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GAAR from April 1, 2017; to be invoked in fair, rational manner: CBDT

GAAR from April 1, 2017; to be invoked in fair, rational manner: CBDT

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.

Daily change in petrol and diesel prices: Check the latest rates here Daily change in petrol and diesel prices: Check the latest rates here

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 ranked top exporter of information and communication technology services: UN report India ranked top exporter of information and communication technology services: UN report

India is 2nd in innovation quality for the second consecutive year.

India's exports grow 8.32% in May; trade deficit hits 30-month high due to increase in gold imports India's exports grow 8.32% in May; trade deficit hits 30-month high due to increase in gold imports

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.

Daily revision of petrol, diesel prices from today: Here's how you can track the rates Daily revision of petrol, diesel prices from today: Here's how you can track the rates

 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 Petrol price cut by Rs 1.12 per litre, diesel by Rs 1.24

Petrol price cut by Rs 1.12 per litre, diesel by Rs 1.24

GST Council to vet e-way, anti-profiteering rules on Jun 18 GST Council to vet e-way, anti-profiteering rules on Jun 18

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 plunge to 1-year low over gas field row India's oil imports from Iran plunge to 1-year low over gas field row

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.

India retains top spot as world's largest remittance recipient country in 2016, receives $62.7 billion: UN report India retains top spot as world's largest remittance recipient country in 2016, receives $62.7 billion: UN report

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).

Daily revision of petrol, diesel rates from today Daily revision of petrol, diesel rates from today

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.

 

Noida residents consumed liquor worth over Rs 865 crore in 2016-17 Noida residents consumed liquor worth over Rs 865 crore in 2016-17

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.

12 defaulters identified by RBI to be named soon: Finance Ministry 12 defaulters identified by RBI to be named soon: Finance Ministry

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.

Modi Cabinet approves sops for farmers; slashes crop loan interest by as much as 4% Modi Cabinet approves sops for farmers; slashes crop loan interest by as much as 4%

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.

Cabinet approves proposal for bill to deal with bankruptcy in financial sector Cabinet approves proposal for bill to deal with bankruptcy in financial sector

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.

 

WPI inflation in May cools to 5-month low of 2.17% WPI inflation in May cools to 5-month low of 2.17%

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.

RBI says banks must start bankruptcy proceedings against 12 major defaulters responsible for 25% of bad loans RBI says banks must start bankruptcy proceedings against 12 major defaulters responsible for 25% of bad loans

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.

Fake currency detection in banks swell to maximum in 8 years: Report

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.

Resolution of state-run banks' bad loans primary focus of government Resolution of state-run banks' bad loans primary focus of government

A resolution of Indian banks` bad loans is the "first and primary focus" of the government, a senior finance ministry official said on Wednesday.

RBI identifies 12 accounts responsible for 25% of Rs 8 lakh crore bad loans RBI identifies 12 accounts responsible for 25% of Rs 8 lakh crore bad loans

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.

RBI examining relaxing NPA classification limit beyond 90 days

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.

Low CPI inflation makes analysts confident of a cut in rates

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.