ECONOMY & NATION


MDT/PTI 23 January 2013
RBI said the instructions would also apply to the resident foreign currency domestic and diamond dollar accounts Mumbai: Relaxing the norms for exporters, the Reserve Bank of India (RBI) dispensed with the condition of fully utilising exchange earner’s foreign currency (EEFC) balance...

Read More



MDT/PTI 22 January 2013
Last week, Chidambaram had announced that implementation of GAAR, which would have given unbridled powers to taxmen to check evasion of taxes by foreign investors, has been postponed to 2016 Hong Kong: India has buried the ‘ghost’ of general anti-avoidance rules (GAAR), Finance minister...

Read More



MDT/PTI 22 January 2013
During the December quarter, Hindustan Unilever’s net sales rose to Rs6,433.69 crore from Rs5,844.31 crore a year ago period   New Delhi: Fast-moving consumer goods (FMCG) company Hindustan Unilever (HUL) on Tuesday reported a 15.6% jump in net profit to Rs871.36 crore for the third...

Read More



Moneylife Digital Team 22 January 2013
Credit Suisse sees a rosy future ahead—lower inflation, rate cuts, higher growth and so on. But then, how can the brokerage not be highly bullish after a six-month run in the Sensex from 16,000 to 20,000? Credit Suisse analysts have asked the following questions about India: Is...

Read More



MDT/PTI 22 January 2013
Sources in the I-T department said the exercise was in continuation of the earlier searches carried out at the shell companies related to the Purti group in Mumbai   Mumbai: The Income Tax (I-T) department on Tuesday launched on-field inquiries at nine locations in Mumbai belonging to...

Read More



MDT/PTI 22 January 2013
Two authorised representatives of Gadkari met I-T officials in Nagpur and submitted a 25-page document in reply to the department’s question regarding his personal transactions and investments related to the Purti group of companies and few others   Nagpur: Bharatiya Janata Party...

Read More



MDT/PTI 22 January 2013
ITC got possession of 39 acres at Panchla in Howrah district where it would build an integrated food and consumer goods facility and would invest Rs1,000 crore in the foods and consumer goods segment in the state over two-three years   Kolkata: Cigarettes-to-hotels conglomerate ITC...

Read More



MDT/PTI 22 January 2013
The move will benefit the hotel industry as it will allow the players to raise money overseas and repay loans taken from domestic banks, as well as for capital expenditure   New Delhi: Providing relief to hospitality sector, the Reserve Bank of India (RBI) has allowed companies owning...

Read More



MDT/PTI 22 January 2013
Prior to joining Union Bank, Mundra was the chief executive of BoB’s European operations based in London   New Delhi/Mumbai: The finance ministry has cleared the name of Union Bank executive director SS Mundra as the new chairman and managing director (CMD) of Bank of Baroda (BoB),...

Read More



Moneylife Digital Team 21 January 2013
Fuel pricing reforms are a must, and these look unlikely in the near term, says Nomura Equity Research Public sector oil companies (oil PSUs) have seen sharp upward moves and large volatility in the stock market over the last few days. This is an over-reaction. The diesel price...

Read More



MDT/PTI 21 January 2013
Import duty on gold and platinum has been increased from 4% to 6% with immediate effect to curb imports and check the widening current account deficit New Delhi: The Indian government on Monday hiked import duty on gold and platinum to 6% from 4% with immediate effect—a move aimed at...

Read More



MDT/PTI 21 January 2013
In a PIL, the IBA has submitted that huge sum of money gets blocked due to pendency of such cases and there are about 50 lakh cheque bounce cases pending in various courts New Delhi: Expressing concern over the huge backlog of cheque bounce cases in various courts, the Supreme Court on...

Read More



MDT/PTI 21 January 2013
Mahesh, son of BJP veteran Ram Jethmalani, whose suspension was recently revoked by the party after a truce with Gadkari, said he would make known his decision later in the day Mumbai: Notwithstanding backing from the Rashtriya Swayamsevak Sangh (RSS), Nitin Gadkari may not get elected...

Read More



If media reports of early this month are any indication, a series of steps taken by the US Internal Revenue Service will have some impact on the flow of dollar funds from US-based NRIs and PIOs to commercial banks in India The US government, nicknamed “Uncle Sam” after Samuel Wilson, who...

Read More



MDT/PTI 21 January 2013
According to BofA-ML India chief economist Indranil Sen Gupta, inflation should persist around 7% in the March quarter, which will then likely go back up to 7.5-8% in second half of 2013 Mumbai: Bank of America-Merrill Lynch (BofA-ML) has said the recent partial diesel price hike will...

Read More



MDT/PTI 21 January 2013
Finance Ministry has said that real estate companies and broking firms can be allowed to open new bank, but there should be complete ban on taking exposure in the group companies or entities related to promoters New Delhi: The Finance Ministry has expressed the view that the Reserve Bank...

Read More



MDT/PTI 21 January 2013
NPAs, or bad loans, of the Indian banking sector rose sharply to 1.28% in 2011-12 from 0.97% in the previous year due to high interest rate and slowdown in the global economy Mumbai: The banking system in the country has recently shown signs of moderate rise in instability due to...

Read More



MDT/PTI 19 January 2013
General insurers, both from private and public sector, had reportedly approached IRDA for 10%-40% revision in health insurance tariff to protect losses Kolkata: State-run National Insurance Company (NIC) may soon increase the cost of health insurance premium to offset losses, reports PTI...

Read More



MDT/PTI 19 January 2013
“They are short in solvency and losing money on underwriting. I think insurers will wait for some more time, may be one or two more years till finances improve,” GIC chairman & managing director Ashok K Roy said Kolkata: Non-life insurers are unlikely to hit the capital market to raise...

Read More



MDT/PTI 19 January 2013
The airline owes close to Rs1,800 crore in salary dues, tax arrears and vendor/lessor fees and airport charges. It is also saddled with over Rs7,500 crore in bank debt and over Rs8,000 crore in accumulated losses Mumbai: A meeting between the core lenders group and the grounded...

Read More

Free Helpline
Legal Credit
Feedback