Economy

Centre to list startups for angel tax exemption

This tax usually impacts startups and the angel investments they attract. While aimed at curbing money-laundering, the angel tax has also resulted in a large number of genuine startups receiving notices from the IT Department. Startups would have to furnish three types of documents in order to be registered with …

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‘No proposal to modify February 12 circular’

Decision to remove 3 banks from PCA after considering capital infusion by Centre, says RBI Governor Among the various issues Reserve Bank of India Governor Shaktikanta Das touched upon during his first post-policy interaction with the media was the February 12 circular of the central bank which mandates banks to …

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RBI unlikely to transfer contingency fund to govt.

The Reserve Bank of India (RBI) is unlikely to give in to the government’s demand of transferring funds that was set aside for contingency reserves in 2016-17 and 2017-18, according to sources.A total of Rs. 27,330 crore — Rs. 13,140 crore in FY17 and Rs. 14,190 crore in FY18 — …

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Strong export growth boosts Wheels India net

Leading steel wheels manufacturer Wheels India Ltd. has posted an 18.28% rise in net profit for the third quarter ended December 2018 to Rs. 15.27 crore compared to Rs. 12.91 crore registered in the corresponding year-earlier period. Revenues rose 32.77% to Rs. 786 crore, from Rs. 592 crore. “There was …

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Cabinet approves unified regulator for IFSCs

The Cabinet has approved the setting up of a unified authority that would regulate all the financial services in International Financial Services Centres (IFSC), such as the Gujarat International Finance Tec-City (GIFT) in Gandhinagar. This is to be done through the International Financial Services Centres Authority Bill, 2019. An IFSC …

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‘Members’ fiduciary responsibility with RBI’

The fiduciary responsibility of the RBI’s board members lies with the central bank, its Governor Shaktikanta Das is learnt to have said. Mr. Das, who took charge in December, had made the remark while interacting with other board members during the farewell of his predecessor Urjit Patel in a South …

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April-Dec. fiscal deficit at 112.4% of budget target

The fiscal deficit for the period April-December 2018 has touched 112.4% of the budget target of Rs. 6.24 lakh crore for the financial year 2018-19, data from the Controller General of Accounts (CGA) showed. Marginally better In absolute figures, the fiscal deficit was at Rs. 7.01 lakh crore during April-December …

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NCLAT bars RCom from selling any asset sans prior approval

The National Company Law Appellate Tribunal (NCLAT) had said that Reliance Communications (RCom) or any third party cannot sell, transfer or alienate any of its assets (movable and immoveable) without the appellate tribunal’s or the Supreme Court’s permission. The directive came after RCom on Monday moved the NCLAT for withdrawal …

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