Rupee hits 69.70 against dollar

Drop in crude oil prices, U.S. Fed stance help currency to strengthen Softening crude oil prices helped the rupee to continue strengthening its momentum for the fourth straight session, appreciating 1% against the dollar. The rupee’s gain is also due to the dollar weakening against all major currencies, as there …

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Centre seeks Rs. 41,000 crore more to recapitalise banks

The government on Thursday moved a proposal in Parliament for an additional Rs. 41,000 crore to recapitalise public sector banks, over and above the already budgeted Rs. 65,000 crore, Finance Minister Arun Jaitley told a press conference. If approved by the House, this would take the total recapitalisation package for …

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Prabhu flags ‘angel tax’ to FinMin

Prabhu flags

The Commerce and Industry Ministry has taken up with the Finance Ministry the issue of ‘angel tax’ notices being sent to start-ups, Commerce Minister Suresh Prabhu has said. Several start-ups have raised concerns over taxation of angel funds under the Section 56 of the Income Tax Act, which provides for …

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Packaging of foodgrain in jute bags made mandatory

Packaging of foodgrain

The Centre has mandated the packaging of 100% of foodgrain and 20% of sugar in jute bags for 2018-19 but has also left the window open for the dilution of the order. This includes a stipulation on placing 10% of the orders through reverse auction on the government e-marketplace. The …

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‘India may need 2,300 planes’

India may need 2,300 planes

Airlines in India will need 2,300 moreplanes, valued at $320 billion, until 2037, aerospace major Boeing said on Wednesday in its market outlook. Globally, the number needed in the next 20 years is projected at 42,370 planes worth $6.3 trillion. The Asia-Pacific region accounts for almost 40% of the worldwide …

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Four banks may come out of PCA


Relaxations to risk thresholds mulled; Centre may infuse capital to help banks meet regulatory norms Four public sector banks — Bank of Maharashtra, Corporation Bank, Allahabad Bank and Bank of India — that are under the prompt corrective action framework of RBI, may come out of the restrictions following improved …

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9% growth by 2022 must to generate jobs: NITI Aayog

NITI Aayog

Raise investment, reform agriculture and codify labour laws: vision document A growth rate of 9% is essential to generate enough jobs and achieve universal prosperity, according to a vision document released by NITI Aayog on Wednesday. Towards this, the ‘Strategy for New India @75’ document recommends a number of steps, …

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Rupee strengthens 1.5% against dollar

Falling crude oil prices helped the rupee record its highest gain in over five years on Tuesday. The Indian currency appreciated by 112 paise against the U.S. dollar. After making a strong opening at 71.34 a dollar, as compared to the previous close of 71.56, the currency gained further in …

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