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India becomes 69th shareholder of European development bank

Jul 12, 2018
India has formally become the 69th shareholder of the European Bank for Reconstruction and Development (EBRD), paving the way for more joint investment with Indian companies across the bank's regions of operation.

India becomes world's sixth largest economy, France pushed to seventh rank

Jul 12, 2018
India has surpassed France to become the world’s 6th largest economy, as per World Bank data on the gross domestic product (GDP) of countries for 2017. The data revealed that India recorded a GDP of USD 2,597,491 million in 2017, while France recorded a GDP of USD 2,582,501.

India, China agree to reduce tariffs on Chinese imports of Indian medicines

Jul 10, 2018
India and China have reached an agreement for the reduction of tariffs on Chinese imports of Indian medicines, particularly cancer drugs. China also agreed to increase imports of Indian medicines, particularly anti-cancer drugs, as a part of its moves to broaden its trade relations amidst its on-going trade war with the United States.

Asian Development Bank approves USD 503M worth lining project of Son canal in Bihar

Jul 10, 2018
The Asian Development Bank (ADB) has approved USD 503-million worth lining project of the Son canal in Shahabad-Bhojpur region of Bihar that would bring immense benefits to the agriculture sector of the region.

GST Panel recommends no extra tax incentives for digital transactions

Jul 9, 2018
Another ministerial panel chaired by Sushil Kumar Modi on Reverse Charge Mechanism (RCM) recommended replacing the present Section 9(4) with a new Section 9(4) which will permit the government to notify specific class of registered persons who would be covered under RCM provision.

IBBI amends Bankruptcy Norms, notifies procedures for home buyers under insolvency proceedings

Jul 5, 2018
In case the corporate debtor has classes of creditors, having at least ten creditors, the interim resolution professional shall offer a choice of three insolvency professionals in the public announcement to act as the authorised representative of creditors in each class.

Project Sashakt: Sunil Mehta Committee’s 5-pronged strategy to tackle NPAs approved

Jul 3, 2018
The 'Sashakt' Report highlights nine guiding principles aimed at the operational turnaround of the banking sector in a manner that will create jobs and enhance the value of public sector banks.

Income Tax Department launches ‘Instant’ PAN Card Service

Jul 3, 2018
Once the PAN is allotted to an applicant through his electronic Aadhaar-based verification system, in a few seconds, the applicant will be sent the PAN card by post.

NRL becomes first oil PSU to introduce online legal compliance

Jul 2, 2018
Numaligarh Refinery Ltd (NRL) in Assam has become the first oil public sector undertaking (PSU) to adopt an online legal compliance system by introducing 'Legatrix'.

Explained: One year of GST: Achievements and Challenges

Jul 2, 2018
The GST regime has resulted in ‘ONE NATION, ONE TAX, ONE MARKET’, replacing multi-layered, complex indirect tax structure with a simple, transparent and technology–driven tax regime.

Rupee falls to all-time low of 69.09 against US dollar

Jun 28, 2018
Crude oil prices were at their highest at USD 77 a barrel on June 27, 2018, the highest since 2014 as the oil inventories of the United States witnessed their biggest fall in over two years and its exports touched an all-time record.

India retaliates to US tariffs, hikes import duty on 29 US products

Jun 22, 2018
In a retaliatory move to the heavy tariffs imposed by the United States on imported steel and aluminium items, India has decided to raise customs duty on 29 US products including almond, walnut and pulses. The duty hike by India would have equivalent tariff implications for the US.

2nd edition of MSME Pulse report by SIDBI-TransUnion CIBIL released

Jun 22, 2018
The 2nd edition of MSME Pulse report by SIDBI-TransUnion CIBIL shows that the MSME segment has left behind the short-term impact of GST and demonetisation and they were firmly back on the growth path with the segment having exposure below Rs 25 crore growing at 15 per cent.

RBI revises housing loan limits under Priority Sector Lending

Jun 21, 2018
The housing loan limits were revised to bring union of the PSL guidelines for housing loans with the Affordable Housing Scheme of the Union Government and to give a stimulus to low-cost housing for the economically weaker sections and low income groups.

RBI eases norms for Foreign Portfolio Investors to invest in debt

Jun 18, 2018
FPIs will now be permitted to invest in Government securities (G-secs) without any minimum residual maturity requirement, only on condition that short-term investments by an FPI shall not exceed 20 percent of the total investment.

RBI releases draft guidelines to modify loan system for large borrowers

Jun 12, 2018
Borrowers having aggregate fund based working capital limit of Rs 150 crore and above from the banking system, need to withdraw a minimum of 40 percent of the limit as loan component and the remaining as cash credit, with effect from October 1, 2018.

Government to launch Rs 500-crore credit enhancement fund

Jun 12, 2018
The Union Government is planning to launch Rs 500-crore worth credit enhancement fund in July to boost infrastructure financing. The move aims to facilitate infrastructure investments by insurance and pension funds.

RBI amends Gold Monetisation Scheme to make it more attractive

Jun 8, 2018
The maturity and rate of interest on Medium and Long Term Government Deposits will be decided by Central Government and will be notified by Reserve Bank of India from time to time.

RBI releases Second Bi-monthly Monetary Policy Statement 2018-19

Jun 7, 2018
The RBI retained GDP growth for 2018-19 at 7.4 percent, the same as that of the First Bi-monthly Monetary Policy Statement in April. Growth is projected in the range of 7.5-7.6 percent in April-September and 7.3-7.4 percent in October-March.

RBI to set up Public Credit Registry to curb bad loans

Jun 7, 2018
The move is based on the recommendations of a committee headed by Y.M. Deosthalee that was set up in 2017. The committee submitted its report in April 2018.

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