Economy

Plan includes a ‘friendship’ 135-km petroleum pipeline for exports to Bangladesh State-owned Bharat Petroleum Corporation Limited (BPCL) has sought the government’s nod for threefold expansion of its Numaligarh refinery in northeast from 3 million tonnes per annum (mtpa) to 9 mtpa at a cost of Rs. 22,000 crore. Excise concession …

Asks Centre to amend I-T Act under which individuals, firms avail tax benefit on monetary penalty The Securities and Exchange Board of India (SEBI) wants the government to amend the Income Tax Act to plug loopholes wherein individuals and companies managed to avail tax benefits on the money paid to …

The Securities and Exchange Board of India has given the regulatory go-ahead to BSE and NSE to start their respective commodity derivatives segments. Both bourses plan to start the new segment from October 1. Interestingly, both the equity exchanges plan to start with non-agriculture commodities like metals and bullion, and …

May have to lay down laws: apex court The Supreme Court on Wednesday said it would have to lay down some laws on what stage the adjudicating authority, appellate authority and the apex court could interfere in insolvency resolution proceedings. A Bench of Justice Rohinton Fali Nariman and Justice Indu …

Debt accounts for 0.5%-0.7% of overall bank loans: Moody’s Rising liquidity issues in Infrastructure Leasing & Financial Services (IL&FS) are credit negative for Indian banks and debt market, Moody’s Investors Service said in a report. “As of 31 March 2018, debts incurred by IL&FS in the form of bank loans …

Many Centrally Sponsored Schemes are boutique in nature, with ‘dubious’ outcomes: N.K. Singh Several Centrally Sponsored Schemes (CSS) are just boutique in nature with ‘dubious’ outcomes, the 15th Finance Commission of the Union Government has noted while calling for urgent rationalisation of the CSSs. The pruning of such schemes would …

Fed-up with a growing mountain of stinking disposable nappies, a Dutch firm on Tuesday started building the country’s first recycling plant to turn poo into profit. Plastic from the nappies extracted by the facility in the central Dutch town of Weurt near Nijmegen will have a second life as household …

The rupee closed at a record low against the dollar on Tuesday, declining 47 paise to close the day at 72.98 a dollar due to rising global crude oil prices. Benchmark Brent crude futures rose $1.14 a barrel to $79.19 during the day, after hitting a high of $79.37 in …

Staff have to be informed of benefits of the merger, says Vijaya Bank MD & CEO A day after the mega merger announcement, R.A. Sankara Narayanan , MD & CEO of Vijaya Bank, speaks on the immediate challenges on hand . Excerpts : What benefits do you see from this …

Merger credit positive, will require capital support: Moody’s The government’s proposal to merge three public sector banks evoked mixed response from investors, with Bank of Baroda and Vijaya Bank stocks ending in the red, while Dena Bank shares, which hit the upper circuit, ended with a 19.75% gain. Stocks of …