ECONOMY & NATION


Following up on his threat to punish Beijing for intellectual property theft, US President Donald Trump is preparing to hit China with a $60 billion annual tariff package.   The tariff package, which Trump plans to unveil by Friday, was confirmed by four senior administration...

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Moneylife Digital Team 19 March 2018
Residential market across top eight cities has grown 8% in 2017 compared with past year with Mumbai Metropolitan Region (MMR) witnessing maximum growth of 23%, followed by National Capital Region (NCR) with 19% increase in sales, says a research report. Growth in Mumbai Metropolitan Region...

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Lakhs of Mumbai commuters were severely hit as more than 80,000 drivers of aggregator cabs like Ola and Uber went on strike here on Monday, an official said.   "The strike has been launched from midnight in support of various demands of the drivers who are being meted out injustice by...

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After Facebook and Google, Twitter was now likely to ban cryptocurrency, token sales and Initial Coin Offerings (ICO) advertisements on its platform.   According to a Sky News report on Monday, the new Twitter policy will be implemented in two weeks.   "Twitter may also ban...

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Moneylife Digital Team 17 March 2018
An overhyped, front page advertisements in a leading economic daily by Faircent.com, which claims it is India's largest peer-to-peer (P2P) lending website, is luring people promising returns that are safer than the risky ’Sensex’ — almost like a Ponzi scheme. Shockingly, the company’s...

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Correction: SAT order has wrongly stated name of IRDAI's non-life member as PJ Mathew instead of PJ Joseph. Upon checking with IRDAI, we have made necessary rectification in the copy.   In a hard-hitting order today, the Securities and Appellate Tribunal today charged PJ Joseph,...

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The Punjab National Bank (PNB) fraud involving diamantaire Nirav Modi seems to have shaken the confidence of diamond jewellery buyers, especially from the unorganised jewellers, over concerns on the purity of the precious jewellery, resulting in a drop in business, according to a survey...

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The government will soon release the draft National Urban Rental Housing Policy after due consultation between the ministries concerned, Union Housing and Urban Affairs Minister Hardeep Singh Puri said on Friday.   Interacting with media on the sidelines of a conference on affordable...

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The RBI's decision to discontinue the Letters of Undertaking (LoUs) or Letters of Comfort (LoC) might increase the credit cost for imports as it will lead to a shift towards "other off-balance sheet" products, said a State Bank of India (SBI) report on Friday.   According to SBI...

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In light of the Nirav Modi and other scandals, the Indian Government is contemplating action against wilful defaulters. First, the government has brought a bill that will give authorities power to impound the assets of fugitive offenders in economic offenses involving Rs100 crore or more. The...

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The Lok Sabha on Thursday passed a bill that seeks to increase the maximum limit of gratuity of employees in the private and public sector from the present Rs 10 lakh to Rs 20 lakh.   Labour Minister Santosh Kumar Gangwar moved The Payment of Gratuity (Amendment) Bill, 2017, which was...

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The Supreme Court on Thursday ordered real estate major Amrapali Group and its home buyers to meet on Saturday and arrive at a consensus on the status of its various housing projects nearing completion.   A bench of Justice Arun Mishra and Justice U.U. Lalit said the meeting will be...

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The Enforcement Directorate registered a money laundering case in connection with an alleged scam of over Rs 173 crore in the United Bank of India (UBI) in 2016, an official said on Thursday.   "A case has been registered under the Prevention of Money Laundering Act for the alleged...

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The ease with which a "foreigner" of any sort has to be seen to be believed. An alien, person of Indian origin, citizen of another country, person who acquires citizenship of another country or pure and simple, a shadowy entity with a document professing to entitle the person to travel anyone...

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Moneylife Digital Team 15 March 2018
The Reserve Bank of India (RBI) is expected to start raising interest rates next year as growth gains further traction amidst high inflationary pressures, says a research report.    In its latest Global Economic Outlook (GEO) report, Fitch Ratings says, "Indian economy continued its...

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Moneylife Digital Team 14 March 2018
In a hard-hitting order, the National Company Law Tribunal (NCLT) on Wednesday directed DSK Kulkarni Developers Ltd (DSKDL), Deepak Sakharam Kulkarni (DS Kulkarni), his family members as well key managerial persons and directors in the DSK Group to disclose their all assets, including bank...

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Vallari Dubey  and   Nikhil Jain 14 March 2018
The Reserve Bank of India (RBI) via a Notification dated 13 March 2018  has discontinued the use of Letters of Undertaking (LoUs) and Letters of Comfort (LoCs) for trade credits with immediate effect. The intentions of RBI cannot be questioned. However, the decision to absolutely eliminate...

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Moneylife Digital Team 14 March 2018
The Lok Sabha on Wednesday passed the Finance Bill 2018 with as many as 21 amendments and three new clauses. There was no discussion and the Bill was passed with a voice vote amid noisy protests by members of opposition parties.   Finance Minister Arun Jaitley moved the Finance Bill...

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Moneylife Digital Team 14 March 2018
Stung by persistent criticisms customers and consumer organisations for levying exorbitant and unfair charges on people with modest means for failing to maintain minimum balance, State Bank of India (SBI) has reduced charges for non-maintenance of monthly average balance (MAB) in savings...

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The Reserve Bank of India (RBI) on Tuesday discontinued the system of issuing Letters of Undertaking (LoUs) by banks for availing trade credits for imports into India in the wake of the Rs 12,600 crore fraud on state-run Punjab National Bank (PNB) unveiled last month.   According to...

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