The Reserve Bank on Wednesday came out with revised guidelines for the hiring of lockers under which the liability of banks will be limited to 100 times its annual rent in case of fire, theft, building collapse or frauds by bank employees. As per the revised guidelines, which shall come into effect from January 1, 2022, banks will be required to incorporate a clause in the locker agreement prohibiting the hirer from keeping anything illegal or hazardous in lockers. The RBI said it has reviewed the 'Deposit Locker/Safe Custody Article Facility provided by the banks' after taking into consideration various developments in the area of banking and technology, nature of consumer grievances and also the feedback received from banks and Indian Banks' Association (IBA).
The labour participation rate tells us how many of the working age population are willing to be employed. If this proportion keeps falling as it evidently is, it does not bode well for India's growth story. It renders all stories of a revival in the economy as a myth, warns Mahesh Vyas.
'Wherever in the world there is political instability, those countries are beset with severe crises today. But India is in a much better position than the rest of the world due to the decisions taken by my government in the national interest,' President Droupadi Murmu said in her address to both Houses of Parliament.
Apart from physical stores, the company operates 2,700 digital touch points in the form of web pages, which is gaining good traction from tier-II and III centres.
Of the seven surveys presented under Modi govt, predictions of three were quite close to the actual GDP growth rate, one saw the base year change in between, but the last three were way off the mark.
Intimate getaways offered in the form of homestays by hotels are proving to be the flavour of this extraordinary and difficult time. Not far from cities, they offer a pleasant respite from homebound lives, says Pavan Lall.
The investment will be made through a joint venture with Toshiba and Denso. The battery is the most expensive single part of an EV.
Apart from the much-reported constitutional and political hurdles on a national Goods and Services Tax (GST), there is another basic one. Barely half of dealers in the country have a Permanent Account Number (PAN) from the tax department.
Prime Minister Narendra Modi's leash on foreign junkets of his ministers and bureaucrats seems to have trickled down to states as well.
The Congress leader also targeted Modi over "hasty" implementation of the GST, and his pet bullet train project.
The model is now being worked out between NITI Aayog and health ministry, he said, adding the date of implementation would be next financial year and some time in the course of the year it will be worked out.
Automakers are caught in a chicken-and-egg situation: Prices have to come down if volumes are to increase, and volumes won't increase unless prices come down, notes Pavan Lall.
No longer Bengal's finance minister, Amit Mitra, Mamata's principal chief advisor, will still advise and aid the 'chief minister and finance department on all matters relating to management of state finance', represent the 'state government in national and international events/meetings/committees' and examine 'important proposals/files and policy issues relating to financial matters referred to him for advice/views'.
Where does Basavaraj Bommai stand three months after he assumed the reins of power in Karnataka?
Increasing the duties on auto parts and putting an additional cess on petrol and diesel could drive up costs of vehicles, specially where volumes are low and localisation is not viable.
The vehicle scrapping policy will offer about 5 per cent rebate to those buying new cars if they junk their old vehicles, Union Minister Nitin Gadkari said in Rajya Sabha on Thursday terming it a "win-win" situation. The voluntary vehicle scrapping policy announced in the Union Budget for 2021-22 provides for fitness test after 20 years for personal vehicles while commercial vehicles would require it after the completion of 15 years. "The 'Voluntary Vehicle-Fleet Modernisation Programme' or 'Vehicle Scrapping Policy' will offer a rebate of about 5 per cent to buyers on new car purchases in lieu of scrapping of the old.
'The most important thing to do is to stop taxing citizens so brutally,' recommends T C A Srinivasa-Raghavan.
A total of 89 seats -- out of 182 -- spanning the Saurashtra and south Gujarat regions, are up for grabs in the first phase with 977 candidates in the fray, including Chief Minister Vijay Rupani.
With six airports handed over to the Adani group for 50 years, the government is now all set to hand over another 25 airports to private players in a bid to 'monetise' them. Official figures reveal that since 2017-18, the government has spent and will be spending Rs 14,500 crore on significantly revamping infrastructure at most of these airports before handing them over to private players. The Airports Authority of India (AAI), which operates these airports for the government, has spent billions of rupees in building new terminal buildings, runways, reinforcing taxiways, upgrading aircraft landing systems, radars and a host of other heavy duty and capital intensive infrastructure works.
With the world's worst outbreak of COVID pandemic stalling a nascent economic recovery, the government has begun assessing the impact of the second wave of infections on different sectors and may look at providing support at an appropriate time to segments requiring fiscal help. Some of the economic indicators, including the Goods and Services Tax (GST) collections, still provide confidence and incoming data will throw some more light on the state of the economy, sources said. Services sectors like hospitality, tourism and aviation which had just started recovering were hit hard by the second wave of COVID, the sources said, adding these segments might need some support on an urgent basis from the government.
The government has created a comprehensive budget with sharp focus on sustaining economic activity and investment but more clarity is needed on areas like taxation framework for adopting remote working on a long-term basis, IT body Nasscom said on Monday. The industry association noted that the IT/ITeS (Information Technology-enabled Services) industry has been a key driver of growth and jobs in 2020 and there is an opportunity to significantly accelerate it further. "For the IT sector, one of the biggest needs ahead of us is the development of future business models, with hybrid working becoming a reality. "We look forward for the government to provide clarity on providing a framework in direct taxes and indirect taxes for the industry to adopt WFH/remote working on a long-term basis," Nasscom said in a statement.
'I had expected them to fight this election on the issue of development, but they are not doing that.' 'Now they have decided to belittle Gujarat's development.'
With the negative impact of demonetisation waning and the implementation of the GST, 80% of the CEOs surveyed said they were planning to hire more people in 2018
Stepped up public expenditure must be accompanied by focused policies, advises Vinayak Chatterjee.
Besides their country of origin, General Motors, Ford Motor and Harley-Davidson have another trait in common: all three have failed in India, the world's fifth largest automobile market. All three of them took a tough call to de-prioritise India as a market amid disruption from heightened regulations and sharper focus on capital allocation by the parent.
The Congress president also hit out at Modi's Gujarat model of development, describing it as "good propaganda" and marketing, but "hollow from within".
The CAG audit may look into expenditure on printing of notes, RBI dividend payout and banking transaction data.
While most others have not been able to replicate the WeChat model successfully, experts expect Jio to be able to score on its 300 million plus new mobile phone users.
Analysts attribute the surge to a host of factors, particularly the interest shown by the retail investors in these two market segments.
'The honourable prime minister virtually handpicked me for the Amritsar East seat.' 'Amit Shahji announced that if I am elected, the whole of Punjab will be drugs free.'
The Haridwar-based firm plans to open around 100 outlets of Paridhan by the end of this fiscal and have a network of around 500 stores by March 2020, mostly on franchise model.
"We see high market potential with growing population of Indian middle class families aspiring for more advanced features like safety, space, luxury and comfort," Toyota Kirloskar Motor's MD Akito Tachibana told reports at the Auto Expo in Greater Noida last week.
'India has an advantage because we produce more cotton and we have more workforce.'
It is rare for Cabinet ministers to tick off state-owned companies publicly, yet that was what then petroleum and natural gas minister Dharmendra Pradhan did for ONGC. Speaking at an event on June 29, Pradhan said he has asked India's premier exploration company to find fresh oil acreages fast. "Do it yourself through some joint venture (or) through a new business model. But the government cannot permit you to hold resources for an indefinite time." The reason for this stricture is India's rising dependence on imported oil and gas. Or, to put it another way, falling domestic production (see chart: "Crude truth"), especially from ONGC, which faces a simple problem.
Experts disagree with the idea and the Reserve Bank of India (RBI), which has the sole right to print money, is not comfortable with it as well.
Rajasthan Congress chief Sachin Pilot said the manifesto was prepared after taking opinions through multiple platforms such as social media.
It is our only chance of avoiding a repeat of our catastrophic second wave, asserts Naushad Forbes.
'Look at the number of billionaires, the number of new billionaires in India.' 'Adani and Ambani are not the only ones.' 'What's wrong with people making money as long as it benefits us?'
Car makers see a dip in demand from their biggest buyers, Ola and Uber. Demand from aggregators weakened for a number of reasons after a strong growth last year.
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