Economy News - Page 12

FM for hassle-free tax regime to encourage compliance

Finance Minister Pranab Mukherjee today asked the revenue officials to build a transparent and hassle-free tax regime to encourage voluntary compliance and discourage evasion.

India placed better than world economy: Assocham

Assocham said there is no doubt that the Indian economy has been facing sort of a bumpy ride over the past few months.However, it said, creating a negative impression is unfair to the inherent strength that our economy has shown in the past.

Brent oil at 16-month low on weak US jobs data

Following the slow growth in Chinese and US economies Brent crude prices fell below $98 a barrel to a 16-month low on Monday. Traders wait for the crucial policy meetings this week to see its effect in global growth.

Post 9-year low GDP, industrial growth to fall sharply in Q1: CII survey

Besides, the survey said that deteriorating global economic scenario has affected export markets and lack of availability of credit to industry are other factors hurting the growth.

Govt to set up board under Sharma to boost industrial output

To revive the meek industrial output, the government set up a board to boost the manufacturing sector. This comes as soon as the PM constituted the Investment Tracking System to give a push to mega projects of over Rs 1,000 crore.

How Morgan Stanley sank to junk pricing

The bond markets are treating Morgan Stanley like a junk-rated company, and the investment bank's higher borrowing costs could already be putting it at a disadvantage even before an expected ratings downgrade this month.

Happy CVC referring coal allocation case to CBI: BJP

Saying that the reference vindicated the party's stand and "struggle" to get the issue probed, party spokesperson Prakash Javadekar said it was because of the efforts of BJP MP Hansraj Ahir.

Credit to industry grows by 19.5% in April

Credit to the services sector increased by 15.8 percent in April 2012, significantly lower than 24.1 percent in April 2011, RBI said.<br /><br />

Rupee fall: Did RBI ask PSU banks not to purchase dollars?

Market news is that RBI could be behind rupee's life-time low of 56.47 by restricting oil companies from buying dollars through four state-run banks. Traders claim to have received text messages confirming the same.

Govt should restructure petrol prices to avoid frequent hike: Ram Naik

Criticising the UPA policies, Naik said unfortunately the Manmohan Singh government had no clear cut policy on petroleum.

Par panel seeks more time to analyse Food Bill

The Food Bill, which is a pet project of UPA chairperson Sonia Gandhi and was part of the promises made in 2009 general elections, was referred to the Parliamentary committee in January.

CIL issue: Coal min to meet TCI on alleged treaty violation

The development followed CIL's getting ready to ink fuel supply pacts with power firms for a minimum assured supply under a Presidential directive.

RBI, 926 bank branches to collect advance income tax

Of the 926 bank branches 862 branches are public bank branches, 35 HDFC bank branches, 10 ICICI bank branches and 19 Axis bank branches.

Fall in oil price, gold import to help CAD: Uday Kotak

"The CAD is likely to improve in the short-run as oil prices are falling. Also, gold import is expected to be lower than last financial year," Kotak said.

Oil-related buying kicks in, rupee off session's high

The intense risk aversion from the eurozone has severely pressured the currency, but falls have been magnified by concerns about India's fiscal and economic outlook.

RBI buys $2bn of govt bonds via OMO

The RBI bought the 9.15 percent bonds maturing in 2024 at Rs 104.73 , yielding 8.5255 percent, in line with a Reuters poll forecast of 8.5230 percent.

Rupee posts eighth weekly drop; RBI intervenes

The intense risk aversion from the euro zone has severely pressured the currency, but falls have been magnified by concerns about India's fiscal and economic outlooks.

Subbarao meets PM over rupee's slide

The meeting,was also attended by PMEAC chairmanC Rangarajan, who had favoured direct sale of dollars to oil marketing companies to ease pressure on rupee.

West Bengal scraps state SEZ Act

The act stipulated the waiver of electricity tariff in full without any restriction of period.

Pranab to resolve wage revision issue of IDBI staff

Pranab said as soon as the Budget session is over, he will call the IDBI Chairman and all concerned and try to arrive at an agreed solution.

Bond yields edge up on risk taking in markets

Traders said talk of a potential fuel price hike in the near future was also weighing on bonds.

Govt says no proposal to bring out white paper on eco reforms

Kumar said the economic reforms are an ongoing process and the government has been indicating their status and pace of through annual Economic Survey.

Modi to award Rs 60 lakh to 11 farmers at mega agri-fair

Gujarat Chief Minister Narendra Modi will inaugurate 'Krishi Mahotsav', a month-long mega agriculture fair of seven districts of south Gujarat, at the tribal-dominated Nana Pondha village in Valsad district tomorrow.

Rupee strengthens on RBI's suspected intervention

The rupee was last trading at 53.73/74 after falling as low as 54.15 soon after the open of trade, near its record low of 54.30 to the dollar in mid-December.

Need to relook at futures trading: Govt

"Future trade in all items, including food items, is one matter that needs to be discussed indepth. We need to consult with the state governments as well," Minister of state for Consumer Affairs, Food and Public Distribution K V Thomas said.

State Trading Corp invites bids for wheat exports

Government warehouses had around 19.9 million tonnes of wheat on April 1, nearly five times the official target of 4.0 million tonnes for the quarter ending June 30

ICAI to submit report on black money in 3-4 months

The Institute of Chartered Accountants of India (ICAI) today said it would submit a report on curbing black money in the country in the next three to four months.