Import Duty Cut on Food Items

Government has announced the import duty cuts on wheat, edible oil and potato. The government lowered the import duty on crude palm oil from 12.5...

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....

Crop Loan Interest Relief to Farmers Announced

Prime Minister Narendra Modi announced that government will bear interest for 60 days on crop loans taken by farmers from district cooperative banks and...

DGAD Recommends Anti-Dumping Duty on Jute

Directorate General of Anti-Dumping and Allied Duties (DGAD) has recommended anti-dumping duty of 5-20 per cent on jute and jute products to protect the...

Revision of Base Year of All-India Wholesale Price Index

The Government periodically reviews and revises the base year of the macroeconomic indicators as a regular exercise to capture structural changes in the economy...

Interest Waived on Short-Term Crop Loans

The Union Cabinet of India has approved the Interest Subvention Scheme (ISS) for farmers for the year 2017-18. This will help farmers getting short...

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...

Import of 90,000 MT Pulses for Buffer Stock

The Government ordered further import of 90,000 MT pulses, consisting of 40,000MT Masur, 20,000 MT Tur, 20,000 Desi Chana and 10,000 MT Urad for...

Methanol Economy for India

India needs around 2900 cr litres of petrol and 9000 cr litres of diesel per year currently, the 6thhighest consumer in the world and...

New Rules For Banks on Lending Rates

The Reserve Bank of India (RBI) set new rules on how banks can calculate their lending rates, making them more closely based on market...

WTO Receives 6 Ratifications for TFA

Current Affairs: U Win Myint, Myanmar’s Union Minister of the Ministry of Commerce, presented his country’s instrument of acceptance to Director-General Roberto Azevêdo in...

Steps Taken to Curb Generation of Black Money

Action against black money is an on-going process. Such actions include policy-level initiatives, effective enforcement action on the ground, putting in place robust legislative...

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%....

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...

Latest About Industrial Corridors in India

The Government is developing or planning to develop 5 Industrial Corridors in the country, as follows: Delhi Mumbai Industrial Corridor (DMIC) covering the States of...

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...

Central Inland Water Transport Corporation Dissolved

The Union Cabinet has given its approval to proposal for dissolution of Central Inland Water Transport Corporation Limited (CIWTC). The Voluntary Retirement Scheme for CIWTC...

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...

EESL Issues Bonds to Fund Energy Projects

Energy Efficiency Services Limited (EESL) has made its maiden issuance of bonds in the domestic market to fund energy efficiency projects in India. Domestic bonds...

Small Finance Banks In India

Small finance banks are a type of niche banks in India. Banks with a small finance bank license can provide basic banking service of...

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...

New Financial Inclusion Fund Created

RBI announced merger of two funds to create a new Financial Inclusion Fund with a corpus of Rs 2,000 crore to support 'developmental and...

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...

Section 139AA of the Income-tax Act 1961

Section 139AA of the Income-tax Act, 1961 as introduced by the Finance Act, 2017 provides for mandatory quoting of Aadhaar / Enrolment ID of...

RBI Relaxes Cash Withdrawal Limits

The Reserve Bank of India (RBI) has notified that if deposits had been made in legal tender, then depositors could withdraw that amount over...

Rubber Dumping Probe Against 5 Nations

India has started a probe into dumping of rubber by Korea, Russia, South Africa, Iran and Singapore following a complaint from Reliance Industries. The move...

NBS Rates for Phosphatic and Potassic Fertilizers

The Cabinet Committee on Economic Affairs (CCEA) has approved the Fixation of Nutrient Based Subsidy (NBS) rates for Phosphatic and Potassic (P&K) fertilizers for...

Index of Industrial Production August 2015

Ministry of Finance states that the data on the Index of Industrial Production (IIP) for August 2015 and Consumer Price Index (CPI)-New Series in...

China Ratifies Asian Infrastructure Investment Bank Agreement

Chinese Parliament has ratified the Asian Infrastructure Investment Bank (AIIB) agreement today. It establishes the legal framework for the Bank. The ratification is a significant...

SEBI Notifies ‘Fast-Track’ Route For Share Sales

To boost fund raising from markets, the Securities and Exchange Board of India (SEBI), notified new norms, which will provide all listed companies a...

Anti-dumping Duty on Chinese Products

The revenue department has extended anti-dumping duty on import of certain Chinese products, used in garment, footwear and toy manufacturing, for another five years. The...

India’s External Debt Statistics: Latest Data

Department of Economic Affairs(DEA), Ministry of Finance, Government of India has been compiling and releasing Quarterly Statistics on India’s External Debt for the quarters...

RBI Directive on Gold Monetisation Scheme

The Reserve Bank of India (RBI) issued a Direction to all Scheduled Commercial Banks (excluding Regional Rural Banks) on implementation of the Gold Monetisation...

Extra Budgetary Resource of Rs. 660 Crore

The Union Cabinet has approved the Revalidation of permission to raise Extra Budgetary Resource (EBRs) of Rs. 660 crore as Government of India Bonds...

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...

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...

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...

Latest Indian Accounting Standards in News

Companies with a net worth of Rs 500 crore or more will have to follow new Indian Accounting Standards (Ind AS) from April 1. The...

Government Waives Interest on Farm Loans

The Union Cabinet has given its ex-post facto approval for interest waiver for the two months of November and December, 2016 for farmers accessing...

Norms for Corporate Voluntary Liquidation Issued

The Insolvency and Bankruptcy Board of India (IBBI) has issued regulations pertaining to the voluntary liquidation process for corporate persons. The regulations will come...

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...

ONGC Sets Up 100 Crore Start-Up Fund

Oil and Natural Gas Corp (ONGC) has set up a Rs 100 crore fund for start-up to nurture new ideas related to the sector. The...

Ethanol Blending Programme in India

Under Ethanol Blending Programme (EBP), the Central Government has scaled up blending targets from 5% to 10% to promote blending of ethanol with petrol...

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:          ...

Plastic Notes of Rs. 10 Gets Approval

Over the years, central banks across the world have been exploring different solutions like plastic notes and other developments in banknote substrates for extending...

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...

SBI Issues Perpetual Bonds to YES Bank

State Bank of India has raised Rs 2,100 crore by allotting Basel III compliant perpetual bonds to Yes Bank. This is part of the bank's...

List of Top Steel Exporting Countries

Data on crude steel production by India during the last three years i.e. 2014-15, 2015-16 and 2016-17 and April-May 2017-18 is given below:- Year Crude steel...

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...

New Measures Announced in Demonetisation

Government announces major relief to farmers, small traders, government employees and families having marriages. Farmers can now withdraw upto 25 thousand rupees against sanctioned crop...

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...

Government Divested Stake in National Aluminum Company

The Central Government has successfully divested 9.2% of paid-up capital in National Aluminum Company Ltd. (NALCO) to raise Rs. 1,200 crore. Department of Investment and...

Latest Changes in Indirect Tax Rates

Government of India has made the following changes in indirect tax rates, effective from 19th October, 2015: In view of the continued fall in international prices...

Inter-State Transmission Charges Waived

The Centre has waived inter-state transmission charges and losses on transmission of electricity generated from solar and wind projects. The waiver will be applicable for...

Government of India Floating Rate Bonds 2024

Government of India has announced the Sale (re-issue) of (i) “Government of India Floating Rate Bonds 2024” for a notified amount of Rs. 3000...

FDI Tide Turns in India’s Favour

Foreign direct investment (FDI) inflows into India are on the rise. According to the IMF, FDI refers to “an investment made to acquire lasting interest...

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...

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)...

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...

Undisclosed Income of Rs 71000 cr Unearthed

Tax authorities have unearthed over ₹71,000 crore of undisclosed income and evaded taxes in the last two years. Enhanced enforcement measures have resulted in unearthing...

Exim Bank MoU with New Development Bank

The Union Cabinet has given its approval for signing of a MoU on General Cooperation with New Development Bank (NDB) through the BRICS Interbank...

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...

Minimum Export Price Of Onions Reduced

Current Affairs: The government slashed the minimum export price (MEP) of onions to USD 400 per tonne from USD 700 a tonne. MEP is the...

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...

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...

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...

Latest on MUDRA Loans Scheme

Loans under Pradhan Mantri Mudra Yojana (PMMY) Scheme have been extended by banks, Non Banking Financial Companies (NBFCs) and Micro Finance Institutions (MFIs) to...

Loan Repayment Window Extended

The Reserve Bank of India (RBI) has asked lenders to provide borrowers 90 days for repayment of housing, car, farm and other loans worth...

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...

Latest Data on Direct and Indirect Taxes

The Tax Collection figures up to January 2017 show consistent trend of healthy growth. Indirect Taxes During January 2017, the Net Indirect Tax grew at the...

Capital Infusion in 10 Public Sector Banks

The Finance Ministry has chalked out a turnaround-linked ₹8,586-crore capital infusion plan for 10 PSBs. The 10 banks identified are Allahabad Bank (₹418 crore); Andhra...

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...

Latest 25 Measures To Attract FDI in India

The Government is taking various measures for bringing investments to the country like opening up Foreign Direct Investment in many sectors; carrying out FDI...

‘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...

Steps to Support Domestic Steel Sector

The public sector steel manufacturing industries under Steel Authority of India Limited (SAIL) and Rashtriya Ispat Nigam Limited (RINL) are affected by factors like...

Mega Food Parks Deadline Extended

The government extended the deadline for submitting the expression of interest (EoIs) for setting up of mega food parks till next month. The earlier...

NTPC Raises €500 mn from Bonds Sale

India’s biggest power producer, NTPC Ltd, has raised €500 million through overseas bonds sale. NTPC got bids for $2.4 billion, or nearly five times the...

Hindustan Copper Starts Production

Government-owned Hindustan Copper has commenced production at Jhagadia Copper (JCL) in Gujarat. Renamed as Gujarat Copper Project (GCP), the erstwhile JCL was closed in 2009...

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...

New Income Tax Authority Setup

The CBDT notified the new Income Tax department authority which will now be empowered to receive due taxes and penalty from those who had...

Additional Measures for Supply of Currency

The Prime Minister Narendra Modi reviewed the position with regard to supply and availability of currency notes. A detailed review was made with regard...

Services Sector in India

The services sector is not only the dominant sector in India’s Gross Domestic Product (GDP), but has also attracted significant foreign investment flows, contributed...

Odisha Tops in Coal Production

The coal stock with Thermal Power Plants (TPPs) has increased to 38.9 MT (equivalent to 27 days’ requirement) as on 31.03.2016 from 26.1 MT...

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...

‘Northeast Venture Fund’ in News

According to Indian government, the 'Northeast Venture Fund' offered by the Ministry of Development of North-Eastern Region (DoNER) is attracting young Start-Ups in more...

Framework for Consolidation of Public Sector Banks

The Union Cabinet has given in-principle approval for Public Sector Banks to amalgamate through an Alternative Mechanism (AM). The decision would facilitate consolidation among...

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...

Legal Metrology Rules Amended

The government has amended the metrology rules which would allow it to fix retail prices of essential commodities like pulses and sugar in extra-ordinary...

Oil Imports from Iran Highest in 15 Years

India's oil imports from Iran has surged to its highest in 15 years. India received about 576,000 barrels per day (bpd) of Iranian oil in...

Power Grid Corporation Gets ADB Loan

The Asian Development Bank (ADB) has extended a $175 million loan to the Power Grid Corporation of India Ltd. This will be “to support construction...

Good and Services Tax

Salient Features of GST The salient features of GST are as under: (i) The GST would be applicable on the supply of goods or services as...

Latest Wholesale Price Numbers Index

The official Wholesale Price Index for ‘All Commodities’ (Base: 2004-05=100) for the month of December, 2015 declined by 0.1 percent to 177.4 (provisional) from...

FDI Proposals Worth Rs 5,240 Crore Cleared

The Foreign Investment Promotion Board (FIPB) has approved seven foreign direct investment (FDI) proposals worth Rs 5,240 crore. The clearances were given based on recommendations...

Securities Transaction Tax: Latest Amendment

Section 10(38) of the Income-tax Act, 1961 (‘the Act’), prior to its amendment by Finance Act, 2017 provided that the income arising by way of a...

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...

Inflation Expectations Survey of Households

The Reserve Bank of India (RBI) has launched quarterly 'Inflation Expectations Survey of Households' for December 2015. The RBI has been regularly conducting the survey....

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...

Government Approves Listing of CPSEs on Stock Exchanges

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Modi has given its approval for listing of the following 11 CPSEs (Central...

Buffer Stock of Pulses Enhanced

The Cabinet Committee on Economic Affairs has approved the proposal of Department of Consumer Affairs on enhancing the buffer stock for pulses up to...

India’s Share in Global Economy: Latest Data

According to the World Bank Group, India’s GDP (in current US$, 2015) is US$ 2.095 trillion vis-a-vis the World GDP (in current US$, 2015)...