SpiceJet, India's second-largest private airline, kicked off the process of hiving off its logistics business to its subsidiary SpiceXpress as it looks to raise much-needed capital. On Tuesday, the company sought its shareholders' approval to complete the process and to raise up to Rs 2,500 crore via a qualified institutions placement (QIP). It is in talks with multiple private equity investors as it tries to sell shares in the logistics arm to raise money.
'When we say we want to increase pension participation, do we want to increase participation through the savings route?' 'Or do we want people to save in specific pension products?' asks Renuka Sane.
"Both in terms of what you save on the wage bill as well as the money you make, it would've been desirable. But this is something the coaching staff have to consent to and that's not my place.
If you have questions related to online insurance frauds, then Piyush Ranjan, chief technology officer, Coverfox Insurance, will answer your queries.
Most encouraging thing is savings and investment rates are high.
The two people arrested in Udaipur were alleged by the Congress to have links with the Saffron party.
'I would recommend two parts to fiscal support. One, support the lower end of the society by direct intervention through ways such as direct benefit cash transfer. Second, give fiscal support to the stressed sectors in line with the Rs 3-lakh crore (Rs 3 trillion) emergency credit line guarantee norms'
The federal agency wants to question and record Parab's statement under the Prevention of Money Laundering Act, they said.
If retrenched workers are unable to reskill within a fixed period of time, they will have to return the money given to them by the government. Moreover, they may be asked to pay back an interest on the sum transferred.
Against a turbulent and uncertain background, Budget 2017-18 hewed a steady, forward-looking course, says Shankar Acharya, former chief economic adviser to the government.
It said the searches that were launched on July 22 in nine cities like Bhopal, Indore, Delhi, Ahmedabad, Noida and some others are "continuing and further investigations are in progress."
Taxability of LPG subsidy and other direct benefits paid directly into bank accounts of beneficiaries is unclear.
A bench headed by Chief Justice S A Bobde refused, however, to stay the controversial provisions of the laws and issued notices to both state governments on two different petitions.
'Just see what kind of political, social and economic impact it will have when the number of unemployed goes up four times in one year suddenly.'
It said an estimated 42-66 million children could fall into extreme poverty as a result of the crisis this year, adding to the estimated 386 million children already in extreme poverty in 2019.
'Aggressively stepping up vaccinations will constitute the most enduring stimulus of all in the coming quarters,' observes Sajjid Z Chinoy, Chief India Economist at J P Morgan.
Against National Democratic Alliance's 75 million target, United Progressive Alliance added 61 million in 2013-14.
The Enforcement Directorate on Thursday raided multiple locations in Maharashtra as part of a money laundering probe against state transport minister Anil Parab and others linked to alleged irregularities in a land deal in coastal Dapoli area of Ratnagiri district and other charges, officials said.
'He is not looking at the interest of farmers. He only wants to do the politics of elections.' 'This Budget is for the new super India. It is exploiting the villages of Bharat.'
With Narendra Modi about to make his first Independence Day speech, there is a buzz in Delhi that Modi will make some big announcements to signal major reforms and directional shifts. But we have to wait and see if it happens, says Mohan Guruswamy.
The government has budgeted for total expenditure of Rs 34.83 lakh crore or 6.8 per cent of GDP. While the net tax revenue rose from Rs 5,75,697 crore in October 2020 to Rs 10,53,135 crore till October 2021, a growth of 82.93 per cent annualized, total expenditure rose only by 9.95 per cent, led by infra spending to Rs 18,26,725 crore from Rs 16,61,454 crore during the same period, the RBI said in the financial stability report.
India Inc resorted to salary cuts to protect their profits in the June quarter, as revenues came under pressure due to the second pandemic wave that affected nearly the entire country, a report said on Wednesday. The "weak" wage growth will prove to be a drag on the overall economic recovery in the medium term as it will affect household consumption, the report by India Ratings and Research said. An environment of pandemic-led uncertainty and elevated inflation could impact the level of spending and hence the overall demand, it said.
The ministry, under Ravi Shankar Prasad, will soon prepare a Cabinet note for bringing Aadhaar under its administrative jurisdiction.
The PFI, formed in 2006 in Kerala and headquartered in Delhi, called the raids a gimmick and an attempt to divert attention from the farmers' issue.
The career bureaucrat-turned-central banker walked into the 19th floor corner room of the Reserve Bank on December 12, 2018. Since February 2019, the Das-led RBI has cut the repo rate by a whopping 135 basis points to support the sagging growth, including an unprecedented 35 bps reduction in August. As he completes one year at the helm, woes in the NBFC sector, overall health of the banking sector and steeply falling economic growth are among the major challenges that needs to be tackled sooner than later.
This amount will include Rs 13,100 crore that Economic Affairs Secretary Subhash Garg has been publicly seeking from the central bank's contingency reserve fund since 2017-18 (FY18).
After the government sought Parliament's nod for a second batch of supplementary demand for grants that will cause a hit of Rs 2.99 trillion to the exchequer, doubts suddenly arose about the government's ability to meet the Budget projections of reining in its fiscal deficit at 6.8 per cent of gross domestic product (GDP), or Rs 15.06 trillion, for the current financial year. Till now, many were of the opinion that the government would succeed in checking the deficit at a much lower figure than what was given in the Budget Estimates (BE). The government had sought Parliament's approval to spend Rs 3.74 trillion extra, but Rs 74,517.01 crore will be matched by equal savings on other heads.
'Investors with as little as Rs 1 can start investing in digital gold.'
Banks have started charging customers for payment of credit card bills through cheque and so paying online makes more sense.
With clouds of storm hovering over Parliament's budget session, President Pranab Mukherjee on Monday sought the "cooperation" of all MPs in the smooth conduct of legislative business but gave no indication of plans to bring changes in the controversial land acquisition ordinance.
It said the sleuths have recovered Rs 14.6 crore of "unaccounted" cash and seized diaries and computer files of suspect payments made between Madhya Pradesh and Delhi.
Sebi on Monday barred Franklin Templeton AMC from launching any new debt scheme for two years and fined it Rs 5 crore for violating regulatory norms in the case of winding up of six debt schemes in 2020. Also, it has been asked to refund investment management and advisory fees to the tune of Rs 512 crore, including interest, collected with respect to the six debt schemes, Sebi said in its 100-page order. In a separate order, the regulator has barred Vivek Kudva, former head of Asia Pacific (APAC) for Franklin Templeton, and his wife Roopa from the securities market for one year for redeeming units of Franklin Templeton MF schemes while in possession of non-public information.
In August, the Fed announced that it would develop a "new interbank 24x7x365 RTGS with integrated clearing functionality to support faster payments in the United States". The Fed Board asked for comments on FedNow by November. In reply to this, Google mentioned its experience of launching Google Pay -- Google's payments app which uses the UPI -- in India.
The concept of gold as an asset capable of getting anytime money is evaporating.
As India gets ready to roll out one of the largest vaccine programmes, billionaire Mukesh Ambani on Tuesday said his group is working with authorities to provide technology tools and backbone for mass inoculation against COVID-19. Ambani's telecom venture Jio was rolled out four years back, offering free voice calling and dirt-cheap data. Today, Jio is India's largest telecom operator with over 400 million users, each connected to the internet. At a Facebook event, Ambani said the government's digital push kept the country running even during the pandemic and is now helping in the rollout of one of the largest vaccination programmes.
Blockchain's promise: Dramatically speeding up transactions, explains Ajit Balakrishnan.
A record GST tax collection, an overhaul of the income tax return filing portal and the landmark move to scrap retrospective taxation have set the stage for the next level of reforms in tax administration that include bringing a framework for cryptocurrencies and rationalising the GST rate structure. With tax reforms such as faceless assessment taking roots, 2021 will go down as the year that pivoted the tax administration in a country aspiring to become the world's favourite investment destination. The task ahead is going to be a tough one as the tax department would grapple with taxing cryptocurrencies, rationalising Goods and Services Tax (GST) rates to shore up revenues and post June 2022, the scenario of how the GST revenue plays out for states without the Centre's support of compensation.
'The right to shelter does not mean right to government accommodation. The government accommodation is meant for serving officers and officials and not to the retirees as a benevolence and distribution of largesse,' a bench of justices Hemant Gupta and A S Bopanna said in its judgement passed last week.
Paytm plans to launch mutual funds, insurance and banking services and s also providing the option to transact offline with a physical debit card
Spending continues to be less as people who are getting direct benefits from the government are choosing to save in the current situation.
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