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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.

Forex reserves down $360.9 million to $362.78 billion Forex reserves down $360.9 million to $362.78 billion

India's foreign exchange reserves dropped by USD 360.9 million to USD 362.785 billion in the week to February 10 due to decline in foreign currency assets (FCAs), a key component, the Reserve Bank said today.

GST Council to finalise draft model GST law on Saturday GST Council to finalise draft model GST law on Saturday

The GST Council, which is meeting on Saturday, is likely to finalise the draft model GST law including final drafting of the anti-profiteering clause to ensure benefit of lower taxes gets shared with consumers.

Notes ban to have positive impact on economy: Report Notes ban to have positive impact on economy: Report

The government's demonetisation move has led to widespread adoption of online payment and is expected to have a positive long term impact on the economy, according to a report.

It's important one grows a thick skin fast, says RBI Guv Urjit Patel It's important one grows a thick skin fast, says RBI Guv Urjit Patel

Unfazed by criticism of the way the note ban was handled, RBI Governor Urjit Patel on Friday said the central bank has grown a thick skin fast doing its job and stressed that the economy will make a "sharp V" recovery after a short drop.

 

Cash position in economy may not be enough till March: Nomura Cash position in economy may not be enough till March: Nomura

The impact of demonetisation is still visible and cash levels in the economy are not expected to be sufficient until March, which may keep trade volumes depressed for the next two months, says a Nomura report.

Remonetisation: There is no shortage of currency, says FM Jaitley Remonetisation: There is no shortage of currency, says FM Jaitley

There is no currency shortage in the country as printing presses of RBI, SPMCIL have ensured normalcy within a few weeks of demonetisation, Finance Minister Arun Jaitley said on Friday.

Collateral benefits of demonetisation will take a while to play out, says RBI Governor Urjit Patel Collateral benefits of demonetisation will take a while to play out, says RBI Governor Urjit Patel

The Reserve Bank of India needs to look beyond the country's so far muted headline inflation figures, as it has committed to meeting a 4 percent inflation target, said its Governor Urjit Patel in a television interview on Friday.

Rail passengers to pay 15% more for Antodaya Express Rail passengers to pay 15% more for Antodaya Express

The first Antodaya Express is slated to be pressed into service from Mumbai for Tatanagar this month.

India's GDP to expand post demonetisation: Meghwal India's GDP to expand post demonetisation: Meghwal

Demonetisation of old high value currency and the government's push towards digital economy will definitely expand India's GDP, Minister of State for Finance Arjun Ram Meghwal said on Thursday.

Remonetisation: RBI closely monitoring cash position on a daily basis, says FM Jaitley Remonetisation: RBI closely monitoring cash position on a daily basis, says FM Jaitley

Finance Minister Arun Jaitley on Thursday said that situation is normal as far as remonetisation is concerned.

Cabinet nod for 31 bids for small oil, gas fields exploration

The Cabinet Committee on Economic Affairs, Wednesday gave its approval to award contract in 31 contract areas (44 fields – 28 onland and 16 offshore) of discovered small fields of Oil and Natural Gas Corporation (ONGC) and Oil India Limited (OIL). 

Non-life insurance sector looks for lower GST rates

The non-life insurance industry is looking for centralised registration facility and comparatively lower rates for a smooth implementation of GST, a senior official from the sector said Wednesday.

 

Iran becomes 3rd largest oil supplier for India Iran becomes 3rd largest oil supplier for India

Iran has zipped past the likes of Venezuela and Nigeria to become India's third largest oil supplier as easing western sanctions enabled Indian companies to increase purchases from that country.

India's exports rise for 5th month in January; gold imports drop 30% India's exports rise for 5th month in January; gold imports drop 30%

India's exports continued to grow for the fifth straight month, expanding by 4.32 percent to USD 22.11 billion in January against USD 21.19 billion in the same month of 2016.

Government projects record foodgrains output in 2016-17 Government projects record foodgrains output in 2016-17

The government has set a target to achieve a record foodgrains production of 271.98 million tonnes in 2016-17 crop year on back of good monsoon after two consecutive drought years.

I-T dept to scrutinise tax relief claims by sick companies I-T dept to scrutinise tax relief claims by sick companies

The I-T Department has asked Assessing Officers to scrutinise tax relief being claimed by sick companies as part of the rehabilitation scheme approved by the BIFR.

'India knocking at rare club of fast, steady growth economies' 'India knocking at rare club of fast, steady growth economies'

Indian economy is becoming more efficient through five broad themes -- fast and steady rate of growth, market reforms, expanding digital footprint, revival in rural growth and creation of modern infrastructure, says a report.

 

Insurance penetration in India may cross 4% mark in 2017: Report Insurance penetration in India may cross 4% mark in 2017: Report

By the end of 2017, insurance penetration in India is expected to cross the 4 percent mark amid proliferation of insurance schemes, says a report.

WPI inflation to rise in next 3 months, likely to average around 4.4% in 2017: Nomura WPI inflation to rise in next 3 months, likely to average around 4.4% in 2017: Nomura

WPI inflation is expected to rise in the next three months and is likely to average around 4.4 percent in 2017, much higher than 2 percent in 2016, says a Nomura report.

Reliance Jio to Delhi HC: TRAI held its free offers perfectly legitimate Reliance Jio to Delhi HC: TRAI held its free offers perfectly legitimate

Reliance Jio on Tuesday told Delhi High Court that telecom regulator TRAI has held that its free offers to subscribers was perfectly legitimate.