GAAR, it said, will come into force from April 1 and can be invoked only through a two-stage process involving a nod at the level of principal commissioner of income tax and a panel headed by a high court judge.
Petrol and diesel price will change on a daily basis by a few paisa per litre depending on movement of oil prices in international market and variation in foreign exchange rates.
India is 2nd in innovation quality for the second consecutive year.
Nearly three-fold jump in gold imports at USD 4.95 billion led to widening of trade deficit during the last month. It was USD 6.27 billion in May 2016.
Starting Friday, petrol as well as diesel prices across the country will be revised on a daily basis in sync with international rates as happens in most advanced markets.
Petrol price cut by Rs 1.12 per litre, diesel by Rs 1.24
The all powerful GST Council will meet on June 18 to finalise tax rates on lottery as well as rules relating to e-way bill and anti-profiteering measures.
India`s oil imports from Iran have fallen to their lowest since June 2016, shipping data shows, in possible retaliation for Tehran not awarding a gas field development to Indian companies.
The study said India was the top receiving country for remittances in 2016 at USD 62.7 billion, followed by China (USD 61 billion), the Philippines (USD 30 billion) and Pakistan (USD 20 billion).
After the successful pilot in five cities, state-owned oil companies will from June 16 revise rates on a daily basis across all the 58,000 petrol pumps in the country.
Residents of Noida consumed more beer and liquor, especially the high-end foreign made variety, in the last financial year as compared to the previous year.
The Finance Ministry on Wednesday said names of the 12 big defaulters identified by the RBI for initiation of bankruptcy proceedings will soon be made public.
The Union Cabinet on Wednesday approved the interest subvention scheme (ISS) for the year 2017-18 which will help farmers getting short term crop loan up to Rs 3 lakh payable within one year at only 4 percent per annum.
The Bill would provide for a comprehensive resolution framework for specified financial sector entities to deal with bankruptcy situation in banks, insurance companies and financial sector entities.
Inflation based on the wholesale price index fell to a five-month low of 2.17 percent in May, mainly because of a sharp drop in prices of vegetables.
The Reserve Bank of India (RBI) has identified 12 of the country`s biggest loan defaulters and said creditors must pursue bankruptcy proceedings against them, as it begins to cut the USD 150 billion in stressed debt hobbling Asia`s third-largest economy.
Counterfeit currency detection instances in the country's banking channels have seen an all time increase in the last eight years at over 3.53 lakh instances, according to a latest government report.
A resolution of Indian banks` bad loans is the "first and primary focus" of the government, a senior finance ministry official said on Wednesday.
The RBI on Tuesday identified 12 accounts each having more than Rs 5,000 crore of outstanding loans and accounting for 25 percent of total NPAs of banks for immediate referral for resolution under the bankruptcy law.
The Reserve Bank is looking into request for extending the NPA classification period from the current 90-day window to help small and medium enterprises.
Analysts on Tuesday grew more confident of a rate cut by Reserve Bank at the August review, after the headline inflation dipped to a decade low of 2.18 percent for May.