Government Approves Market Borrowing by NABARD

The Union Cabinet chaired by the Prime Minister Narendra Modi has given its post-facto approval for the following decisions: i. National Bank for Agriculture &...

Cost of Printing Currency in India

According to Bharatiya Reserve Bank Note Mudran Pvt Ltd (BRBNMPL), it costs ₹3.09 to print a new ₹500 note, and ₹3.54 for the ₹2,000...

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...

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...

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...

CPSE Exchange Trade Fund Oversubscribed

The Central Public Sector Enterprises (CPSE) Exchange Trade Fund (ETF) gets overwhelming response as issue gets over-subscribed by wide margin. CPSE ETF FFO gets bids...

CCI Imposes Penalties on Cement Companies

The Competition Commission of India (‘CCI’) has imposed penalties on 7 cement companies for bid rigging of a tender floated by the Director, Supplies...

Food Corporation of India Gets ₹45000 cr Loan

The Union Cabinet has approved providing a one-time loan of ₹45,000 crore from the National Small Savings Fund (NSSF) to the Food Corporation of...

Bitcoin Exchange Launched in India

Malaysian Company Belfrics has launched its India-based Bitcoin exchange that would enable people to sell or buy Bitcoins using Indian currency. Belfrics is also planning to...

RBI Increases Cash Withdrawal Limit from ATM

Reserve Bank of India has raised the daily cash withdrawal limit to Rs 10,000 per day per card from ATM. Earlier the daily cash...

Foreign Portfolio Investors Allowed to Trade Directly

Securities and Exchange Board of India (SEBI) has permitted foreign portfolio investors (FPIs) to trade directly in corporate bonds without any broker. Currently, FPIs can...

Dumping Duty Imposed on Colour Coated Steel

The union government has imposed anti-dumping duty on colour coated steel products imported from China and European Union. The duty will be effective for...

Govt Clears Four SEZ Proposals

The government has approved proposals of four special economic zone developers. A special economic zone (SEZ) is an area in which business and trade laws...

Trade Deficit of India: Latest Data Released

According to Trade Data released by Commerce and Industry Ministry, trade deficit now stood at USD 76.54 billion. Trade deficit is an economic measure of...

Latest Bilateral Advance Pricing Agreement

The Central Board of Direct Taxes (CBDT) entered into a Bilateral Advance Pricing Agreement (BAPA) on the 13th of January, 2017 with Indian subsidiary...

Latest Facts on Indian Steel Sector

Global Scenario In 2014, the world crude steel production reached 1665 million tonnes (mt) and showed a growth of 1% over 2013. China remained the world’s...

India International Exchange Opened

Prime Minister Narendra Modi inaugurated the India International Exchange (India INX) in Gandhinagar, Gujarat during the Vibrant Gujarat Global Summit 2017. Promoted by Bombay Stock Exchange,...

Black Money: Full List of Measures Taken in this Regard

The Government has taken several steps to effectively tackle the issue of black money, particularly black money stashed away abroad. They include policy-level initiatives,...

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...

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...

India’s National Income Estimates for This Year

The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation have released the First Advance estimates of national income at constant (2011-12) and...

Rising Trend of Bitcoins All Over the World

There is a surge in the use of Bitcoins or the digital currency recently. It has tipped to become a new safe haven asset...

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...

Highlights of Main Economic Reforms Initiatives

Foreign Direct Investment Consolidated FDI Policy Circular of 2016: The ninth edition of this series was released on 7th June, 2016, incorporating all FDI policy...

Public Sector Banks to Raise 3000cr From Market

The Finance Ministry granted approval to 12 proposals of PSBs to raise a sum of ₹2,914.038 crore through preferential allotment and permission given to...

RBI Extends Enhances Payment Instruments Limit

Reserve Bank extended the period of enhanced Prepaid Payment Instruments (PPI) limit of Rs 20,000 as part of efforts to promote digital payments. Keeping in...

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...

8% Interest on Deposits by Senior Citizens

Prime Minister Narendra Modi announced that senior citizens will get a fixed 8 per cent return on 10-year bank deposits of up to Rs. 7.5...

Credit Guarantee Limit for Small Businesses Extended

The union government has doubled the credit guarantee limit for small and medium businesses to Rs. 2 crore to help them tide over the...

RBI Increases ATM Withdrawal Daily Limit

Reserve Bank of India hiked the daily limit of withdrawal from ATMs from the existing ₹2,500 to ₹ 4,500 with effect from January 1,...

Mobile Payment App ‘BHIM’ Launched

Prime Minister Narendra Modi launched ‘BHIM: Bharat Interface for Money’, a digital app on the Unified Payments Interface (UPI). Bharat Interface for Money is an...

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...

India’s External Debt: Recent Actual Data

Department of Economic Affairs, Ministry of Finance has been compiling and releasing quarterly statistics on India’s External Debt for the quarters ending September and...

Sugar Production During Current Season

During the current Sugar Season 2016-17, the sugar mills of the country have commenced the crushing operation smoothly and  have produced about 66 Lakh...

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...

Advance Pricing Agreements Reaches 117

Advance Pricing Agreements Scheme was introduced in the Income-tax Act in 2012 and the “Rollback” provisions were introduced in 2014. The scheme endeavours to provide...

Foreign Investors Allowed to Transact in Debentures

The Reserve Bank of India has allowed foreign portfolio investors to transact in non-convertible debentures/bonds issued by Indian companies either directly or in any...

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...

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 &...

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...

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...

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...

Income Tax Reduced on Digital Turnover

Union government has announced the benefit of lower rate of Income-tax on digital turnover for small businesses up to a turnover of Rs.2,00,000,00 (Rupees...

Components of Priority Sector Lending

Reserve Bank of India (RBI) has issued a Master Circular on Priority Sector Lending – Targets and Classification on dated July 1, 2015. The targets...

New Fund in NABARD Setup

Government has set up a fund namely Short Term Cooperative Rural Credit (Refinance) Fund in National Bank for Agriculture & Rural Development (NABARD) for...

New Norms for Angel Funds in India

A framework for registration and regulation of angel pools under a sub-category ''Angel Funds'' under Category I-Venture Capital Funds have been provided in SEBI...

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...

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...

India and IBRD Signs Grant Agreement

India and IBRD has signed an agreement for GEF Grant of USD 5.19 Million for “Additional Financing for Financing Energy Efficiency at MSMEs Project-...

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...

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...

1.54 lakh Crore Bad Loans Write-off

Public sector banks (PSBs) have written off Rs 1.54 lakh crore of bad loans between April 2013 and June 2016. PSBs are banks where a...

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...

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...

Features of Large Exposures Framework

Reserve Bank of India (RBI) has informed that as part of the package of measures announced on August 25, 2016 for development of fixed...

Urban Local Bodies and Municipal Bonds

Urban Local Bodies (ULBs) can borrow through issuance of Municipal Bonds. The money raised by way of issuance of municipal bonds is used to supplement...

RBI Releases Monetary Policy Review

The Reserve Bank of India kept its repo rate, popularly understood as short term lending rate unchanged at 6.25 per cent in its first...

NCDEX Adopts NextGen Trading

The National Commodity and Derivatives Exchange (NCDEX) has adopted a new trading and surveillance system NextGen to bring in greater speed and transparency. It has...

Special Economic Zones: Latest

The principal objectives behind creating Special Economic Zone (SEZs) in the country include: i. generation of additional economic activity ii. promotion of exports of goods and...

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...

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...

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...

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...

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...

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...

Steps to Enhance Oil and Gas Production

Government has taken several steps to enhance exploration & production of oil and gas in the country such as: I. Easing out rigidities in the...

District Mineral Foundation Levy in News

The Mines and Mineral (Development and Regulation) Act, 1957 (MMDR Act, 1957) was amended through the MMDR Amendment Act, 2015. One of the amendment provisions...

India’s Share in Global Trade

India’s performance in World trade based on the WTO database which provides the data calendar year-wise is given as follows: India's Trade Performance: Percentage Share...

Steps Taken For Trade in Food Products

The Government has taken the following steps to facilitate trade and import of food products into the country: (i) Customs in consultation with Food Safety...

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...

Development of New Waterways in India

The Government is making all efforts to develop the National Waterways in the country . As per the feasibility reports completed so far for...

Steps Taken for Steel Industry in India

The Government has taken the following steps to provide support to the domestic steel industry: i. To ensure that only quality steel is produced and...

Model Law for Integrated GST Released

The Union government has released the draft model laws for the central and integrated goods and services tax (GST) as well as the model...

Incremental Cash Reserve Ratio Introduced

In order to absorb the surge in liquidity of banking system following the demonetisation of high value notes, the Reserve Bank introduced an incremental...

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...

Pradhan Mantri Khanij Kshetra Kalyan Yojana

Section 9B of Mines and Minerals (Development and Regulation) (MMDR) Act, 1957 provides for establishment of District Mineral Foundation(DMF) in each district affected by...

Steps Taken to Promote Leather Sector

Rs. 1032.23 Crore have been spent under Indian Leather Development Programme (ILDP) during XIIth Five Year Plan till date. ILDP aims at augmenting raw material...

India’s First Payments Bank Starts

Airtel has launched India's first live payments bank, which would provide an interest of 7.25% per annum on deposits. Airtel Payments Bank has rolled out...

RBI Relaxes Loan Repayment for Banks

In the wake of demonetisation drive in the country, Reserve Bank has relaxed certain asset classification and provisioning norms in certain cases. RBI has decided...

Fish Production in India: Latest Data

Due to rapid increase in fisheries and aquaculture, the income of fish farmers and farmers is constantly increasing and in the coming days it...

Steps Taken for Land Acquisition for National Highways

In order to expedite land acquisition as required for projects of road and highway construction, expansion and upgradation, the Ministry of Road Transport and...

Coal Production in India: Latest Statistics

All India coal production has increased from 565.77 MT in 2013-14 to 639.23 MT in 2015-16. On account of increased production by Coal India...

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...

Iran Becomes Top Oil Supplier to India

Iran overtook Saudi Arabia as India's top oil supplier in October. Iran used to be India's second-biggest oil supplier, a position it ceded to Iraq...

Status of Pradhan Mantri Awas Yojana

Under Pradhan Mantri Awas Yojana (PMAY), launched in June 2015, a total of 12,27,088 affordable houses for Economically Weaker Sections (EWS) in urban areas...

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...

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 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...

Higher MSP for Rabi Crops Announced

The Cabinet has increased the minimum support price (MSP) for all Rabi crops for the 2016-17 season. The MSP for wheat has been raised by...

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...

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...

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...

How Disputes are Settled in WTO ?

Dispute settlement is the central pillar of the multilateral trading system, and the WTO’s unique contribution to the stability of the global economy. Without...

How Currency is issued in India: Explained

New notes are issued by the Reserve Bank of India (RBI)’s department of currency management. It gets the notes from four presses. The Security Printing...

Surgical Strike on Black Money: Govt Denotifies 500 and 1000 Rupee...

The existing Rs 500 and Rs 1,000 currency notes has ceased to be legal tender in India from the midnight of 8 November 2016. Prime...

Startups Allowed to Raise $3 Million

India has allowed start-ups to raise up to USD 3 million each in a fiscal year via the external commercial borrowings (ECB) route. Overseas branches...

Unilateral Advance Pricing Agreements Signed

The Central Board of Direct Taxes (CBDT), Department of Revenue, Ministry of Finance entered into five (5) Unilateral Advance Pricing Agreements (APAs) with Indian...

MoU on Export Transactions Data Signed

The Goods and Services Network(GSTN) has signed a MoU with Director General of Foreign Trade (DGFT) for sharing of foreign exchange realisation and Import...

India and WTO: Latest Negotiation Talks

Union Commerce and Industry Minister Mrs. Nirmala Sitharaman attended both the-day Mini-Ministerial gathering of Trade Ministers organized by Norway in Oslo. This meeting assumed...

100% FDI Allowed in Financial Services

The government has liberalised its FDI policy in Other Financial Services and non-banking finance companies (NBFCs). Other financial services will include activities which are regulated...