Business News

Mumbai, 13 Jul 2017/--/The Maharashtra government is planning to come up with a fresh set of guidelines for the effective implementation of the loan waiver scheme for farmers, an official has said. Chief Minister Devendra Fadnavis had last month announced the “historic” loan waiver of Rs 34,022...

Mumbai, 13 Jul 2017/--/Gold prices eased by Rs 5 per ten grams at the bullion market on Thursday due to muted demand from jewellers and retailers, even as the metal strengthened overseas. However, silver maintained its rising trend and firmed up by Rs 55 per kg on increased offtake by industrial...

Mumbai, 13 Jul 2017/--/Bolstering its strong defence against the beleaguered dollar, the rupee on Thursday appreciated by another 9 paise to end at a near one-month high of 64.45 amid a dovish shift in Fed expectations. Heavy unwinding of dollars by currency speculators and banks in the midst of...

NEW DELHI, 13 Jul 2017/--/The Reserve Bank is keeping a close watch on transactions involving cryptocurrencies, Governor Urjit Patel is understood to have told the members of the Parliamentary panel on finance on Wednesday. During the more than three-hour long meeting of the Standing Committee on...

NEW DELHI, 13 Jul 2017/--/In a push to digital payments, state-owned lender SBI will cut charges on electronic transfer of funds through NEFT and RTGS by up to 75 per cent from Saturday, benefiting nearly 5.27 crore customers, a release said on Thursday. "The reduced charges will be applicable on...

NEW DELHI, 13 Jul 2017/--/With almost 91 lakh new taxpayers brought in the tax net last fiscal, the CBDT has asked the Income Tax Department to increasingly identify those who can pay tax but are not doing so, with a special focus on smaller cities. Central Board of Direct Taxes (CBDT) Chairman...

Kolkata, 12 Jul 2017/--/As a result of the massive ticket checking drive conducted by Eastern Railway all over its jurisdiction from 23 June to 06 July, 2017, altogether 85,332 persons were detected travelling without or with improper ticket and carrying unbooked luggage and an amount of Rs.1,79,39...

Kolkata, 12 Jul 2017/--/South Eastern Railway has taken steps for smooth implementation of New Tax System i.e. Goods & Services Tax (GST) and to spread awareness amongst the travelling passengers about the impact of GST in Catering Segment in Railways which has been effective from 1st July,...

Mumbai, 12 Jul 2017/--/The prices of petrol and diesel are set to come down in Maharashtra as the government has decided to slash the state surcharge levied on petroleum products. State food and civil supplies minister Girish Bapat gave this information here on Tuesday. "The prices of petrol will...

Kolkata, 12 Jul 2017/--/Godrej has decided to reduce the price of its locks as tax burden gets eased by five to seven per cent post Goods and Services Tax (GST). "With GST most of our locks will be levied at 18 per cent tax. We have decided to pass on the benefit to the consumers by suitably...

NEW DELHI, 12 Jul 2017/--/Industrial output growth slumped to 1.7 per cent in May from 8 per cent a year-ago due to poor performance of mining and manufacturing, and may put pressure on the RBI to cut interest rate in its policy next month. The factory output growth, measured on the Index of...

NEW DELHI, 12 Jul 2017/--/Retail inflation hit a "historically low" level of 1.54 per cent in June on dip in food items like vegetables, pulses and milk products, which may prompt the Reserve Bank to go in for rate cut next month. "The number of 1.54 per cent is historically low and reflects the...

SINGAPORE, 12 Jul 2017/--/India's digitisation programme has taken a big jump following demonetisation but the country has a "long way to go" before all its citizens are fully connected to banks, a noted entrepreneur said here on Wednesday. Expressing confidence in India's ongoing reforms and the...

NEW DELHI, 12 Jul 2017/--/The Cabinet, chaired by Prime Minister Narendra Modi, was on Wednesday apprised of the agreement signed between India and Palestine on cooperation in information technology and electronics. "The MoU shall come into effect from date of signature of the parties and shall...

Coimbatore, 12 Jul 2017/--/A farmer's body in Tamil Nadu on Wednesday urged the Centre to expedite implementation of the Swaminathan Commission recommendations to alleviate the plight of farmers, who have been facing serious economic crisis for the last few years. Though Prime Minister Narendra...

NEW DELHI, 12 Jul 2017/--/The Delhi High Court on Wednesday asked the Centre and AAP government to respond to a plea claiming that the GST law was not being properly implemented against the lawyers. A bench of Justices S Muralidhar and Pratibha M Singh, while issuing notices to the central and...

NEW DELHI, 12 Jul 2017/--/The CBI Wednesday searched 23 locations in two cities in connection with an alleged corruption case against Principal Commissioner of Income Tax, Ranchi, Tapas Kumar Dutta, and others, officials here said. The searches were conducted in 18 locations in Kolkata and five in...

Bhubaneswar, 12 Jul 2017/--/In an effort to curb illegal mining and transportation of minor minerals, the Odisha government Wednesday decided to identify the source of such materials in all blocks of the state. "We have planned to used differential global positioning system (DGPS) survey to...

NEW DELHI, 12 Jul 2017/--/Senior bureaucrat Subhash Chandra Garg Wednesday assumed charge as secretary of the Department of Economic Affairs (DEA) in the finance ministry. A 1983 batch IAS officer, from the Rajasthan cadre, Garg was World Bank executive director for Bangladesh, Bhutan, India and...

Hyderabad, 12 Jul 2017/--/The Kolkata-based non-banking financial company, Magma Fincorp, has plans to disburse Rs 6,000 crore this fiscal in the asset finance business category, a senior company official said on Wednesday. "In the asset finance category our disbursal in FY17 was Rs 4,700 crore...

Mumbai, 12 Jul 2017/--/After a brief overnight setback, the rupee recovered by 5 paise to end at 64.54 against the US dollar on fresh selling of the American currency by banks and exporters. Bearish greenback overseas tone largely aided the recovery momentum. The uninterrupted spectacular bull-...

Mumbai, 12 Jul 2017/--/Fintech firm Innoviti on Wednesday said it has raised Rs 120 crore from a clutch of investors, including the SBI-FMO priavte equity, for business expansion activities. The Bengaluru-based company raised the money from Singapore-based SBI FMO Emerging Asia Financial Sector...

SINGAPORE, 12 Jul 2017/--/A Singapore court on Wednesday convicted a jailed banker of additional offences in a case linked to the international money-laundering scandal involving neighbouring Malaysia's state fund 1MDB. Singaporean Yeo Jiawei, a former wealth manager with Swiss bank BSI, was...

NEW DELHI, 12 Jul 2017/--/Country's largest bank SBI has waived charges for fund transfer of up to Rs 1,000 through its IMPS (Immediate Payment Service) to promote small transactions. State Bank of India had been charging Rs 5 along with the applicable service tax for IMPS fund transfer of up to...

Kolkata, 11 Jul 2017/--/A GST Outreach Programme for oil industry stakeholders was held in Kolkata and was hosted by IndianOil Corporation Limited. The Program aimed at sharing the essential insights regarding the implementation of GST and alleviating any apprehension related to adoption of GST....