ECONOMY NEWS - Page 211

Government looks at ‘expenditure’ budget to aid higher growth

GDP growth hits three-year low of 5.7%, GST and demonetisation seen as major factors

August 31, 2017 21:05 IST

As disruptions caused by demonetisation spilled over to the third straight quarter amid slowdown in manufacturing activities, India's economic growth slipped to a three-year low of 5.7 per cent in April-June

FILE - In this Nov. 16, 2016 file photo, a man holds a charred facsimile of the discontinued Indian currency 500 note after a protest by a traders association demanding adequate arrangement to exchange discontinued currency notes outside Reserve Bank of India in Kolkata, India. The sudden withdrawal of 86 percent of India's currency has left cash in short supply, retail sales stumbling and wholesale markets in turmoil. (AP Photo/Bikas Das, File)

Govt rules out new window to deposit scrapped notes

August 31, 2017 17:37 IST

While the Reserve Bank Wednesday revealed that 99 per cent of the Rs 15.44 lakh crore currency junked on November 8 last year had come back, some had pleaded with the government for another window to deposit their small holding old Rs 500 and Rs 1,000.

Demonetisation hits RBI’s ‘seigniorage’: SBI Research

August 31, 2017 14:38 IST

"The demonetisation exercise has resulted in net loss of seigniorage to the RBI," SBI's research report Ecowrap said.

china-india trade volume, india china trade, indo-china relations, india growth, india china growth, china Ministry of Commerce, india china economies

Demonetisation: At Rs 7,965 crore, 133 per cent jump in cost of printing currency notes between July 2016 to June 2017

August 31, 2017 08:49 IST

According to the RBI, the surge in expenditure during the year was on account of change in the production plan of printing presses due to the introduction of new design notes in higher denominations as well as the requirement of larger volume of notes for replacement of the demonetised currency.

Sharp rise in RBI provisions

August 31, 2017 02:26 IST

“In 2016-17, a provision of Rs 50 crore was made for capital contribution in Reserve Bank Information Technology Pvt. Ltd. (ReBIT) and transferred to Asset Development Fund (ADF) and a provision of Rs 13,140 crore was made for transfer to Contingency Fund (CF),” RBI said.

Operation Clean Money: 18 lakh spotted whose cash dealings not in line with tax profilesSubscriber Only

August 31, 2017 02:06 IST

According to the income tax department, the agency has received more than 9.27 lakh responses from such persons giving information on 13.33 lakh accounts involving cash deposits of around Rs 2.89 lakh crore.

RBI annual report, demonetisation, demonetised notes, reserve bank of india, india economy, business news

Demonetisation: Value of Rs 500 and Rs 1,000 fakes around Rs 41 crore, says RBI Annual Report

August 31, 2017 09:38 IST

Demonetisation: According to the RBI, 2,56,324 Rs 1,000 notes valued at Rs 25.63 crore were detected during FY17. It reported that 3,17,567 Rs 500 notes valued at Rs 15.87 crore were detected. Significantly, 638 counterfeit notes of new Rs 2,000 notes and 199 old Rs 500 notes (MG series) were also detected.

demonetisation, demonetisation anniversary, demonetisation protest, Akhil Bhartiya Jana Sangh, Ahmedabad news, indian express news

Demonetisation: Figure may hit 100% if ‘pipeline’ collections taken into account, say officialsSubscriber Only

August 31, 2017 09:37 IST

Demonetisation: The “pipeline” demonetised collections, according to these officials, include banned notes lying with citizens in Nepal as deliberations between the RBI and the Nepal Rashtra Bank (NRB) for the exchange of such notes did not fructify.

Demonetisation: Cash in Rs 2,000 now exceeds Rs 1,000 value in FY16

August 31, 2017 09:38 IST

Demonetisation | As of March 2017: Value of currency in circulation across all denominations fell by 20 per cent to Rs 13.1 lakh crore compared with Rs 16.4 lakh crore in March 2016

No IT exemption to cooperative banks: govt tells Lok Sabha

Cabinet clears hike in GST cess to 25 per cent on mid, large size cars

August 30, 2017 18:00 IST

Arun Jaitley said the ordinance, or an executive order, will amend the GST Act, 2017 to raise the maximum rate of cess. However, he added, the actual cess on different classes of vehicles and as to when it will be implemented is to be decided by the GST Council.

GST transition claim,GST transition claim forms, GST, Goods and Service tax, business news, indian express news

Cabinet clears Ordinance to allow hike in GST cess on cars

August 30, 2017 13:45 IST

The GST Council had on August 5 approved raising cess on SUVs, mid-size, large and luxury cars that had become cheaper post GST rollout on July 1.

gst, goods and services tax, finance minister, arun jaitley, gst tax collected july, indian express

First GST data in: 65 per cent pay Rs 92,000 crore

August 30, 2017 08:25 IST

While the Finance Minister asserted that the government has exceeded its internal target of tax collection for the month of July, tax analysts noted that the amount could be somewhat different since many companies were not able to file for input tax credit due to issues with the the ‘TRAN-1’ form that was to be filled for availing transitional credit.

Arun Jaitley, Congress, Narendra Modi, BJP, India News, Yashwant Sinha, Indian Express, Indian Express News

GST collections hit Rs 92,283 crore in July: Arun Jaitley

August 29, 2017 19:45 IST

Of the tax collected, Jaitley said, Rs 14,894 crore have come in as Central GST, Rs 22,722 crore as State GST and Rs 47,469 crore as Integrated GST, which is levied on inter-state movement of goods and imports

PM Narendra Modi, Rajasva Gyan Sangam, tax administators, tax officials work culture, CBDT, CBEC, india news, indian express

GST a unique reform, changed tax procedure overnight, says PM Modi

August 29, 2017 17:44 IST

Addressing a huge rally at Khelgaon here, he said GST helped reduce transport cost and increase the earning of drivers of trucks and tractor trolleys. "We are working to bring in a transformation in transportation in India," PM Modi said.

finance ministry, algorithmic trading, ethical issues, algo trading, cybersecurity, gst, gst network, Ashok Lavasa, subhash Chandra Garg

Don’t ignore ethical element: Finance Ministry

August 29, 2017 00:54 IST

Algorithmic trading or algo trading refers to orders on bourses that are generated using high-frequency, automated execution logic. The ministry said that policymakers and the regulators need to have the ability to control and regulate the algorithm institutional players from using unfair means to generate profits.

Fringe benefits availed by employees liable to GST

August 28, 2017 18:23 IST

The monetary income will, however, continue to attract the relevant income tax. "The compensation to employees in the form of money is not a supply. However, fringe benefits are a supply of goods or services and are liable to tax if not exempted," the CBEC said.

Over 36 lakh businesses file GST returns so far

August 28, 2017 15:16 IST

The deadline for filing first monthly return and payment of taxes under GST - the new indirect tax regime that unifies over a dozen state and central taxes, including excise duty, service tax and VAT - ended on August 25

Nirmala Sitharaman, new defence minister, Nirmala Sitharaman trade, trade policy, indian express, business

Commerce Minister sets up task force on artificial intelligence

August 25, 2017 18:37 IST

In a statement, Commerce and Industry Minister Nirmala Sitharaman said with rapid development in the fields of information technology and hardware, the world is about to witness a fourth industrial revolution.

niti aayog, three year plan, agriculture sector, indian economy, indian express news, opinion, indian agriculture, farmers

India restless for higher growth, economic activity, says Arun Jaitley

August 25, 2017 02:32 IST

In the economic agenda document, the Niti Aayog said: “Indeed, there are good prospects that we will return to 8 per cent plus growth trajectory in another 2-3 years if not sooner."

NITI Aayog to set up sub-group to study treatment pricing under Ayushman Bharat

Good prospects for India to achieve over 8 per cent growth in 2-3 years: Niti Aayog

August 24, 2017 17:39 IST

"Indeed, there are good prospects that we will return to 8 per cent plus growth trajectory in another 2-3 years if not sooner. Therefore, the chances of massive cut in the poverty rate in the upcoming decade are excellent," it said.

demonetisation, arun jaitley, rbi, reserve bank of india, demonetisation, rbi report, rbi annual report

Not considering ban on Rs 2,000 notes: FM Arun Jaitley

August 23, 2017 16:42 IST

"The whole process regarding by when the notes will be printed, RBI will take care of that issue. Thus, it would be appropriate for the RBI to announce about dates and related matters to the note printing," Jaitley said.

On Thursday, the rupee had appreciated by another 6 paise to end at a fresh one-week high of 65.08 on continued selling of the greenback.

Rupee stretches gains, up 5 paise at 64.05

August 23, 2017 10:29 IST

Forex dealers said besides continued selling of the greenback, weakness in dollar against other currencies overseas and a higher opening of the domestic equity market rendered support to the rupee.

Economy doing well on strong fundamentals, reforms: FSDC

August 23, 2017 01:59 IST

Chief Economic Adviser Arvind Subramanian made a presentation on the state of Indian economy at the meeting.

Finance Ministry modifies cash management system to include post-GST changesSubscriber Only

August 23, 2017 01:49 IST

In line with the new dates for GST inflows, the finance ministry has asked other ministries/departments to ensure that big releases of Rs 200-2,000 crore are kept between 21st and 25th of a month to “take advantage of GST inflows”.

India’s June quarter GDP to see modest recovery at 6.6%, indicates Nomura

August 22, 2017 12:23 IST

According to Nomura, both urban and rural consumption indicators bounced back in July. While, diesel consumption and consumer credit also picked up, confirming that underlying consumption demand is robust.