President Ram Nath Kovind on Thursday met a group of probationers from the 68th batch of Indian Revenue Service (Custom and Central Excise) and lauded them for making the Goods and Service Tax (GST) a success. Addressing the probationers, the president said, “In 2017, Government introduced the GST, the most comprehensive[Read More…]
Indian Rupee continued its free fall on Thursday August 30. The currency weekend by another 23 paise against the dollar to trade at a life-time low of 70.82 on strong month-end demand for the US currency amid sustained foreign fund outflows. At the Interbank Foreign Exchange (Forex) market, the local currency opened a tad[Read More…]
As the Indian rupee plunged to a fresh record low of 70.60 to a US dollar on Wednesday, a top government official said there is no need to be alarmed as despite the short-term volatility, the country is going through “an exceptional period of stability”. The official said if one takes the long-term view, the rupee is not depreciating[Read More…]
In its annual report 2017-18, the Reserve Bank of India (RBI) said that the processing of demonetised Rs 500 and 1000 banknotes is complete and it has emerged that nearly 99.3 per cent of the notes worth Rs 15.3 lakh crore have been returned to the banks. An amount of[Read More…]
Union Minister of Commerce & Industry and Civil Aviation today chaired a meeting of different exports stakeholders and Commerce Ministry officers to discuss a strategy for revitalizing India’s exports and doubling the country’s exports by 2025. The Minister said that this is necessary for a view of challenges like the[Read More…]
Through an RTI report, RTI activist from Punjab, Rohit Sabrawal revealed that India is selling Rs 34 per litre Petrol to 15 countries and Rs 37 per litre diesel to 29 countries while Indian citizens have been availing the same Petrol and diesel for more than double the price. In[Read More…]
The US dollar declined 0.3 per cent as expected trade talks between the US and China eased market concerns. In late New York trading on Monday, the euro increased to $1.1467 from $1.1436 in the previous session, and the British pound rose to $1.2785 from $1.2720 in the previous session, Xinhua news agency reported. The Australian[Read More…]
The Indian rupee, which has been depreciating against the dollar on account of external factors, will “stabilise” soon with the fundamental equation for trade unchanged, an official said here on Saturday. “This breaching of 70 (mark) was on account of external factors largely on what happened in Turkey. Our fundamental[Read More…]
Former Union Minister and senior Congress leader P. Chidambaram on Saturday challenged Prime Minister Narendra Modi’s government to match up with the UPA’s GDP rate in its fifth year and said that back series calculation of GDP has proved that the best years of economic growth were the UPA years 2004-2014. Quoting figures[Read More…]
According to a report prepared by Committee on Real Sector Statistics, India’s economy had grew the highest during the Prime Ministerial period of Manmohan Singh. The back series data on GDP prepared by the Committee on Real Sector Statistics has revealed that Indian economy clocked a 10.08 per cent growth[Read More…]
Downslide of Indian rupee continues to hit fresh records as it slumped 43 paise against the American dollar to trade at a life-time low of 70.32 on Thursday, August 16. Experts believe that the rupee is unlikely to recover soon. At the Interbank Foreign Exchange, the rupee opened at a[Read More…]
Indian rupee crashed to all time low of 70-mark against US dollar for the first time on Tuesday. The new low of 70.09 in the currency has opened windows to the opposition parties to react on it. Congress has come up with sharp remarks on Twitter aiming at PM Narendra[Read More…]
After a raw of questions being raised over printing of Indian currency in China, the Central government denied all the accusations stating that “Indian currency notes are being and will be printed only in Indian government and RBI currency presses.” The Ministry of Finance rubbished the reports claiming that a[Read More…]
Chinese media is reported saying that China has won the contract to print Indian currency. Not just Indian, many other countries gave handed-over the contract to China for the printing of their currency notes, said China Banknote Printing and Minting Corporation (CBPMC) President Liu Guisheng. According to the South China[Read More…]
Broadly negative global cues along with weakness in the Indian Rupee and caution ahead of the release of macro-economic inflation data point subdued the key Indian equity indices on Monday. The Rupee touched an all-time low of 69.80 per US dollar on Monday following weakness in global peers. At 3.30[Read More…]
Ahead of 15th August, a lot of speculations have been there regarding the hike in minimum pay. As per the words spreading across the media, the central government is willing to dole out hikes. The government is likely to raise minimum pay to Rs 20,000 from Rs 18,000 that was[Read More…]
The IT backbone of the Goods and Services Tax was not given enough time to prepare a system to the satisfaction of the GSTN which led to the glitches in the implementation of the new tax regime, a top official said. However, he added, the system had now stabilized and[Read More…]
Due to firming international rates, Petrol prices have reached the mark of Rs 77 per litre, while diesel rates crossed Rs 68.50 for the first time in two months. According to daily price notification issued by state-owned oil firm, petrol price in Delhi was today hiked by 9 paisa a[Read More…]
Kolkata: Principal Economic advisor to the Finance Ministry Sanjeev Sanyal on Saturday said Goods and Services Tax (GST) slabs may be brought down to three along with the exemption category in order to further simplify the country’s tax regime. The lower rate will be five per cent, the middle bracket[Read More…]
Union Ministry for Corporate Affairs Secretary, Injeti Srinivas on Friday said the government is ready to further amend the Insolvency and Bankruptcy Code (IBC), a game changer in creating a market for stressed assets. “It is a game changer. The future contours of the Indian economy will be positively influenced[Read More…]
Mumbai: The Reserve Bank of India on Wednesday said that the possibility of global protectionist measures culminating into currency wars can hamper India’s growth prospects. We already had a few months of turbulence behind us and it looks like that this is likely to continue for how long I don’t know.[Read More…]
Revenue collection under the Goods and Services Tax (GST) crossed the Rs 95,000 crore mark in July for the second month in a row and stood at Rs 96,483 crore, the government said on Wednesday. The government said the revenue was broadly on expected lines and that Rs 3,899 crore[Read More…]
Reserve Bank of India (RBI) raised the repo rate that is directly going to affect the home loan costs. The RBI announces this during its bi-monthly monetary policy review. This makes the present repo rate of India to be 6.50 per cent. The Central Bank of India has lifted the[Read More…]
Punjab National Bank (PNB) has collected Rs 151.66 crore as penalty from its customers who could not maintain a minimum balance in saving accounts during the fiscal year 2017-18. “During 2017-18, a total penalty of Rs 1.51 billion has been recovered due to non-maintenance of minimum balance in 122,98,748 savings[Read More…]
Modi government’s flagship scheme, ‘Make in India’ was launched with the aim to boost the manufacturing sector in India and promote the nation as an investment destination for manufacturers. However, the scheme hasn’t been able to boost up the share of the manufacturing industry. It’s been almost four years since[Read More…]