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Economy

In relief for the banking sector, the government cleared the ambiguity over goods and services tax (GST) on ‘free services’ offered to customers. The Centre said these will not attract GST. Ambiguity arose after notices were sent to lenders for non-payment of service tax under the pre-GST regime. That issue is yet to be sorted, […]

State-run Power Finance Corporation is aiming to get a provision write-back of over Rs.800 crore through upgradation of distressed government assets in the current financial year,. Out of the total government loans as on March 31, 2018, nearly 89% or Rs.2.03 lakh crore are standard assets, nine per cent or Rs.19,167 crore are restructured standard […]

SJM asked government to ensure that the interests of those at the bottom of the pyramid in retail and agriculture space are guarded. Retailers on Wednesday termed Walmart’s majority stake acquisition of Flipkart as a ‘backdoor entry’ into India’s retail trade and demanded the Centre bring a policy to regulate online trade. Farmers’ organisations said […]

Government is considering allowing 100% foreign direct investment (FDI) in insurance intermediaries with a view to give a boost to the sector and attracting more funds,. Intermediary services include insurance broking, third party administrators, surveyors and loss assessors. FDI policy, at present, allows 49% foreign investment in the insurance sector, which includes insurance intermediaries. Sources […]

Export-Import Bank (Exim Bank) today said it will provide a USD 500 million credit facility to ECOWAS Bank for Investment and Development (EBID) to fund various development projects in the western-south Africa. Line of credit of USD 500 million to EBID will finance various development projects in the ECOWAS region, Exim Bank said in a […]

‘Crisis’ in the Indian banking sector, particularly in the public sector space, should be used as an opportunity to privatise the banks,. But it must be done in a manner that the exercise gets “wider acceptability,”. “For starters, the government equity which is as high as 80% in some PSBs, should be brought down to […]

Government will pump in Rs.100 crore through preference shares into IFCI, the countrys oldest term lending institution, to shore up its capital and enhance operations. “Proposal for equity infusion has just been cleared by Extraordinary General Meeting held yesterday and we hope to get the fund infusion soon,”. Board approved equity shares aggregating upto Rs […]

4 years after building a new agricultural marketing yard on the outskirts of the city, authorities finally managed to shift only 40% of traders from the old yard in Yeshwantapur to the new one. While this has eased traffic around the busy Yeshwantapur area, traders who are not happy with the facilities at the new […]

With higher expenditure plans for sectors including agriculture, health and education, the Centre will continue to depend heavily on revenue from stake sales in public sector units. Accordingly, current Budget has targeted raising Rs. 80,000 crore as disinvestment proceeds next fiscal.Though this is a tad lower than the revised estimate of Rs. 1 lakh crore […]