ECONOMY & NATION


IANS 08 August 2017
Close on the heels of SBI cutting the interest rates on savings accounts, private lender Axis Bank also announced a 50 basis points (bps) reduction in the rates of savings accounts having deposits below Rs 50 lakh, effective Tuesday.   "The bank has revised the interest rate downward...

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Moneylife Digital Team 08 August 2017
As per a release from the Central Board of Direct Taxes (CBDT), due to "demonetisation and Operation Clean Money", the number of income tax returns filed increased 25% to 2.83 crore, as on 5 August 2017, from 2.27 crore in the previous year.   Is this claim true? In a written reply in...

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IANS 08 August 2017
The Supreme Court on Tuesday said yoga cannot be imposed on anyone.   A bench headed by Justice Madan B. Lokur said it can't decide what is to be taught in schools and that the government can take a decision on the issue.   The court dismissed pleas seeking direction to make...

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Amit Kapoor (IANS) 08 August 2017
The data released by the Bloomberg Billionaire Index reveals some shocking statistics about the rise of inequality in India. It showed that the top 20 industrialists in India added a staggering $50 billion to their combined wealth in the first seven months this year, taking their total...

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Moneylife Digital Team 07 August 2017
The United Forum of Bank Unions (UFBU), the umbrella organisation of five employee unions and four officer unions of state-run banks in the country, has given notice of their decision to go on nationwide strike on 22 August 2017 to protest reforms in the banking sector and other...

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IANS 07 August 2017
The Bombay High Court on Monday declined to restrict the height of Dahi Handis during the upcoming Janmashtami festival and pointed out that nobody can stop accidents, which can happen even in toilets.   However, a division bench of Justice B.R. Gavai and Justice M.S. Karnik accepted...

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IANS 07 August 2017
After holding millions of commuters to ransom on Raksha Bandhan Day, around 37,000 employees of the Bombay Electric Supply and Transport (BEST) called off their 16-hour-long bus strike here on Monday.   The withdrawal came after the intervention of Shiv Sena President Uddhav...

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Moneylife Digital Team 07 August 2017
Following demonetisation and political interference in the rural credit scenario, microfinance institutions (MFIs), including non-banking finance companies (NBFCs) and small finance banks (SFBs), stare at significant credit costs and capital erosion in FY2018, says a research...

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Sapna Gopal 07 August 2017
As reports of the border stand-off between India and China continue to hog headlines, one of the concerns raised is whether this would have a bearing on the solar sector in India because local project developers are dependent on solar cells and modules imported from China.   Of the...

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IANS 07 August 2017
Sports utility vehicles (SUVs), racing cars, station wagons and 10-seater cars, which includes some high-end cars and also cars used for rentals, may soon become more expensive as the GST Council has asked the government to raise the cess cap to 25% from the current 15%, an official statement...

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IANS 04 August 2017
Karti Chidambaram, son of former Union Finance Minister P. Chidambaram, on Friday moved the Madras High Court, seeking to know from the central government whether a lookout notice was issued against him.   According to reports, the lookout notice for Karti Chidambaram was issued by...

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Reliance Jio, the newest entrant in the mobile business, delivered a shocker Friday morning, when this writer, a post-paid subscriber, found his mobile connection disconnected without any information. Upon enquiry, I learned from a senior official that they do not have post-paid subscribers...

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Vishav (IANS) 04 August 2017
India is a long way off from the ideal GST structure and it may not get there anytime in the near future, says NITI Aayog Member Bibek Debroy, who favours three rates.   While asserting that the move towards the Goods and Services Tax (GST) was a good one, Debroy says it would have...

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IANS 03 August 2017
The SBI on Thursday said that though the Marginal Cost of Funds-based Lending Rate (MCLR) is expected to be in tandem with the policy rates, banks are hesitant to reduce it due to cost of credit and deposits and NPAs positioning.   The Reserve Bank of India (RBI) on Wednesday cut the...

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IANS 03 August 2017
Stock market major BSE on Thursday reported an exponential rise of 1,098 per cent in its consolidated net profit for the first quarter (Q1) of 2017-18 due to addition of exceptional items.   According to the company, the Q1 consolidated net profit increased to Rs 523.70 crore from Rs...

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IANS 03 August 2017
People can now pay later for tickets booked under the tatkal quota on the Indian Railway Catering and Tourism Corp (IRCTC) website, it was announced on Wednesday.   Till now, this service was available only for general reservations. For tatkal bookings people had to pay first via the...

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IANS 02 August 2017
The Reserve Bank of India (RBI) has constituted an internal group to study the marginal cost of lending rate (MCLR) system for commercial banks designed to improve monetary policy transmission, RBI Deputy Governor Viral Acharya said on Wednesday.   "The experience with the MCLR system...

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IANS 02 August 2017
In what could be a major blow to the mining companies involved in illegal operations in Odisha, the Supreme Court on Wednesday imposed 100 per cent penalty on mining lease holders operating without necessary clearances in the state.   A two-member apex court bench comprising Justice...

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IANS 02 August 2017
While overall global smartphone shipments grew 3 per cent Year-over-Year (YoY) reaching 365 million units in the second quarter of 2017, Chinese brands have emerged as the dominant force, making a dent in Apple's market share, a report said on Wednesday.   According to the market...

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IANS 02 August 2017
The Reserve Bank of India (RBI) on Wednesday said it was working on the next steps for the resolution of the stressed assets or non-performing assets (NPAs).   "We are working on the next steps on NPAs, for resolution of the stressed assets," RBI Deputy Governor N.S. Vishwanathan said...

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