RBI slaps Rs 27-cr penalty on 13 banks for FEMA

RBI slaps Rs 27-cr penalty on 13 banks for FEMA

Mumbai: In a major crackdown for FEMA violations and KYC lapses, the RBI has imposed Rs 27-crore penalty on 13 public and private sector banks, including PNB and HDFC Bank, while asking eight others including SBI and ICICI Bank to ensure strict compliance with guidelines. On the basis of inputs received from a public sector […]

Cabinet drops 1% additional tax from GST Bill

Cabinet drops 1% additional tax from GST Bill

New Delhi: The Cabinet today cleared changes in the GST Constitutional Amendment Bill, dropping 1 per cent manufacturing tax and providing guarantee to compensate states for any revenue loss in the first five years of rollout of the proposed indirect tax regime. The Cabinet, headed by Prime Minister Narendra Modi, decided to include in the […]

PM to hold meeting with Niti Aayog on vision doc

PM to hold meeting with Niti Aayog on vision doc

New Delhi: Prime Minister Narendra Modi will on July 28 hold a meeting with the Niti Aayog to take stock of the progress made on the 15-year vision document and also share his views on the development strategy with the government’s think tank. “The Prime Minister is scheduled to chair a meeting of the Niti […]

CAG picks holes in coal mines auction by NDA

CAG picks holes in coal mines auction by NDA

New Delhi: The CAG has picked holes in the e-auction of coal mines by the NDA government last year saying multiple bids by corporate groups through joint ventures or subsidiaries did not give an assurance that potential level of competition was achieved in the first two tranches. In a report tabled in Parliament today, the […]

Govt trying to pass GST bill this session: Meghwal

Govt trying to pass GST bill this session: Meghwal

New Delhi: Government is working overtime to build a consensus on the long-pending Goods and Services Tax (GST) bill with the hope of getting it passed during the ongoing Parliament session, Minister of State for Finance Arjun Ram Meghwal said today. A consensus is likely to be reached on at least two of the three […]

Gold lower on global cues, subdued demand

Gold lower on global cues, subdued demand

Mumbai: Gold slipped from last weekend gain by Rs 95 per ten grams at the bullion market here today, on subdued offtake from stockists and investors driven by weak overseas trend. Silver also eased by Rs 520 per kg on reduced demand by industrial units. Standard gold (99.5 purity) slid by Rs 95 to conclude […]

G20 nations warn of Brexit risk to global growth

G20 nations warn of Brexit risk to global growth

Chengdu (China): Britain’s vote to leave the European Union heightens risks for the world economy, finance chiefs from the G20 group of leading countries said today. The outcome of last month’s referendum “adds to the uncertainty in the global economy”, they said in a communique after a meeting in China. But they insisted that EU […]

GST listing in RS likely this week, Jaitley to meet state FMs

GST listing in RS likely this week, Jaitley to meet state FMs

New Delhi: Government is likely to list the much-delayed GST Bill for discussion in the Rajya Sabha this week after Finance Minister Arun Jaitley meets state finance ministers on Tuesday. Jaitley, who has been engaged in back-channel negotiations with Congress leaders to get the main opposition party on board, will discuss proposed amendments to the […]

I-T dept detects Rs 22K cr undisclosed income in 2 yrs: FM

I-T dept detects Rs 22K cr undisclosed income in 2 yrs: FM

New Delhi: The Income Tax Department has detected undisclosed income worth Rs 22,475 crore in over 9,500 surveys conducted over the past two years, Finance Minister Arun Jaitley said today. As part of enforcement measures the department has conducted searches in 990 groups of assessees during the last two years (2014-15 and 2015-16), seizing undisclosed […]

Sensex ends 93 pts up on earnings lift, fund inflows

Sensex ends 93 pts up on earnings lift, fund inflows

Mumbai: Extending its consolidation phase, the BSE Sensex today recovered marginally by 93 points on selective buying by retail investors and sustained foreign inflows even as Asia ended weak, tracking a pullback in US markets from record highs. The market opened positive on overnight earning numbers of FMCG major ITC, while subdued Asian cues weighed […]