Economy

Finance Minister Arun Jaitley to present Union Budget today

Finance Minister Arun Jaitley to present Union Budget today

New Delhi [India], Feb. 1 : The 2017 Union Budget will be presented today in Parliament by Finance Minister Arun Jaitley and there will be no separate Rail budget from this year, as it has been merged with the General Budget.

The government has advanced the date of budget presentation so as to complete the entire process before the end of financial year.

The first part of the budget session has been kept brief in view of ongoing assembly polls in five states.

Later in the day, the Finance Minister will reply to questions by Twitterati on the budget proposals.

He said that he will be happy to respond to the questions sent directly to him on Twitter. The questions can be asked on Twitter by using hashtag #MyQuestionToFM.

Revenue officers to wear black badges to work today

Revenue officers to wear black badges to work today

New Delhi [India], Jan. 30 : The members of Internal Revenue Service (IRS) Association and All India Association of Central Excise Gazetted Executive Officers will wear black badges today to raise their concerns regarding Implementation of Goods and Services Tax (GST).

The Revenue officers will wear black badges across the country. IRS Association said that all states chapter head will be in Delhi and will observe Monday as 'Black Day'.

They will meet top officials at North Block and raise their demand to take back decision taken on GST council meet held on January 16.

Talking to ANI, All India Association of Central Excise Gazetted Executive Officers said that they would work on their ITO office wearing black badges.

Currency Update by Kedia Commodity

Currency Update by Kedia Commodity

USDINR trading range for the day is 68.22-68.48.

Rupee snapped four-day losses on dollar selling by foreign banks and on speculation that the government of India would adhere to its path of fiscal consolidation.
The government had, earlier, set a fiscal deficit target of 3.5% for the current year and 3% for FY18 and FY19.
India's trade deficit narrowed to $10.37 billion in December from provisional $13 billion a month ago, government data showed.

EURINR trading range for the day is 73.25-73.71.

Euro gained as dollar dropped at the start of President Donald Trump’s first full week in office amid concerns over the lack of clarity on his economic policies.

RTI query reveals RBI clueless about fake currencies detected post demonetization

RTI query reveals RBI clueless about fake currencies detected post demonetizatio

New Delhi [India], Jan. 24 : The Reserve Bank of India has admitted it has no confirmed data of the number or value of fake currencies detected since the demonetisation of Rs 500 and Rs 1,000 notes.

As per an RTI query, which is filed by an activist Anil Galgali, revealed that RBI has no information regarding fake currencies detected post-demonetisation.

"We presently don't have the confirmed data on this query," said a reply from the RBI's Department of Currency Management (Forged Note Vigilance Division), to the RTI activist.

In a pointed query, Galgali had asked RBI to provide details of the number or value of the fake currencies detected post-demonetisation, the name of the banks, dates, etc, between November 8 to December 10, 2016.

mjunction conducts e-auction of commercial papers worth Rs. 700-crore for SAIL

Steel Authority of India Limited

New Delhi [India], Jan. 21 : mjunction services limited, a B2B e-commerce company, successfully conducted on Friday an e-auction for commercial papers (CPs) worth Rs. 700 crore for Steel Authority of India Limited (SAIL).

This was a significant step for SAIL towards adopting a business practice that is completely technology-driven, and thus a step forward in the government's Digital India programme.

SAIL said, "For SAIL, this e-auction conducted by mjunction of commercial papers has led to better price discovery. The process was structured, less time consuming, has a scope for greater participation and above all transparent."

CPSE ETF's FFO gets overwhelming response from investors

CPSE ETF's FFO gets overwhelming response from investors

New Delhi [India], Jan. 21 : The Further Fund Offer (FFO) of the Central Public Sector Enterprises (CPSE) Exchange Trade Fund (ETF) has got an overwhelming response as the issue got over-subscribed by wide margin.

The FFO, which was launched on Janury 17, 2017, got bids of approximately Rs. 12,000 crore (US$ 1.7 billion) and received applications from over two lakh investors across 300 cities.

This was the largest disinvestment program undertaken by the Government of India using ETF and largest fund offering by any Mutual Fund in India till date.

RBI Gov assures PAC of normalisation in currency soon

RBI Gov assures PAC of normalisation in currency soon

New Delhi [India], Jan 20 : Reserve Bank of India (RBI) Governor Urjit Patel on Friday told the Public Accounts Committee (PAC) that the cash crunch in the country post the November 8 demonetisation drive will normalise with the passage of time.

Sources said the central banking institution also informed the PAC that specific agencies like Financial Intelligence Unit and Income Tax Dept are looking into abnormal deposits.

Explaining demonetisation to the PAC members, the RBI Governor informed them about the efforts being made to normalise the situation of cash crunch in rural areas. He also threw light on the efforts being made to normalise the situation in urban areas.

More than 3.81 lakh consumers and 21,000 merchants win prizes worth Rs. 60.90 crore at Digi-dhan Melas

More than 3.81 lakh consumers and 21,000 merchants win prizes worth Rs. 60.90

New Delhi [India], Jan. 20 : The Government's efforts to give a boost to the digital payment systems and the cashless economy, post-demonetisation have generated enthusiastic response from the people. People from different age groups, occupations and different walks of life have taken part in a big way in the Lucky Graahak Yojana and Digi-dhan Vyaapaar Yojana giving a fillip to digital transactions.

Economy to grow five-fold by 2040, quotes FICCI representation on reforms required for a transition to gas based economy

Economy to grow five-fold by 2040, quotes FICCI representation on reforms

New Delhi [India], Jan 19 : Indian economy is poised to grow five-fold by the year 2040. Hydrocarbons will continue to play an important role in this growth story. This is also important that we increase our domestic oil and gas production to reduce overdependence on oil imports.

While delivering the inaugural address at PETROTECH 2016, Prime Minister Modi said, "I have to set a target to reduce import dependence by ten percent by 2022. This will have to be achieved during a period of increasing oil consumption."

He also stated that his government accords high priority to move towards a Gas Based Economy and efforts should be made to increase domestic production.

Printing of 2017 Budget documents to start today with 'halwa' ceremony

Printing of 2017 Budget documents to start today with 'halwa' ceremony

New Delhi [India], Jan 19 : The process of printing documents for the 2017-18 Budget will begin today with the ritual 'halwa ceremony' in Finance Minister Arun Jaitley's presence.

Jaitley will participate in the ritual ceremony to be held at 4 pm along with other Finance Ministry officials at the North Block here.

More than 100 Finance Ministry officials will stay in Budget Printing Press till Jaitley presents his budget speech.

As part of the ritual, which has continued for long, 'halwa' is prepared in a big 'kadhai' and served to the entire staff in the ministry.

This year's Budget, which will be the third full-fledged Budget of the present NDA government, is scheduled to be unveiled in Parliament on February 1.

IMF cuts India's growth to 6.6 pct post demonetization

IMF cuts India's growth to 6.6 pct post demonetization

New Delhi [India], Jan. 17 : The International Monetary Fund (IMF) on Tuesday announced a cut in India's growth rate for the current fiscal year to 6.6 percent from its previous estimate of 7.6 percent due to consumption weakness courtesy demonetisation.

Earlier, the World Bank had also decelerated India's growth estimates.

As per the IMF's latest World Economic Outlook (WEO) update released today, the growth forecast in India for the current (2016-17) and next fiscal year has been trimmed by one percentage point and 0.4 percentage point respectively.

The cut comes primarily due to the temporary negative consumption shock induced by cash shortages and payment disruptions associated with the recent currency note withdrawal and exchange initiative.

MPC likely to propose 0.25 percent rate cut

MPC likely to propose 0.25 percent rate cut

New Delhi [India], Dec 6 : The meeting of the six-member Monetary Policy Committee (MPC) will begin today amid widespread expectations of at least 0.25 percent rate cut in policy rates to cushion the impact of demonetisation.

This will be the second meeting of the MPC headed by RBI Governor Urjit Patel after October, where the central bank had announced a rate cut of 0.25 percent to 6.25 percent.

This will be the first monetary policy review after demonetisation of old Rs. 500 and Rs. 1,000 currency notes, following which banks witnessed surge in deposits.

According to the banking sector, it's difficult to predict what the monetary policy committee will now decide.

"There are chances of like 25-50-basis point cut by the RBI," said SBI Managing Director Rajnish Kumar.

PM Modi to inaugurate Heart of Asia Ministerial Conference in Amritsar today

PM Modi to inaugurate Heart of Asia Ministerial Conference in Amritsar today

New Delhi [India], Dec. 4 : Prime Minister Narendra Modi and Afghan President Ashraf Ghani will jointly inaugurate the sixth Heart of Asia Ministerial Conference in Amritsar today.

The Conference will discuss peace, cooperation and economic development in Afghanistan.

The theme for this year's conference is 'Addressing Challenges, Achieving Prosperity'.

At the Ministerial Conference, Finance Minister Arun Jaitley will lead the Indian delegation in place of External Affairs Minister Sushma Swaraj who is unwell.

Heart of Asia process was launched in 2011 from Istanbul. Elaborate security arrangements have been made for the event in Amritsar.

Demonetisation will result in some uncertainty in third quarter of fiscal 2016-17, says Centre

Demonetisation will result in some uncertainty in third quarter of fiscal

New Delhi [India], Dec.1 : India on Wednesday posted the world's fastest growth rate for a large economy in the September quarter, yet said that the nation could experience some amount of uncertainty in the third quarter of fiscal 2016-17 due to the government's decision to demonetise Rs.500 and Rs.1000 currency notes.

Gross domestic product (GDP) clocked an annual 7.3 percent growth between July and September, faster than 7.1 percent in the previous quarter and higher than China's 6.7 percent.

RBI allows banks to deposit old currency notes in district chests

RBI allows banks to deposit old currency notes in district chests

Mumbai [India], Nov. 28 : The Reserve Bank of India (RBI) has allowed lenders to park old 500 and 1,000 rupee currency notes in currency chests at the district level in view of mounting deposits due to the ongoing domonetisation drive.

In a statement, the RBI said a currency chest operating at the point to be called Designated Chest -DC will be required to operate a separate vault -- to be named Chest Guarantee Vault CGV as an extended arm of it.

In its notification, the RBI said banks not having a currency chest will deposit such notes in sealed boxes and will get the value of the notes to the credit of their current account with the chest branch.

Entire country will benefit from CPEC, says Gilgit-Baltistan CM

Entire country will benefit from CPEC, says Gilgit-Baltistan CM

Karachi [Pakistan], Nov. 27 : Gilgit-Baltistan Chief Minister Hafizur Rehman has said that all China-Pakistan Economic Corridor projects will be completed by 2029 and the entire country would benefit from it.

"Today, Russia is getting closer to Pakistan as the government is steering us out of isolation internationally with its correct economic policies," The Express Tribune quoted Rehman, as saying at the Karachi Press Club on Saturday.

He said that the country has wasted numerous opportunities earlier but CPEC would certainly boost the economy.

Stating that the work on the Rs35 billion fiber-optic cable laying project under CPEC has been completed in Gilgit-Baltistan, Rehman said an alternate communication system to the region will be provided by it.

Counter exchange of old currency available at RBI counter

Counter exchange of old currency available at RBI counter

New Delhi [India], Nov. 25 : The Reserve Bank of India (RBI) on Friday announced that the exchange of Rs. 500 and Rs. 1000 currency notes will continue to be available at its counters up to current limits per person as hitherto.

However, such exchange facility will no longer be available at other banks' counters.

On Thursday, the Centre announced that there will be no counter exchange of old Rs. 500 and Rs. 1000 currency notes after November 24 midnight.

However, certain exemptions relating to cancellation of legal tender character of old currency notes has been extended up to December 15, including for the payment of current and arrears dues to utilities which will be limited to only water and electricity.

Banks to exchange old notes for only senior citizens today

New Delhi [India], Nov 19 : Banks across the country have started to exchange old 500 and 1,000 rupee notes for only senior citizens.

Indian Banks' Association (IBA) Chairman Rajeev Rishi said working hours at banks on Saturday would be devoted to their own customers and added that only senior citizens have been exempted with regard to the exchange of currency notes at various bank branches across the country.

Rishi said, the decision is only for Saturday, and from Monday onwards, all customers will be allowed to exchange their notes at a branch of any bank.

Surgical Strike on Black Money - Your Savings are Secure!

Surgical Strike on Black Money - Your Savings are Secure!

New Delhi [India], Nov 15 : Government's greatest move to curb black currency market through the withdrawal of 500 and 1000 rupee notes from the economy has left the common populace with several queries.

How to get back the hard earned money was the repeated question from every nook and corner of the nation. Supporting the historic move, UAE Exchange India shares valuable information for the public.

UAE Exchange, India Managing Director, V George Antony shared, "Digital transactions and payments will support the nation's struggle in curbing black currency and bringing a cashless economy with high degree of security. This move is going to reflect in the lives of common man in a positive manner."

How can I exchange my 500 and 1000 rupee notes?

Demonetisation: former RBI governor assures reduction in circulation of black money

Demonetisation: former RBI governor assures reduction in circulation of black

Chennai (Tamil Nadu), Nov. 14 : Acknowledging the government for its introduction of the demonetization of currency in the economy, Former RBI governor C. Rangarajan on Monday said the Government's move to demonetize is a standard direction to extinguish reduction in circulation of black money.

Speaking to ANI, Rangarajan said, "This is a common step taken whenever an effort is made to curtail the circulation of black money or unaccounted income."

"In India, it is not the first time that it has been done, such steps have been taken in the past also. This time apparently there are three targets; one is to attack those who hold black money as a citizen."




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