RBI had received 72 applications for small finance bank licences.
The Aam Aadmi Party has demanded the dismissal of Telecom Minister Ravi Shankar Prasad alleging a conflict of interest that has prevented him from issuing a notice to Mukesh Ambani's Reliance Jio on the 4G issue, a charge vehemently denied by Prasad who said he never gave advice or appeared for the company.
In the year-long crackdown on tax evasion, the GST authorities have unearthed over Rs 35,000 crore of tax fraud committed by misuse of input tax credit provision under the Goods and Services Tax (GST) regime. During the 2020-21 financial year, the CGST zones and the Directorate General of GST Intelligence (DGGI) booked about 8,000 cases involving fake ITC of over Rs 35,000 crore, a statement from CBIC said. Under the GST regime, at the time of paying tax on output, entities can reduce the tax they have already paid on inputs.
After more than two decades and three attempts, the government has finally sold its flagship national carrier Air India, and it is deja vu for Maharaja as it returned home to its founding father the Tata group. Jehangir Ratanji Dadabhoy (JRD) Tata founded the airline in 1932 and named it Tata Airlines. In 1946, the aviation division of Tata Sons was listed as Air India, and in 1948, the Air India International was launched with flights to Europe. The international service was among the first public-private partnerships in India, with the government holding 49 per cent, the Tatas keeping 25 per cent and the public owning the rest. In 1953, Air India was nationalised and for the next over four decades it remained the prized possession for India controlling the majority of the domestic airspace.
Rashtriya Janata Dal's Manoj Jha saw the move as an attempt to have a 'committed bureaucracy'.
The airline's 100 per cent shareholding in profit-making budget carrier Air India Express as well as 50 per cent shareholding in equal joint venture Air India SATS Airport Services would also be sold.
In August, RBI allowed 11 business houses to start a payments bank.
Jet's staff strength stands whittled down to around 4,000, with many former employees having joined airlines in India and abroad.
As per the comprehensive format devised by the government, the selected candidates, besides being asked to provide information about themselves, their family members, including in-laws, have to provide information about the mobile numbers used during the last five years, the registration number of vehicles owned or used, email and social media or web-based portal accounts, in addition to bank and post office account numbers among others.
FinMin does not expect tax or non-tax revenue to reach anywhere close to the targets set in the interim Budget. Sources say that the challenge before the new government will be either to accept the reduced projection and tailor the Budget accordingly or set a more ambitious target.
That would result in the military under-spending about Rs 80,000 crore over the financial year.
Senior Congress leader Shashi Tharoor on Tuesday attacked the Centre over the glitches in the new income tax portal, alleging that even after spending Rs 4,200 crore on it, the government had "failed" to make it user-friendly and created a "mess" instead.
'Modi had not discussed demonetization with me prior to his announcement on 8 November 2016. 'I learnt of it along with the rest of the country. 'I was not surprised when he did not discuss the issue with me prior to making the public announcement. 'It fitted in with his style of making dramatic announcements.' A fascinating excerpt from Pranab Mukherjee's The Presidential Years: 2012-2017.
Many Indian companies provide outsourcing services to various American entities, including large banks and financial institutions.
Govt renews search for five PSU bank chiefs; norms relaxed.
Initial information from a reliable police source said that the two women killed in the blast were Chinese nationals and may have been the target of the blast.
It is also considering to hike FDI cap for public sector from 20 per cent to 49 per cent
The suspected security breach happened through a malware in the systems of Hitachi Payments Services, which serves ATM network of Yes Bank
Finance Secretary Hasmukh Adhia vacates his post on November 30 and Expenditure Secretary Ajay Narayan Jha, the second seniormost bureaucrat in the finance ministry, retires on January 31, the day before Jaitley presents the 2019-20 interim budget.
Since becoming the president of the UAE, Sheikh Khalifa has presided over a major restructuring of both the Federal Government and the government of Abu Dhabi.
A court in Mumbai on Tuesday remanded two police officers in the custody of the Maharashtra criminal investigation department in a case of alleged extortion in which former Mumbai police commissioner Param Bir Singh is one of the accused.
"We see the Indian economy rebounding from our projected 6.1 per cent growth this fiscal year to something like 7 per cent in the next fiscal year (2020). We see the factors that will support growth, including monetary policy stimulus, working their way through the pipeline," Jonathan Ostry, Deputy Director, Asia Pacific Department at the IMF, told reporters.
Tuesday's meeting at the PM's residence, attended by all the five secretaries in the finance ministry besides top officials of other economic ministries and NITI Aayog, cleared a five-year vision plan for the government to make India a $5-trillion economy by 2024.
The training programme will contain thought leadership courses, group exercises, simulations, including role plays and situation analysis and personal explorations workshops
Indian government expects LIC to have better business this year.
In accordance with ''Level-1'' alert under the graded response action plan (GRAP), private offices will function with physical attendance of 50 per cent of the staff, barring essential categories.
Since December 2018, monetary policy has been eased substantially by RBI with policy rates being cut by 75 bps and policy outlook being changed to 'accommodative'.
The meeting is expected to chart a road map for cleaning up their balance sheets and boost credit flows, reports Somesh Jha.
This Act had to be excluded from the list of the obsolete laws to be repealed as some of its provisions provide security to the pensioners against attachment of pension
The benchmark index on Wednesday surged 314.92 points or 1.05 per cent to close at 30,248.17 on widespread buying spurred by forecast of a normal monsoon this year.
Unlike any other national asset, which is typically sold to the highest bidder, the profile of the bidder is the most important criterion for a licence to bank, and even for acquiring more than 5 per cent stake, explains Tamal Bandyopadhyay.
In 2009, FinMin proposed to move regulators' reserves into public account. These accounts were finally opened in 2013-14. However, no funds have been deposited in it so far.
As per the bank sources, senior-most MDs -- A Krishna kumar and Hemant Contractor -- are part of the committee.
The NRA will have representatives of IBPS, SSC and Indian Railways.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
However, the road to profitability has already hit some hurdles for the Delhi-based bank as the Union government has rejected its demand for an additional capital infusion of around Rs 8,000 crore in 2018-19
His statement assumes significance in the light of scams in the state-owned banks.
In this weekly self-help series, mental health and life coach Anu Krishna tells you how to take control of your life.
Changes in I-T rules kick in today; to help govt track taxpayers' income, reports Dilasha Seth.
The North-West is expected to be hit the most.
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