The country's total debt, or the total outstanding bonds which are being traded in the market, rose to $2.47 trillion (Rs 205 lakh crore) in the September quarter, according to a report. The total debt amount in the March quarter of the previous fiscal was $2.34 trillion (Rs 200 lakh crore). The central government's debt stood at $1.34 trillion, or Rs 161.1 lakh crore, in the September quarter, up from $1.06 trillion, or Rs 150.4 lakh crore, in the March quarter, Vishal Goenka, co-founder of Indiabonds.com, said, quoting data provided by the Reserve bank of India.
Move to shift powers from RBI without discussions baffles many
Three key agriculture Bills, approved by the Lok Sabha, are facing staunch opposition from within the ruling coalition with senior minister Harsmirat Kaur Badal resigning in protest and farmers hitting the street.
Over 100,000 small and medium-sized businesses are non-compliant with e-invoicing norms under the goods and services tax (GST) regime, a mandatory requirement for businesses with an annual turnover of over Rs 5 crore. E-invoicing provides real-time access to invoices that are prepared by the supplier on the purchase of goods, allowing faster accessibility to input tax credit, thereby limiting the manipulation of fake credit as it has to be generated before the transaction. "The default has been reported mainly in businesses with a turnover between Rs 5 crore and Rs 20 crore," a senior official informed
Info Edge (India) reported good Q2FY24 results with hiring across other segments helping offset weak IT performance. The revenue increased 11.5 per cent year-on-year (Y-o-Y) to Rs 593 crore, (up 1.5 per cent quarter-on-quarter or Q-o-Q). The earnings before interest, taxes, depreciation, and amortization (Ebitda) margin was excellent at 40.7 per cent, up 200 basis points year-on-year (Y-o-Y).
The government has already implemented one of its five poll guarantees, "Shakti", by providing free services for women in public transport buses.
Labour Minister Santosh Gangwar said, the purpose of labour reforms is to provide a transparent system to suit the changed business environment.
Only Rs 10,720 crore of the junked currency notes did not return to the banking system, rest 99.9 per cent was deposited raising question mark over the government's effort of curbing black money through the demonetisation.
With only one day left for the House to go into month-long recess, the Chair directed members to lay their written speeches so that the crucial money bill could be returned in time.
Earlier, while presenting the Budget on February 1, Finance Minister Arun Jaitley had proposed to cap cash transactions at Rs 300,000 with effect from April 1.
Under the law, Rs 10,000 fine would be levied for not giving way to emergency vehicles and for driving despite disqualification. Aggregators violating driving licence norms will be fined up to Rs 100,000.
The Bill says that the central government, in consultation with the Data Protection Authority, can direct any data fiduciary or data processor to provide non-personal data to enable better targeting of delivery of services. The government can also ask data processors to provide data for formulation of evidence-based policies for its own use.
Information technology (IT) giant Wipro has a strong pipeline of large artificial intelligence (AI)-led deals in the health care vertical, according to a senior company executive. Health care stands as the third-largest vertical for Wipro, contributing roughly 14 per cent to the company's overall revenue. Moreover, while most other verticals reported negative growth, health care demonstrated robust growth of 9.9 per cent year-on-year and 7.5 per cent quarter-on-quarter in constant currency during the October-December quarter.
The Budget session of Parliament concluded on Wednesday with passage of record official business in recent years but the government failed to ensure passage of the controversial Land Acquisition Bill as also key reform measure of GST amid stiff resistance from opposition.
The GST revenues for August 2023 have shown a growth of 11 per cent year on year due to increased compliance and less evasion, Revenue secretary Sanjay Malhotra said on Friday. The collection from Goods and Services Tax (GST) was Rs 1,43,612 crore in August 2022. "Roughly numbers are in the range of 11 per cent year on year growth as in earlier months," Malhotra told reporters.
The 59-year-old legislator from the Samalkha in Panipat district is stated to be the 'owner and promoter' of the Mahira real estate group along with his sons Sikander Singh and Vikas Chhoker.
From small kiranas to banks to potentially entire FMCG chains all have a digital date with money transfers on cellphones.
Microsoft on Friday (local time) announced that its co-founder Bill Gates has stepped down from the company's board of directors to dedicate more time to his philanthropic priorities including global health and education. Gates will, however, continue to serve as the technology advisor to Microsoft CEO Satya Nadella.
The bill would prohibit unaccounted money from being pumped into the sector and as now 70 per cent of the money has to be deposited in bank accounts through cheques.
The much-needed amendments will improve road safety, facilitate citizens in their dealings with transport departments, strengthen rural transport, public transport and last-mile connectivity through automation, computerisation and online services.
A five-judge constitution bench headed by Chief Justice D Y Chandrachud held that the 2018 scheme was 'violative' of the constitutional right to freedom of speech and expression and right to information.
If the Personal Data Protection Bill gets passed in its present form, a new class of companies and entities could emerge. The sole job of these new entities would be to manage the consent for data usage of a user.Banks, healthcare firms and fintech companies, among others, fear that sharing non-personal data with the government may hurt business interests. Banks also fear the threat of data misuse.
The proposals are mostly based on a report submitted by Justice B N Srikrishna in July 2018. The draft Bill has since gone through at least two updates based on inputs received from industry, report Yuvraj Malik and Peerzada Abrar.
Despite the objections raised by Reserve Bank of India and Election Commission, India's politics has been funded anonymously and it is time to end this, asserts Aakar Patel.
India must be prepared for a big, fat fuel import bill in FY23 - barring any further avatars of the Covid virus - as refiners crank up runs, or crude processing rates, to meet the growing demand for fuels, and crude prices soar. Capacity additions by an Indian state-run refiner will reinforce the need for foreign crude. Demand for all fuels is expected to increase by 3-8 per cent next fiscal from 2021-22, reaching pre-pandemic levels, according to analysts and industry experts.
Parliament has cleared the Mines and Minerals (Development and Regulation) Amendment Bill, 2023, recently. The objective of the Act is to invite investments from the private sector, including foreign companies, for mining minerals such as lithium and other critical minerals. Other than lithium, some of these minerals were classified as atomic minerals, including beryl and beryllium, niobium, titanium, tantalum and zirconium.
The law will check taxpayers' money from being used to pay for the financial mismanagement of institutions.
Transport and highways minister Nitin Gadkari said he is here "not to show any dream" but to fulfil promises made on better, smoother roads and latest transport technology.
When he didn't respond (Mr Saver has lost count of how many relationship managers he has had in the past few years!), the gentleman landed up at his doorstep and started pleading with him to open fixed deposits with the bank, observes Tamal Bandyopadhyay.
'We cannot leave our entire unorganised sector to the vagaries of market forces.'
Legal experts are not sure if threat of confiscation of property will be deterrent enough for fleeing offenders
Copies of the bill, to be moved by Finance Minister Amit Mitra tomorrow for consideration and passage, were circulated among members on the first day of a two-day special session of the Assembly on Monday.
The objective of the new legislation is to have a uniform law regulating money lending, removing the existing abuses and malpractices in the business and to protect the debtor, particularly farmers, from payment of abnormal interest rates.
The prime minister witnessed the protests when he travelled to the Raj Bhavan in Guwahati, where he will spend the night, from Lokopriya Gopinath Bordoloi International Airport.
'You treat me like eye candy and I will leave you like you're a wrapper.'
India will not tailor its policies to suit US EV maker Tesla, and its laws and tariff rules will be formulated to attract all-electric vehicle manufacturers from across the world to set up a base in the world's fastest-growing economy, Commerce and Industry Minister Piyush Goyal said. Tesla has been seeking an initial tariff concession that would allow it to offset 70 per cent customs duty for cars priced less than $40,000, and 100 per cent for cars of higher value.
A bipartisan legislation has been introduced in the US House of Representatives to eliminate the per country cap on employment-based Green Card, a move which is likely to benefit Indian IT professionals languishing over decades of waiting for the Permanent Resident Card. The legislation was introduced by Congresswoman Zoe Lofgren and Congressman John Curtis. The Equal Access to green cards for Legal Employment (EAGLE) Act, 2021 needs to be passed by the Senate before it can be sent to the White House for the president to sign it into a law. A Green Card, known officially as a Permanent Resident Card, is a document issued to immigrants to the US as evidence that the bearer has been granted the privilege of residing permanently.
The amended bill also provides for a stiff Rs 1 crore penalty and a jail term for private entities for storing Aadhaar data.
There will be a lot to repair and rejuvenate -- if that opportunity even presents itself, warns Rathin Roy.
'We crossed Rs 1.7 trillion in three months this financial year.'
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