The Reserve Bank has told the International Monetary Fund (IMF) that the objective of frequent interventions in the forex market is to curb excessive volatility, dismissing the Fund's rationale for reclassifying India's exchange rate regime. The IMF, following the Article IV consultation with the Indian authorities, reclassified the status of the exchange rate regime to "stabilised arrangement" from "floating" for period between December 2022 to October 2023. India's Executive Director at IMF K V Subramanian and Senior Advisors Sanjay Kumar Hansda and Anand Singh questioned the selection period adopted by the Fund for analysis and also reclassification of the country's exchange rate regime.
Finance Minister Nirmala Sitharaman will set a record by presenting the sixth Budget in a row -- 5 annual Budgets and one interim -- a feat achieved so far only by former Prime Minister Morarji Desai. With the presentation of interim Budget on February 1, Sitharaman will surpass the records of her predecessors like Manmohan Singh, Arun Jaitley, P Chidambaram, and Yashwant Sinha, who had presented five budgets in a row. Desai, as Finance Minister, had presented five annual Budgets and one interim Budget between 1959-1964. The interim Budget 2024-25 to be presented by Sitharaman on February 1, will be a vote-on-account that will give the government authority to spend certain sums of money till a new government comes to office after the April-May general elections.
The preventive aspect of cancer is strengthened under comprehensive primary healthcare through the Ayushman Bharat Health and Wellness Centre scheme by the promotion of wellness activities and targeted communication at the community level.
NHRC directed Food Safety and Standards Authority of India (FSSAI) to submit its within eight weeks from the date of receipt of notice.
Akasa Air has reduced its service on 10 routes and stopped operating flights on eight others since the exodus of pilots began in early July. The airline's flights per week reduced from 945 in June to 754 in October, according to aviation analytics firm Cirium's data, which has been reviewed by Business Standard. The airline currently operates flights on 34 routes. Between June and October, Akasa Air ceased operations on the following: Ahmedabad-Kochi, Ahmedabad-Hyderabad, Ahmedabad-Pune, Bengaluru-Hyderabad, Bengaluru-Chennai, Kochi-Hyderabad, Goa-Lucknow, and Goa-Hyderabad.
Maggi was banned by Food Safety and Standards Authority of India in June 2015 for five months for allegedly containing lead beyond permissible limits
The Maharashtra cabinet on Thursday cleared a proposal that offers an option of availing the Old Pension Scheme (OPS) to the state government employees who joined the service after November 2005.
Despite director Homi Adajania's ease around quirky ensembles and macabre touches, Murder Mubarak fails to draw the viewer into its shallow world of the vain and wealthy, feels Sukanya Verma.
The Reserve Bank of India (RBI), on Thursday issued orders restraining commercial transactions routed through intermediaries by a card network. The central bank, without naming the card network, said the intermediary with an arrangement with the network, did not have the authorisation to function under the Payment and Settlement Systems (PSS) Act. This led the regulator to suspend the arrangement till further notice.
The Food Safety and Standards Authority's track-record suggests it is industry-friendly, not pro-consumer.
The next spectrum auction will be held in late February 2024 and the reserve price for most bands will remain the same as the 2022 auction, department of telecommunications (DoT) officials have said. The government expects operators to go for low bands beginning in 600 megahertz (MHz), licences for many of which are lapsing soon. Back in September 2021, the government had decided that spectrum auctions should be held annually.
The lawyer had urged the court to hear the matter urgently.
In recent times, more and more audit firms have challenged company managements, some going to the extent of resigning on the ground of incompatibility with what the management wanted or was doing. This, said Ajay Bhushan Pandey, chairman of the National Financial Regulatory Authority (NFRA), in a media interview, was a good sign. Now, the national accounting watchdog has turned the spotlight on audit firms themselves.
The Assam police suo motu registered the FIR against Gandhi and several other leaders for "wanton acts of violence" here during the party's 'Bharat Jodo Nyay Yatra' on Tuesday.
Few days after the Sports Authority of India transferred two of its officials for serving rotten fruits to the Olympic-bound wrestling team, the campers complained that poor standards of food still persisted at the SAI centre in Sonepat.
The National Pension System (NPS) added 21.5 per cent fewer fresh subscribers under the corporate segment in 2023 compared to the preceding year. Government officials and experts attribute it to the higher exemption limit of income tax of Rs 7 lakh announced in the FY24 Budget that no more requires employees under this income bracket to opt for NPS for tax-saving purposes. Data collated from the Ministry of Statistics and Programme Implementation (MoSPI) reveals that the corporate component is voluntary in nature and saw 158,212 new subscribers in 2023 compared to 201,517 during 2022.
According to the Election Commission of India, the code has evolved over the last 60 years to assume its present form.
Could the MPCE survey results be used as a basis of reconstructing the Consumer Price Index with new weights, asks Madan Sabnavis.
Justifying his arrest, the ED said Kejriwal had been arrested bona fide and not for any mala fide or extraneous reasons.
According to a senior official, Sebi has written to various stakeholders under its jurisdiction with regard to the requirement of FIs to report under CRS.
His legacy will endure through the countless lives he touched, the legal precedents he set, and the principles he upheld.
'Because it is the only public sector company in this sector, currently.'
Why is the RBI harsh on Paytm Payments Bank? Why did it give Rana Kapoor of Yes Bank Ltd such a long rope?Often, it's a long investigation process, but the RBI doesn't discuss this openly since that can threaten financial sector stability, explains Tamal Bandyopadhyay.
A new entrant, whether a popular actor or not, has not been able to sweep the polls, as their fans had hoped for. Given a proven pattern, it should hold true for Vijay as well. Or, something drastically has to happen between now and 2026, asserts N Sathiya Moorthy.
'The people of Tamil Nadu in particular Chennai know about the double standards of the BJP. Nothing will work for them here.'
A passenger was arrested for allegedly attempting to open the emergency exit door of an IndiGo flight from Nagpur to Bengaluru prior to take-off, police said.
The company said it has suspended the staffers and that it was part of the operation to unearth this crime.
The Directorate General of Civil Aviation (DGCA) on Monday suspended operations at Redbird Flight Training Academy, one of India's largest flight schools, across all five of its training bases in the country. This action was taken after five accidents involving the institute's planes in the past six months. The DGCA announced it would conduct an audit of the academy's maintenance practices and also proficiency checks of the institute's flight instructors before allowing it to resume operations.
For the country's maiden offshore mineral mining auction, the Centre is planning to relax the rules on the number of chances for bidding. Under the newly announced draft Offshore Areas Mineral (Auction) Rules and Offshore Areas (Existence of Mineral Resources) Rules, the ministry of mines is planning to offer three chances to potential bidders in its forthcoming inaugural offshore mining auction. If a single bid is not received during the second attempt, the plan is to initiate a new round of bidding for the third time.
Parle Agro, which sells beverages such as Frooti in small tetra packs, has already started importing paper straws. Dabur India, which sells its fruit juices in tetra packs under the brand Real, is also considering importing paper straws.
'Sweden removed the inheritance tax because many of the rich were fleeing. For example, the owner of IKEA had migrated out of Sweden'
AAP leader and Delhi minister Atishi made the allegations against the agency at a press conference and called the entire probe a "scam" in itself.
The blast at The Rameshwaram Caf has caused distress and concern among the startup and information technology (IT) community, raising questions related to safety and security. Approximately 10 people were reportedly injured in a low-intensity bomb blast at The Rameshwaram Caf, a popular restaurant in Bengaluru's Brookfield. The surrounding area is a major hub for the Indian technology (tech) industry, housing many startups and top IT companies such as IBM, SAP, Accenture, International Tech Park Bangalore, and Prestige Technostar.
Only a fifth of foreign portfolio investors (FPIs) in breach of the market regulator-specified thresholds may need to provide enhanced disclosure on ultimate beneficiaries, thanks to exemptions being provided, according to people in the know. The ultimate beneficial ownership (UBO) disclosures, for FPIs with over 50 per cent holding in a single corporate group or over Rs 25,000 crore exposure to Indian assets, will be required from February 1. But, depending on their category, FPIs will have 10-30 working days to submit these granular details.
Of the eight RBI governors who have held office since the 1991 economic liberalisation, Bimal Jalan had the longest stint and S Venkitaramanan, the shortest. Current Governor Shaktikanta Das will overtake Bimal Jalan before completing his second term in December, points out Tamal Bandyopadhyay.
Food safety regulator FSSAI has mandated food business operators to mention FSSAI licence or registration number on cash receipts or purchase invoice with effect from October 1 this year. The Food Safety and Standards Authority of India (FSSAI) has issued a latest order in this regard. Since complaints remain unresolved due to lack of specific information, this move will help consumers who can lodge an online complaint against a particular food business using the FSSAI number, it said.
People are availing far more of certain kinds of unsecured loans than was the case before the pandemic. Bank lending for buying consumer durables and funding of credit cards and other personal loans have risen by Rs 6.9 trillion between August 2019 and August 2023, shows a Business Standard analysis of data from the Reserve Bank of India (RBI). These loans are typically unsecured, which means they are provided without collateral.
'The prime minister took a meeting recently and he asked for suggestions and ideas for a plan till 2047.'
'The main worry is lots of new investors coming into the markets in order to make a quick buck/easy money.' 'Those things are happening again and have happened in the past as well.' 'All that has led to problems.' 'We are not there yet, but will get there eventually.'
The manufacturing licence of Noida-based pharmaceutical firm Marion Biotech has been cancelled by the Uttar Pradesh authorities, according to officials.
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