ECONOMY & NATION


An AN-32 aircraft of the Indian Air Force with 29 people on board went missing over the Bay of Bengal on Friday, Defence Ministry officials said.   The aircraft was flying from Chennai to Port Blair. Those on board included six crew members.    Officials said it was “courier...

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Moneylife Digital Team 22 July 2016
Moneylife Foundation’s recommendation that at least one free credit information report should be provided free of cost to borrowers seems to have been accepted by the Reserve Bank of India (RBI).  Recently, RBI Governor Dr Raghuram Rajan said, "By the end of the year, the CIBIL (Credit...

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The additional capital infusion of Rs 22,915 crore into 13 weak banks announced recently by the central government is positive for them but the actual capital needs were much more higher, said global credit rating agency Moody's Investors Service.   In its sectoral comment on Indian...

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Seven Indian companies figure in the latest Fortune 500 list, released on Thursday, of the world's biggest companies in terms of revenue.   Among Indian companies, state-run Indian Oil Corp (IOC) is ranked highest at 161st with revenues of $54.7 billion, although the other public...

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ITC Ltd on Thursday reported that its standalone net profit rose 10% to Rs2,384.67 crore for the quarter ended June 30, 2016 as compared to Rs2,166.09 crore for the corresponding quarter last year.   Total income from operations stood at Rs13,253.06 crore in the quarter under review...

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The Income Tax Department is closely scrutinising 14 lakh high value non-PAN transactions reported for the period 2009-10 to 2016-17 and will be soon issuing letters seeking information regarding the same, an official statement said on Thursday.   "The Income Tax Department has...

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Moneylife Digital Team 21 July 2016
There are signs of moderation in the proprietary indices of Nomura that try to gauge India’s growth momentum and near-term monetary policy path. Only one in five of Nomura’s indicators accelerated in May (compared to April), down from three at the end of the March quarter. According to their...

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The total quantum of loans wilfully defaulted by borrowers is Rs 58,792 crore, the All India Bank Employees' Association (AIBEA) said on Tuesday.   In a statement, the major union in the banking sector said out of the total loans wilfully defaulted, a whopping Rs.47,351 crore are...

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The Lok Sabha on Tuesday passed by a voice vote after discussion, The Indian Medical Council (Amendment) Bill and The Dentists (Amendment) Bill, which seek to amend the Indian Medical Council Act,1956 and the Dentists Act, 1948 to replace the National Eligibility cum Entrance Test (NEET)...

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The International Monetary Fund (IMF) on Tuesday revised down its forecast for global growth in 2016 and 2017 in view of the uncertainty surrounding Britain's exit from the European Union.   The IMF expects the global economy to grow 3.1 per cent in 2016 and 3.4 per cent in 2017, both...

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Two Indian Navy security patrol boats caught fire in the Naval Dockyard here early on Tuesday and sank in the harbour waters, official sources said.   The blaze was reported around 1.30 a.m. on one of the two boats anchored beside each other. The fire quickly spread to the second...

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The payments landscape in emerging markets, including India, is expected to transform in the wake of accelerating growth in electronic payments with advent of new and disruptive market players and alternative business models, a PwC report said.   "The growth of economic power within...

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Moneylife Digital Team 19 July 2016
Sajjan Jindal-promoted JSW Energy has agreed to acquire 100% stake in the debt laden Jaiprakash Power Venture’s 500MW Bina Thermal Power plant (2x250 MW) based at Sagar in Madhya Pradesh. The deal is expected to be finalised by May 2017, which may get extended subject to delay in getting...

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Ameet Roy 19 July 2016
India is now home to over 4,200 plus startups with almost 10-15% being fin-techs. In many of these the focus is on prepaid payment instruments (PPIs). The regulation must be enabling to help the startups thrive, as well as strong enough to keep a check on the issuers of the PPI. To do so the...

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Amit Kapoor (IANS) 19 July 2016
What makes certain economies relatively prosperous and others relatively poor has been a question of debate among economic scholars and public policy practitioners for a long period of time. It is slated to continue well into the future.   In the debate, while some have laid stress on...

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The Supreme Court on Tuesday indicated that Congress Vice President Rahul Gandhi would have to face trial in a defamation case filed by an RSS activist for allegedly accusing the organisation for assassination of Mahatma Gandhi.   "You can't make collective denunciation of an...

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The Ministry of Finance on Tuesday announced the much-awaited capital infusion of Rs22,915 crore towards the recapitalisation of 13 public sector banks during 2016-17, with the largest amount earmarked for the country's largest lender, the State Bank of India.   "In line with the...

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In a move designed to reduce tax litigation, the Central Board of Direct Taxes (CBDT) on Monday signed seven more unilateral Advance Pricing Agreements (APAs) with Indian taxpayers.   "With today's signing, the total number of APAs entered into by the CBDT has reached 77. This...

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Jaideep Sarin (IANS) 18 July 2016
On a day when AAP national convener Arvind Kejriwal was seeking penance at the holiest of Sikh shrines, the Harmandir Sahib in Amritsar, a political drama was unfolding in New Delhi that could change the course of Punjab politics ahead of the state assembly elections.   The...

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Aroonim Bhuyan (IANS) 18 July 2016
The ruling by the Permanent Court of Arbitration (PCA) in The Hague on the South China Sea dispute in favour of the Philippines may have come as a setback for China but it will not stop Beijing from continuing with its quest for maritime hegemony in the region.   "The reaction of...

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