RBI Authorises Banks To Collect Income Tax

Reserve Bank has authorised various bank branches to collect income tax dues in advance for the September quarter. In an appeal to income tax assesses,...

Latest Reforms in Taxation Sector in India

Enabling provision made for implementation of various provisions of the Act in case of a foreign company held to be resident in India. Income of...

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...

Latest Tax Exemptions to Startups in India

Following direct tax incentives were provided in Income-tax Act,1961 (‘the Act’) to promote Start-ups through Finance Act,2016: 1. Introduction of new section 54EE in Income-tax...

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...

Government Announces Repurchase of Securities

The Government of India has announced the repurchase of its Securities through Reverse Auction for an aggregate amount of Rs. 3,500 crore (face value). The...

SEZs Given Time to Implement Projects

The government has given more time to seven SEZ developers to execute their projects. The decision was taken by the Board of Approval (BoA) headed...

India’s Spices Trade: Latest Trend in Exports

India has surpassed all previous export records and has fulfilled the increasing international demand for its quality spices in the face of tough competition...

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...

HUDCO Stake Sale in News

As many as nine merchant bankers have queued up to manage the 10 per cent stake sale of Housing and Urban Development Corporation (HUDCO). The...

Railways Signs Joint Venture with Kerala

Joint Venture Agreement was signed between Ministry of Railways and Government of Kerala for developing railway infrastructure in the State. In view of the growing...

Rabi Crops Sown Area This Year

As per preliminary reports received from the States, the total area sown under Rabi crops as on 2nd December, 2016 stands at 415.53 lakh...

Steel Sector in India: Latest Developments

Steel is a strategic sector for any major developing and developed economy. India is the 3rd largest Steel producer globally and is likely to...

Capital Grant to GAIL Approved

The Cabinet Committee on Economic Affairs has approved viability gap funding / partial capital grant at 40 percent (Rs. 5,176 crore) of the estimated...

Baltic Dry Index Slips Below 1000 Points

The Baltic Dry Index (BDI) is an economic indicator issued daily by the London-based Baltic Exchange. Not restricted to Baltic Sea countries, the index...

Disinvestment in Coal India Limited

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has approved the disinvestment of 10 percent paid up equity...

Current Account Deficit Narrows Down

Lower trade deficit helped narrow India’s current account deficit (CAD) in the July-September quarter to $3.4 billion as against $8.5 billion in the year-ago...

Reforms to Boost Made-ups Sector

The Union Cabinet chaired by Prime Minister Modi has given its approval to the reforms to boost employment generation and exports in the Made-ups...

Latest Data on India’s Current Account Deficit

According to Reserve Bank of India data, the country’s Current Account Deficit (CAD) widened to $7.9 billion in the Oct.-Dec. quarter. India’s current account deficit...

Indian Oil Invest 1.75 Lakh Crore in Expansion

Current Affairs: Indian Oil Corporation will invest Rs 1.75 lakh crore over the next seven years on expanding refinery capacity, building petrochemical plants and...

NHAI, PFC Allowed to Raise 31,300cr

Union Cabinet has given its approval for raising a total of Rs 31,300 crore in the financial year 2016-17 and to service the principal...

Anti-Dumping Duty on Chinese Glass Fibre

The Finance Ministry has imposed anti-dumping duty on certain 'glass fibre' imports from China. This anti-dumping duty -- which will be a percentage of cost-insurance-freight...

Fifth Bi-monthly Monetary Policy Statement

On the basis of an assessment of the current and evolving macroeconomic situation at its meeting, the Monetary Policy Committee (MPC) decided to keep...

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

New Formula for Ethanol Pricing Issued

The Cabinet Committee on Economic Affairs (CCEA) has approved a new mechanism for fixing the price of ethanol that oil marketing companies (OMCs) would...

World Bank Assistance for Brahmaputra Dredging

The World Bank has sanctioned Rs 980 crore to dredge the Brahmaputra River. It is an initiative to develop waterways to Bangladesh and to other...

IRDAI Hikes Insurance Premium Prices

The Insurance Regulatory and Development Authority of India (IRDAI) has increased rates by up to 41 per cent across various categories of vehicles. The quantum...

Steps Taken to Promote Electronics Manufacturing

As mentioned in the National Policy on Electronics (NPE 2012), the demand for electronics in the Indian market is expected to reach USD 400...

Excise Duty Evasion Limit Revised

The government has doubled the limit of excise duty evasion for arrest and prosecution of accused to Rs 2 crore. Arrest and prosecution of a...

‘Sovereign Gold Bonds Scheme’ Revised

Indian government has given approval for revision of guidelines of Sovereign Gold Bonds (SGB) Scheme with a view to achieve its intended objectives. Two sets of...

NTPC Raises Rs 800 Crores

NTPC has raised Rs. 800 crore on 23 August 2016 through private placement of secured non-convertible debentures at a coupon of 7.58% p.a. with...

100% FDI in Asset Reconstruction Companies

The Centre has operationalised a budget announcement on allowing 100 per cent foreign direct investment in asset reconstruction companies (ARCs) under automatic route.. In this...

‘Bank Account Number Portability’ in News

Reserve Bank of India Deputy Governor S S Mundra has proposed the idea of bank account portability, saying banks must start preparing for the...

‘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...

Subsidy to Industry in North-East Region Approved

Indian union Cabinet Committee on Economic Affairs has approved Capital Investment Subsidy amounting to Rs.264.67 crore to four industrial units located in North Eastern...

NHAI Masala Bond’s Launch at London Stock Exchange

The Union Minister of Road Transport & Highways and Shipping Nitin Gadkari launched the NHAI Masala Bond issue at the London Stock Exchange. The NHAI...

Gold Monetization Schemes Launched

The Union Cabinet chaired by PM Modi, gave its approval for introduction of Gold Monetization Schemes (GMS), as announced in the Union Budget 2015-16....

Measures to Promote Industry and Commerce in Budget 2017

Union Budget 2017-18 presented by Finance Minister Arun Jaitley provides renewed impetus to manufacturing and Make in India, export infrastructure and Government e-marketplace. Several measures...

Extra Support to Infrastructure Spending

The Union Cabinet has given its approval for raising a total of Rs. 31,300 crore in the financial year 2016-17 and to service the...

CBDT Notifies Rule 10CB for Secondary Adjustments

Rule 10CB for operationalising the provisions of secondary adjustment has been notified by the Central Board of Direct Taxes on 15th June, 2017. It prescribes...

First Combined Railway and General Budget

The Union Minister for Finance and Corporate Affairs, Arun Jaitley while presenting the General Budget 2017-18, in Parliament informed that this Budget is the...

ONGC Acquires Stake in KG Block

India's largest hydrocarbon explorer, Oil and Natural Gas Corporation (ONGC) has acquired 80% stake in Gujarat government run Gujarat State Petroleum Corporation's (GSPC) KG-OSN-2001/3...

New Norms for High Value Transactions

In order to check black money, the CBDT has notified norms under which cash receipts and high value transactions beyond a certain threshold will...

Open Market Borrowings by States

In the spirit of Co-operative federalism and in order to bring-in the transparency and predictability in the Open Market Borrowings (OMBs) by the States,...

2% Excise Duty on Jet Fuel on RCS Airports

Government imposed excise duty of 2% for jet fuel purchased from airports that come under the regional connectivity scheme. The concessional excise duty rate would...

TRAI Allows 1 Year Validity Internet Packs

Telecom regulator TRAI permitted increase of validity for mobile data packs to 365 days, from the current up to 90 days, to boost usage...

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  

Hybrid Annuity Model for Infrastructure Projects in India

The Cabinet Committee on Economic Affairs in 2016 gave approval for the Hybrid Annuity Model as one of the modes of delivery for implementing the...

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...

EPFO 11th Largest Pension Fund in World

The retirement savings managed and overseen by the Employees’ Provident Fund Organisation (EPFO) are set to cross the Rs.10 lakh- crore mark this month....

Kharif Crop Sowing in 2016

The total sown area as on 26th August, 2016 stands at 1019.10 lakh hectare as compared to 973.40 lakh hectare at this time last...

‘Options Trading’ in Commodity Derivatives Allowed

Securities and Exchange Board of India has allowed options trading in commodity derivatives. SEBI’s board also approved issuance of unified license to brokers for trading in...

Sale of Surplus Land of 4 PSUs

The Union Cabinet chaired by the Prime Minister Modi has approved the sale of surplus land of Hindustan Antibiotics Limited (HAL), Indian Drugs &...

USOF Support to BSNL Approved

The Union Cabinet has approved the proposal to extend subsidy support of Rs. 1,250 crore to Bharat Sanchar Nigam Limited (BSNL) from Universal Service...

DFCCIL Signs MoU with Railways

The Dedicated Freight Corridor Corporation and the railways have signed a memorandum of understanding (MoU) to fix the target for various projects during 2016-2017. Dedicated...

Latest Index of Eight Core Industries of India

The Eight Core Industries comprise nearly 38 % of the weight of items included in the Index of Industrial Production (IIP). The combined Index of...

Data on Tourists of August Month

A total of 66,097 tourists arrived in August 2016 on e-Tourist Visa as compared to 22, 286 during the month of August 2015 registering...

SBI Reduces Share in Life Insurance

State Bank of India has decided to sell 3.9 per cent stake in its subsidiary SBI Life Insurance Company Ltd (SBI Life) for ₹1,794...

Summary of the Index of Eight Core Industries

The Eight Core Industries comprise nearly 38 % of the weight of items included in the Index of Industrial Production (IIP). The combined Index...

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...

Earnings From Foreign Tourists in India

Foreign Tourist Arrivals (FTAs) :- FTAs during the Month of September, 2016 were 6.15 lakh as compared to FTAs of 5.42 lakh during the month...

Latest Figures of India’s External Debt

As per the 22nd issue of the Annual Publication titled India's External Debt: A Status Report 2015-16: India's external debt stood at USD 485.6 billion...

Summary of Budget 2016-17

Key Features of Budget 2016-2017 Growth of Economy accelerated to 7.6% in 2015-16. India hailed as a ‘bright spot’ amidst a slowing global economy by IMF. Robust...

Indian Overseas Bank to Raise 1570 Crore

Indian Overseas Bank (IOB) proposes to raise up to Rs 1,570 crore at the current market price from the public offer to fund its...

Achievements of WAPCOS Ltd

Union Minister for Water Resources, River Development and Ganga Rejuvenation Uma Bharati has hailed the performance of WAPCOS Ltd, a PSU of her Ministry. Referring...

List of Measures to Promote Exports of India

As per the export data available upto November, 2016, the India’s exports have registered a positive growth since September 2016 in US$ terms continuously...

Financial Assistance from DEA Fund

The Reserve Bank of India released the names of 20 entities that have been approved by the DEA Fund Committee for registration for seeking...

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)...

Merchandise Exports from India Scheme

Department of Commerce has extended support to certain new products and enhanced the rate of incentives for certain other specified products under the Merchandise...

Spectrum Auction Garners 65,789cr

Spectrum auction by Indian government has ended with the government raising Rs.65,789.12 crore in revenue. The money is just a fraction of the Rs5.63 trillion...

Advance Pricing Agreements: Latest Developments

The Central Board of Direct Taxes (CBDT) has started the year 2017 by entering into three unilateral Advance Pricing Agreements (APAs). The three APAs signed...

Visakhapatnam-Chennai Industrial Corridor Gets Funding

India and ADB have signed USD 375 million pact for loans and grants to develop 800—km Visakhapatnam—Chennai Industrial Corridor, which is the first phase...

India Volatility Index

The National Stock Exchange (NSE) started trading of futures contracts based on the Indian VIX index from 26thFebruary, 2014. India VIX is the pet name...

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...

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...

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...

Provisional Estimates of Annual National Income

The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation, has released the Provisional estimates of national income for the financial year 2016-17. The...

What do you Understand by Islamic Finance ?

Islamic finance refers to the means by which corporations in the Muslim world, including banks and other lending institutions, raise capital in accordance with...

List of Recent Reforms in FDI

Investment made by NRIs, PIOs and OCIs under Schedule 4 of FEMA (Transfer or Issue of Security by Persons Resident Outside India) Regulations on...

The Fed Funds Rate in News

In the United States, the federal funds rate is the interest rate at which depository institutions (banks and credit unions) lend reserve balances to...

Estimates of Horticulture Crops Production

The Department of Agriculture and Farmers Welfare has released the Third Advance Estimates for 2015-16 of area and production of horticulture crops. These estimates are...

Railway PSU Achieves Highest Income

RITES Ltd. a schedule ‘A’, Mini Ratna Enterprise under the Ministry of Railways has achieved highest ever total income of Rs. 1294 crore in...

NTPC Crossed 50,000 MW Power Generation Capacity

Government owned NTPC has crossed the milestone of 50 GW power generation capacity. With the commissioning of 500 MW unit at Unchahar in Uttar Pradesh, the...

Fund of Funds for Start-Ups Established

The Union Cabinet has approved the establishment of "Fund of Funds for Startups" (FFS) at Small Industries Development Bank of India (SIDBI) for contribution...

Collateral Transfer for Companies Started

NSE will allow market participants to transfer collaterals placed in the form of cash and fixed deposit receipt from securities lending and borrowing schemes...

India Ranks 130 in Ease of Doing Business

India is now ranked by the World Bank at 130 of 189 countries on "Ease of Doing Business." That is up 12 places from...

Govt to Buy Pulses Directly from Farmers

The government directed the procurement agencies to buy tur, urad and moong directly from farmers in all producing states for creating buffer stock. Cabinet Secretary...

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...

GST Council Approved

The Union Cabinet has approved setting up of GST Council and setting up its Secretariat as per the following details: (a) Creation of the GST...

Foreign Exchange Reserves At Lifetime High Level

India’s foreign exchange reserves rose by $1.594 billion to touch a lifetime high of $372.73 billion in the week to April 28, supported by...

Export Promotion Schemes and GST

The union government has modified the oreign Trade Policy (2015-20) and other export promotion schemes according to GST regime. Under the GST regime, no exemption...

Central Sugar Order Extended for Six Months

The Union Cabinet has given its approval for extending the validity of the existing Central Order in respect of sugar for a further period...

2% Stake Sale in ITC by Government

The Centre moved ₹6,700 crore closer its disinvestment revenue target of ₹45,500 crore for this fiscal year by selling 2 per cent of its...

Income Declaration Scheme 2016

The four-month window for declaring black money held in the country will open on June 1. Under the Income Declaration Scheme 2016, individuals can come...

RBI Allow Banks Issue Masala Bonds

Reserve Bank allowed banks to issue 'masala bonds' and to accept corporate bonds under the liquidity adjustment facility (LAF). These measures are intended to further...

Efforts to Reduce Pulses Inflation

Inter Ministerial Committee on prices of essential commodities headed by Union Consumer Affairs Secretary, Hem Pande reviewed availability and prices of essential commodities specially...

Indian Accounting Standards (Ind AS)

In pursuance to the Budget Announcement by the Union Finance Minister Arun Jaitley, after consultations with Reserve Bank of India (RBI), Insurance Regulatory and...

SBI Raises $300m from Overseas Bonds

State Bank of India ( SBI ) has raised USD 300 million (about Rs 2000 crore) through bonds from overseas investors to fund its...

Steps Taken for Digital and Cashless Economy

Background: In the aftermath of the cancellation of the legal tender character of old Rs.500 and Rs.1,000 notes, there has been a surge in the...

Gas Infrastructure Development in NE

The Cabinet Committee on Economic Affairs has approved viability gap funding / partial capital grant at 40 percent (Rs. 5,176 crore) of the estimated...