New Delhi

Stiff penalty on telcos found violating rules

Telecom regulator Trai on Tuesday issued rules for network connectivity, making it mandatory for operators to ink interconnectivity pacts “on a non-discriminatory” manner within 30 days of receiving a request from another incumbent or face a heavy penalty of up to Rs 1 lakh per day per service area. There are 22 telecom service areas in the country.

FinMin: RBI bonds scheme not closed

The finance ministry on Tuesday said RBI Bonds Scheme has not been closed but the interest rate on such papers has been lowered to 7.75 per cent.

Disclosing liquidation value to bidders not must

The government on Tuesday notified amendments to the Insolvency & Bankruptcy Code (IBC) that makes it not necessary for liquidation value of a stressed asset to be disclosed in the information memorandum to prospective bidders. At the same time, it is mandatory to identify sources of funds used for paying off lenders.

Govt notifies 1% GST on manufacturers under composition scheme

The government has notified lower 1 per cent GST rates for manufacturers who have opted for composition scheme as well as easier norms for traders opting for it.

The finance ministry has notified the changes decided by the GST Council, chaired by Union Finance Minister Arun Jaitley and comprising state counterparts, in November 2017.

The notification stipulates that manufacturers who have opted for composition scheme will now have to pay 1 per cent Goods and Services Tax (GST) as against 2 per cent earlier.

Recovery signs in a clouded horizon

With the effects of demonetisation and the transition hiccups of the goods and services tax (GST) firmly behind, India’s economic growth is likely to pick up in the new year but rising oil prices and a firming inflation may spoil the party.

Some believe 2017 is best forgotten as the twin blows of demonetisation and mangled GST ripped the economy for the most part.

By some accounts, loss to GDP (gross domestic product) has been estimated to be around 2 per cent of the GDP. This translates into Rs 3.05 lakh crore considering 2016-17 GDP of Rs 152.51 lakh crore.

BJP looking at new avenues to expand its base

Settling down after the government formations in Gujarat and Himachal Pradesh, the BJP is bracing for 2018 when polls will be held in eight states covering 100 Lok Sabha seats making it a mini-general election.

The hiccups in Gujarat has given some uneasy moments to the party which had a dream-run as far as electoral victories are concerned. Now, the party's biggest worry is to conquer new frontiers as it expects some losses in states where it has a stronghold. The biggest expansion that the party is planning is in South.

35.03 million tonnes rice procured

The government has procured 350.28 lakh tonnes of rice in the current marketing season so far, according to official data.

The rice procurement target for the current season (October-September) has been fixed at 375 lakh tonnes. In the previous year, total rice procurement had surpassed the target at 381.06 lakh tonnes.

Procurement is undertaken by state-run Food Corporation of India (FCI) and state agencies for the central pool to meet the requirement of food security law. Rice is purchased at the minimum support price (MSP).

Job landscape looks lacklustre

The year 2017 was a year of disruption for Indian job landscape, but hiring scenario looks glossy in the new year with likely addition of 2 lakh jobs in the IT (information technology) industry, experts say.

The Indian job market is in a state of flux, thanks to rising adoption of artificial intelligence (AI), and according to experts, upskilling is the only way employees will be able to survive this transitory phase.

H-1B visa bill has onerous conditions: Nasscom

The proposed US Bill -- Protect and Grow American Jobs -- is riddled with "onerous conditions" and places "unprecedented obligations" on both Indian IT companies and clients using H-1B visas, software body Nasscom has cautioned.