Economy

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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To pump up Make in India, custom duty on LCD and LED television panels slashed

In a bid to boost local manufacturing, the Centre has cut the customs duty on Liquid Crystal Display (LCD) and Light Emitting Diode (LED) TV panels by half to 5%. In Union Budget, the government had doubled the customs duty on imported LCD and LED TV panels to 15% from 7.5%...

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#PNBScam: ED dives in Nirav Modi’s Samudra Mahal and staples assets worth 26 Cr

Enforcement Directorate (ED) has attached properties worth Rs 26 crore in the PNB fraud case on Saturday. According to the information provided by the ED, on Thursday, Nirav Modi’s luxury house 'Sagar Mahal' located in Mumbai was searched by the CBI team, which continued till Saturday morning...

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Industrialists should work more for farm sector: Vice President

Industrialists should devote more time for development of agriculture sector, suggested Vice President M Venkaiah Naidu here on Friday...

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Pinning ‘Right to shelter’ on top, VP Naidu pitches for boosting affordable housing

After food and clothing, housing is a basic need for every citizen, similarly, with severe housing shortage, there are a need for the private sector and real estate developers to play a bigger role in promoting low-cost housing in cities, said Vice President M. Venkaiah Naidu while inaugurating the two-day CREDAI Conclave on Thursday...

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RBI Governor urges for more powers on State-Run Banks

In the wake of sighting the infamous Punjab National Bank Scam and many other bank frauds, the Reserve Bank of India Governor Urjit Patel has called for more powers to deal with frauds at public sector banks (PSBs). RBI's powers over public sector banks are weaker than the private sector banks. ..

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D-Day for Lalu Prasad! CBI Court to pronounce verdict on fourth Fodder Scam case today

Sighting the long story of corruption and fraud in the fodder scam case would finally come to an end. The D-Day for Rashtriya Janata Dal (RJD) Chief Lalu Prasad Yadav has arrived as the special CBI court in Ranchi is scheduled to pronounce judgment in the fourth fodder scam case today...

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World Bank Report: India can achieve sustained growth of 8% G.D.P

Commenting that India needs to durably recover from two lagging engines of growth which are– private investments and exports, the World Bank has said that Indian economy can achieve a growth rate of 8 percent and higher on a continuing basis. ..

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Capital Punishment for Financial Fraudsters or Euthanasia for Sufferers

If the government can’t make the financial frauds a case for capital punishment then it should give the sufferers an option to opt for passive euthanasia. After all, stating that human beings have the right to die with dignity, the Supreme Court allowed passive euthanasia...

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RBI bans use of LoUs for trade credit for imports

Following diamantaire Nirav Modi defrauding PNB Bank of Rs 12,600 crore using LOUs (Letters Of Undertaking), the Reserve Bank of India (RBI) has decided to discontinue LoUs and Letters of Credit...

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Lok Sabha passes Finance Bill by voice vote amid opposition’s disruption

The Lok Sabha has cleared the Finance Bill 2018 in the House today a day after it was supposed to be taken up. Speaker Sumitra Mahajan invoked guillotine to push the Bill, which was scheduled to be introduced in the Parliament on Tuesday...

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SBI slashes penalty for not maintaining monthly balance

Mumbai, March 13: In a news that comes as a big relief, the State Bank of India (SBI) has announced that it is reducing fine for not maintaining a minimum balance in customers' accounts by 75%.As per the new orders, in Metro and Urban centres, the fine ha..

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RBI and insolvency board join hands for swift insolvency resolution process of various types of borrowers in distress

The Reserve Bank of India has signed a Memorandum of Understanding (MoU) with Insolvency and Bankruptcy Board of India (IBBI).For both of RBI and the IBBI is to have effective implementation of the Code and its rules and regulations of many debts, through a quick and efficient resolution process...

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Japan planning to hire 2 lakh IT-professionals from India

Japan announced that it is set to hire more than two lakh IT professionals from India to tackle the lack of manpower in the country. Due to the advent of rapid technological innovations, Japan wants to fill in the gap and is looking towards India’s assistance in the IT space...

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Take a notepad and jot down these rules for ‘E-Way’ bill

The nation is now facing towards a new system known as the ‘e-way bill’. Now the GST Council has recommended the introduction of e-way bill for inter-State movement of goods across the country from 01st April 2018. For intra-State movement of goods, e-way bill system will be introduced till June 1...

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Seeking expansion, Micromax set to launch two new consumer durable products

: Targeting consumer by bringing out durable products, Micromax has come a long way.Extending its hands over launching new products this time with washing machines and refrigerator making its way to the customer houses. Aiming feasibility for its customers, Micromax will soon launch these home friendly products...

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Over one crore taxpayers registered under Goods and Services Tax

Over one crore taxpayers have registered under the Goods and Services Tax (GST), which was rolled out from on 1st of July last year. The GST has subsumed over a dozen local taxes, including Excise Duty, Service Tax and VAT. ..

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Direct tax collection surges by 19% to 7.44 lakh crore rupees in FY18

Direct tax collections have registered a growth of 19.5 percent till February of the current fiscal as compared to corresponding period of last year. The Direct Tax collections till February stood at 7.44 lakh crore rupees...

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In a major development, CBI registers additional FIR against Nirav Modi for cheating PNB of Rs 321 crore

The Central Bureau of Investigation on Thursday filed a fresh case against fugitive billionaire Jewler Nirav Modi and top officials of his firm Firestar Diamond on a complaint by Punjab National Bank that it was cheated of Rs 321 crore by availing different credit facilities between the year 2013 and 2017...

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Despite diplomatic tension, India-China trade reaches historic high of $84 billion

Despite diplomatic tension, the bilateral trade between India and China reached an all-time high of 84.4 billion US dollars in 2017. Data released by Chinese General Administration of Customs reveals that the bilateral trade in 2017 rose by 18.63 percent year-on-year to reach 84.44 billion dollars. It was 71.18 billion dollars in 2016...

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RBI penalizes Rs 4 million on SBI over fake notes policy

The Reserve Bank of India (RBI) has slapped a fine of Rs 4 million against the State Bank of India (SBI) for violating regulations regarding Detection and Impounding of Counterfeit Notes...

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Congress Exposed! UPA regime helped billionaire Jeweler Nirav Modi, Mehul Choksi to import 2000 Kg gold without verification

Exposing Congress party over its support for corruption on Wednesday, Law and Justice Minister Ravi Shankar Prasad said that the UPA government helped billionaire Jeweler Nirav Modi and his accomplice Mehul Choksi by allowing import of around 2,000-kilogram gold without any verification...

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Nation all geared up for ‘E-Way’ bill; Read here to know!

After instilling GST, nation gears up for ‘e-way bill’! The transporters will mandatorily have to carry ‘e-way bill’ when moving goods of more than Rs.50,000 from one place to another. From 1st June 2018 ‘e-way bill’ rules for intra-state transport will uniformly apply to all states...

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Delhi High Court seeks ED reply to Nirav Modi’s plea of searching his properties in #PNBScam

The Delhi High Court on Wednesday issued a notice to the Enforcement Directorate (ED) after billionaire jeweler Nirav Modi’s company Firestar Diamond International filed a plea challenging the probe agency’s authority to search its properties in the Rs 12,700-crore Punjab National Bank loan fraud case. Notably, Nirav Modi is accused of cheating the Punjab National Bank of Rs 12,703 crore...

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LED to brighten India’s roads! 49 lakh LED street lights installed

To save electricity and back municipalities for energy consumption, now 49 lakh LED lights are luminating India's streets. ..

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INX Media case: Apex court refuses to give interim protection to Karti Chidambaram

The Supreme Court of India Tuesday declined to grant any protection to former union finance minister P Chidambaram’s son Karti Chidambaram from impending arrest by the Enforcement Directorate (ED) in an alleged money laundering case related to INX Media...

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CBI nabs Gitanjali Group’s VP Vipul Chitalia in #PNBScam

The Central Bureau of Investigation (CBI) on Tuesday arrested Vipul Chitalia, the vice president of Gitanjali 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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RBI slaps penalty on Axis Bank and Indian Overseas Bank for violating norms

The Reserve Bank of India (RBI) imposed a penalty of Rs 3 crore on Axis Bank and and Rs 2 crore on Indian Overseas Bank for non-compliance with the directions issued on Income Recognition and Asset Classification norms...

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HRIDAY scheme for heritage development approves 240 Cr for 12 cities

The National Heritage City Development and Augmentation Yojana (HRIDAY), a Central Sector Scheme, with a total outlay of Rs.500 Cr of which 240 cr.has been given for utilizing of Heritage Development by Ministry of Housing & Urban Affairs...

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CBI takes Karti Chidambaram to Mumbai for questioning in #INXMediaCase

The Central Bureau of Investigation (CBI) today took Karti Chidambaram, son of former Finance Minister and senior Congress leader P Chidambaram to Mumbai for further investigation in the INX Media money laundering case...

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Mumbai Court remands PNB auditor Bishnubrata Mishra to CBI custody in connection with #PNBScam

A special Court in Mumbai on Friday Punjab National Bank's Retired Internal Chief Auditor Bishnubrata Mishra to CBI custody till the 14th of March in connection with the Rs 12,700-crore Punjab National Bank loan fraud case involving billionaire jeweler Nirav Modi...

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After 15 years of long wait, Fugitive Economic Offenders Bill that aims to punish economic absconders approved

Eradicating corruption from the country is the prime agenda of Prime Minister Modi led central government. Empowering law enforcement agencies were must and the Fugitive Economic Offenders Bill will exactly do the same. However, the wait was too long but finally, PM Modi led government has approved ‘Fugitive Economic Offenders Bill’ which will empower law enforcement agencies to confiscate the assets of economic absconders till they submit to the jurisdiction of law in India...

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After Videos, Now stream your favorite song with Amazon ‘Prime Music’

Amazon has launched its yet another streaming service Prime Music, which will compete with Gaana and Apple's music service in India. Amazon, meanwhile, is keen to invest $5 Billion in India...

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Beating China, India regains place of fastest-growing economy in the world

Reversing the slowing GDP growth, India has now beat China which grew by 6.8% in the October-December period. The Central Statistical Office (CSO) has reported a GDP growth of 7.2% in the December quarter (Q3) of 2017-18 for India...

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CBI nabs Punjab National Bank's internal chief auditor MK Sharma in connection with #PNBScam

The Central Bureau of Investigation (CBI) on Wednesday arrested PNB’s internal chief auditor MK Sharma in connection with the Rs 12,700-crore Punjab National Bank loan fraud case involving billionaire jeweler Nirav Modi. The move comes few days after the PNB bank on Monday revealed an additional unauthorized transaction related to the scam by billionaire jeweler Nirav Modi and Mehul Choksi, increasing the estimated size of the fraud by Rs 1,322 crore. The latest increase means that the total fraud ..

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#KartiChidambaram sent to one-day CBI custody in INX Media case

Delhi's Patiala House Court sends Karti Chidambaram, son of former Finance Minister and senior Congress leader P Chidambaram to one day police custody on Wednesday...

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GST: over 57 lakh returns filed, Rs 86318 Cr collected in January month

The total revenue collected under the Goods and Services Tax (GST) declined after registering an increase in December month. Over 1.03 crore taxpayers have been registered under GST and over 57.78 lakh returns filed till 25th of February...

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ED seeks non-bailable warrant against billionaire jeweler Nirav Modi in #PNBScam

The Enforcement Directorate (ED) on Tuesday moved to a special court to seek a non-bailable warrant against billionaire jeweler Nirav Modi in connection with the money laundering case registered after the Rs. 11,400-crore Punjab National Bank loan fraud case...

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CBI arrests Karti Chidambaram in connection with INX Media money laundering case

The Central Bureau of Investigation (CBI) arrested Congress leader Karti Chidambaram who is a son of former Finance Minister P Chidambaram on Wednesday from Chennai Airport in connection with INX Media money laundering case...

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India has potential to achieve 7-8% growth: FM Arun Jaitley

India’s economy has the potential to achieve a growth rate of more than 7-8% in view of the policy changes, accompanied by a supportive global environment, Finance Minister Arun Jaitley said on Tuesday...

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Thanks to Indian Army! 3 Foot-over bridges in Mumbai set open for public

Finally all the three Foot over Bridges are open for public! The three foot-over-bridges (FOBs) at Elphinstone Road, Currey Road and Ambivli, built by Indian Army has been opened from today for the public...

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Jio-Samsung partnered to cover 99% of Indian population with 4G network

Reliance Jio has partnered with Samsung to bring 4G LTE connectivity to 99% of the population in the country. The partnership will also work towards deploying a nationwide cellular network Internet of Things (IoT)...

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Volkswagen planning to launch electric vehicles in India by 2020

A part of Volkswagen group, Porsche, made an announcement that it is likely to launch electric vehicles in India by early 2020. The e-Cars will be launched globally by 2019...

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Congress embarrassed again! Captain Amarinder Singh son in-law involved in Simbaholi Sugars scam

Soon after the Punjab National Bank fraud case was unveiled, Congress immediately blamed PM Modi and Baharatiya Janata Party (BJP). Taking the same stance on Simbaholi Sugars scam, Congress strongly criticized PM Modi and BJP publically through twitter. However, after realizing that one of the accused in Simbaholi Sugars scam was son-in law of Punjab CM Captain Amarinder Singh quickly deleted the twitter post blaming PM Modi and BJP...

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Shocking! PNB reveals additional fraud of Rs 1300 crore related to billionaire Jeweler Nirav Modi, Mehul Choksi

Amid highly intensified probe into the Punjab National Bank fraud case, the PNB bank on Monday revealed an additional unauthorized transaction related to the scam by billionaire jeweler Nirav Modi and Mehul Choksi, increasing the estimated size of the fraud by Rs 1,322 crore. The latest increase means that the total fraud now amounts to nearly Rs 12,622 crore as against the original estimated over Rs 11,400 crore...

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Finance Ministry issues list of 9500 high-risk firms

A list comprising of 9,500 Non-Banking Financial Companies deemed as high-risk firms have been issued by the Financial Intelligence Unit (FIU) today. The FIU under the Finance Ministry has released the list on its website showing the names of these Non-Banking Financial Companies (NBFCs) which have been found non-compliant to the Prevention of Money Laundering Act rules...

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Lalu’s daughter in deep trouble; ED attaches Misa Bharti’s farmhouse in Money Laundering case

The Enforcement Department (ED) on Sunday attached a farmhouse that belonged to RJD chief Lalu Prasad Yadav’s daughter and Rajya Sabha Member Misa Bharti in a money laundering case. Notably, the Adjudicating Authority of the Prevention of Money Laundering Act (PMLA) said that the Delhi farmhouse, attached by the Enforcement Directorate in the name of Misha Bharti and her husband, is involved in money laundering and ordered that the attachment of the asset should continue. The move comes a month after ..

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Taking its probe on next level, ED to send judicial requests to over a dozen countries to obtain information in #PNBScam

The Enforcement Directorate (ED) taking its probe to a next level, will soon send judicial requests to over a dozen countries for obtaining information about the overseas businesses and assets of billionaire jeweler Nirav Modi and owner of Gitanjali Gems Mehul Choksi in the 11,378.68 Crores Punjab National Bank loan fraud case...

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Keeping agenda of zero tolerance against corruption on top, MEA revokes passport of Nirav Modi, Mehul Choksi in #PNBScam

Keeping the agenda of zero tolerance against corruption on top, PM Modi led central government on Saturday revoked the passports of diamond merchant Nirav Modi and Gitanjali Gems owner Mehul Choksi in the Rs 11,378.68 Crores Punjab National Bank loan fraud case...

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Any complaints against NBFCs? Here is your path to go

The Reserve Bank of India (RBI) on Friday issued an ombudsman scheme for non-banking finance companies (NBFCs), offering a grievance redressal mechanism for their customers...

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From “Fragile Five” economy India now is becoming a “Five Trillion Dollar” economy: PM Modi

From “Fragile Five” economy India now is becoming a “Five Trillion Dollar” economy, said Prime Minister Narendra Modi while addressing the Economic Times Global Business Summit in New Delhi, based on the theme: New Economy – New Rules...

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CBI alleges Aurangabad District Magistrate on corruption charges

Central Bureau of Investigation (CBI) conducted a raid on the premises of Kanwal Tanu, the District Magistrate of Aurangabad, Bihar and alleged that he had withdrawn more than Rs 2 crore from a beneficiary in lieu of a land given to a firm named Bhartiya Rail Bijlee under the National Thermal Power Corporation Limited (NTPC)...

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ED freezes bank deposits, shares worth Rs 44 crore of Nirav Modi group in #PNBScam

Continuing with the seizure process, the Enforcement Directorate (ED) on Friday seized bank deposits and shares worth Rs 44 crore of the Nirav Modi group in the Rs 11,378.68 Crores Punjab National Bank (PNB) loan fraud case...

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ED issues fresh summon against Nirav Modi in #PNBScam

The Enforcement Directorate (ED) on Thursday issued fresh summon to Nirav Modi after he failed to appear before the probe agency in the Rs 11,378.68 Crores Punjab National Bank (PNB) loan fraud case. Notably, the move comes hours after the probe agency froze mutual funds and shares worth about 94.5 Crore rupees of Nirav Modi and Mehul Choksi Group. According to the official sources, Nirav Modi has sent an email to ED citing suspension of his passport and pending business issues as reasons for his ..

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ED attaches shares, luxury cars belonging to Nirav Modi and Mehul Choksi Group in #PNBScam

The Enforcement Directorate (ED) on Thursday launched an intensified investigation in the Rs 11,378.68 Crores Punjab National Bank (PNB) loan fraud case, froze mutual funds and shares worth about 94.5 Crore rupees of Nirav Modi and Mehul Choksi Group...

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Mumbai Court gives custody of Vipul Ambani, 5 others to CBI in #PNBScam

A special court in Mumbai on Wednesday sent Vipul Ambani a senior executive in Nirav Modi's company and five others to CBI custody till March 5th in the Rs 11,378.68 Crores Punjab National Bank (PNB) loan fraud case. The six were arrested in connection with two FIRs registered by the CBI involving Nirav Modi and his uncle Mehul Choksi, the owner of Gitanjali Gems. All the arrested associates of Nirav Modi were presented in the special court in Mumbai which gave their custody to CBI till March 5th ..

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Defense corridors, new airports will boost employment in the new Uttar Pradesh: PM Modi at UP Investors Summit

Uttar Pradesh Investors Summit was inaugurated by Prime Minister Narendra Modi amidst top investors and delegates. Considering every particular factor that excels UP in every form, PM Modi said hosting such a mega-investor summit at such a wide level in Uttar Pradesh, so many investors and entrepreneurs are united in the investor summit, there is a big change in itself...

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CBI intensifies its probe in #PNBScam ; arrests GM rank officer of Punjab National Bank

The Central Bureau of Investigation (CBI) moving ahead with the strict probe in the Rs 11,378.68 Crores loan fraud case has arrested 6 people including General Manager rank officer of Punjab National Bank, Rajesh Jindal...

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#PNBScam : CBI arrests 3 more officials of Punjab National Bank

The Central Bureau of Investigation (CBI) on Monday arrested three more employees of the Punjab National Bank in connection with the Rs 11,378.68 Crores loan fraud case involving billionaire jeweller Nirav Modi. The move comes after the probe agency sealed Brady House branch of Punjab National Bank in Mumbai. However, Supreme Court will hear on Friday a PIL that sought a probe by a Special Investigation Team in the Punjab National Bank scam...

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This is the world's third-most valuable company

In a first-time ever, Amazon has become the world's third most valuable company with a market capital of $702.5 billion which is ahead of Microsoft's market capital of $699.2 billion...

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CBI seals Brady House branch of Punjab National Bank in Mumbai, from where #PNBScam was originated

Central Bureau of Investigation (CBI) taking a stringent action sealed Brady House branch of Punjab National Bank in Mumbai on Monday morning from where the Rs 11,378.68 Crores PNB scam was originated. Notably, the biggest fraudulent case hit Mumbai on Wednesday last week where Punjab National Bank reported that it has detected fraudulent and unauthorized transactions in one of its branches in Mumbai. The cumulative fraud amounts to US $1,771.69 billion i.e. Rs 11,378.68 Crores...

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The plan to double farmer’s income can play well for India’s gold market too: World Gold Council report

In the Indian market, gold holds a high economic value. The country accounts for around a fifth of annual global gold demand. While until now policymakers could not use this in a positive way, World Gold Council predicts the newly panned budget of Arun Jaitley might bring a change to this...

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RBI denies media claims about instructions to PNB to meet commitments under LoU

The RBI said the fraud in PNB is a case of operational risk arising on account of delinquent behaviour by one or more employees of the bank and failure of internal controls...

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Ola 'Auto Unnati' launched to ensure healthy ecosystem for Auto driver

In a first such program, Ola has successfully launched 'Auto Unnati' program to assist its auto driver partners through the firm's ‘Chalo Befikar’ insurance program, family welfare initiatives etc...

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MEA suspends passports of Nirav Modi, Mehul Choksi for 4 weeks in #PNBScam

Taking a step forward in the Rs 11,378.68 Crores Punjab National Bank scam, the Ministry of External Affairs has suspended the passports of diamond merchant Nirav Modi and Gitanjali Gems owner Mehul Choksi for four weeks on Friday...

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Google takes off the “View Image” button, did you notice?

Did you notice that Google has taken off the “View Image” button! Yes that’s true… Go to the image you want to download and then head to Google Image and click on the image, you won’t see the “View Image” button anymore! ..

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Wholesale inflation at 6-month low of 2.84% in January

Wholesale inflation down to a six-month high of 2.84 percent in January this year, as prices of food articles, declined. The previous low level was recorded in July at 1.88 percent...

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Walmart to shake hands with Flipkart: Plans to buy 40 percent stake giving a fight to Amazon

Online shopping has now become a trend and also a mode of ease because you can get everything online at your doorstep. Even the online companies have a good competition amongst themselves. So to give a fight to the rivals they use tactics. Walmart Inc is in talks to purchase a stake of more than 40 percent in Indian e-commerce firm Flipkart, a direct challenge to Amazon.com Inc in Asia’s third-largest economy...

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PNB Scam: ED raided 17 premises of Nirav Modi and Geetanjali Gems, Jewels of Rs 5100 Cr seized

Following the raids over $1.77 billion Punjab National Bank scam, the Enforcement Directorate has raided 17 premises across the country related to Jeweller Nirav Modi and Geetanjali Gems. The ED also seized jewellery worth Rs 5,100 crores, in gold, diamond and other precious stones while raiding Nirav Modi's showrooms...

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Good news for every youngster! Import duties on performance bikes reduced

In a massive news for youngsters and people who want to purchase a new bike as the Centre has dropped the custom duty on imported bikes by 25%. With this, the duty on bikes from brands such as Harley Davidson and Triumph Motorcycles, will be 50% from earlier 75%. Also, the Government has reduced import duty on engine, gearbox, or transmission mechanism to 25% as against 30% charged earlier...

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Ravi Shankar Prasad hits out at Congress for linking Nirav Modi with PM Modi in #PNBScam; says guilty will not be spared

Law Minister Ravi Shankar Prasad on Thursday slammed Congress Party for linking Punjab National Bank fraudulent Nirav Modi with Prime Minister Narendra Modi. He said, calling Nirav Modi as ‘Chhota Modi’ is derogatory, scandalous and demeaning and further added that the central government will not spare the guilty in the Rs 11,378.68 Crores Punjab National Bank scam...

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Know Nirav Modi, the man behind the India’s biggest corporate fraud

While the Punjab National Bank fraud case has just come into light, the perpetrator has been identified too. He is Nirav Modi, a renowned jewellery designer who has stores in US, Beijing, Hong Kong, and India...

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Amazon emerges as the world’s third most valuable company

Another landmark success for e-commerce giant Amazon as it has dethroned Microsoft to become the third most valuable company in the world. Amazon stock surged 2.6 percent closing at $1,451.05 a share on Wednesday leading its way for crossing Microsoft first time...

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Punjab National Bank Scam: Billionaire Diamond Merchant Nirav Modi pops up in probe; PNB Stocks plunge by 10%

One of the biggest fraudulent case hit Mumbai on Wednesday where Punjab National Bank reported that it has detected fraudulent and unauthorized transactions in one of its branches in Mumbai. The cumulative fraud amounts to US $1,771.69 billion i.e. Rs 11,378.68 Crores...

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Punjab National Bank in Mumbai detects fraudulent transactions of around $1.7 bn

Punjab National Bank informed today that it has detected fraudulent and unauthorized transactions in one of its branches in Mumbai. The cumulative fraud amounts to US $1,771.69mn i.e. Rs11,378.68 Crores...

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Simplifying framework for resolution of stressed assets: What RBI actually says

The new guidelines issued by RBI vide ‘DBR.No.BP.BC.101/21.04.048/2017-18’ dated February 12, 2018, are meant for Scheduled Commercial Banks (UCBs, RRBs excluded). The guidelines seek to harmonise and simplify the framework for the resolution of stressed assets, especially in the light of the enactment of the Insolvency and Bankruptcy Code, 2016 (IBC), replacing its existing guidelines. ..

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RBI introduces revised framework to tackle bad loans

The Reserve Bank of India (RBI) has announced that it is looking forward to introducing a new system which will allow lenders to identify and tackle any stressed-asset accounts with ease. The main aim is to clear all the current mechanisms that tackle bad debts at Indian banks and replace them with a simplified framework. ..

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India, Bangladesh discuss ways to boost bilateral trade and economic relations

In a bid to strengthen mutual ties, India and Bangladesh holds Commerce Secretary level talks, were held on 7th-8th February at Dhaka. The Indian delegation was led by Rita Teaotia, Commerce Secretary and the Bangladesh delegation was headed by Shubhashish Bose, Secretary, Ministry of Commerce, Government of Bangladesh...

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Don’t fall into the trap! RBI warns against fake website in name of it

A fake website in the name of Reserve Bank of India (RBI) is trying to make citizens fool. Noticing the fraudulent activity, RBI has issued a warning about the fake site to prevent people falling into the cheater’s trap...

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Adani Group aims to build 5 million-tonne-per-annum LNG import terminal

One of the leading companies, Adani Group has decided a 5 million-tonne-per-annum LNG import terminal at Mundra in Gujarat state on the west coast of India, part-owned by the Group, will likely be operational in April or May, a senior company official said on Wednesday...

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#RBIPolicy : Repo Rate remains unchanged at 6%; Reverse Repo Rate at 5.75%

Eyeing rising retail inflation, the Reserve Bank of India (RBI) kept its key policy rate unchanged at 6.00% in its sixth bi-monthly monetary policy review on Wednesday. Also, the RBI has lowered economic growth projection to 6.6 percent for 2017-18, from 6.7 percent...

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Sell-off in equity markets is due to global shakeup says Hasmukh Adhia

Finance secretary Hasmukh Adhia said the sell-off in India's equity markets is due to weak global sentiment and not because of the long-term capital gains tax (LTCG) announced in the budget...

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Centre allocates Rs 5,252 Cr for Railway Infrastructure of Odisha

Odisha got its budget railway infrastructure development which costs around Rs 5,252 Crores. Centre has allocated Rs 5,252 Cr for the railway infrastructure development in Odisha, Umesh Singh, the general manager of East Coast Railway said...

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Biggest crash in stock market as Sensex sinks over 1000 pts; Nifty below 10300

The SENSEX crashed by over a 1,000 points and is trading at 33,736.30, while the NIFTY is down by 300 points and more to trade at 10,355.20. Shares went down in Asia as US markets witnessed the biggest drop in the Dow Jones industrial average since 2011...

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Suresh Prabhu kicks off consultations on ‘New Industrial Policy’

Commerce and Industries Minister Suresh Prabhu set off a series of nation-wide consultations with the industry on the proposed new Industrial Policy. In his speech, the Minister emphasised that this exercise being done after 25 years truly listens to and objectively equips Indian industry for the future. The prior attempts in 1956 and 1991 were formulated at a time of financial crisis...

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Fadanvis unveils four new schemes in farm and allied sectors

Over 2.5 lakh youths to be trained in farming and allied business; interest-free loans for promoting group farming and self-help groups..

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GST Commissioner and 6 others held for taking bribes on monthly, quarterly basis

The Central Bureau of Investigation (CBI) has arrested a GST commissioner Sansar Chand from Kanpur and six others, including 3 officials, were held for taking a bribe. The accused used to collect bribes from businessmen and industrialists on a regular basis...

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Political Message of Budget 2018 – Widening the BJP Support Base

This 2018 budget is also dominated by steps that strengthen the hands of farmers, micro and small businesses. It seeks to provide strong base of healthy life with the biggest public health program. ..

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Another setback for ex-Haryana CM Hooda: CBI files chargesheet against him and 33 others

The Central Bureau of Investigation on Friday filed a chargesheet against former Haryana Chief Minister Bhupinder Singh Hooda who is allegedly connected with a huge land scam in Haryana. The charge sheet was filed against 33 others along with the ex- Haryana CM in the Panchkula CBI court. ..

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India joins Ashgabat agreement to set up international transport, transit corridor linking central Asia with Persian Gulf

India has signed many international pacts with other nations in a bid to boost trade and economy of the country. Notably, India on Thursday joined the Ashgabat agreement which envisages setting up of an international transport and transit corridor linking central Asia with the Persian Gulf to significantly ramp up trade and investment. ..

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#Budget2018 introduces World’s largest govt funded health care programme to cover over 10 crore poor families

The latest 2018-19 budget will definitely bring relief to lower middle and poor class citizens. Vision of Budget 18-19 reflects the old proverb health is wealth. l launch a flagship National Health Protection Scheme to cover over 10 crore poor and vulnerable families (approximately 50 crore beneficiaries) providing coverage upto 5 lakh rupees per family per year for secondary and tertiary care hospitalization...

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India performs incredibly and tops with a boost of 25% in wealth market

India was the best performing wealth market globally in 2017 as its total wealth swelled from 6,584 billion dollars in 2016 to 8,230 billion dollars in 2017, registering a 25 percent growth...

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India's Ola now travelling to Australia

Indian cab aggregator Ola is all set to launch its services in Australia in next few weeks in its first international expansion. The company has started recruiting drivers in Sydney, Melbourne and Perth...

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Maharashtra, Gujarat, Karnataka, Tamil Nadu and Telangana accounts to 70% of India’s international exports

Maharashtra tops in the state that contributes to the total international exports of the country. Maharashtra along with Gujarat, Karnataka, Tamil Nadu and Telangana contribute to 70% of total international exports of India...

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Amazon India injects jumbo capital of 1960 Cr to battle against rivals

Online shopping has now become a trend and also a mode of ease because you can get everything online at your doorstep. One of leading online shopping company Amazon has injected a fresh capital of 1960 crores to fight against its rival, Flipkart...

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Artificial intelligence and robotics will be a threat to humans

Jack Ma..

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Economic Survey: Indirect taxpayers surges by 50%; GDP estimated to 7-7.5% in FY19

The Union Finance Minister Arun Jaitley having tabled the economic survey in Parliament today envisaged a 7-7.5% growth rate in India's GDP for 2018. "A series of major reforms undertaken over the past year will allow real GDP growth to reach 6.75% this fiscal and will rise to 7.0 to 7.5% in 2018-19," says Economic Survey tabled in Parliament. Also, the GST implementation led to the rise in indirect taxpayers by 50%...

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Finance Minister Arun Jaitley unveils ‘Banks Recapitalization Plan’ to strengthen Public Sector Banks

In regard to the bank recapitalization package, Union Finance Minister Arun Jaitley in a press conference shared details of the banking department working on recapitalization plan to strengthen the public sector banks...

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BAE Systems to invest for defence production in state- CM

BAE Systems, a British company is interested in production of defence equipment in the state and a trainer hawk necessary for this will be set up. Chief Minister Devendra Fadanvis gave this information following the positive discussions with Chairman of BAE Systems Roger Car at Davos...

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Global community informed about transformation of Maharashtra

Maharashtra topped at the World Economic Forum summit in an India –Centric atmosphere in this annual summit. Prime Minister Narendra Modi placed before the forum the success story of India’s development forcefully and State Chief Minister Devendra Fadanvis also informed the participants about the transformation process of the state through various media elucidating encouraging response...

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RJD chief Lalu Prasad Yadav gets 5 years of imprisonment in third #fodderscam case

A special CBI court Wednesday convicted Rashtriya Janata Dal (RJD) chief Lalu Prasad Yadav in another Fodder Scam that is related to fraudulent withdrawal of Rs 35 crore and Rs 62 lakh from Chaibasa treasury during the 1990s. The court has sentenced him five years of imprisonment...

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WEF to set up new center at Mumbai to speed up 4th industrial revolution: CM

The World Economic Forum (WEF) has decided to extend its centre set up for the fourth industrial revolution to Mumbai, Chief Minister Devendra Fadanvis said in Davos today...

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Sensex, Nifty extend gains to hit fresh highs

Markets continued their record-setting run for yet another session on Tuesday. The stock markets NIFTY and SENSEX have moved past 11,000 and 200 points to 36,017 respectively for the first time in the early trade...

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Good News! IMF envisages India’s GDP growth at 7.4 % for this fiscal year and 7.8% for next year

Good News! Indian economy is all set to boom in the year 2018 with the projected growth rate of 7.4 percent. Though implementation of demonetization and GST in the year 2016 and 2017 made a short-term impact country’s economy, however, from the broader perspective, the two policies have strengthened the growth of India...

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Acche Din! Farmer’s income increased by 23.77% in last three years on milk production

India continues to be the largest milk producer in the world since two decades. Notably, milk production which was around 17-22 million tonnes in the 1960s, increased to 165.4 million tonnes during 2016-17. Particularly, it has increased by 20.12% during 2016-17 in comparison to 2013-14 while the income of farmers increased by 23.77% during 2014-17 as compared to 2011-14...

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IMF and World Bank commends RBI for its remarkable progress

The two, International Monetary Fund (IMF) and World Bank have commended Reserve Bank of India (RBI) for its remarkable progress in strengthening banking supervision. They have opined that the regulation by the RBI has improved in recent years...

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‘Nirman Samvaad’ ensures appropriate changes and smoothen the infrastructure development of Railways

To solve and discuss issues and matter of development in the Railway sector a meeting was organized by the Rail Vikas Nigam Ltd. (RVNL) an arm of Ministry of Railways for fast track implementation of railway projects. The conclave ‘Nirman Samvaad’ was an initiative by Minister of Railways and Coal, Piyush Goyal taken to smoothen procedures and remove any blockage for ensuring smooth functioning...

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Good News! GST rates on 29 handicrafts items reduced to 0% slab

Goods and Services Tax (GST) Council in its 25th meeting on Thursday slashed the tax rate on 29 handicrafts items and also reduced the tax on around 53 categories of services...

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