Economics

The Finance Ministry on Wednesday said companies opting for the lower corporate tax rate of 22% will not be allowed to reduce their tax liability by claiming deductions towards additional depreciation and Minimum Alternative Tax (MAT) credits. The Central Board of Direct Taxes (CBDT), in a clarification, said companies will …

Bosch’s devices prevent car occupants, rescuers from suffering electric shock With a rising number of electric vehicles (EVs) expected to hit the road in the coming years, drivers are increasingly becoming uncertain about safety measures, especially as to what they should do in the event of a collision. Damaged cables …

‘Due to time constraints, auditors checked only incremental advances’ The suspended managing director of Punjab and Maharashtra Cooperative (PMC) Bank, Joy Thomas, has blamed the auditors for the mess at the bank, accusing them of only “superficially auditing” the books of the now crippled lender due to “time constraints.” In …

‘The desired rate of improvement under the programme is aspirational’ India is unlikely to meet targets set under the ambitious Poshan Abhiyan or National Nutrition Mission (NNM) for reduction in prevalence of stunting, underweight, low birth weight and anaemia in women and children by 2022 if there is no progress …

Customers can take any type of loan: Finance Minister In a bid to dispel the notion that only the banks have liquidity and it is not flowing to the NBFCs and the customers, Finance Minister Nirmala Sitharaman on Thursday announced that all scheduled banks would hold large gatherings in 400 …

Committee to meet in the first week of every month Aiming at ensuring speedy clearances for investments proposed in Tamil Nadu by foreign companies during his recent visit to the U.S., U.K. and Dubai, Chief Minister Edappadi K. Palaniswami has constituted a high-level committee for investment facilitation and single-window clearances. …

Fuel and power sector contracts Inflation at the wholesale level eased for the fourth consecutive month to a 25-month low of 1.08% in July, on lower inflation in the manufacturing and fuel sectors, according to official data released on Wednesday. Growth in the Wholesale Price Index slowed in July from …

Performance review set in motion The Finance Ministry has initiated a comprehensive consultative process with public sector banks (PSBs) to find out the reasons for the sharp rise in bad loans in the previous five years, apart from outlining national priorities with which these banks have to align themselves. Touted …

Retail inflation in July snapped a five-month accelerating trend to ease marginally to 3.15%, according to official data released on Tuesday.Growth in the Consumer Price Index slowed slightly in July from 3.18% in June. Within the index, food prices bucked an eight-month accelerating trend to ease to 2.33% in July, …

The Reserve Bank of India (RBI) on Tuesday issued the final framework for regulatory sandbox in order to enable innovations in the financial technology space.A regulatory sandbox usually refers to live testing of new products or services in a controlled/test regulatory environment for which regulators may permit certain regulatory relaxations …

The government is likely todebate lowering the rates on certain categories of automobiles in the next GST Council meeting, according to a Finance Ministry official.It is also likely to look at increasing the rate on premium real estate, but also restore the provision of input tax credit for the segment. …

Global weakness on account of the crash in Argentina’s peso, the continuing political unrest in Hong Kong and the long-drawn U.S.-China trade war led to the Indian benchmarks losing heavy ground on Tuesday, even as strong gains in Reliance Industries (RIL) helped the indices limit the day’s losses.The 30-share Sensex …

After a strong uptrend in June, the prices of gold and silver in the international market remained largely range-bound in July. Though the precious metals managed to eke out marginal gains on a month-on-month basis, the strength in the U.S. dollar arrested the scope for significant gains. Comex gold futures …

DPIIT changes norms to promote indigenous goods Government tenders worth over Rs. 25,000 crore were either cancelled or modified and re-issued after the Department for Promotion of Industry and Internal Trade (DPIIT) stepped in to change their conditions to promote ‘Make in India’ goods, a top official said. “The Department …

With Deputy Governor of the Reserve Bank of India (RBI) Viral Acharya demitting office on Tuesday, the central bank has allocated his portfolios to other Deputy Governors. Deputy Governor B.P. Kanungo gets the all-important monetary policy department, which means he will be a member of the six-member monetary policy committee …

Each employee lost Rs. 5,019 on lost data, stolen record: study Data breaches have cost Indian enterprises Rs. 12.8 crore on an average during the first half of calendar 2019, a 7.29% increase compared with a year ago. Each employee incurred a loss of Rs. 5,019 on account of lost …

Lender trims loss Rs. 342 crore from Rs. 919 crore, also aided by lower provisioning Public Sector Indian Overseas Bank’s (IOB) net loss for the first quarter ended June 2019 narrowed to Rs. 342 crore from the Rs. 919 crore reported during the corresponding quarter last year, on lower provisioning …

Cites weaker-than-expected outlook for domestic demand The International Monetary Fund (IMF) has cut India’s growth forecast for 2019-20 to 7% from its forecast in April of 7.3% on poor demand conditions, it said on Tuesday. The IMF’s World Economic Outlook July update also cut India’s growth forecast in 2020-21 to …

Comprehensive health, home, motor policies can save you from vagaries of weather that may singe your pocket Monsoon can certainly be a delightful season. But, though the rains bring respite from the intense heat, they quite often leave behind a trail of losses. Common problems include water-borne or viral diseases …

When you get your first salary, it’s time to apply your mind towards choosing the right savings option for a better life You’ve bagged a plum offer and salary credits from your employer have just begun to fatten up your bank balance. What should your first steps be, in the …