India’s financial system sound, lenders should not be extremely risk averse: RBI Guv
Mumbai: The country’s financial system is sound but lenders should desist from extreme risk aversion during COVID-19 pandemic and beyond, Reserve Bank Governor Shaktikanta Das said on Friday. In his foreword to the bi-annual Financial Stability Report (FSR), Das said the top priority right now for banks and financial intermediaries should be for augmenting capital […]
India made all-time high requests to foreign agencies during 2018-19 for info on tax evasion, money laundering: Report
New Delhi: India in 2018-19 made an all-time high number of requests to foreign financial intelligence units as part of probing a multitude of money laundering, terrorist financing and tax evasion cases, according to a latest report comparing last six years’ data. The Financial Intelligence Unit (FIU), the federal economic snoop agency under the Union […]
Apple starts making iPhone 11 in India
New Delhi: US technology giant Apple has started manufacturing iPhone 11 at Foxconn’s facility in Tamil Nadu, according to official sources. This is the fifth model of iPhone which Apple has started manufacturing in the country. “2020 – iPhone 11, 2019 – iPhone 7 & XR, 2018 – iPhone 6S, 2017 – iPhone SE. This […]
Banks’ gross NPA may rise to 12.5% by March 2021: RBI FSR
Mumbai: Gross non-performing assets of all banks may jump to 12.5 per cent by the end of this fiscal under the baseline scenario, from 8.5 per cent in March 2020, according to the Financial Stability Report (FSR) released by the Reserve Bank. Under the ‘very severely stressed scenario’, gross NPA of banks may increase to […]
LG inaugurates modernized Woollen Spinning Plant, Silk Filatures at Solina
e-inaugurates upgraded Government Spinning Mill, Nowshera
SRINAGAR: In order to give an impetus to the Silk and Wool sectors in J&K, the Lieutenant Governor, Girish Chandra Murmu today inaugurated the Modernized and Upgraded Government Woollen Spinning Plant and Silk Filatures at Solina. Lt Governor also e-inaugurated Modernized Government Spinning Mill, Nowshera, Srinagar. All these units have been modernized and upgraded at […]
Govt invites suggestions for inclusion of hydrogen-CNG as automative fuel
New Delhi: In another step towards promoting green fuel, the government on Thursday said it has invited suggestions from stakeholders for inclusion of hydrogen-enriched CNG as an automotive fuel. The Ministry of Road Transport and Highways has issued a draft notification seeking comments and suggestions from the public and all stakeholders for amendment to the […]
Govt rules out FAQ on Equalisation Levy, says law very clear
New Delhi: The government on Thursday ruled out coming out with an FAQ on the newly introduced 2 per cent tax on non-resident e-commerce companies, saying the law passed by Parliament is very clear. The 2 per cent Equalisation Levy was introduced in the 2020-21 Budget and came into effect from April 1, 2020. The […]
GST, I-T mop up in Q1 very encouraging, indicates economic recovery: Finance Secy
New Delhi: Tax mop up in first quarter of the current fiscal is “very encouraging” and indicates that the economy is recovering sooner than what was anticipated at the time of imposition of lockdown, Finance Secretary Ajay Bhushan Pandey said on Thursday. He said the Revenue Department wants to bring in self-compliance among taxpayers by […]
Indian economy set for post-COVID-19 rebound as FDI remains buoyant: IHS Markit
New Delhi: The Indian economy is likely to rebound in the second half of 2020 as the impact of the COVID-19 pandemic recedes, and is projected to grow by 6.7 per cent in the next financial year, IHS Markit said on Thursday. The pandemic resulted in severe disruptions in industrial production and consumption spending in […]
Pandemic to bite deeply, GDP to shrink by 6 pc in FY21: Report
Mumbai: Citing the yet to be stabilised infection curve and the COVID-19 caseload in economically key states, Singaporean brokerage DBS on Wednesday forecast deeper distress for the country which will lead to a 6 per cent growth contraction in FY21. In its earlier forecast, the brokerage had penciled in a minus 4.8 per cent growth […]
