Present Fiscal Situation

Indian Government is committed to promoting and strengthening inclusive and sustainable development by ensuring proper and effective utilization of funds provided in the Annual...

Base Year of the Consumer Price Index (CPI)

The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation has revised the Base Year of the Consumer Price Index (CPI) from 2010=100...

Aurobindo Drug Gets US FDA Approval

Aurobindo Pharma has received approval of the US Food and Drug Administration (FDA) to market injection Eptifibatide, used in the treatment of acute coronary...

Performance of Indian Economy in 2016-17

During the current Financial Year 2016-17, the Indian Economy has continued to consolidate the gains achieved in restoring macro-economic stability. Despite the continuing global...

Ashok Leyland Gets Order From Zimbabwe

Hinduja Group flagship firm Ashok Leyland on Friday said it has bagged an order for 680 vehicles and spare parts worth $50 million (over...

Operation Clean Money Launched

Income Tax Department (ITD) has initiated Operation Clean Money. Initial phase of the operation involves e-verification of large cash deposits made during 9th November to...

Norms Issued for Closure of CPSEs

Faced with inordinate delay in closing down sick Central Public Sector Enterprises ), the government has come out with timelines for disposal of movable...

Measures Taken to Increase Supply of Currency Notes

The Prime Minister Narendra Modi reviewed the supply and availability of currency notes. The meeting was attended among others by the Union Minister of Home...

India Post Payment Bank Gets Approval

RBI has given license to post offices for the payments bank. India post is the 3rd entity to get the license of payments bank after...

Tax Rate on Fertilizers Reduced to 5%

At the 18th meeting of the GST Council, it was decided to reduce the GST rate of fertilizers from the existing 12% to 5%....

Sebi Norms on Outsourcing by Depositories

Securities and Exchange Board of India (Sebi) issued a new set of guidelines governing outsourcing by depositories to safeguard capital markets from outside risks. SEBI...

Govt Earns $5 Billion From Disinvestment

Government has earned over Rs.35,000 crore  through disinvestment of PSU share sales. At a record high of Rs.35,236 crore ($5.3 billion), the total funds...

IDFC Becomes Receiving Office for Gold Scheme

Government of India, in consultation with Reserve Bank of India (RBI), has issued Notification for the Second Tranche of Sovereign Gold Bond Scheme 2016...

New Norms For Branch Offices By Foreign Entities

According to Reserve Bank of India, an application from a person resident outside India for opening of a branch office / liaison office /...

Indian Oil, GAIL Takes Stake in DLTPL

Indian Oil Corporation Limited and GAIL (India) Limited signed an MoU with Dhamra LNG Terminal Private Limited (DLTPL) for taking equity in the 5...

Latest on FDI in Defence Sector

The Government liberalized FDI policy provisions on various sector including defence sector vide. Press Note.5 (2016 Series) on 24th June, 2016. As per the current...

Wheat Procurement Statewise List

In the conference of the Food Secretaries of the States held under the Chairpersonship of Ms. Preeti Sudan, Secretary, the Department of Food &...

‘Long Term Irrigation Fund’ in News

The Union Cabinet has approved raising extra budgetary resources up to 9,020 crore rupees for Long Term Irrigation Fund in 2017-18. The amount will...

Suzlon Energy Allot Shares to Bondholders

Wind turbine maker Suzlon Energy Ltd will allot over 3.58 lakh shares to bondholders upon conversion of some bonds due in July 2019. Suzlon Energy...

Mineral Production: Latest Data Released by Government

The index of mineral production of mining and quarrying sector for the month of November (new Series 2004-05=100) 2016 at 135.9, was 3.9% higher...

Gold Monetisation Scheme Norms Relaxed

The government has further eased norms for the gold monetisation scheme, giving investors the option to redeem the principal amount in medium- and long-term...

Power Grid Corp to Electrify Rail Tracks

Power Grid Corp (PGCIL) will soon start project to electrify 1,000 km of rail tracks on a pilot basis. In the first phase, the electrification...

Rs65,250cr Declared Under Disclosure Scheme

More than 64,000 people declared hidden assets worth Rs 65,250 crore availing the 'Income Disclosure Scheme (IDS). 64,275 people revealed assets under the IDS, which...

LIC Increases Its Stake in Bata India

Life Insurance Corporation (LIC) has hiked its stake in Bata India by 2.03 per cent, taking its total shareholding to 7.05 per cent in...

Steps Taken to Increase Exports and Reduce Trade Deficit

The value of India’s overall trade deficit for the last three years and the current year is as follows:          ...

Blue Economy: Meaning and Explanation

Humanity’s relationship with the oceans, and how people use and exploit their resources, is evolving in important ways. While the oceans are increasingly becoming...

Taxes Board Reorganised and Renamed

Reorganisation of the field formations of the Central Board of Excise & Customs (CBEC) for the implementation of Goods & Services Tax (GST) has...

Measures Taken to Check Price Rise

The Government has taken a number of steps to check price rise and to improve the availability of essential food items. These include: General Measures: National...

President-Designate of the AIIB Visits India

Mr Jin Liqun, President Designate of the Asian Infrastructure Investment Bank paid a courtesy call on Prime Minister Shri Narendra Modi. Prime Minister congratulated Mr...

Online Bidding for Sovereign Gold Bonds

Bombay Stock Exchange has received the Reserve Bank approval to start an online bidding platform for Sovereign Gold Bond scheme. SGBs — government securities denominated...

Stainless Steel Quality Order Date Extended

Ministry of Steel has issued Stainless Steel Products (Quality Control) (Amendment) Order on 08.09.16 for extending the date of enforcement of the Principal Order...

Availability of New Currency Notes in India

The Union Finance Ministry reviewed the position regarding availability and distribution of all denomination of bank notes. Some of the highlights of the review and...

Highlights of Union Budget 2017

Following are the highlights of Union Budget 2017, presented by Finance Minister Arun Jaitley in Parliament: 1. Tax rates halved to 5% for income...

Goods and Services Tax Identification Number

The rules related to Registration and Composition Scheme have been notified on 19th June, 2017. These rules have been brought into effect from 22nd...

Banks to Bring Down SLR to 20.50%

The Reserve Bank allowed banks to bring down the statutory liquidity ratio (SLR) securities under held-to-maturity (HTM) category by 1.25 per cent to 20.50...

Top 5 Reasons to Introduce Goods and Services Tax in India

Tax on sale or purchase of goods within a State as per Entry List II of Seventh Schedule of the Constitution is a State...

Gold Monetisation Scheme: Recent Changes

Government had launched the Gold Monetisation Scheme (GMS) on 5th November, 2015. Thereafter a number of suggestions have been received to make the scheme...

Screws On P-Notes Tightened

Capital market regulator SEBI has further reduced room for manoeuvre for foreign investors buying Indian equity through offshore derivative instruments (ODI), the most popular...

Production of Various Minerals in India

The index of mineral production of mining and quarrying sector for the month of July (new Series 2004-05=100) 2016 at 118.7. The cumulative growth for...

Steps Taken to Check Prices of Pulses

In the Report of the Working Group on ‘Foodgrains-Balancing Demand and Supply’ for the 12th Five Year Plan, the estimated demand of pulses in...

Disinvestment of Bharat Electronics Limited

The Government of India proposed to disinvest 5% of paid-up equity capital-out of its shareholding of 74.41% in BEL through Offer for Sale (OFS)...

Mechanism for Strategic Disinvestment Approved

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister has approved the proposal of Department of Investment and public Asset Management (DIPAM)...

Monetary Limit Increased for Tax Cases

In order to reduce tax litigation by about 50 per cent, the Ministry of Finance raised the monetary limit for filing appeals to Rs...

Railways Signs Joint Venture with Jharkhand

A Joint Venture Agreement was signed on 20th January, 2017 between Ministry of Railways and Government of Jharkhand for developing railway infrastructure in the State. This...

Fiscal Targets for 2015-16 on Track

The Centre is well on course to achieve its fiscal targets for 2015-16 going by the various revenue related data points available as on...

NABARD Rs204 cr Loan for Haryana

National Bank for Agriculture and Rural Development (NABARD) has sanctioned a loan of Rs 204.67 crore under Rural Infrastructure Development Fund (RIDF) for rural...

RBI Releases OGs for Small Finance Banks

The RBI released the operating guidelines for Payment Banks and Small Finance Banks. RBI has prescribed for both categories of banks the following: Minimum Capital: 15...

Canara Bank Raises 1000cr via Basel Bonds

Canara Bank has raised Rs. 1,000 crore of the permitted amount of Rs. 2,500 crore by issuing Basel-III complaint tier-I bonds with a coupon...

Rs 340 Crore Raised Through Infrastructure Bonds

In a landmark development for expansion of inland waterways in the country, the Inland Waterways Authority of India (IWAI) has raised Rs 340 crore...

Government Securities Repayment Declared

The outstanding balance of 6.25% Government Stock 2018 is repayable at par on January 02, 2018. No interest will accrue there on from January...

PVR Cinemas to Acquire DT Cinemas

On 08.07.2015, the Competition Commission of India received a notice from PVR Limited relating to acquisition by PVR Limited (PVR) of DT Cinemas, which...

New Norms for Infrastructure Trusts

The Securities and Exchange Board of India (Sebi) issued new regulations that will govern real estate investment trusts, or REITs, and so-called infrastructure investment...

Bank of Maharashtra To Raise 1000 cr

Bank of Maharashtra will raise Rs. 1,000 crore by issuing Basel-III compliant bonds on a private placement basis. Bank of Maharashtra has informed the BSE...

World Bank Loan for Solar Photovoltaic Projects

State Bank of India has inked agreements with the World Bank for a $625-million (around Rs. 4,200 crore) facility to support grid connected rooftop...

India’s Foreign Trade in August

MERCHANDISE TRADE EXPORTS & IMPORTS  : (US $ Million) (PROVISIONAL)       AUGUST APRIL-AUGUST EXPORTS(including re-exports)     2015-16 21582.67 111853.88 2016-17 21518.60 108519.94 %Growth2016-17/ 2015-16 -0.30 -2.98 IMPORTS     2015-16 33981.73 170234.30 2016-17 29192.74 143189.49 %Growth2016-17/ 2015-16 -14.09 -15.89 TRADE BALANCE     2015-16 -12399.06 -58380.42 2016-17 -7674.14 -34669.55 EXPORTS & IMPORTS  : (Rs. Crore) (PROVISIONAL)     AUGUST APRIL-AUGUST EXPORTS(including re-exports)     2015-16 140443.43 713808.46 2016-17 144044.67 726776.04 %Growth2016-17/ 2015-16 2.56 1.82 IMPORTS     2015-16 221126.92 1086515.26 2016-17 195415.03 959102.25 %Growth2016-17/ 2015-16 -11.63 -11.73 TRADE BALANCE     2015-16 -80683.49 -372706.80 2016-17 -51370.36 -232326.21 SERVICES TRADE EXPORTS & IMPORTS...

Latest Facts on Steel Production in India

Indian Steel Sector’s contribution to overall Gross Domestic Product of the country is nearly 2% during 2015-16. The total exposure of steel industry is about...

Advance Pricing Agreements Reached 130

The Central Board of Direct Taxes (CBDT),Department of Revenue, Ministry of Finance has entered into four more unilateral Advance Pricing Agreements (APAs). The four APAs...

10% Basic Customs Duty Imposed on Mobiles

The Government had constituted Inter Ministerial Committee comprising of officers from Ministry of Electronics and Information Technology (MeitY), the Department of Commerce (DoC), Department...

RBI Guidelines for Cross-Currency Futures

The Reserve Bank of India issued guidelines for introduction of cross-currency futures and exchange traded cross-currency option contracts in multiple currency pairs. The cross currency...

Industrial Growth in India

The rate of industrial growth, measured in terms of Index of Industrial Production (IIP) increased by 4.8 per cent during April-October, 2015-16 as compared...

What is Sin Tax ?

Sin Tax in India Have you been sinning? If you’ve been gulping down fizzy drinks, zipping around in sports cars, pub-hopping or puffing away at...

100% FDI in Credit Information Firms Allowed

The Reserve Bank of India has allowed higher limits for foreign direct investment (FDI) in credit information companies. In a notification, the RBI said investors...

Crude Oil Production in India

Crude oil production during August, 2016 was 3067.80 TMT which is 1.02% and 3.93% lower than target and production achieved in August 2015 respectively. Cumulative...

Non Performing Assets of Banks: Latest Data

The details of Total Advances and Gross Non-Performing Assets (GNPA) including the Number of accounts and Amount Involved of Public Sector Banks (PSBs) as...

Public Sector Banks to Give Stock to Employees

Finance Ministry has agreed in-principle to allow public sector banks to offer stock options to their employees from next fiscal. Employee Stock Option plans (ESOPs)...

Govt Notifies New Rs.200 Notes

The government has given its approval to the RBI to issue 200 rupee notes. On the recommendations of the Central Board of Directors of...

PAN Now Mandatory For Opening Bank Accounts

PAN or Permanent Account Number is made mandatory for opening all bank accounts from 1 January, 2016. To reduce bank accounts with forged details, the...

International Financial Services Centre Becomes Operational

Section 18 of the Special Economic Zones Act, 2005 provides for the setting up of an International Financial Services Centre (IFSC) in a Special...

Latest Data on Trade of India: February 2016

MERCHANDISE TRADE  EXPORTS & IMPORTS  : (Rs. Crore) (PROVISIONAL)     FEBRUARY APRIL-FEBRUARY EXPORTS(including re-exports)     2014-15 136379.94 1746265.60 2015-16 141515.41 1556576.47 %Growth2015-16/ 2014-15 3.77 -10.86 IMPORTS     2014-15 178205.35 2515834.93 2015-16 186155.30 2295116.34 %Growth2015-16/ 2014-15 4.46 -8.77 TRADE BALANCE     2014-15 -41825.41 -769569.33 2015-16 -44639.89 -738539.87 SERVICES TRADE EXPORTS & IMPORTS (SERVICES): (Rs. Crore) (PROVISIONAL) January 2015-16 EXPORTS (Receipts) 84556.32 IMPORTS (Payments) 46007.30 TRADE BALANCE 38549.02  

IDBI Bank Raises Rs 1500 crores

Public sector lender IDBI Bank Limited has raised capital of Rs 1,500 crore through Basel III compliant Additional Tier-1 (AT1) bonds to enhance capital...

Pakistan Issues Islamic Bonds

Pakistan has issued USD 1 billion from international debt markets by issuing five-year dollar-denominated Islamic bonds. Pakistan received nearly USD 2.4 billion in total offers...

Fine Imposed on 5 Foreign Banks

The Reserve Bank of India has imposed penalty ranging from ₹10,000 to ₹20,000 on five foreign banks — Bank of America, Bank of Tokyo...

Steps Taken for Promotion of Digital and Cashless Transactions

The data on payment system indicators such as Paper Clearing, National Electronic Fund Transfer (NEFT) and National Automated Clearing House (NACH), registered growth in...

Monthly Accounts of Indian Government Released

The Monthly Account of the Government of India upto October 2017 has been consolidated and reports published. Highlights of the report are:- The Government of India...

Air India To Sell Land in Coimbatore

The government approved an Air India proposal to sell its plot of land at Coimbatore in Tamil Nadu to National Building Construction Corporation (NBCC)...

Foreign Investors To Get Share in Jubilant Life

Current Affairs: The Reserve Bank of India has allowed foreign investors to pick up to 45 per cent in Jubilant Life Sciences under the...

Important Facts on Tourists in India

A total of 1,03,617 tourists arrived in India on e-Tourist Visa in December, 2015 as compared to 14,083 during the month of December, 2014...

India Post Payments Bank Approved

The Union Cabinet has given its approval for setting up the India Post Payments Bank (IPPB) as a Public Limited Company under the Department...

Direct Tax Dispute Resolution Scheme

Litigation is a scourge for a tax friendly regime. In order to reduce the pending litigation, the Direct Tax Dispute Resolution Scheme, 2016 (the...

Steps Taken to Increase Share of Service Sector in GDP

As per Central Statistics Office (CSO) provisional data, the share of services sector to Gross Value Added (GVA) was 53.2 per cent in 2015-16...

Gross Capital Formation in India: Latest Information

The World Bank Group in its Report ‘South Asia Economic Focus Fall 2016’ titled ‘Investment Reality Check’ has indicated that in terms of annual...

FAO Food Price Index: Latest Monthly Data

Rising prices of cereals, meat and dairy products have pushed the global food price index up by 1.4 per cent compared to last month...

IDFC Bank Included in Second Schedule List

RBI Current Affairs Dec 11, 2015: Newly constituted IDFC Bank Ltd has been included in the Second Schedule of the Reserve Bank of India...

State Bank of India to Get Rs.1,894cr Capital

The government has declared to infuse Rs. 1,894 crore capital into State Bank of India. It has asked the country’s largest lender SBI to take necessary...

Railway Budget 2016-17

Theme of the Railway Budget 2016-17 Overcoming challenges – Reorganize, Restructure Rejuvenate Indian Railways: ‘Chalo, Milkar Kuch Naya Karen’ Three pillars of the strategy i.e. Nav...

India Is Still ‘Fastest Growing’ Economy

Two critical macro data points—GDP growth and core infrastructure performance—released recently reflected a rosy picture of an economy. Cementing India’s pole position as the fastest...

Oil Production by Refineries in India

Oil Company Target August (Month) 2016-17 (Apr-Mar) 2016-17 2015-16 % over last year Target Prod.* Prod. A. Public Sector 135565.03 10894.00 10985.15 10296.55 106.69 IOCL 65100.00 5410.30 4953.45 4558.39 108.67 BPCL 25250.15 2049.97 2150.36 2033.01 105.77 HPCL 16800.29 1147.31 1253.23 1551.45 80.78 CPCL 10250.00 951.11 1006.67 549.16 183.31 NRL 2670.00 231.37 239.04 252.93 94.51 MRPL 15450.00 1100.00 1376.01 1349.04 102.00 ONGC 44.59 3.95 6.40 2.56 250.14 B. Joint Venture 15000.00 1246.02 1521.60 1557.55 97.69 BORL 6000.00 450.00 587.60 620.19 94.74 HMEL 9000.00 796.02 934.00 937.36 99.64 C. Private Sector 89852.65 7689.74 7783.51 7757.64 100.33 RIL 69561.01 5998.74 6002.57 5998.74 100.06 EOL 20291.64 1691.00 1780.94 1758.90 101.25 TOTAL (A+B+C) 240417.68 19829.76 20290.26 19611.74 103.46 *: Provisional

Measures to Prevent Misuse of Debit Cards

Reserve Bank of India (RBI) has informed that number of debit cards outstanding at the end of August 2016 was 71.2 crore. RBI has informed...

SBI Introduces Charges for Not Maintaining Minimum Balance

State Bank of India has decided to reintroduce penalty on non-maintenance of minimum balance in accounts from April 1, 2017. Failure to maintain Monthly Average...

Disinvestment of Hindustan Copper Limited

The Government of India has disinvested 6.83% of paid up equity in Hindustan Copper Limited through Offer for Sale (OFS). The Government is likely...

Renewable Energy Bonds in News

The Union Cabinet has given its approval to Raising of Bonds of Rs. 2360 crores for Renewable Energy. The Bonds will be raised by the...

Facebook Ties With Uber for Ride Service

Facebook Inc said that it is testing a service that will allow users of its Messenger app to hail Uber rides directly from the...

PAN or Form 60 Compulsory for Bank Accounts

Income-tax Rules have been amended to provide that bank shall obtain and link PAN or Form No. 60 (where PAN is not available) in...

Indirect Tax Collections Surpass Target

The Centre's indirect tax collections have surpassed the revised estimate target of Rs. 7.04 lakh crore for 2015-16. As against revised estimate target of Rs....

New Foreign Direct Investment Reforms

The Union Cabinet has given its approval for the FDI policy amendments announced by the Government on 20th June, 2016. The FDI policy amendments are...

250 Mandis Integrated With e-NAM

Government has integrated 250 mandis in ten states with the electronic national agriculture market (e-NAM) in the first phase. e-NAM is a pan India electronic...

India Becomes Sixth Biggest Economy

India has surpassed its colonial master, the United Kingdom, to become the world's sixth-largest economy in GDP terms. The result is a symbol of...

Competition Commission Imposed Penalty on Coal India

Competition Commission of India has imposed a penalty of ₹591.01 crore on public sector undertaking Coal India. The Competition Commission of India (CCI) has found Coal...

Government Subsidizes Online Payments upto Rs.2000

Indian government has approved the Merchant Discount Rate (MDR) applicable on all debit card/BHIM UPI/ Aadhaar enabled Payment System (AePS) transactions upto a value...

Capital Gains Tax: Latest Developments in India

The Central Board of Direct Taxes (CBDT) has come out with a final notification specifying the securities transactions that would attract capital gains tax...