Moody’s upgraded India’s sovereign ratings to Baa2 from its lowest investment grade Baa3 citing the NDA government’s “wide-ranging program of economic and institutional reforms” among the reasons for the move.
Government sources said the amendments to the IBC “explicitly prohibit persons declared as wilful defaulters” or those convicted of fraud, from submitting a resolution plan for companies that are going through the corporate insolvency resolution process.
The discussions, an official said, are at a “nascent stage” and depending on the response of the RBI, the Finance Ministry will work on creating a mechanism for capital infusion that is in consonance with fiscal responsibility regulations.
Demonetisation anniversary: According to CMIE data, the estimated total employment during January-April 2017 was 405 million compared to 406.5 million during the preceding four months, September-December 2016.
As per IMF data, while the US & Japan are expected to grow 50 bps higher in 2017 than the growth seen last year and China likely to grow at 6.8% against 6.7% a year ago, India may witness a slower growth rate of 6.7% in FY18 over the previous year’s 7.1%
‘..to stop the inflation from going too high, they have to sell some of their bonds with the deliberate aim of increasing long term interest rates. Then they should shrink balance sheets. If that is not needed, they shouldn’t shrink it’ Adair Turner, chairman, Institute for New Economic Thinking.
At its 22nd meeting which went on for nearly nine hours, the Council, allowed the small firms to their returns quarterly and also made it easier for exporters to claim tax refund. It also reduced the tax rate on over two dozen goods and services categories
Excise duty on petrol, diesel cut by Rs 2: Excise duty on petrol and diesel was Rs 9.48 and Rs 3.56 a litre respectively before the NDA government took office, which has gone up to Rs 21.48 and Rs 17.33 a litre, respectively, an increase of 226 per cent and 486 per cent, respectively, over the May 2014 level.
Experts say the market saw sell-off on account of weak global cues due to geopolitical tensions surrounding North Korea, recent revision of China’s sovereign rating and is expected to bounce back as fundamentals are strong.
The ministry said that no official had sought meeting in their "personal capacity" with the MPC members prior to the June review of the monetary. However, a meeting was sought to exchange views on macroeconomic situation in the country, it said in the reply.
Slow processing, popping up of incorrect data in the error report and portal's inability to take a large amount of data in GSTR-1 in one go are some of the issues still being faced by those filing returns
Amending rules related to acquisition, utilising surplus land of sick PSUs for affordable housing and relaxing FSI are some of
the suggestions made by the govt think-tank to push development across the country
Among the companies that filed for voluntary liquidation are — Wadia BSN India Ltd, HSBC Global Shared Services (India) Pvt Ltd, IL&FS Capital Advisors, Khel Gaon Estates Pvt Ltd and Ujjivan Social Services Foundation.
In the event of liquidation following a failed resolution of a real estate company, while the secured lenders or the banks will have recourse to the under-construction property that may be mortgaged to them, the people who have taken a home loan will be among the last to any receive compensation from the leftover liquidation proceeds.
The total bad debt involved in the case is worth Rs 972.15 crore — comprising Millennium Finance’s claim of Rs 673.91 crore, Alchemist Asset Reconstruction Company’s Rs 122.06 crore, Synergies Castings’ Rs 89.26 crore and Edelweiss ARC’s Rs 86.92 crore.
Bank of Baroda is the lead bank of the consortium comprising Oriental Bank of Commerce and Bank of Maharashtra as the other lenders, which signed a term loan agreement with Amrapali Silicon City on 25 February 2012.
Countries like Canada, Mauritius, Israel and the European Union have been expecting India to take the lead and conclude the negotiations for their respective Free Trade Agreement (FTA) as soon as possible.