Economy News - Page 24

Demonetisation process is almost complete, Arun Jaitley says

Demonetisation was a move to change the Indian normal, a new normal had to be created.

No plans to launch app-based taxi service, clarifies Reliance

It has been speculated for months that Reliance Jio, the company's telecom venture that has created ripples by signing up 100 million customers in just 170 days of launch, will soon launch a taxi service.

Reliance Jio offer to compel Bharti Airtel, Vodafone to bundle more data, says analysts

It will also offer 20 percent extra data after matching the best data tariffs of rivals from 1 April, 2017.

Suresh Prabhu to unveil new rail catering policy today as complaints on food surge

The new policy replacing the seven-year-old one gives back the IRCTC, a railways PSU, onboard catering responsibility for majority of trains including all the new ones.

Mumbai is India's richest city with $820 bn; Delhi distant second with $450 bn

The list also includes Hyderabad with a total wealth of $310 billion. Hyderabad is home to 9,000 millionaires and six billionaires.

HSBC discloses tax evasion probes in India, other countries; provisions Rs 5,000 cr

Giving case-wise details, it said the Indian tax authorities in February 2015 had issued a summons and request for information to an HSBC company in India.

Note ban impact on loan, deposit growth significant in Oct-Dec quarter: Moody's

Moody's said the slowdown in loan growth may also have been in part due to loan repayments using the demonetised currencies

H-1b visa issue: Nasscom team heads to US to talk to Donald Trump administration

Global tech titans like Google CEO Sundar Pichai, Microsoft chief Satya Nadella, Apple's Tim Cook and others have already voiced their concerns on the issue.

Digital payments industry to hit $500 bn by 2020 with 50% internet users in India: Report

It noted scope of the Unique Identification Authority of India (UIDAI) system which enables anyone in the country to obtain an electronic and digitally-signed proof of identity.

Demonetisation strains: IMF sees India's GDP slowing to 6.6% in FY17, bouncing back to 7.2% in FY18

Post-8 November, cash shortages and payment disruptions caused by the currency exchange initiative have undermined consumption and business activity, posing a new challenge to sustaining the growth momentum, the IMF said in its annual country report on India.

Idea of bank to tackle bad loans gaining traction: CEA Arvind Subramanian

Various proposals are being brought to forefront, Arvind Subramanian said, adding, "there is a need to get that (bad bank) thing quickly".

Economy to pick up in Q4 due to faster remonetisation: Urjit Patel

Patel, during the two-day Monetary Policy Committee meeting on February 7-8, also said that shifting monetary policy stance from accommodative to neutral will provide sufficient flexibility to move the policy rate in either direction.

Govt must review tax on cash deals over Rs 2 lakh: Assocham

The industry body urged for abundant caution on the part of tax authorities so that no negative signals are sent to industry and consumers.

Forget U-turn on Rs 1,000 notes, why did govt launch Rs 2,000 notes in the first place?

If lower denomination notes (Rs 500 and below) are the focus, why was the government/ Reserve Bank of India flooded the system with Rs 2,000 notes in the days that followed demonetisation when general public was reeling under severe cash crunch.

Exclusive: Worst is over on NPAs, but a few chunky accounts remain, says SBI’s Arundhati Bhattacharya

To dig out the hidden bad loans in the banking system, the RBI, in late 2015, had initiated a bad loan clean-up process under former governor, Raghuram Rajan.

Bank NPAs: RBI's Viral Acharya warns of Japan's lost decade; here's full text of his speech

Viral Acharya proposed measures to deal with the NPA problem indicating a tough stance by the central bank.

RBI deputy governor Viral Acharya asks banks to act on NPAs with a sense of urgency

Warning that recovery is a long way off, Acharya said sectors with the most stressed assets have so much excess capacity relative to current or near-term utilization that there is no sign of a pickup in higher capacity utilisation.

Trump's America-first policy: PM Modi urges US to keep an open mind on H-1B visas

Modi shared his perspective on areas where both countries can work even more closely, including in facilitating greater people-to-people linkages that have over the years helped contribute to each other's prosperity.

PF withdrawal made easy: Now file just one form with self-certification

Subscribers need not file documents like marriage invitation cards for taking advances

SBI's Arundhati Bhattacharya calls for better telecom infra to drive govt's digital payments agenda

Bhattacharya said having dedicated spectrum for financial transactions will also ensure better security.

ONGC to take Rs 1,600 cr hit on quarterly earnings from royalty payments to Gujarat, Assam

The Supreme Court has asked the federal government to compensate Gujarat and Assam for 150 billion rupees in lost revenues due to lower royalties paid by state-run explorers ONGC and Oil India Ltd.

Donald Trump's H-1B visa restrictions will not be a deterrent for IT sector; here's why

These are exciting times, say some industry stalwarts. It is a time to look forward to the change.

GST Council to finalise draft model GST law tomorrow

The government intends to introduce the model GST law in Parliament in the second half of the current Budget Session beginning next month, officials said.

Urjit Patel exclusive interview: There’s a message to Modi govt on gaps in the reform agenda

After GST, the big task for Modi government is land and labour reforms--a politically highly sensitive issue.

5th straight month of exports growth, but India is not out of the woods, yet

India needs to make its products more competitive for it to enhance exports in an increasingly shrinking world market

Urjit Patel's reduced communication could send interest rates higher, stem economic growth

Patel, a deputy governor since 2013, had been known within the RBI as reserved. He is widely regarded as having the professional and academic credentials to succeed, but the governor's role also involves communicating, some bankers say.

EPFO extends deadline for Aadhaar number submission till March 31

EPFO has already made it mandatory for pensioners as well as subscribers to submit Aadhaar for availing of benefits of the Employees' Pension Scheme.

Urjit Patel exclusive interview: It is important to grow a thick skin in this business, says RBI chief

If very fundamental reforms take place, especially when it comes to factors of production like land, labour, then a higher growth rate is possible.

Urjit Patel exclusive interview: Collateral benefits of demonetisation will take time to play out

'Our current account (deficit) is low and has been low for some time now. It is at a level that is easily financeable.'

Remonetisation process almost complete: Finance Minister Arun Jaitley

Talking to reporters on the sidelines of 'Momentum Jharkhand Global Investors' Summit 2017 here, Jaitley said cash economy has many vices as it leads to crime and tax evasion.