The Cabinet Committee on Economic Affairs has approved ONGC Videsh Ltd's proposal to invest $820 million for acquiring US energy giant ExxonMobil's interests in an oil field located off the Brazilian coast.
The trigger for the action is understood to be the huge spike being registered in the value of bitcoins and other virtual currencies in the recent past.
The move would help insurance firms to get much needed capital from overseas partners.
In his first two years, Tyagi, a Himachal Pradesh cadre IAS officer, has implemented challenging stock market reforms and taken action against high-profile corporate entities.
Finance minister Arun Jaitley has delivered a Arun Jaitley delivered a bold, far sighted budget
Congress insists on sending legislation to select committee, says will support it in winter session.
'Common sense says if one can afford, servicing the loans during this period is a better bet than postponing it by three months,' says Tamal Bandyopadhyay.
This can mean companies like Apple, Zara can sell in India through wholly-owned subsidiaries
The approvals would be handled independently by administrative ministries of different sectors.
The meeting of Central Board of Trustees is likely to be stormy on Thursday with both right and left wing trade unions making up plans to demand at least 9.5 per cent EPF rate
The government on Friday approved the acquisition of drug company Ranbaxy Laboratories by Japanese pharma major Daiichi Sankyo envisaging foreign investment of around Rs 21,500 crore (Rs 215 billion).
Banking is a boring business but still the banker should enjoy it as fancy awards and cozy relationships with politicians, Bollywood stars and corporate honchos cannot save them if the job is not done properly. In the concluding part of the series Tamal Bandyopadhyay wonders how long Kochhar would need to wait for her redemption or downfall and atonement.
The new rules for foreign investment issued by the Cabinet committee on economic affairs have two specific problems. Both lie in the new provision that any company which has an Indian majority shareholding and Indian control will be treated as an Indian company.
SBI was the top gainer in the Sensex pack, rallying over 10 per cent, followed by Kotak Bank, Dr Reddy's, UltraTech Cement, ITC and HDFC Bank. On the other hand, Axis Bank, Bharti Airtel, ICICI Bank, Maruti and HCL Tech were among the laggards.
The government is likely to exempt iPhone and iPad maker Apple from mandatory local sourcing rule, a move which would pave the way for tech giant opening single-brand retail stores in the country.
Experts have started giving comments on provisions that the govt must make in Budget 2016-17.
The Department of Post, Tech Mahindra, Videocon Group and stock exchange NSE have joined big corporates like Ambanis and Birlas to seek entry into banking business through newly created niche category of Payments and Small Finance Banks.
This is the second time the former finance minister has got relief from arrest.
Minister of State for Commerce and Finance Nirmala Sitaraman, in Mumbai to address election rallies, took time out to talk about the economy, foreign investment and trade facilitation.
China had been trying hard to enter the Indian market, without opening its own to Indian products. There is an economic crisis in India-China relations that the Chennai Connect barely scratched the surface, points out Srikanth Kondapalli.
The delivery of the Tejas Light Combat Aircraft (LCA) to the Indian Air Force under a Rs 48,000-crore deal will begin from March 2024 and around 16 aircraft will be rolled out annually till the completion of the total supply of 83 jets, Chairman and Managing Director of Hindustan Aeronautics Limited R Madhavan said on Sunday.
The government on Thursday decided to sell 10 per cent shares in Nalco and Neyveli Lignite Corporation.
A sub-committee of the country's biggest provident fund, EPFO, is believed to have recommended slashing of interest rates to 8% for its 3 crore subscribers, even as some trade unions pitched for hiking the rate to 12%.
Credit rating agencies have been raising red flag over high debt to GDP ratio of India.
The draft favoured up to 49 per cent foreign equity in inventory model in the case of 100 per cent made in India products sold through Indian management-controlled platforms with resident Indian founders/promoters.
Not just mid- and small-sized firms, even big ones will either sell group companies or stakes in their listed entities to tide over crisis; more sell-offs seen in coming months.
The decision to procure the fleet was taken at a meeting of the Cabinet Committee on Security (CCS) chaired by Prime Minister Narendra Modi, Defence Minister Rajnath Singh said.
'You cannot treat workers like beggars.'
The Central Board of Trustees of Employees Provident Fund Organisation is likely to cut the EPF interest by one per cent from the present 9.5 per cent when it meets on May 31.
After securing Congress support for a rise in the foreign investment cap in the insurance Bill, this is another key reform Bill where the Centre has managed a broad consensus.
'EPFO's investments this financial year should be Rs 1 lakh crore'
The agency recorded his statement under the Prevention of Money Laundering Act with some specific queries on the circumstances and procedures adopted by the now-defunct Foreign Investment Promotion Board while giving approval to the Aircel-Maxis deal during his tenure.
The government said on Friday there is no proposal to ban participatory notes, which are instruments through which unregistered entities invest in the Indian securities markets.
The crucial meeting of the Central Board of Trustees will be held in New Delhi on Saturday to decide on the interest rate on Employees Provident Fund
Spiraling steel prices led the government to cut customs duty by 2.5-5.5 per cent on a range of products from semi-finished to flat and long products for the benefit of MSMEs, that have been at the receiving end.
The government of India holds 24.5 per cent stake in GSTN while states together hold another 24.5 per cent
The senior Congress leader's role has come under the scanner of investigating agencies in the Rs 3,500-crore Aircel-Maxis deal and the INX Media case involving Rs 305 crore.
