ECONOMY & NATION


Venkatachari Jagannathan (IANS) 24 July 2017
Finding the reinsurance regulations illogical and an uneven playing field for a whopping investment of Rs 500 crore, India's first private reinsurance company, ITI Reinsurance Ltd (ITI Re) is even ready to surrender its licence, officials said.   ITI Re is promoted by the listed...

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The government nominees on the Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) are to be paid Rs 1.5 lakh per meeting along with air travel and other reimbursements, according to a decision taken by the RBI.   The six-member MPC, constituted last year, has three persons...

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The German auto manufacturer Audi AG announced that it will recall up to 850,000 cars with six-cylinder and eight-cylinder diesel engines worldwide except the US and Canada, to improve emissions of those cars.   As a subsidiary company of Volkswagen Group, the Ingolstadt-based Audi...

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The Kolkata bench of the National Company Law Tribunal (NCLT) on Friday issued an interim order admitting State Bank of India's (SBI) insolvency application against the city based Electrosteel Steels Limited for initiating the corporate insolvency resolution process.   "The petition...

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The government is "very seriously" considering the recommendations of the Chandrababu Naidu committee on digital payment security, including insurance cover for the victims of fraudulent digital transactions, a union minister said on Friday.   In response to a question by Samajwadi...

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A court here on Friday ordered the de-sealing of Room 345 of Hotel Leela Palace where former union minister Shashi Tharoor's wife Sunanda Pushkar was found dead in January 2014, saying that the hotel can not be made to suffer continuously merely because the investigating team can not...

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Charting out the long journey by Reliance Industries (RIL) since it was founded by his father Dhirubhai Ambani in 1977, Chairman Mukesh Ambani said on Friday its net profit index had jumped 10,000 times during the period.   Describing how from its beginnings as a textiles start-up,...

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Bihar Health Minister Tej Pratap Yadav's petrol pump here was sealed by the Bharat Petroleum Corp Ltd (BPCL) on Friday, an official said.   Tej Pratap Yadav is the son of Rashtriya Janata Dal chief Lalu Prasad and elder brother of Bihar Deputy Chief Minister Tejashwi...

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Finance Minister Arun Jaitley on Friday said the government is considering changing the financial year to January-December to coincide with the calendar year.   "The matter of changing financial year is under consideration of the government," Jaitley said here in a written reply in...

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Moneylife Digital Team 21 July 2017
Mukesh Ambani, Chairman of Reliance Industries Ltd, on Friday announced the launch of the much-awaited ‘JioPhone’ during the company’s 40th Annual General Meeting (AGM). He used the company’s AGM to announce that Reliance Jio now has over 125 million users. Jio added 7 customers per second...

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Jitender Bhargava  and   BK Syngal 21 July 2017
After three years of pretending that the huge lumbering public sector can be fixed, the Modi government is, finally, ready to throw in the towel and do what needs to be done, in some cases. It has initiated a rash of privatisation plans, of which the most eye-catching is that of Air India...

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Moneylife Digital Team 20 July 2017
Market regulator Securities and Exchange Board of India (SEBI), in its submission before the Securities Appellate Tribunal (SAT), has given a detailed explanation about the outcome of its investigations into market manipulation done by players to take advantage of long-term capital gains...

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National Democratic Alliance (NDA) candidate Ram Nath Kovind was on Thursday elected as the new President of India, securing a massive margin over his United Progressive Alliance (UPA) rival Meira Kumar in a straight fight.   In an electoral college of 4,986 voters with a vote value...

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The Delhi High Court on Thursday asked why the Centre has not acted against the Congress and the BJP for accepting foreign funding in violation of the law, despite a 2014 court direction.   Justice A.K. Chawla gave six weeks' time to the Ministry of Home Affairs (MHA) to file...

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In a toughening of its stand, India on Thursday asked China to withdraw its troops from Doklam on the Bhutan-China border if it wanted New Delhi to pull out its Army from the area.   In the first exhaustive Indian comment on the border row between India and China that began over a...

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The Union Cabinet on Wednesday accorded approval for the second phase of BharatNet broadband programme to connect all 250,000 gram panchayats in the country, extending the target deadline to March 2019, official sources said.   The approval entails a total estimated expenditure of Rs...

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In another novel protest, Tamil Nadu farmers rallying here to demand loan waiver and drought relief package on Thursday beat themselves with flip-flops to protest the almost two-fold salary hikes state legislators have given themselves.   About 80 farmers shouted slogans against the...

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The US has commented on Prime Minister Narendra Modi's demonetisation move, saying that while one of the purposes cited by him was to counter terrorist activity funded by counterfeit currency, India has yet to implement laws effectively on criminal convictions or take steps to ensure...

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Moneylife Digital Team 19 July 2017
Post demonetisation, a large part of cash, about Rs3 lakh crore of the currency in circulation (CIC), could be a permanent money creation in the banking system, driving down the cost of credit in natural progression and of course increasing the efficiency of cash use in the system. The recent...

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Counting of the ballots cast in the July 17 presidential election will be taken up here on Thursday to decide the fate of two contenders -- the ruling NDA's candidate Ram Nath Kovind, who has a clear edge, and the combined Opposition nominee Meira Kumar.   Officials said all...

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