05 crore taxpayers had registered under the GST until March 25...

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Bandhan Bank makes strong market debut; lists at 33% premium over issue price

Shares in Indian private sector lender Bandhan Bank Ltd rose as much as 33 percent in their trading debut on Tuesday after its Rs 4473 Cr initial public offering. There is a listing of another share in the market today. On the NSE, the shares of Bandhan Bank are listed at a price of Rs 499 per share. The issue price of the Bandhan bank for the listing was fixed at Rs 375 per share...

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AirAsia mega sale: Domestic flights start at Rs 849, International at Rs 1,999

In a bid to attract the customers in summer vacation, AirAsia has announced massive discounts on its domestic and international flight offering fares at Rs 849 within the country and International at Rs 1,999...

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BSNL to spend Rs 4,300 Cr on network expansion next year

State-owned telecommunications company Bharat Sanchar Nigam Limited (BSNL) is set to invest about Rs 4,300 crore on its network expansion during 2018-19, along with additional Rs 5,000 crore to Rs 6,000 crore to boost the government telecom projects like Bharat Net...

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$1 bn merger of Jio Music, Saavn to create largest music streaming app

Reliance Jio has announced the merger of Jio Music with music streaming service Saavn to form a joint entity valued at about $1 billion. WIth an aim to build one of the largest streaming services in the world, Jio has vowed to invest $100 million in the merged firm...

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