Government sets up panel to redraft income tax law: Reports

The Indian Government has said that it has constituted a task force for redrafting the 50-year old income tax law in sync with the economic needs of the country. As per reports, the six-member task force will have Arbind Modi, CBDT Member (Legislation) as the Convener and other members, including Girish Ahuja (chartered accountant), Rajiv Memani (Chairman and Regional Managing Partner of EY) an

Oil, gas PSU mergers exempt from CCI approval

Merger and acquisition deals involving public sector oil and gas companies have been exempted from seeking the Competition Commission approval, says a notification. The corporate affairs ministry's decision to exempt such deals from the ambit of the Competition Commission of India (CCI) comes against the backdrop of the proposed consolidation and stake purchases among state-owned oil and ga

India cotton exports to drop as pink bollworms eat crop

By Rajendra Jadhav

WARDHA, India  - India is likely to export nearly one-fifth less cotton than previously estimated as pink bollworms are set to eat into the south Asian country's output which was expected to hit a record, industry officials told Reuters on Thursday.

Lower exports from the world's biggest producer will help its rivals like the

President approves bankruptcy code ordinance

President Ram Nath Kovind on Thursday approved an ordinance to introduce changes to the Insolvency and Bankruptcy Code, Finance Minister Arun Jaitley said on Thursday.

Jaitley had said on Wednesday that the union cabinet had forwarded the ordinance with changes for the President's assent.

Government to boost to air connectivity in Northeast: Minister

Union Minister of State for Civil Aviation Jayant Sinha has said that 92 new routes will be opened in the Northeast region in the second round of the government's 'Udaan' scheme to provide a major boost to air connectivity in the Northeast. Sinha also announced a direct bi-weekly Air India flight from Delhi to Imphal from January next year, which he said would be made a daily servic

Better subsidy targeting via technology saved USD 10 bn: Prime Minister

Prime Minister Narendra Modi today said direct transfer of government benefits using technology, bank accounts and biometric identifier Aadhaar has helped save USD 10 billion in subsidies. Addressing the Global Conference on Cyber Space here, he said technology breaks barriers and has led to efficient service delivery, governance and improved access to education and health.

The govern

JAM trinity helped government save $10 bn leak: Narendra Modi

Prime Minister Narendra Modi on Thursday said it must be ensured that digital space doesn't become a playground for forces of terror and radicalization and that the Jan Dhan Yojna, Aadhaar and Mobile trinity (JAM) had helped the government save $10 billion in leakages.

"The quest for an open and accessible Internet often leads to vulnerability. Stories of hacking and defaceme

Interview: SBI Life bets on metals, oil and gas sectors for investment growth

By Abhirup Roy and Devidutta Tripathy

MUMBAI  - SBI Life Insurance Co. Ltd has increased investments in the metals, oil and gas sectors as a rise in energy and metals prices is set to drive growth in commodity stocks, the insurer's chief investment officer told Reuters.

Strong refining margins at oil and gas companies, the Indian government's pu

India registers 15% growth in solar capacity: Reports

A recent survey has revealed that India added nearly 2,247 MW of solar capacity during July-September period, registering a 15.40 per cent growth as compared to 1,947 MW added in Q2 of 2017. According to the survey by Mercom Capital, with the addition of 2,247 MW, the cumulative installed capacity between January-September 2017 stands at 7,149 MW.

Commenting on the issue, a Mercom Cap

Naredco pitches for 6% GST rate for realty sector

Naredco urged the government to halve the GST rate for the sector to 6 per cent to boost demand for under-construction housing projects, reported PTI. Naredco said in a statement that it has "requested the government to fix GST rate for the real estate sector at 6 per cent from the current rate of 12 per cent". The demand was made by the association in a meeting with Finance Secretary

Exclusive: CSX to impose hefty fees on some rail customers in 2018

By Eric M. Johnson

SEATTLE - CSX Corp  will charge new fees for freight shipments to Mexico and hike charges for customers that fail to load or discharge railcars by agreed deadlines or ship unsafely loaded or overweight railcars as of Jan. 1, the company said.

A Nov. 15 notice of the changes, seen by Reuters, would encourage customers to better conform

Cabinet clears ordinance for changes to Bankruptcy Code

The Union Cabinet on Wednesday approved an ordinance to introduce certain changes to the Insolvency and Bankruptcy Code (IBC), Finance Minister Arun Jaitley announced.

Following a cabinet meeting, Jaitley told reporters here that the cabinet has forwarded the ordinance to effect the changes for the President's assent and, as such, details could not be revealed at this time.

Narendra Modi expresses concern over large number of grievances of consumers

Prime Minister Narendra Modi on Wednesday expressed concern over large number of grievances of consumers and called for improvement in administrative arrangements to benefit them, an official release said.

Modi, who chaired his twenty-third interaction through PRAGATI - the ICT-based, multi-modal platform for Pro-Active Governance and Timely Implementation - reviewed the progress towa

Gold inches down amid Fed inflation concerns

Gold prices nudged lower early Thursday, after gaining nearly one percent in the previous session on weaker U.S. economic data and concerns by some Federal Reserve policymakers about lower inflation.

FUNDAMENTALS

Spot gold was down 0.1 percent at $1,290.74 per ounce by 0109 GMT.

U.S. gold futures for December delivery edged 0.1 percent lower at $1,

Indian bio-fuel market to grow to Rs 1 lakh crore: Dharmendra Pradhan

Union Petroleum Minister Dharmendra Pradhan on Wednseday said the country's nascent bio-fuel industry has the potential to develop into a flourishing Rs 1 lakh crore market in the coming years.

The minister said 1-G and 2-G ethanol, bio-diesel, MSW (municipal solid waste) to fuel and bio-CNG together with methanol (DME) have huge potential in augmenting economic growth, generating

2,000 tonnes of onion to be imported: Ram Vilas Paswan

Union Consumer Affairs Minister Ram Vilas Paswan on Wednesday said public sector body MMTC will import 2,000 tonnes of onion in order to check rising prices in the local market.

He also said National Agricultural Cooperative Marketing Federation of India was procuring 10,000 tonnes while Small Farmers Agriculture-business Consortium (SFAC) was asked to buy about 2,000 tonnes from farm

Dollar dumped, bonds buoyant on Fed inflation caution

By Wayne Cole

SYDNEY - The dollar was on the defensive Thursday after suffering its worst drubbing in five months while bonds celebrated a comeback on speculation the Federal Reserve might not tighten U.S. policy as aggressively as previously thought.

Moves in Asian share markets were mostly minor with Japanese markets closed for a holiday and the United Sta

Singapore third-quarter GDP growth blows past forecasts as manufacturing jumps

By Masayuki Kitano and Fathin Ungku

SINGAPORE- Singapore's economy grew much faster than initially thought in the third quarter, revised official data showed, prompting the government to upgrade its full year 2017 growth forecast as robust global demand boosted the city state's manufacturers.

Gross domestic product grew 8.8 percent in July-September

Uber`s messy data breach collides with launch of SoftBank deal

By Jim Finkle and Heather Somerville

TORONTO/SAN FRANCISCO  - A newspaper advertisement for an Uber Technologies Inc stock sale was juxtaposed on Wednesday with a report that the ride-service provider had covered up a data hack - something of a metaphor for Uber, a company with boundless investor interest, but whose penchant for rule-breaking has led to a series

Broadcom considering sweetened Qualcomm bid: sources

By Greg Roumeliotis and Liana B. Baker

Chipmaker Broadcom Ltd is considering raising its offer to buy rival Qualcomm Inc by offering more of its own stock, following consultation with several of Qualcomm's top shareholders, according to people familiar with the matter.

While the timing of the new offer is uncertain, Broadcom's bid preparations indicate that it is pla

Cabinet nod for constituting 15th Finance Commission

 The Union Cabinet on Wednesday approved the constitution of the 15th Finance Commission, whose recommendations have to be in place by April 1, 2020, and decided to finalise its terms of reference, Finance Minister Arun Jaitley announced.

The appointment of a new Finance Commission, to recommend sharing of revenue between the Centre and states for a five-year period after the 14t

Moody`s upgrade boosts already growing confidence in Indian debt

SINGAPORE/MUMBA - India's sovereign rating upgrade by Moody's is a shot in the arm for Indian companies looking to raise funds in offshore bond markets.

Driven by more attractive rates and relatively strong economic fundamentals among emerging markets, offshore dollar borrowing by Indian companies has already risen 32 percent from the start of 2017 to $8.81 bi

Government to bring in ordinance for changes in Insolvency law

The government will come out with an ordinance to make certain amendments to the Insolvency and Bankruptcy Code, Corporate Affairs Minister Arun Jaitley said today. The Code, which became operational in December last year, provides for a market-determined and time-bound insolvency resolution process. It is implemented by the corporate affairs ministry.

The Cabinet today approved bring

Sector-specific buying, Asian cues buoy equity indices

 Extending gains for the fifth consecutive session, key Indian equity indices on Wednesday closed in the positive territory as positive Asian cues and higher auto stocks buoyed investors' sentiments.

However, profit booking in metals and healthcare sectors, along with an outflow of foreign funds, capped gains.

According to market observers, index heavyweights on the