Economy

Status paper on Government debt greets the masses, enhancing the transparency amidst

The Central Government has released the eighth edition of the Status Paper on the Government Debt, which provides a detailed analysis of the Overall Debt Position of the Government of India. Total liabilities of the governmentmeasures to Rs. 82 lakh crore. ..

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Rationalized External Commercial Borrowings framework to flourish Ease of Doing Business in India

With the view to improve the ease of doing business, the RBI in consultation with the government has decided to rationalise the existing framework for External Commercial Borrowings (ECB) and Rupee Dominated bonds. The new policy aligned has been implemented as a part of efforts underway at developing the regulations framed under Foreign Exchange Management Act, 1999. ..

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German based company obeys NGT's order citing severe environmental damage; SC to hear on January 21

The Volkswagen Company has agreed to comply the National Green Tribunals demand of Rs 171.34 crores for causing serious environmental challenges. The NGT yesterday warned the company to submit the amount by 5 pm today. ..

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Citing restrictive trade practices in Gujarat, CCI penalizes the Chemist Association in state

The Competition Commission of India has imposed a heavy penalty of Rs 32724, on the Chemists and Druggists Association of Baroda (CDAB) following the allegation filed with the Monopolies and Restrictive Trade Practices Commission (MRTPC). The allegation read that the association had indulged in restrictive trade practices...

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Tax payers now to get rid of late refunds and sedate return processing..!

The Union Cabinet in it’s decisions on Wednesday selected the IT major Infosys ltd to implement the next generation system for processing income tax return filing. The amount sanctioned for this project measures Rs 4241.97 crores which will bring down the processing time for returns and speed up the refunds in relation...

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Cabinet approves Rs 6000 of capital infusion in the state owned Exim banks

The government today has approved a capital infusion of ₹6,000 crore in state-owned Exim Bank with a view to expand its business. The Union Cabinet, chaired by PM Narendra Modi and addressed by Piyush Goyal, also approved doubling the bank’s authorised capital from ₹10,000 crore to ₹20,000 crore. ..

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Expansion plans for Numaligarh Refinery; a positive nod from the cabinet

The positive step was taken by the government today for the expansion of Numaligarh Refinery. Cabinet Approved Rs. 22, 594 Cr. for Numaligarh Refinery expansion project...

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Recapitulating the economic data, Jaitley says India needs a decisive PM alike we have one now..!

Here comes a new blog post from the FM Arun Jaitley elaborating over the need of a decisive Prime Minister..! Who should be India's Prime Minister, Should he be constrained by his rival aspirants who have been reluctantly supporting him out of the general opposition or do India need a Prime Minister with a clear mandate as 2014, pondered Jaitley yesterday at New Delhi...

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Another success of the Indian economy: According to the UN Report, India among World’s leading exporter of creative goods

Indian economy achieving new heights every day. According to a recent UNCTAD (United Nations Conference on Trade and Development) report, India achieved triple creative goods exports. India reached USD 20.2 billion in 2014 from 7.4 USD billion in 2005...

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Train passengers now arrive 15-20 minutes before your train leaves as Indian Railways boost up security checking

Initiating on levelling up on all platforms, be it safety, cleanliness, availability of trains, the Indian Railways has left no stones unturned. In a similar attempt, taking out a leaf from airport’s book, the Indian Railways is planning to seal stations for security checks. So now, the train passengers would have to arrive 15-20 minutes before the scheduled departure time to complete these security checks before boarding their trains...

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Here is what you can expect from the year's last budget on the face of elections heading..!

In the cornering hours of the Union Budget 2019, scheduled on 1st of February, Finance Minister is set to increase the pressure to fulfill the Modi government’s promise to bring corporate tax down to 25 per cent for all the companies. It is now that the analysts and the finance experts have started expecting and projecting the geared budget at the Centre. ..

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Soon, the dream of International flight will come true: Government preparing for UDAN-3

The dream of international flight in the affordable prize will fulfill in near future, as the Government of India is finalizing the procedure of the 3rd phase of UDAN (Ude Desh ka Aam Nagrik) scheme. ..

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Online sellers to contest fair trade regulator's ruling on flipkart

A group representing online sellers in India will appeal against the Competition Commision of India's (CCI's) ruling in favour of Walmart-owned Flipkart , the group's lawyer Chanakya Basa said in a release today...

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US based Citibank chastised by RBI for Rs 30 million amidst failure to comply with the directions issued

The United States based Citibank has become a prey to the Reserve Bank of India with the penalty imposed amounting to Rs 30 million for deficiencies in compliance with the RBI instructions on ‘Fit and Proper’ criteria for directors of banks. The RBI issued an order against the bank for it’s failure to adhere to the aforesaid directions issued as of 4th of January this year...

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Indian Economy has been writing a fascinating growth story over the last decade: Vice President Naidu at #CIIPS2019

“Today, India has achieved the dual distinction of being stable democracy and one of the fastest growing economies in the world,” said, Vice President Venkaiah Naidu at “Partnership Summit 2019”. He inaugurated the 25th edition of Partnership summit today...

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#AircelMaxisCase: Chidambarams get safety tag till next month

A Delhi court today extended till February 1 interim protection from arrest to former Union minister P Chidambaram and his son Karti Chidambaram from arrest in the Aircel-Maxis scam...

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Former UK PM Tony Blair calls on CM Devendra Fadanvis

Former Prime Minister of the United Kingdom Tony Blair Thursday called on Chief Minister Devendra AFadanvis as a goodwill gesture and discussed about various development activities and facilities in Maharashtra...

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Giving viewers a sneak peek, Piyush Goyal shares the futuristic plan of transforming Tirupati Station

With the introduction of pilgrimage trains by the Indian Railways, the devotees travelling experience has escalated and become quite feasible. Adding another feather to these pilgrim trains, Union Minister of Railways Piyush Goyal unveiled the futuristic plans on transforming the Tirupati station serving as a benchmark for other stations across the country. ..

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The World Bank report projects India's GDP to grow at 7.3% by 2018-19

After the Central Statistics Office’s report commenting positive about India’s GDP growth estimates, it is the World Bank’ report projecting India to be the fastest growing economy in the world by 2018-19. In a report that was released yesterday, the world bank asserted that India’s GDP will grow at 7.3% during the on going financial year...

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RBI cancels registration of 32 Non banking Financial Institutions from West Bengal, Gujarat and UP

The Reserve Bank of India has cancelled the Certificates of Registration of as many as 32 Non-Banking Financial Companies (NBFCs) today under the Reserve Bank of India Act, 1934. Exercising the powers conferred under section 45-IA (6) of the Act, RBI urged to say that these companies shall not conduct financial business here in after. ..

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'First Advance Estimates of National Income 2018-19' evaluate GDP growth to reach 7.2 per cent

“The growth in GDP during 2018-19 is estimated at 7.2 per cent as compared to the growth rate of 6.7 per cent in 2017-18”, said the Ministry of Statistics and Programme Implementation releasing the ‘First Advance Estimates of National Income for 2018-19’...

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Currency Depreciation, the silent game changer of the Economy..!

Shadowing the domestic and international trends concerning the value of Indian Rupee in the market, the value has reached new altitudes of 69.90 against a single dollar of US currency. Although this being less important directly affecting the consumers, it acts as the game changer of the economy. Conceptually, currency depreciation is a fall in the value of a currency in a floating exchange rate system. ..

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RBI focuses on health of Indian banks and emerging NPAs; professes Shaktikanta Das

“States have to decide if they have the fiscal space for farm loan waivers. Any generalised write-off obviously has adverse impact on credit culture and future credit behaviour of borrowers.”, cleared the recently appointed RBI Governor today at a press conference in New Delhi...

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‘FASTags’, electronic toll systems to save time, money and fuel over the National Highways

Indian Highways Management Company Ltd. (IHMCL), a company promoted by NHAI will be signing a memorandum with state-run Oil Marketing Companies on 7th of January this year with a view to ensure easier availability of the FASTags, the electronic toll collection system. These measures will eventually help NHAI cater to its commitment of providing a safe, smooth and seamless journey to commuters on National Highways. ..

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Petrol prices graphing emphatically in NDA’s directive amidst the international price trends

The very economical aspect directly affecting the end consumer in the nation can be nothing but the crude oil prices as directly linked to them. The issue of rising prices of petroleum products is a burning topic in an energy-guzzling country like India. With each passing year, oil seems to play an even greater role in the global economy as well...

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Refuting media reports, Govt clarifies citing “no decision taken to cease Rs 2,000 note production”

Refuting media reports on cease of production pertaining to Rs 2000 notes, the central government has squashed all the reports citing that no decision was taken and the government has more than adequate notes in the system. ..

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China to hold talks with Washington on 7-8 January amidst resolving trade war; fact settles the crude oil prices stable

The US China trade war threads have further led the crude oil prices settling stable today after China claimed to have detailed talks on 7th and 8th of January this year, over the trade disputes with Washington aiming to resolve the trade issues. Crude prices had previously fallen after the United States followed most other major economies into a manufacturing downturn...

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Feasibility of travelling: Indian Railways collaborate with ISRO to install GPS, SOS in locomotives

Letting passengers get availability to track the movement of premium trains and the motorman to send signals during emergencies, the Indian Railway in collaboration with the Indian Space Research Organisation has decided to install Global Positioning Systems (GPS) and SOS system in premium trains. ..

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RBI to ease Capital Adequacy norms amidst the Parliament's request

The Parliamentary committee on Finance have asked the Reserve Bank of India to ease the Capital Adequacy Ratio norms for the banks operating in the nation. In the report in tabled in the parliament on Thursday, it has also asked the RBI to review the supervisory framework of Prompt Corrective Action. Further the parliamentary house urged the government to set up a committee to look into issues concerning accountability of the Central Bank as a regulator. ..

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Paving way for Mutual Funds entry, SEBI allows custodial services in commodity market

Markets regulator Securities and Exchange Board of India (SEBI) has allowed custodial services in the commodity derivatives market...

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Modi’s directive guise industrial production and growth as economy’s base indicators

The industrialization strategy implemented in the late 1960s, emphasized rapid growth and diversification through industrialization, considered essential for achieving and maintaining full employment at a rising level of productivity in the nation. India's planners at that time believed that in order to industrialize, it was necessary to develop an indigenous heavy industry base, for which the public sector would take prime responsibility...

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Government ceases to print Rs 2000 notes viewing to retard it's circulation

After the government’s decision to ban the currencies of Rs 500 and Rs 1000 against the new issue of Rs 500 and Rs 2000 in the month of November 2016, it is today the masses have to strive to digest the news that the Indian Government has stopped printing Rs 2,000 currency notes in order to gradually stop their circulation. ..

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RBI offers relief to MSMEs; allows restructuring of debt up to Rs 25 crore

Reserve Bank has allowed a one-time restructuring of existing debt of up to 25 crore rupees for the companies which have defaulted on payment but the loans given to them have continued to be classified as standard assets. The decision will help the micro, small and medium enterprises (MSMEs) which are facing cash crunch in the wake of demonetization and GST implementation...

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Creating ujala by lightening ‘chulas’; VP Naidu hands over 6th crore gas connections under Ujjwala Yojana

Creating a history by illuminating houses the next agenda to achieve its desired target is the Pradhan Mantri Ujjwala Yojana where the government has successfully accomplished its mission with Vice President M. Venkaiah Naidu handing over the 6th crore gas connection under the Pradhan Mantri Ujjwala Yojana (PMUY) on Wednesday. ..

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Path clear for three PSBs to merge from April; have a look which are these

Soon you will have common passbooks and chequebooks if your accounts are in Bank of Baroda, Vijaya Bank and Dena Bank as the Union Cabinet chaired by Prime Minister Narendra Modi has approved the scheme of amalgamation for amalgamating these three banks, with Bank of Baroda as the transferee bank and Vijaya Bank and Dena Bank as transferor banks...

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Food inflation : Attributes to consider in determining the NDA’s sway

Very often we come through the facets that the food prices have inflated, or the any specific food item like onion, tomatoes have reached the price altitude. It is in fact in the past, that the rising onion prices made politicians shed tears out of fear of losing elections. Now it is as the shooting milk prices that has become a major cause for concern...

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GST collections for December 2018 slide down to Rs 94,726 crore than the previous month of Rs 97,637 crore

The Ministry of Finance have released the data relating to the total GST collection of the last month of 2018. The total gross GST revenue collected in December counts to Rs. 94,726 crore of which the centre’s collection is Rs. 16,442 crore and the state’s collection is Rs. 22,459 crore. Meanwhile the IGST collected in the same period measures Rs. 47,936 crore...

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RBI flags inflation stability in the NDA reigns amidst the increased GDP growth rate

Economy is considered to be doing good if it maintains inflation around 3% with a GDP growth rate of about 7-8%. Today, most economists favour a low and steady rate of inflation. Central banks or other monetary authorities in most of the countries are tasked with keeping their inter-bank lending rates at low stable levels, normally to a target annual rate of about 2% to 3%. ..

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23 goods and services cheaper from today amidst GST rate cuts

23 goods and services, including movie tickets, TV and monitor screens and power banks will become cheaper from today as the reduced Goods and Services Tax (GST) on them will come in to effect. The GST Council headed by Arun Jaitley on 22nd of December 2018, had decided to cut tax rates on 23 goods and services making the goods cheaper all over for the consumers...

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LPG Cylinders get affordable turning out a new year gift to the consumers

After the inconsiderable rate cuts in the fuel prices constituting petrol and diesel, now the consumers are now buoyant to assimilate the fact that LPG prices have been cut by Rs 5.91 per cylinder in the beginning of the week. A 14.2 kgs of subsidised cylinder will cost Rs 494.49 in the national capital as against the current price of Rs 500.90. ..

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GDP to mark it’s realistic state under Modi’s supremecy leading nation towards economical altitude

India’s annual economic growth surged to a more than two-year high of 8.2 percent in the three months through June, giving Prime Minister Narendra Modi’s government a political boost in the final year of his term before elections. PM Modi has however, been under pressure to make good his promise to deliver reforms and provide jobs to millions of youth entering the workforce each year as he faces a clutch of state elections this year followed by his planned re-election uphead in 2019. ..

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NITI Ayog all set with new year resolution towards pushing economic growth and reforms

The Governmental ‘Think Tank’ NITI Ayog have planned to kingpin over the steps required to push economic growth, promote e-mobility and ensure expeditious implementation of the Modi government's reform measures in the coming new year. In 2018, the NITI Ayog was criticised over the issue of revision of economic growth rates, reflecting the growth during the previous Congress-led UPA's regime was less than the current rule. ..

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Fuel prices stretch the smiles over, tumbling by 22 paise, mark the lowest of 2018

The metro cities in the nation witnessed the fall in the prices of petrol and diesel in the last week of 2018, marking the decline to be lowest of all the falls of 2018 till date. Petrol prices on Sunday were cut by 22 paise per litre, whereas the diesel rates were cut by 23 paise to a nine month low...

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Everybody has equal opportunity and I think that is true for everything

Mukesh Ambani..

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Booming production with development, leather industry witnesses good growth

Leather Industry occupies a prominent place in the industrial map of the country. India is the second largest producer of footwear, 2nd largest exporter of Leather Garments, 5th largest exporter of Leather Goods and 3rd Largest Exporter of Saddlery and Harness items. Uttar Pradesh and Maharashtra are major production and export centers of leather, leather products and footwear. According to membership records of Council for Leather Exports (CLE), Uttar Pradesh contributed a share of 31.35% in total ..

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Trade imbalances on the verge of stability under Modi’s sway

International trade facilitation being a priority of the government for cutting down the transition cost and time and thereby rendering Indian exports more competitive. India exports approximately 7500 commodities to about 192 countries and imports 6000 commodities from around 140 countries affecting the country’s balance of payment ideals. ..

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The after-effect of new E-Commerce Norms: Jobs, investments will be in danger

The sudden changes in FDI norms in E-Commerce had left Foreign investor-backed e-commerce trailers shocked. The consumers and domestic retailers concerned due to these new norms...

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Expert Committee set by RBI to decide over the quantum of reserves

The Reserve Bank of India has constituted a six membered expert committee to decide on appropriate size of RBI’s reserves. The committee will be headed by the former Governor Bimal Jalan with the former secretary Rakesh Mohan at the vice chairmanship. The Expert Committee on the economic capital framework will have to give it’s framework report 90 days from it’s first meeting...

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Increase in GDP will automatically lead to creation of jobs, hopes Jaitley

The Indian Finance Minister Arun Jaitley uttered around improvement in the GDP, it leading to automatic creation of jobs according to him. In an exclusive interview to All India Radio, Jaitley called for a need to formalise job data for the informal sector. On the issue of GST, Jaitley said that the challenge in meeting the stiff goods and services tax collection target was mostly from services sector rather than the manufacturing sector. ..

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NPA recovery doubled against the Public Sector Banks in the first half of the current year

The recovery of the Public Sector Banks against NPAs has enlarged in the first half of the current year as compared correspondent period last year. In response to a parliamentary question the Finance Ministry publicized that Public Sector Banks following amendments to the Banking Regulation Act, the Reserve Bank of India directed banks to initiate insolvency proceedings, the PSBs reported recovery of Rs 60713 crores against NPAs, which is double the amount recoeverd in the corresponding period last ..

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Economic Indicators reinforcing the fiscal discipline under the direction of NDA Government

A country is considered economically balanced citing the fiscal discipline affecting and setting standard for the analytical purview. India being a struggling nation to prove itself economically stable, has been drastically and positively affected by the political powers imbibed in the past four years. The NDA government has always had a vision for economic growth, governance and reforms and has made significant fronts on that grounds constituting the economic indicators. ..

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Action in need for speed! Make in India’s ‘Train 18’ swiftly cruises in officially becoming fastest train in India

Breaching the speed limit of 180 km/hr, Make in India’s Train 18 has broken all records by swiftly becoming the fastest train in India. The Chief Commissioner of Railway Safety (CCRS) gave its clearance to Indian Railways first semi-high speed engine-less train making it officially fastest train...

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Vedanta Ltd to set up steel plant in Jharkhand for $4 billion

Vedanta Ltd on Tuesday said it will set up a new steel plant in Jharkhand with a capacity of 4.5-million-tonne-per-annum at an investment of $3-4 billion. The plant will be part of the company’s newly-acquired Electrosteel Steels Ltd (ESL) at Bokaro, Vedanta Resources chairman Anil Agarwal said...

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Bank employees on national strike

Banking services are likely to affect nation-wide today because nearly 10 lakh bank employees will be on the day-long strike. This strike has been called by the ‘Union Forum of Bank Unions’ (UFBU)...

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RBI to instigate distinctly different currency design of Rs 20

Currency notes reflect the nation’s rich and diverse culture, her struggle for freedom and her proud achievements as a nation. With a view to bringing the identity closer to the cultural heritage of the country as also for showcasing her scientific advances, a new series of notes in a new design is being launched. ..

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Gold investments demonstrate a sparkling opportunity; attracted excessive positive inflow in 2018

Raising the relevance of gold, the World Gold Council today have announced a quantum of positive inflows amid Gold backed funds aligning to ‘Gold Exchange Traded Funds’ in year 2018. “With institutional and individual investors using them to implement many of their investment strategies, flows in ETFs often highlight short-term and long-term opinions and desires to holding gold.”, stated the report...

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GST authority finds HUL guilty of profiteering Rs 383 crore

The GST anti-profiteering authority has found HUL guilty of not passing on rate cut benefits of Rs 383 crore to consumers. The complaint before the National Anti-Profiteering Authority (NAA) stated that although the Goods and Services Tax (GST) rate on a large number of products was cut from 28 per cent to 18 per cent, HUL had not reduced the maximum retail price (MRP) of its products...

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Farmers’ distress manufactured for political gains?

Is ‘farmer’s distress and loan waivers’ manufactured deliberately to reap political gains? What is the reality? Is it “Good Politics; but Bad Economics”?..

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Strong rupee pulls Rs 4,000 cr in capital markets via foreign investors

Indian Capital Markets have seen a good growing graph this month as Foreign investors have pumped in nearly Rs 4,000 crore in the Indian capital markets so far. This comes following a 10-month high net inflow of over Rs 12,266 crore in the capital markets by Foreign Portfolio Investors in November...

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With major rate cuts making luxury items cheaper; GST council tries to win million hearts

“The Council has approved the proposal to form a 7 Member Group of Ministers to study the revenue trend, including analysing the reasons for structural patterns affecting the revenue collection in some of the States. The study would include the underlying reasons for deviation from the revenue collection targets vis a vis original assumptions discussed during the design of GST system, its implementation and related structural issues.”, informed Finance Minister Arun Jaitley today during the 34th GST ..

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Arun Jaitley to chair the 31st GST council meet concerning the rate cuts amidst

The GST council is set to hold it’s 31st GST meeting today amid talks of the rate cut. Finance Minister Arun Jaitley will be chairing the meeting. This meeting is held in the backdrop of Prime Minister’s Modi’s statement recently that said, “Work is being done to ensure that 99 percent of the goods and services are brought under the 18% GST rate slab.” ..

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Japan-India co-operative actions enlarge the loan assistance of Rs 6668.46 crores citing three Indian projects

The Indian Ministry of Finance, represented by the assistant secretary Dr.C.S. Mohapatra, and Kenji Hiramatsu being Ambassador of Japan to India, exchanged currency today as a base for the development assistance loan citing the three important projects in India. The Government of Japan has committed JICA Official Development Assistance totalling Yen 105.497 billion (=Rs.6668.46 crore approx.) for the three Indian projects. ..

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EPFO payroll data vocalises generating 8.27 lakhs of formal jobs for October this year

India, in the month of October this year, observes generation of 8.27 lakhs of employment in the formal sector as per the data released by the EPFO yesterday. The EPFO payroll data, the employment generation in the month of October is 66 percent higher, when compared to last year, while 79.16 lakh jobs added in 14 months since September 2017...

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Jaitely slammed Rahul Gandhi over his 'idiotic' GST arguments

Indian Finance Minister Arun Jaitley slammed the Congress President Rahul Gandhi on his argument over single slab GST rates. “A single slab GST argued by the Congress President is indeed a stupid Idea. Luxury and sin items can’t be taxed at the same rate as the common man’s item.”, asserted Jaitley pointing towards the stupidity of thoughts owned by Gandhi...

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CBI catches collar of 2 directors of a firm, 8 PNB officials in fraud case

The Central Bureau of Investigation (CBI) has arrested two Directors of a Mumbai-based private firm and eight officials associated with Punjab National Bank in a fraud case...

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Oman Air wants to spread wings in India; approaches Aviation Ministry

Oman Air is hopeful for an increase in traffic rights to India which would drive more leisure tourists to the West Asian country and help feed its flights to Europe and Africa...

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Terming Turkey an important trade and business partner Suresh Prabhu hopes mutual benefit

“India will address all the concerns of Turkey, from agri products, banking issues, trade deficit and greater investments.”, said the Union Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu The Commerce Minister said this during the bilateral meeting with the Minister of Trade of Turkey, Rushar Pekcan, in New Delhi today. ..

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Government does not need a single penny from RBI’s capital reserves, never asked for resignation: Arun Jaitley

Finance Minister Arun Jaitley said, “The government never sought the resignation of Urjit Patel as Governor of the Reserve Bank of India, over differences in handling liquidity stress in certain sectors”, on Tuesday...

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No need to worry! Public Sector banks do not have any plan to shut down ATMs

Public Sector Banks (PSBs) do not have any plans to shut down their ATMs clarifies MoS for Finance Shiv Pratap Shukla. His statement assumes significance amidst a report by the Confederation of ATM industry warning that nearly half of the 2.38 lakh machines run the risk of closing down by March next year due to regulatory compliance changes making the business unviable due to rising costs and dipping or stagnant revenues...

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Nation witnesses fall in the inflation rate settling at 4.64% than 5.28% in last month

The annual rate of inflation, based on monthly Wholesale Price Index, stood at 4.64% for the month of November, 2018 as compared to 5.28% for the previous month. It was 4.02% during the corresponding month of the previous year. According to the government data released today, food articles witnessed softening of prices with deflation at 3.31 per cent in November, against 1.49 per cent in October. ..

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#PNBScam: Interpol issues Red Corner Notice against Mehul Choksi

Global police body Interpol issued a red corner notice against fugitive offender Mehul Choksi, wanted in the 13,000-crore bank fraud case, on Thursday. The Interpol arrest warrant came on a CBI request. The CBI and Enforcement Directorate (ED) had filed a charge sheet against him in a Mumbai court...

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‘Make in India’ sways its magic! India strengthens manufacturing base by delivering 22 train sets to Sydney Metro

India has set a strong manufacturing base for itself with the ‘Make in India’ initiative. Reinforcing India’s role as a manufacturing and engineering hub, Alstom's Sricity facility in Andhra Pradesh delivered the last of the 22 trainsets to the Sydney metro made in the ‘Make in India’ initiative...

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$5 trillion economy gets on fast track with development of basic facilities: Fadanvis

With the development of basic facilities the $5trillion economy is on fast track and with efforts for sustainable development in agriculture, manufacturing and service sectors, well-planned financial and administrative reforms we will achieve this target by 2025, said Maharashtra Chief Minister Devendra Fadanvis here on Wednesday...

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India Economic Conclave 2018: Policymakers share what will drive India towards US $5 trillion economy

The Indian Economic Conclave 2018 started today. The opening session of the event is inauguration of event by Mr. Devendra Fadanvis, CM, Maharashtra, V. Vaidyanathan, Founder and Chairman of Capital First and Mr. M.K. Anand, MD and CEO of Times Television Network...

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With Urjit Patel’s resignation, Govt pulls in Shaktikanta Das as the new governor of RBI

Citing personal reasons, Urjit Patel’s resignation as the RBI governor gave a major thunderbolt attack to everyone. Letting bygones be bygones; the government of India on Tuesday appointed Shaktikant Das as the new governor of Reserve Bank of India for a period of three years. ..

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Indian tracks to slay with superfast trains! ICF to manufacture four more Train 18, this current year

With smooth trials and transitions, the railway tracks experienced the suave Train 18 reining the tracks like a king. Being a major success, the Indian Railways first engine less train for long distance, Train 18 proved to be a super hit. Under this perspective, the Indian Railways have asked the Integral Coach Factory (ICF), Chennai to expedite manufacturing of more such train sets...

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India dominates globally! Sweeps in top 10 of world’s fastest-growing cities with Surat clinching top spot

Growing at an irreversible rate, India positions itself globally by sliding up 10 cities which are fastest growing cities in the world. Topping the list with number one position is Surat with an increasing GDP of 9.17% making it the fastest growing city globally. ..

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Supreme Court issues notice to ED on Vijay Mallya's plea

The Supreme Court today issued a notice to the Enforcement Directorate, ED, on industrialist Vijay Mallya's plea challenging the ongoing proceedings in a Mumbai court to declare him a fugitive economic offender...

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Audi to invest 14 billion euros in e-mobility, self-driving cars

Volkswagen’s premium auto brand Audi said today it would invest 14 billion euros ($15.9 billion) through 2023 in electric mobility, digitalization and autonomous driving...

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Here is the status of GST Refunds: Disposal rate of 93.77 % achieved

Total GST refunds to the tune of Rs 91,149 crores have been disposed by CBIC and State authorities out of the total refund claims of Rs 97,202 crores received so far. Thus, the disposal rate of 93.77 per cent has been achieved. The pending GST refund claims amounting to Rs 6,053 crores are being expeditiously processed so as to provide relief to eligible claimants. Refund claims without any deficiency are being cleared expeditiously...

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Unilever buys GSK's Indian Horlicks business for 3.3 billion Euros

India’s largest consumer goods company Hindustan Unilever Ltd (HUL) is set to become the country’s largest listed foods company, powered by a ₹31,700 crore all-stock acquisition of GlaxoSmithKline Consumer Healthcare Ltd that will give the local unit of Unilever brands such as Horlicks, Boost and Viva...

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Rupee depreciated by 15 paise against US dollar

The value of rupee against the US dollar has again depreciated by 15 paise today at the interbank foreign exchange.The rupee on Monday had fallen by 18 paise to close at 70.87 per dollar. However, today the value of one dollar counts to Rs. 71.02...

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Ahmadabad court to hear Reliance defamation suit against The Wire today

The Ahmedabad City Civil Court will be hearing the defamation suit filed against newsportal ‘The Wire’ by Reliance Company for spreading falsehood and maligning the company’s image in respect of the Rafael fighter jet deal...

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India celebrates ‘National Milk Day’ in the memory of Dr. Varghese Kurien

Dr. Varghese Kurien, Father of white revolution of India, known as ‘milkman of India’ had unparalleled contribution in Indian agricultural dairy industry. 26th November is 97th birth anniversary of Dr. Varghese Kurien, which is celebrated as ‘National Milk Day’ throughout India...

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RBI to set up expert panel to look into issues on capital surplus

The RBI board on Monday decided to set up a high-powered committee to examine issues related to the surplus capital of Rs 9.69 lakh crore with the central bank and advised it to consider a scheme for restructuring stressed assets in the MSME sector...

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Strengthen coop movement through reform, perform & transform: Venkaiah Naidu

Vice President M Venkaiah Naidu delivers Late Laxmanrao Inamdar Birth Centenary commemoration lecture in Mumbai University hall on Thursday...

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Two years, sowing seeds of demonetization reaps into formalizing an economy of development and growth

Completing two years of demonetization, the impact has been seen as a key step in a chain of important decisions taken by the Government to formalise the economy. The seeds of demonetization sown has reaped a beneficial rise in the Indian economy. The government has first targeted the black money outside India, the culprits were slated under the Black Money Act...

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Giving a major thrust to an alternative Suez Canal; India, Iran and Russia to hold trilateral meeting on Nov 23

Promoting transport cooperation and enhancing connectivity with Central Asian countries; India, Iran and Russia will hold a trilateral meeting to make the 7,200-km-long ship, road, and rail route operational soon. The meeting on the International North South Transport Corridor (INSTC) is slated to take place on November 23...

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Mastercard complains to Trump against Modi for backing domestic RuPay card

The American financial services corporation Mastercard has complained to the US President Donald Trump against Indian Prime Minister Narendra Modi for ignoring Mastercard and promoting domestic payment network “RuPay” by invoking nationalism...

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PepsiCo consignment marks first container movement on inland waterways

ndia’s first inland waterways will have the inaugural run of containers belonging to PepsiCo which will be moving 16 of its containers from Kolkata to Varanasi on Tuesday...

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Click and your instant loan is ready in just 59 mins! PM Modi paves way for brighter MSME sector

Prime Minister Narendra Modi has announced major steps including 59-minute loan portal for sanction of up to one crore rupees for small and medium enterprises (MSME). He was speaking at the launching ceremony of Government’s Support and Outreach Initiative for MSME...

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All done and dusted! GST collection crosses Rs 1 Lakh for the second time

Collection from Goods and Services Tax has crossed ₹1 lakh crore for the second time since the indirect tax regime was introduced in July last year. GST mop-up had crossed the Rs 1 lakh crore mark for the first time in April...

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Escalating an upswing in Ease of Doing Business, India jumps 23 spots high to rank 77th in World Bank’s report

India leapfrogged to the 77th rank in the World Bank's latest Ease of Doing Business rankings, jumping 23 notches from last year, a news that is likely to bring cheer for the country with better opportunities in the near future. ..

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PNB scam: Nirav Modi files application before special court on being declared as 'Fugitive Economic Offender'

PNB scam: Nirav Modi files application before special court on being declared as 'Fugitive Economic Offender'..

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Bureaucracy at war from within and with each other!

The “Crash or Collapse of the CBI” and the clash between the CVC, CBI and IB provides both a challenge and opportunity to cleanse the system provided the complete overhaul of the ‘system’ is effectively formulated and implemented without “fear or favor”. ..

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ED files supplementary charge sheet against P Chidambaram in Aircel-Maxis money laundering case

Enforcement Directorate (ED) yesterday filed supplementary prosecution charge sheet against senior former Finance Minister P Chidambaram and eight others in the 3,500-crore rupees Aircel-Maxis case...

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ED staples Rs 255-cr assets of Nirav Modi in Hong Kong

The Enforcement Directorate has attached valuables worth 255 Crore rupees belonging to Nirav Modi in Hong Kong under Prevention of Money Laundering Act. With this the total attachment in the PNB scam case is worth 4 thousand 7 hundred 44 crore rupees...

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CBDT releases Direct Tax Statistics; constant growth in direct tax-GDP ratio over last three years

Continuing the practice of placing key statistics relating to direct tax collections and administration in public domain, the Central Board of Direct Taxes (CBDT) has further released time-series data as updated up to FY 2017-18 and income-distribution data for AY 2016-17 and AY 2017-18. The key highlights of these statistics are as under:..

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Govt notifies special courts for benami transaction cases

The central government has notified Sessions courts in 34 states and Union Territories, which will act as special courts for trial of offences under the benami transaction law...

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Deadline for filing September GST returns extends to October 25

Reliving news for taxpayers is that the Finance Ministry has extended the due date for filing of summary sales return GSTR-3B for the month of September by five days to 25th of this month...

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Famous Shahi litchi of North Bihar gets Geographical Indication tag

The famous Shahi litchi of North Bihar has got the Geographical Indication (GI) tag. It is the fourth product from the state after Jardalu mango, Katarni rice and Magahi paan to have got the GI tag. GI is a name or sign used on products to certify that they possess certain qualities for being made or produced as per traditional methods or enjoy a certain reputation due to its geographical origin...

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GPF interest rate hiked to 8% for October-December quarter

The union government has increased the rate of interest for General Provident Fund (GPF) and other related schemes by 0.4 percentage points to 8 per cent for the October-December quarter of current financial year...

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Discussing and strengthening relations, India sets up Plus desk to facilitate investment from UAE

India and the UAE on Monday discussed ways to increase investments in areas including highways, airports and infrastructure. The issue was discussed during the meeting of the UAE-India High Level Joint Task Force on Investments. Commerce and Industry Minister Suresh Prabhu announced a fast track mechanism between India and the UAE to attract investments...

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ED staples Karti Chidambaram’s assets worth Rs 54 crore in India and abroad

The Enforcement Directorate (ED) has today attached properties worth about 54 crore rupees belonging to Karti Chidambaram, son of former Union Minister P.Chidambaram...

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Deadline for filing ITR, audit report extended till month end

The Central Board of Direct Taxes (CBDT) has extended the due date for businesses to file their income tax returns (ITRs) and audit reports for 2017-18 to 31 October. The move to give companies extra time through a second extension of the due date was taken based on representations from various stakeholders, the CBDT said in a statement. Earlier, the board had extended the ITR filing deadline of 30 September to 15 October...

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Chidambarams! Don’t worry, you are safe till next month in Aircel- Maxis Case

Delhi Court today extended till November 1 the interim protection from arrest granted to former Union Minister P Chidambaram and his son Karti in the Aircel-Maxis case filed by the CBI and the ED...

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Uttarakhand wooes investors by its mega event ‘Destination Uttarakhand’

Uttarakhand on Sunday paved its way towards an investors’ developing state through cutting ribbon of its mega event Destination Uttarakhand: Investors’ Summit 2018 which was addressed by Prime Minister Narendra Modi...

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India gears up in direct tax collection graph; with 17% rise, refunds up by 30% this year

India’s direct tax collections stood at Rs. 5.47 lakh crore in the first six months of the currency financial year, the government said on Thursday. That marked a year-on-year growth of 16.7 per cent in gross collections, provisional data showed. The Ministry of Finance also said that refunds during the half-year period rose 30.4 per cent to Rs.1.03 lakh crore. Net collections - after adjustment towards refunds - rose 14 per cent to Rs. 4.44 lakh crore, according to the provisional figures...

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IRCTC scam case: Delhi court makes Lalu Prasad’s wife Rabri Devi, son Tejashwi Yadav in free bees by granting bail

A Delhi Court on Saturday granted a bail to RJD supremo Lalu Prasad's wife Rabri Devi, son Tejashwi Yadav and other accused in the IRCTC money laundering case. The court was hearing a case related to alleged irregularities in granting operational contract of two Indian Railway Catering and Tourism Corporation (IRCTC) hotels to a private firm...

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RBI maintains status quo; key policy repo rate at 6.5%

The Reserve Bank of India (RBI) today maintained status quo and maintained the key policy repo rate at 6.50 percent. Repo rate is the rate at which banks borrow short-term funding requirement from the central bank...

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RBI allows state-owned oil companies to borrow long term working capital from overseas

The Reserve Bank of India (RBI) has allowed state-owned oil companies to borrow long term working capital from overseas. RBI relaxed the policy on borrowing up to 10 billion US dollar from the overseas by the state owned fuel retailers...

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GST collection for September shoots up touching Rs 94,000 Cr

Unlike August, the Goods and Service tax collection in September witnessed an upswing. In September, the revenue collected under GST touched Rs 94,000 crore. Goods and Services Tax (GST) revenue for August was the lowest in the five months so far this fiscal...

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Bringing fiscal management on track, Govt cuts market borrowing target by Rs 70,000 Crore

The government will cut borrowing by Rs 70,000 crore in the current financial year, indicating that India will be on the path of fiscal prudence. Economic Affairs Secretary S C Garg on Friday announced reduction in gross borrowing estimate for the current fiscal and maintained that the government will contain fiscal deficit target at 3.3 per cent. ..

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Etching pact with Japan, India comes closer to achieve its dream of ambitious Bullet train

Giving a major thrust to high speed rail project, India signed an agreement with Japan for construction of a Metro project in Kolkata and a high-speed rail project between Mumbai and Ahmedabad. The Japan International Cooperation Agency will lend a loan of around Rs 5,500 Cr for the ambitious Bullet train project...

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Appreciating the progress, ADB says India's economy continues on robust growth path

India's economy continues on a robust growth path, the Asian Development Bank (ADB) said Wednesday while maintaining the growth forecast for the current fiscal at 7.3%...

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PNB fraud: Nirav Modi gets one month to file reply to ED plea

Special court in Mumbai has directed diamantaire Nirav Modi, a key accused in the multi-billion PNB fraud case, to file his reply on October 29 to an Enforcement Directorate (ED) plea seeking to declare him a "fugitive" under a new law...

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#AircelMaxisCase: Delhi Court to hear ED's plea on Oct 8 2018

Delhi court has agreed to hear a plea by Enforcement Directorate on October 8, seeking custodial interrogation of Karti Chidambaram in Aircel-Maxis case on Tuesday...

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Airtel reveals network investment plans for Uttar Pradesh and Uttarakhand

Airtel announced its plans to deploy more than 17,313 new mobile sites and add 6,650 KMs of fresh optic fiber in Uttar Pradesh (UP) and Uttarakhand states...

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Reason to rejoice! Small Savings schemes interest rates hiked

With giving major sigh of relief with last GST meeting benefits, the latest in the row is that the government has hiked the interest rate on small savings schemes including public provident fund or PPF, which will not fetch 8% interest rate for the October to December quarter, from 7.6% currently. ..

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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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