Private sector output in India expanded for the first time in 8 months in February as slump in the services sector moderated and manufacturing grew at a stronger pace, an HSBC survey said.
The recovery in manufacturing is still likely to prove "protracted" given the lingering structural constraints.
A reading above 50 means the sector is expanding, while a reading below 50 means contraction.
With the Centre submitting a list of 627 account holders in foreign banks to Supreme Court in the blackmoney case, Attorney General Mukul Rohatgi on Wednesday said that the deadline for investigation under the Income Tax Act into these accounts is March 31, 2015.
A bench of Justices A M Khanwilkar and S K Kaul allowed the review plea filed by the victim's family on the issue of the sentence awarded to Sidhu.
RBI would like to work on examining the regulatory framework for the voluntary withdrawal by the entrepreneur.
'The rate cut could have been higher in the current economic conditions which would have had a stronger impact on business sentiment and spurred investment in a big way.'
The regulator said that it is vested within its purview to regulate the bank account for payment systems and the settlement systems are finally posted in the books of account of banks with the RBI to attain settlement finality.
'The counting machine beeped, indicating a counterfeit note.' 'When the teller started tearing it, my nephew stopped him and asked him: Under whose authority was he destroying it, how did he know that the note was fake and if a genuine note gets destroyed, how will he be compensated?' Harsh Roongta explains the process if you have a counterfeit note.
The top court granted two weeks to the Centre and RBI to file the affidavit and place before it the decisions taken in this regard.
The CBI on Sunday deferred the questioning of Deputy Chief Minister Manish Sisodia in connection with the Delhi Excise policy scam case after he sought time from the probe agency citing the city government's ongoing budget exercise.
The Reserve Bank of India (RBI) kept its key policy repo rate unchanged at 8.0 percent on Tuesday, as widely expected, while expressing concerns about risks to its target to bring consumer inflation down to 6 percent by January 2016.
Emphasising that revival of growth should be the number one priority of the RBI at this time, industry groups said apprehensions about inflation rearing its head again may prove to be misplaced.
The recent Reserve Bank of India (RBI) norms on tokenisation services, which will be offered by card networks, are likely to result in merchants and payment aggregators incurring a cost as they have to pay a fee to the networks. The merchants and the payment aggregators, in turn, may pass on the cost to the customers. The norms, which were issued by the banking regulator released on September 7, allow card networks like Visa and Mastercard to offer the tokenisation service.
The RBI on Monday asked banks not to approve any proposal of foreign law firms to open a branch office, project office or liaison office in the country under FEMA for the purpose of practicing legal profession. The RBI has issued a circular in this regard in view of a Supreme Court order wherein the apex court held that advocates enrolled under the Advocates Act, 1961 alone are entitled to practice law in India and foreign law firms or foreign lawyers cannot practice the profession of law.
he hike in service tax rate from 12.5 per cent to 14 per cent will increase the costs of buying
The additional cash will now give the Centre more headroom for stimulating the economy.
The agenda would also include organisational polls and a fresh membership drive, though "national role for Nitish" is likely to dominate the narrative.
The Supreme Court on Friday said there should be a robust mechanism to ensure that the interests of Indian investors are protected in the stock market and sought views of the Centre and market regulator SEBI on PILs alleging exploitation of innocent investors and "artificial crashing" of the Adani group's stock value.
There has been criticism of the new tax forms with experts and consultants saying government was seeking too much data. They felt that the addition of new information would make the process of filing returns difficult.
With the Modi government facing the arduous task of fulfilling its promise of getting back black money stashed abroad, Attorney General Mukul Rohatgi on Friday said all amounts deposited in foreign banks by Indian citizens can't be termed as black money and that it is not a crime to open such accounts.
As the Reserve Bank maintained a status quo on key policy rates, analysts said higher demand due to supply constraints will not allow inflation to ease as quickly as anticipated and the apex bank may be forced to increase rates once more by the year-end.
The rupee is currently hovering around Rs 65/USD at 2-year lows.
Despite a shaky Q3, conviction over the stock remained high, with 65 per cent of the analysts polled on Bloomberg retaining their 'buy' recommendation.
Troubled Vodafone Idea Ltd (VIL) has filed a review petition in the Supreme Court after the apex court recently dismissed its plea for rectification of the alleged errors in the calculation of adjusted gross revenues-related dues. In the petition, filed earlier this week, VIL has said it is "a travesty of justice" that the company is restrained from questioning the arithmetical errors/ omission which are going to cost it about Rs 25,000 crore (Rs 5,932 crore of principal plus interest, penalty and interest on penalty). VIL has said its contentions have been rejected by the order under review and added that this denial could result in the company going under and its about 27.3 crore subscribers being left "high and dry".
Manufacturing production growth eased in May, which combined with the slowdown in services resulted in a weaker increase in private sector output, the survey said.
Soon after RBI announcing a much- awaited rate cut, Chief Economic Advisor Arvind Subramanian on Wednesday said that the global rating agencies should look at upgrading their stance on India's credit outlook. "Now we have a 50 basis points rate cut (in two tranches within two months) and I think that is good for the economy and all rate cuts benefits... If the outlook is looking good, the rating agencies should draw their lessons from that om improving the outlook," Subramanian told reporters. After presentation of Union Budget 2015-16 last week, global and domestic agencies had ruled out any immediate upgrade in India's sovereign ratings and had red-flagged the country's delayed fiscal consolidation roadmap and had also warned against any slippages from the "ambitious" disinvestment plan proposed in Budget. Subramanian said that the rate cut is consistent with the government's views in the last week's Economic Survey and thereafter in the Union Budget for the outlook on inflation and for the outlook on overall economy. "It (rate cut) shows that RBI and government are on the same page in terms of how we view the economy. It also means that Budget can be seen as conducive to non-inflationary growth," he added. On monetary policy framework agreement, Subramanian said that both Finance Ministry and RBI have shared concern about inflation. Recently, the Finance Ministry and the Reserve Bank agreed to 'inflation rate targeting' under which the apex bank will aim to lower retail inflation to below 6 per cent by January 2016.
India's Right-wing has sought to own our democracy by making itself appear the stuff of majority, and sometimes, a national ethos older than the Constitution on which our democracy is based, argues Shyam G Menon.
The Supreme Court on Tuesday ordered that Rs 9,122 crore be disbursed within three weeks to the unitholders of Franklin Templeton's six mutual fund schemes which are proposed to be wound up.
People familiar with the development said Chief of Army Staff General M M Naravane and the top commanders will review the country's combat readiness in eastern Ladakh where Indian and Chinese troops have been locked in a bitter standoff for 17 months.
The lack of an informal communication channel is what should bother the government and the RBI, if they want to eliminate the undesirable outcomes of the current tension between the two, says A K Bhattacharya.
Special court judge M G Deshpande, who has granted bail to Shiv Sena MP Sanjay Raut, terming his arrest as "illegal, without reason and a witch-hunt", had pulled up the Enforcement Directorate (ED) on multiple occasions this year over its approach in dealing with money laundering cases.
CRR remains unchanged at 4%; first repo rate cut since May 2013.
The decision to allow students to pursue two degrees simultaneously will boost their employability as it gives them the opportunity to concentrate on one mainstream undergraduate degree while enrolling in another with a vocational focus.
Adopting a wait- and-watch approach ahead of US Fed meeting
Given the macro setting, the outlook remains positive for each of the four key parameters - inflation, current account deficit, fiscal deficit and currency stability, says Rahul Bhushkute.
Input prices rose at their fastest rate in 14 months but manufacturers absorbed much of the increase
The CJI has also kept with himself matters concerning arbitration, habeas corpus, criminal cases, contempt of court and ordinary civil matters.
The Supreme Court on Monday allowed Congress MP Karti Chidambaram, who is facing criminal cases that are being probed by the Enforcement Directorate and the Central Bureau of Investigation, to travel abroad.
Businessman Vijay Mallya's property worth Rs 14 crore located in France has been seized under the anti-money laundering law, the Enforcement Directorate said on Friday. It said the action was undertaken by French authorities "on the request of the Enforcement Directorate" and the property bears the address: 32 Avenue FOCH in France.
