Finance

Cabinet Clears Bill To Deal With Crisis In Banks, Insurers

New Delhi: The Cabinet on Wednesday gave approval to a proposal to introduce a Bill in Parliament for setting up a Resolution Corporation to deal with bankruptcy in banks, insurance companies and financial entities. The Financial Resolution and Deposit Insurance Bill, 2017, which aims to instil discipline in financial service …

Finance

RBI Identifies 12 Large NPA Accounts: What Happens Next

On 12 June, the Reserve Bank of India (RBI) identified 500 of the largest loan defaulters of the country. Of which, 12 accounts – each with exposure of greater than Rs. 5,000 crore – were rounded up as a matter of priority. These 12 accounts are said to account for …

Finance

RBI Directs IDBI Bank To Start Insolvency Proceeding Against Lanco Infratech

New Delhi: Lanco Infratech today said the Reserve Bank has directed its lead lender IDBI Bank to initiate insolvency proceedings for the company under the Insolvency and Bankruptcy Code (IBC). “Lanco Infratech Limited (LITL)…vide letter dated June 17, 2017, intimated under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) …

Finance

Government To Launch National Data Repository On June 28

New Delhi: The government will next week launch India’s maiden National Data Repository (NDR) that will assimilate, preserve and upkeep country’s vast sedimentary data for future use in oil and gas exploration and production. Finance Minister Arun Jaitley and Oil Minister Dharmendra Pradhan will on June 28 launch the NDR, …

Finance

Government Sells Rs. 4,000 Crore Stake In Larsen & Toubro

Mumbai: India sold a 2.5 percent stake in engineering and construction group Larsen & Toubro Ltd (L&T) on Wednesday, raising more than Rs. 4,000 crore ($619.27 million) that will help the government meet its annual fiscal deficit target. The stake, held by the state-owned Specified Undertaking of Unit Trust of …

Finance

Government Notifies 18 Sections, 2 Rules For GST

New Delhi: Days ahead of the rollout of Goods and Service Tax), the government today notified sections in the GST Act dealing with mandatory registration of current indirect tax payers in the new regime. As many as 18 sections relating to registration of current central excise, service tax and VAT …

Finance

NITI Aayog Clears Rs. 18,000 Crore Project To Increase Train Speeds

New Delhi: The ambitious Rs. 18,000 crore project for increasing train speeds on the Delhi-Mumbai and Delhi-Howrah rail corridors has got the Niti Aayog’s approval, paving the way for being put up for Cabinet clearance. The mega project is meant to bring about a paradigm shift in rail operations enabling …

Finance

Infosys Veterans Launch New Age Solution For GST Regime

Bengaluru: Infosys veterans on Tuesday launched GSTSTAR, a comprehensive solution catering to Goods and Services Tax (GST) regime needs of businesses, professionals and large organisations. “It caters to the GST needs of small and big enterprises. Minimum fee will be Rs. 500 per month for the standard on cloud version …

Finance

Rajdhani, Shatabdi Trains Set For Makeover Under ‘Operation Swarn’

New Delhi: They are the premium trains in India. Rajdhani and Shatabdi Express were started to move people who could afford to pay more for a somewhat luxurious travel. But after years of service, the trains have lost their sheen. The service has deteriorated, the cleanliness is missing, quality of …

Finance

GST To Lower Overall Tax Burden Over Time, Says RBI Governor

Mumbai: Reserve Bank governor Urjit Patel today said the soon-to-be implemented goods and services tax (GST) will not only create a national market but will also broaden the tax base which in turn will lower the overall taxes in the long-term. “The prudent point is that GST itself is part …