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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.

RBI to soon issue Rs 10 bank notes in Mahatma Gandhi Series RBI to soon issue Rs 10 bank notes in Mahatma Gandhi Series

The Reserve Bank will shortly issue Rs 10 denomination bank notes in the Mahatma Gandhi Series 2005.

Lok Sabha passes Finance Bill Lok Sabha passes Finance Bill

The Lok Sabha on Wednesday passed the Finance Bill after various amendments presented by Union Finance Minister Arun Jaitley.

India slips one position in Human Development Index rank to 131, Norway No.1 India slips one position in Human Development Index rank to 131, Norway No.1

India came down by one slot and was ranked 131st among 188 countries on Human Development Index (HDI) 2016 released by the United Nations Development Programme (UNDP).

 

India GDP growth to slow to 6.7% in Jan-Mar 2017: Nomura India GDP growth to slow to 6.7% in Jan-Mar 2017: Nomura

India's GDP growth is expected to slow to 6.7 percent in the January-March quarter of this fiscal year as overall activity is yet to bounce back to levels seen prior to demonetisation, says a Nomura report.

India tries to fix Iran trade payments as Trump hardens line India tries to fix Iran trade payments as Trump hardens line

India is exploring setting up a new payments mechanism for trade with Iran, after its old sanctions workaround broke down, as state banks remain fearful of handling payments from Tehran in case the United States imposes a fresh financial embargo.

Govt mulling duty on wheat import to protect farmers' interest Govt mulling duty on wheat import to protect farmers' interest

Government is considering imposing import duty on wheat to protect farmers' interest, Agriculture Secretary said on Wednesday.

GST rollout from July 1 to make goods cheaper: Jaitley GST rollout from July 1 to make goods cheaper: Jaitley

Finance Minister Arun Jaitley said on Wednesday that the government was hoping to implement the Goods and Services Tax (GST) by July 1 after the enabling Bills get Parliament`s nod in the current budget session.

Rail Ministry tweets about official menu rate–Check out full price list of meal items Rail Ministry tweets about official menu rate–Check out full price list of meal items

The Railway ministry has posted the rate list on its Twitter account while asking people to lodge a complaint if they are overcharged.

Travel in Rajdhani, Shatabadi at mail/express fare from today Travel in Rajdhani, Shatabadi at mail/express fare from today

Come April and a passenger can avail the opportunity of travelling in Rajdhani or Shatabdi trains even if he or she has booked tickets in other mail/express trains for the same destinations.

 

Probe into Indians named by HSBC, Leichstenstein complete: Govt Probe into Indians named by HSBC, Leichstenstein complete: Govt

The government has completed investigation against persons named in HSBC and Liechtenstein banks for black money stashed abroad and made an assessment totalling around Rs 15,000 crore in the two cases.

Consumption story set to treble to $4 trillion by 2025: Report Consumption story set to treble to $4 trillion by 2025: Report

The domestic consumption story is set to treble to USD 4 trillion by 2025 as rising affluence levels drive changes in consumer behaviours and spending patterns that have big implications for companies, says a report.

SC questions Centre, RBI on not making separate category for those who couldn't deposit demonetised notes by Dec 30 SC questions Centre, RBI on not making separate category for those who couldn't deposit demonetised notes by Dec 30

The apex court has asked Centre and RBI to file their affidavits in two weeks.

NITI Aayog to lend support in development of 10 big infra projects

NITI Aayog will prepare a list of 10 big infrastructure projects that can be developed under the public private partnership (PPP) mode.

No FDI in defence, ports, coal in Apr-Dec period: Govt

As many as five sectors including defence, ports and coal have failed to attract any foreign direct investments during the April-December period of the current fiscal, Parliament was informed on Monday.

GST impact on inflation to be less than 0.20%: Nomura GST impact on inflation to be less than 0.20%: Nomura

The implementation of Goods and Services Tax (GST) is likely to be fiscally neutral and its impact on inflation is expected to be less than 20 basis points, says a Nomura report.

Cabinet clears GST draft bills; reform to boost growth by 2% Cabinet clears GST draft bills; reform to boost growth by 2%

The four supporting legislations -- the Compensation Law, the Central-GST (C-GST), Integrated-GST (I-GST) and Union Territory-GST (UT-GST)-- would be introduced as Money Bill, sources said.

Centre to infuse Rs 8,586 cr capital in 10 weak banks Centre to infuse Rs 8,586 cr capital in 10 weak banks

Contrary to its earlier stand of infusing fresh capital in strong banks, the central government has decided to infuse fresh capital totalling Rs 8,586 crore into 10 weak banks subject to commitment to quarterly milestones by bank boards, management, employees and unions, said a top leader of All India Bank Employees` Union (AIBEA).

Set up index to monitor services inflation: Parliamentary panel to govt Set up index to monitor services inflation: Parliamentary panel to govt

The inflation data currently fails to capture the ground reality, a Parliamentary panel has said, asking the government to come up with a separate price index for the services sector so as to reflect the rising costs in areas such as healthcare and education.

Vinod Rai writes to FM, PMO on bad loans, suggests roadmap Vinod Rai writes to FM, PMO on bad loans, suggests roadmap

Expressing concerns over mounting bad loans, Banks Board Bureau (BBB) Chief Vinod Rai has written to Finance Minister Arun Jaitley and Prime Minister's Office underlining the tardy progress made by state-owned lenders in resolving the issue of Non Performing Assets.

Cabinet may tomorrow consider GST supplementary legislations Cabinet may tomorrow consider GST supplementary legislations

The Cabinet may on Monday take up for approval the supporting GST legislations, which will then be introduced in Parliament as the government sprints to meet the July 1 target date for rollout of the new indirect tax regime.