The Reserve of Bank of India (RBI) may continue buying dollars instead of cutting rates to cap rupee gains on back of surplus in balance of payments (BoP) account and use sales of government securities to suck out excess rupee liquidity infused due to forex intervention, experts said.
Plan and Policy
Plan & Policy
The Supreme Court on Wednesday directed embattled real estate firm Unitech Residential Resorts to pay Rs 80,000 each as compensation to 39 homebuyers towards litigation cost and causing harassment to them.
A bench comprising chief justice Dipak Misra and justices Amitava Roy and A M Khanwilkar disposed of the appeal filed by the real estate company against the order of the National Consumer Disputes Redressal Commission (NCDRC) and asked it to pay the cost within eight weeks to the homebuyers.
Prime minister Narendra Modi has a jobs problem. He swept to power three years ago promising India’s poor and middle classes he’d restore their “dignity” after years of swelling inequality, with job creation central to his pitch. But now, the jobs market has been slugged by last November’s shock cash ban and July’s imposition of a goods and services tax.
Businesses have flocked to the GST Network portal on the last day of filing initial returns for August with over 80,000 GSTR-3B being uploaded every hour, its Chairman Ajay Bhushan Pandey said today.
Noting that the economy has been on a downslide since September 2016, SBI Research on Tuesday said the slowdown is real and not technical and called for more public spending to arrest the slide. “We believe we are in a slowdown mode since September 2016 and a slowdown that has been prolonged to the first quarter of this financial year is technically not short-term in nature or even transient,” SBI Research said in a report.
The report said continuing slowdown has “raised the spectre of whether slowdown is temporary or not” but stopped short of answering the question.
The Group of Ministers (GoM) on Air India may recommend raising FDI limit in aviation to 51 per cent so that the disinvestment process of the domestic public carrier is completed smoothly. According to a statement by the commerce ministry, the foreign direct investment (FDI) limits are applicable in a situation where there is no investment by foreign airlines. The consolidated FDI policy statement had said that the relaxation given for the sector is not applicable to Air India, which has now been identified for strategic sale.
Hit hard by a weak first quarter GDP growth and rising prices, finance minister Arun Jaitley (in Pic) on Tuesday held discussions with his key officials and commerce minister Suresh Prabhu to chart out a detailed plan for bringing the economy back on track.
Round one to Reliance Jio. Losing a key battle against archrival Reliance Jio, incumbent telcos Airtel, Vodafone and Idea Cellular are set to lose a significant portion of their revenues.
The Telecom Regulatory Authority of India (Trai) on Tuesday cut interconnect usage charges (IUC) by over 58 per cent to 6 paise per minute from the current 14 paise per minute.
This is set to further worsen the telcos’ already precarious financial position, forcing them to raise tariffs to cover their costs.
A clutch of high profile foreign and domestic firms, including the allegedly tainted and debarred De La Rue (DLR) India, participated in bids for supply of security features for Indian banknotes to the Reserve Bank of India.
As Financial Chronicle had earlier reported, RBI had issued a global tender for procurement of currency security features for currency notes in July.
The capital market regulator’s new debt disclosure norms that kick in from October 1 are a double-edged sword. It requires listed companies to disclose their loan defaults, which would instil credit discipline among borrowers. Non-payment of interest to banks by a day could lead to downgrade in a company’s rating.