Finance

News Eminent banker K V Kamath was today appointed as head of the USD 50 billion New Development Bank being set up by the five emerging economies of BRICS grouping. Kamath will have a five year term of the bank, which is likely to be operationalised within one year. Leaders ...

News About five crore five lakh people have enrolled themselves in the three new national social security schemes in the week before the official launch. A massive 80% of the country’s population is still outside the insurance coverage while the government estimated that merely 11% of the working population are under ...

News The government on Tuesday approved  19 foreign direct investment (FDI) proposals involving an amount of Rs 2,165.04 crore. Investments AXA’s FDI in Bharti group will be worth Rs 1,290 crore. Mylan Laboratories Rs 128.77 crore Par Formulations Rs 124 crore Touchstone Trust Rs 29 crore Augure Wireless Broadband Rs ...

News The Lok Sabha on Wednesday gave its consent to a far-reaching amendment to the Constitution to pave the way for a pan-India goods and services tax regime and create a unified market across the country, doing away with multiplicity of central and state levies. A government think-tank proposed the ...

News Mutual fund managers pumped in over Rs 7,600 crore in equity markets in April, making it their highest net inflow in more than seven years, mainly on account of positive investor sentiments and the government’s reforms agenda. Mutual fund (MF) industry’s asset base has grown around 10 per cent ...

News Prime Minister Narendra Modiwill launch on May 9 social security insurance and pension schemes in Kolkata, while other ministers will unveil them in different cities. Benefits These schemes, are aimed at providing affordable universal access to essential social security protection in a convenient manner linked to auto- debit facility ...

News India purchased nearly $ 10 billion worth bonds in just one month. This made India’s exposure to US government securities reach $ 101.7 billion. The holdings crossed the $ 100 billion-mark in February, the highest level in more than a year. From the time Prime Minister Narendra Modi-led government came to the power ...

News The Income Tax department filed 121 cases for prosecution of  entities whose names have appeared in the HSBC Geneva bank Undisclosed income  of Rs 4,800 crore has been brought under tax net in these cases at the end of the last fiscal. A report  has been sent to the Special Investigation ...

The Cabinet today approved hike in import duty of sugar to 40% from current 25% and withdrew duty free import of raw sugar. Both measures are aimed at curbing overseas supplies. It has also removed a 12.36% excise duty on ethanol supplied for blending with petrol. Also in another move, ...

The Enforcement Directorate(ED), which probes financial crimes under two prime laws of the Prevention ofMoney Laundering Act (PMLA) and the Foreign Exchange Management Act (FEMA) along with some old cases pending under the repealed Foreign Exchange Regulation Act (FERA) has broken all records of lodging complaints and prosecuting the accused ...