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59 seconds ago
Bank body seeks wider engagement with government

New Delhi, March 21 (IANS) The Banks Board Bureau headed by former CAG Vinod Rai has sought a wider mandate and a greater organic link with the government to provide greater utility on matters of governance and performance of public sector banks (PSBs). In a compendium of recommendations published on its website, the Bureau sought from the government the mandate to engage with various st...

4 days ago
Power sector woes: Government mulls easing RBI's NPA norms

New Delhi, March 16 (IANS) The Centre proposes to recommend that the RBI make some relaxation in its norms on non-performing assets (NPAs), or bad loans, of banks, failing which up to 70,000 MW of power projects will go under bankruptcy proceedings, the Association of Power Producers (APP) said on Friday. NPAs in the power sector, which account for the major chunk of bad loans, was a mai...

4 days ago
Japan's cronyism scandal worsens with suicide note

Tokyo, March 16 (IANS) A cronyism scandal engulfing the Japanese government has taken a dark turn, with reports that a finance official left a note before his suicide saying he was forced to rewrite crucial records, a media report said on Friday. The Finance Ministry admitted this week that it had altered 14 documents surrounding the sale of public land at an 85 per cent discount to a na...

5 days ago
Indian Public debt at December-end rose to Rs 66.61 lakh cr

New Delhi, March 15 (IANS) The Indian government's public debt increased to Rs 66.61 lakh crore by the end of the third quarter ending December, which represented a rise of 1.22 per cent over the previous quarter, official data showed on Thursday. According to a Union Finance ministry release, the government's debt (excluding liabilities under the Public Account) was Rs 65.80 lakh crore ...

5 days ago
Food Ministry for zero export duty on sugar

New Delhi, March 15 (IANS) The Finance Ministry has been asked to lower the existing export duty on sugar to zero in the wake of bumper domestic production this year, Union Food Minister Ram Vilas Paswan said on Thursday. We have sent our recommendations to the Finance Ministry three weeks ago for reducing duty, Paswan told reporters here. At present, there is 20 per cent duty on...

6 days ago
Government strangling democracy by not discussing Finance Bill: Congress

New Delhi, March 14 (IANS) The Congress on Wednesday accused the Narendra Modi government of strangling democracy and said it was the BJP's conspiracy to pass all important bills including the Finance Bill without debate and discussion. It is a black day for democracy. The most important bill of the Finance Ministry was passed but there was no discussion, no consultation and no exchange ...

6 days ago
Omar wants PAO system implemented in J&K

Jammu, March 14 (IANS) Former Chief Minister Omar Abdullah on Wednesday sought the intervention of the Prime Minister's Office and the Union Finance Ministry to have the Pay and Accounts Office (PAO) system implemented in Jammu and Kashmir after it was put on hold a day ago. Syed Altaf Bukhari, the new Finance Minister, on Tuesday ordered to put on hold the implementation of the PAO syst...

7 days ago
Metro rail companies look for alternative earning avenues, monetising assets

Kolkata, March 13 (IANS) In order to make metro projects across the cities financially viable, metro rail companies are looking to reduce their costs or exploring alternative revenue stream and at the same time, some are monetising their assets to raise funds, officials said on Tuesday. Delhi Metro Rail Corporation (DMRC) Managing Director Mangu Singh said the cost has been brought down ...

7 days ago
AIIB working on another five projects in India

Kolkata, March 13 (IANS) The Asian Infrastructure Investment Bank (AIIB), which has already approved five projects in India with over $1 billion funding, is also working on another five projects in the country, an official said here on Tuesday. To date, AIIB has approved five projects in India with the total funding up to $1.07 billion... We are working on another five projects, Senior I...

8 days ago
IBBI, RBI ink MoU for effectively implementing Bankruptcy Code

New Delhi, March 12 (IANS) The Insolvency and Bankruptcy Board of India (IBBI) on Monday signed a memorandum of understanding (MoU) with the Reserve Bank of India (RBI) on cooperation for an effective implementation of the Bankruptcy Code, according to an official announcement here. Among others, the MoU provides for sharing of information between the two parties, subject to the limitati...

12 days ago
Supplementary demands for grants tabled in Lok Sabha

New Delhi, March 8 (IANS) The government on Thursday moved supplementary demands for grants in the Lok Sabha seeking leave for additional cash spending of around Rs 85,315 crore. Minister of State for Parliamentary Affairs Arjun Ram Meghwal moved the supplementary demands for grants in the House amid din, as MPs from different parties protested over the Rs 12,600-crore Punjab National Ba...

12 days ago
Direct taxes for 11 months, at Rs 7.44 lakh cr, grow 20% YoY

New Delhi, March 8 (IANS) In line with the recent upward trend, India's direct tax collections for 11 months of the ongoing fiscal at a net of Rs 7.44 lakh crore grew at 19.5 per cent over the corresponding period of 2016-17, according to figures released by the Finance Ministry on Thursday. The net direct tax collections up to February represent 74.3 per cent of the revised estimates o...

14 days ago
Pakistan in talks with China to borrow $1 bn: Report

Islamabad, March 6 (IANS) Pakistan is in talks with a Chinese financial institution to obtain $1 billion as a foreign commercial loan, a media report said on Tuesday. The report in the Express Tribune said that amid declining foreign exchange reserves, the Pakistan government was in the process of scrutinising the loan term sheets and the agreement between the two nations was expected to...

15 days ago
Iraq orders confiscation of assets of Saddam Hussein's relatives, aides

Baghdad, March 5 (IANS) An Iraqi legal body on Monday ordered confiscation of assets of hundreds of relatives and cronies of former leader Saddam Hussein. Tasked with vetting the members of Hussein's Baath party, the Iraqi Supreme National Commission for Accountability and Justice decided to confiscate the movable and immovable properties of a list of 4,257 people. Their properti...

15 days ago
Centre forms panel to look at development of Fintech

New Delhi, March 5 (IANS) The Centre on Monday constituted a committee headed by the Economic Affairs Secretary to consider ways for further development of the financial technology (Fintech) sector in India, according to an official announcement. Among other things, the Steering Committee would look at the ways to make fintech related regulations more flexible and generate increased entr...

16 days ago
Second half of Budget Session expected to be stormy

New Delhi, March 4 (IANS) The second half of the Budget Session of Parliament will commence on Monday with the government seeking to push its legislative agenda, including the bill for confiscation of properties of fugitives, and the opposition likely to target it on a range of issues including the multi-crore bank frauds. The session begins two days after the election results in the nor...

19 days ago
Court gives CBI Karti's custody for questioning till March 6

New Delhi, March 1 (IANS) A special court on Thursday gave the CBI custody of Karti Chidambaram, son of Congress leader P. Chidambaram, for questioning till March 6 in the INX Media alleged bribery case, saying the matter is at an initial and very crucial stage that requires further investigation. CBI Judge Sunil Rana gave the order after three hours of heated arguments between Karti's l...

19 days ago
Cabinet nod for National Financial Reporting Authority for auditors

New Delhi, March 1 (IANS) The Union Cabinet on Thursday approved the setting up of the National Financial Reporting Authority (NAFRA) as envisaged in the Companies Act, 2013, to function as an independent regulator for the auditing profession, Finance and Corporate Affairs Minister Arun Jaitley told reporters here. The cabinet also approved the Fuguitive Economic Offenders Bill, 2018, to...

20 days ago
15th Finance Commission will need to define 'populism': Chairman

New Delhi, Feb 28 (IANS) The 15th Finance Commission, set up to recommend the devolution of central pool taxes to states as well as a fiscal consolidation roadmap for government finances, will require to define what constitutes a populist measure in order to fulfil its terms of reference, Commission Chairman N.K. Singh said on Wednesday. At an interaction here with editors along with som...

21 days ago
GST collections dip marginally to Rs 86,318 crore in January

New Delhi, Feb 27 (IANS) Revenue collections under the Goods and Services Tax (GST) fell marginally in January by Rs 385 crore to Rs 86,318 crore. The collections had picked up in December to touch Rs 86,703 crore, after falling for two straight months. The total revenue received under the GST for January 2017 (received up to February 25) has been Rs 86,318 crore, said the Financ...

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