New Delhi: The government’s decision to infuse Rs 2.11 lakh crore in public sector banks and spend Rs 14 lakh crore on infrastructure projects has received the thumbs up from India Inc. “This milestone announcement on recapitalising banks in one-go is a bold and courageous move and was indeed the[Read More…]
Despite India being the worlds largest producer of milk and second largest producer of fruits and vegetables, about 40 to 50 per cent of the total output valued of $440 billion ends up being wasted, a study said here on Tuesday. “India has about 6,300 cold storage facilities with a[Read More…]
In a relief to GST taxpayers, the government on Tuesday waived the penalty for filing late returns for the months of August and September, and the money already paid as a penalty will be credited back to businesses. “To facilitate taxpayers, late fee on filing of GSTR-3B for August and[Read More…]
Demonetisation along with recently introduced Goods and Service Tax (GST) may impact the business of upcoming wedding season, which is starting from November, by 10-15 per cent, said industry chamber, ASSOCHAM on Monday. Wedding services like marriage hall booking, tent booking, confectionery services and photography are expected to get impacted.[Read More…]
Jean-Christophe Letellier, managing director of L’Oréal, India has admitted that Baba Ramdev’s Patanjali has shifted the focus to natural products. Letellier, who’s been heading the company’s India business, thinks that with better access to the internet, affordability, and the desire for better grooming, consumers in Asia’s third-largest economy are demanding[Read More…]
Hyundai India has declared a price hike owing to the recent change in the GST structure for cars and it would be effective from 11 September, 2017. A 2-5 per cent raise could be seen in the prices of Hyundai Elite i20, Verna, Elantra and Tucson. But, the Hyundai Grand[Read More…]
Railway Minister, Piyush Goyal has asked the catering staff of railways to stop overcharging for food and stop seeking tips from the passengers. A letter from minister’s office was sent to all zonal railway units across the nation. It asked them to ensure that the practice is stopped with immediate[Read More…]
The tax department will begin gathering virtual information to trace black money with ‘Project Insight’, likely to be launched next month. It will use big data analytics to match data from social media sites to deduce disparities between spending pattern and income declaration. The taxmen will analyze mismatches to trace[Read More…]
Essar Oil that owns and operates Stanlow Refinery confirmed significant capex investment and reported strong Q4 figures and financial results for the financial year ending March 31st 2017. Stanlow margins over the KBC Benchmark improved to $4.2/bbl in FY17 due to continuing margin booster initiatives, regardless of the industry benchmark[Read More…]
McDonalds India will close down its 169 stores across the entire north and east region from Wednesday. McDonald’s has said that Connaught Plaza Restaurants Ltd (CPRL) will not be authorised to use its brand name and trademark starting from 6 September as they ended agreement. The development has increased uncertainty[Read More…]
The Reserve Bank of India included HDFC in the list of banks deemed “too big to fail”. The other banks in this list are State Bank of India and ICICI Bank. Banks with assets that surpass 2% of the annual gross domestic product are categorised as this. “In addition to[Read More…]
A special court on Monday granted bail to industrialist, Naveen Jindal, and others in a case related to the allocation of a coal block in Madhya Pradesh. Special Judge Bharat Parashar granted the relief on a personal bond of Rs one lakh each and one surety of like amount. The[Read More…]
The government has received a proposal to put some limitations on sale and purchase of gold to avoid tax evasion. As per reports, a panel of financial regulators has proposed that any gold transaction must involve the PAN Card. The proposal adds that the PAN card rule should not be[Read More…]
Dara Khosrowshahi, the chief executive of Expedia, has been chosen as a new head of Uber in a surprising turn after board members considered two other stalwarts of the industry. The step comes after a weekend of frantic meetings with two other candidates, Meg Whitman, chief executive of Hewlett Packard[Read More…]
Ending all speculations, Nandan Nilekani was on Thursday named ZeeN after R Seshasayee and co-chair Ravi Venkatesan quit. Nilekani was one of the seven founders that set up Infosys more than three decades ago and served as its CEO from March 2002 to April 2007. In a sudden move, Infosys’[Read More…]
The new Rs 200 notes will be in circulation from Friday, the Reserve Bank of India (RBI) announced on Thursday. The Rs 200 denomination banknote in the Mahatma Gandhi (New) series will bear the signature of RBI Governor Urjit R. Patel and will be initially issued by select RBI offices[Read More…]
A week after Vishal Sikka resigned as the managing director and chief executive officer of the software giant Infosys, reports suggest that co-founder, Nandan Nilekani may head the company, on Wednesday. UB Pravin Rao is appointed as the interim MD and CEO of the firm. Sikka is the executive vice[Read More…]
Nearly Rs 42,000 crore has already come in as taxes so far in the first monthly filing under the new Goods and Services Tax (GST) rule. The revenues are expected to increase further as the filing cycle closes this later this week. Reportedly, while about Rs 15,000 crore has come[Read More…]
McDonalds India announced that it had terminated its franchise agreement with Vikram Bakshi’s Connaught Plaza Restaurants on Monday. As a result, 169 restaurants operated by the latter will have to shut down and stop using McDonald’s brand name within 15 days. The company runs McDonald’s outlets in northern and eastern[Read More…]
In the largest-ever investment in an online Indian company, e-commerce giant Flipkart got an investment of $2.5 billion from a Japanese telecom and internet company. Japanese group SoftBank’s new $93bn Vision Fund has invested $2.5bn in Indian Flipkart – the biggest private investment in the company’s technology sector. The fresh[Read More…]
Top-end luxury cars including sports utility vehicles (SUVs) may cost more with Centre and states seeking to increase cess on these vehicles to accurate so-called “anomaly” that crept in when goods and services tax (GST) rates were decided. Reportedly, the plan is to increase the cess from 15% to 25%.[Read More…]
Information technology (IT) services firm Cognizant Technology Solutions has said that its 400 senior staff has accepted a voluntary separation package (VSP). The step will aid the company save nearly $60 million this year. The voluntary separation programme was launched in the second quarter (Q) of 2017. It aimed to[Read More…]
To facilitate senior citizens and those with income below Rs. 5 lakh to file tax returns for 2016-17, the Income-tax office department declared to remain open until midnight on Saturday. Notably, the last date of filing Income Tax Returns (ITRs) was extended from July 31 to August 5 in view of difficulties faced[Read More…]
Yoga guru-turned business tycoon, Baba Ramdev, who founded the business potential in everything home-based, is ready to raid the next big consumer market of apparel. Ramdev is already in the food, medicine and cosmetic business and has a great hold on the marketplace. Now, Ramdev’s Patanjali Ayurved is preparing to[Read More…]
It is reported that The Reserve Bank of India stopped printing Rs 2000 notes in March this year. The federal bank is also not likely to print any more Rs 2,000 notes in the current financial year. The RBI, meanwhile, has shifted its focus on printing the newly approved denomination of[Read More…]
