ECONOMY & NATION


The Federal Reserve, America's central bank, has decided not to raise interest rates in June, but signalled that the long-awaited rate hike could come in September as the economic activity picks up.   "The committee expects that, with appropriate policy accommodation, economic...

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India's largest microfinance company Bandhan Financial Services Ltd. (BFSL) on Wednesday received the final nod from the Reserve Bank of India (RBI) to set up a universal bank.   BFSL, presently a non-banking financial company (NBFC), is scheduled to kick-start its banking operations...

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Devanik Saha (IANS) 17 June 2015
India’s e-commerce market is intensely competitive, with US giant Amazon establishing its presence in India in 2013 and Alibaba, the Chinese giant, planning to start selling by August this year   Retail e-commerce sales in India are expected to reach $17.5 billion (Rs.105,120...

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IPL's controversial former chief Lalit Modi on Tuesday admitted close relations with Rajasthan Chief Minister Vasundhara Raje and External Affairs Minister Sushma Swaraj, and said he has been "over criticised" and "taken to task" by the former UPA government.   "At the end I have done...

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India's trade deficit in May registered a three-month low at $10.41 billion -- nearly 8 percent lower than the figure for the same month last year at $11.24 billion, commerce ministry data showed on Tuesday.   Exports shrank by over 20 percent in May to $22.34 billion, continuing the...

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Mobile phone data can track economic change and provide rapid insight into employment levels as people's communications patterns change when they are not working, says a new study from Massachusetts Institute of Technology.   Without a commute or workspace, most people will make a...

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The tax department cannot issue a direct demand against the assessee for tax deducted but not remitted by the deductor   The biggest problem faced by some of the taxpayers today is the mismatch between the tax deducted at source (TDS) and what is remitted to the government by the...

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Prof Anil Agashe 15 June 2015
Why should a secured creditor who is suffering default on his payment, be converted into the owner of the same third rate entity?   The Reserve Bank of India (RBI) has permitted banks to acquire management control in companies that are declared non-performing assets (NPAs) and have...

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India's annual wholesale inflation continued to be in the negative in May but moved up slightly to (-)2.36 percent from (-)2.65 percent in April, mainly on account of a rise in prices of food articles, official data showed on Monday.   The annual inflation rate based on the...

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Bonnie Patten (TruthInAdvertising.org) 15 June 2015
Deconstructing Herbalife's defense that a survey found most people join for discounts   In the recent Bostick v. Herbalife class-action case, which settled in California federal court in May, Herbalife’s primary defense as to why it isn’t a pyramid scheme was a static 2013 survey...

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Amit Dasgupta (IANS) 15 June 2015
When Modi spoke of better days, it was hugely appealing to a population that had only seen the Indian economy slide for five years. In the biography of individuals, five years can be an interminably long period   Prime Minister Narendra Modi has started his second year with a...

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Cairn shareholders will get one equity and one redeemable preference share of Vedanta   Industrialist Anil Agarwal on Sunday announced the merger of two of his group companies -- the oil and gas exploration major Cairn India with the natural resources arm Vedanta Ltd. Cairn...

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Niko had in February announced it intended to sell-off its 10 percent stake in the KG-D6 block to square a $340 million debt   Reliance Industries' consortium partner Niko Resources of Canada has extended by over three months its search for a buyer of its stake in RIL's eastern...

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The third largest city in Tamil Nadu, Madurai, about 490km from Chennai, is also called as Athens of the East for its cultural heritage   Low-cost carrier Air Pegasus will begin flying from here to Tamil Nadu's Madurai from June 26, spreading its footprint to the fourth city across...

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A finance ministry source told IANS that this would be the first time when executives from private sector banks would be part of the selection process for top jobs in state-run banks including Punjab National Bank, Canara Bank and the Bank of India   As many as 26 shortlisted...

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Finance Minister Arun Jaitley on Friday expressed the hope that those commercial banks which have not passed on to borrowers the interest rate cuts made by the Reserve Bank of India (RBI) this year, would do so over the next few weeks.   "There was a presentation made by each bank on...

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Reliance Industries on Friday announced that its broadband services will be launched by December this year and 4G devices under its own brand name Jio will be available from Rs.4,000. The company said it has invested Rs.100,000 crore in this business.   "We are currently in the...

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Moneylife Digital Team 12 June 2015
Form 15G and 15H can help you to avoid tax-deducted at source (TDS) on fixed deposits (FDs) whose interest crosses Rs10,000 in a financial year. Effective 1 June 2015, recurring deposits (RDs) will also be liable for TDS and interest income of FD and RDs from all branches of a bank will be...

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When an account turns sticky, then the banks should recognise it fast in its books and also try to help out the borrowers   Indian banks should recognise non-performing assets (NPA) early and help the borrower while keeping the NPA under wraps will be injurious to all, said a senior...

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Moneylife Digital Team 11 June 2015
Is real estate a sector to look up to, now?   With inflation declining and Reserve Bank of India cutting interest rates, will the real estate sector pick up? This sector (considering large cap and mega cap companies) has been recording y-o-y sales growth and operating profit growth...

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