Parliament gives nod to Footwear Design Institute Bill

 Parliament on Monday passed the Footwear Design and Development Institute Bill that seeks to establish the Footwear Design and Development Institute as an institution of national importance with the Rajya Sabha's nod to the law.

The Bill, introduced by Commerce and Industry Minister Nirmala Sitharaman, was passed after discussion. The Lok Sabha has already passed the Bi

UP Government unveils free power scheme for BPL card holders

Uttar Pradesh Government has said that it has launched free power connection scheme for the BPL card holders in the state. Commenting on the issue, Power Minister Srikant Sharma told the media, "The scheme of providing free power connection to the BPL card holders has been launched at 624 places across the state.

The scheme would also benefit the poor people who do not have BPL c

SHAREit crosses 1 bn users globally, 300 mn in India

Popular mobile file sharing app SHAREit has crossed the one billion users-mark worldwide, with over 300 million from India.

SHAREit's user base in India is greater than 70 per cent of the country's total internet users. 

"When SHAREit entered India, it created an extreme near field transmission experience for local consumers who had been disappoin

IMF keeps India`s growth forecast at 7.2% for 2017-18

India will stay ahead of China in growth sweepstakes in 2017 as well as 2018, said the International Monetary Fund (IMF) while retaining the country's GDP forecast at 7.2 cent for the current fiscal, reported PTI. According to IMF's World Economic Outlook Update, India's growth is projected to accelerate to 7.7 per cent in 2018-19, from 7.2 per cent forecast for 2017-18.

W

Government introduces Banking Regulation Bill

Finance Minister Arun Jaitley on Monday introduced a bill under which the Centre may authorise the Reserve Bank of India to direct banks to initiate recovery proceedings against loan defaulters.

The Banking Regulation (Amendment) Bill will replace an ordinance that earlier enabled this. 

The recovery proceedings would be under the Insolvency and Bankruptcy Cod

Trade deficit with China a matter of concern: Nirmala Sitharaman

India's trade deficit with China is a matter of concern and the government is working for greater access of Indian goods and services into the Chinese market, Lok Sabha was informed today. "Trade deficit with China is a matter of concern. We are discussing the issue with China for greater access for Indian products and services in the Chinese market," Commerce Minister Nirmala Sit

Government considering path-breaking FDI reforms for defence sector

A more liberal FDI policy is currently under consideration to attract FDI in defence sector, sources said.

The aim is to attract Rs 35,000 crore investment in the next five years, give a flip to defence production in India and create more jobs.

Under the new norms, the government is likely to allow 100 per cent FDI under the automatic route for the production in India of tan

Biz get time till August 16 to opt for GST composition scheme

The government extended the deadline till August 16 for businesses to opt for composition scheme under the GST regime, reported PTI. "With a view to ease the compliance burden of provisionally migrated small taxpayers opting to pay tax under the composition scheme, it has been decided to extend the time limit for filing intimation for composition levy up to August 16, 2017," the finan

RBI to lease currency verification systems to weed out fakes

The Reserve Bank will hire 12 currency verification systems for six months to help it segregate fake ones from scrapped notes of Rs 500/1000 denomination, reported PTI. The central bank is currently engaged in counting huge pile of old Rs 500/1000 notes which were scrapped following demonetisation on November 9, 2016.

Earlier in May, the Reserve Bank had floated a global tender for le

Launching Rs 200 note will fill missing middle: SBI Ecowrap Report

Introduction of Rs 200 note will fill in the "missing middle" even as the new currency in circulation (CIC) has already reached 84 per cent of the pre demonetisation level, says a report according to the PTI. Cash with banks, a CIC component, has however witnessed a decline over November 2016 level, said the State Bank of India Ecowrap report.

The data for June 23, 2017 show

GST a great step towards transparency, says Smriti Irani

The Union Minister for Textiles and Information & Broadcasting Smriti Zubin Irani has said that no one can harass a person who wants to come into formal economy through GST. Addressing a seminar on ‘GST – a Tool for Inclusive Growth’ organised in Ahmedabad, the Minister said past transactions are not to be checked under this system.

There will be no punishment fo

Interview for RBI deputy governor post on July 29

A search panel headed by the Cabinet Secretary is scheduled to interview candidates on July 29 to find a successor for RBI Deputy Governor S S Mundra, who is completing his three-year term this month-end.

The Financial Sector Regulatory Appointment Search Committee (FSRASC) has shortlisted about 10 names who have been called for interview on July 29, sources said. Some of the bankers

India`s forex reserves up by $2.68 bn: Reports

According to RBI data, the country's foreign exchange reserves rose by USD 2.681 billion to touch a new life-time high of USD 389.059 billion in the week to July 14, helped by increase in foreign currency assets (FCAs). In the previous week, the reserves had marginally declined by $161.9 million to $386.377 billion. FCAs, a major component of overall reserves, surged by USD 2.677 billion to

PMVVY to provide good returns to senior citizens: Finance Minister

Finance Minister Arun Jaitley has said that the Pradhan Mantri Vaya Vandana Yojana (PMVVY) will provide a respectable rate of return to senior citizens at a time when interest rates are falling globally. As per reports, PMVVY is a pension scheme exclusively for senior citizens (aged 60 years and above) which is available from May 4, 2017 to May 3, 2018. It provides an assured return of 8 per ce

Government to provide cover for digital transaction frauds: Report

The Indian Government has said that it is considering the recommendations of the Chandrababu Naidu committee on digital payment security, including insurance cover for the victims of fraudulent digital transactions.

Commenting on the issue, Union Electronics and Information Technology Minister Ravi Shankar Prasad told the media that the number of digital transactions in the country wa

IT dept detects Rs 19,000 cr black money in HSBC cases: Finance Minister

The Indian Government has said that the Income Tax department has detected over Rs 19,000 crore in black money following investigations into global leaks including HSBC account holders in Switzerland.

Commenting on the issue, Finance Minister Arun Jaitley told the media, “Investigations into information, put into public domain by the ICIJ, pertaining to about 700 Indian persons

Demonetisation, GST to lead to expansion of tax base: Finance Minister

Finance Minister Arun Jaitley has said that demonetisation and GST will make cash transactions a lot more difficult and lead to greater compliance as well as expansion of tax base. As per reports, the government has come out with laws to contain overseas black money as well as those dealing with domestic black money and cracking down on shell companies.

Commenting on the issue, Financ

Job creation India`s biggest challenge: Tharman Shanmugaratnam

India needs to undertake labour reforms on an urgent basis to create employment opportunities so that the country's huge workforce does not turn into a demographic crisis, Singapore Deputy Prime Minister Tharman Shanmugaratnam said as per the PTI report. "India's biggest challenge is jobs.

It is a real challenge going forward because India has lost a lot of time, it has l

TFA to promote ease of doing business: CBEC

A Government Official has said that the trade facilitation agreement (TFA) of the WTO would promote ease of doing business and global commerce as the pact aims at easing custom processes. Commenting on the issue, Central Board of Excise and Customs (CBEC) Chairperson Vanaja N Sarna said that the agreement would change the global trade scenario and streamline the processes while supplementing In

Government nominees on RBI MPC to get Rs 1.5 lakh a meeting

The government nominees on the Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) are to be paid Rs 1.5 lakh per meeting along with air travel and other reimbursements, according to a decision taken by the RBI.

The six-member MPC, constituted last year, has three persons appointed by the government while the others, including the Governor, are from the RBI.

Th

Vijaya Bank net up 57 per cent in Q1

State-run Vijaya Bank Ltd on Saturday reported a Rs 255 crore net profit for the first quarter of fiscal 2017-18, registering a 57 per cent annual growth from Rs 162 crore in the same period a year ago.

Sequentially, net profit grew 25 per cent from Rs 204 crore a quarter ago.

Operating profit for the quarter under review (Q1) also zoomed 64 per cent annually to Rs 753 crore

Demonetisation, GST will reduce cash in system: Arun Jaitley

Finance Minister Arun Jaitley on Saturday said that generation of cash will become difficult as a result of demonetisation coupled with the implementation of the Goods and Services Tax (GST).

"Demonetisation coupled with the implementation of Goods and Services Tax (GST) regime will make generation of cash a lot more difficult, help towards the objective by creating greater compl

Money flow into financial savings increased post note ban: Viral Acharya

Post demonetisation, there has been a visible channelising of money towards financial assets like insurance and mutual funds, Reserve Bank of India (RBI) Deputy Governor Viral Acharya said on Saturday.

"It will take us many years to understand the outcome of demonetisation. I sense that in financial assets, something has changed as black money transactions are now not easy,"

India`s smart cities` plan can adversely impact environment

The Indian government's vision to create 100 new smart cities to support the rapidly growing urban population could have a significant detrimental impact on the environment, a study has warned.

Researchers led by Hugh Byrd, professor and a specialist in urban planning at the University of Lincoln, UK, said the detrimental environmental impact would increase at a greater rate than

Actively working towards clean political funding: Arun Jaitley

Finance Minister Arun Jaitley on Saturday said that the government was actively working towards providing a system of clean political funding.

"When we deal with the subject of how the political system will be funded, we hope through cleaner money in future. We are actively working on this," he said here at the Delhi Economics Conclave 2017 organised by the Finance Ministry.