Job market eyes GST booster for over 1 lakh immediate openings

26/06/2017
New Delhi: The job market is looking forward to a big boost from the new GST regime and expects over one lakh immediate new employment opportunities, including in specialised areas like taxation, accounting and data analysis. The historic tax reform, to be rolled out from July 1, is expected to help the formal job sector attain an annualised growth rate of 10-13 per cent and fuel demand for professionals in various segments of the economy, experts said. Indian Staffing Federation's President ...

SBI chief’s salary zilch compared to counterparts in pvt banks

26/06/2017
New Delhi: SBI, one of the world's 50 largest banks, pays only a small fraction to its top management as compared to private sector players like ICICI Bank and HDFC Bank. Former RBI governor Raghuram Rajan had flagged the low remuneration issue last August saying it makes difficult for state-owned banks to "attract top talent, especially a lateral entry". According to annual reports of various banks, SBI chairman Arundhati Bhattacharya took home Rs 28.96 lakh last fiscal, which is pittance wh...

Western, southern states control over 60% of bank credit: RBI

26/06/2017
Mumbai: Led by western and southern states of India, bank credit has seen a manifold jump in the past 25 years as total outstanding credit soared to Rs 68,78,500 crore from Rs 1,04,300 crore during the 1990-2015 period, says the latest state-wise credit data released by the RBI. With Rs 41,70,600 crore of the total credit, the western and southern regions controlled as much as 60.6 per cent of the system as of financial year 2014-15, according to the second edition of the RBI's 'Handbook of St...

EPFO may bring 500 small private PF Trusts into its fold

26/06/2017
New Delhi: Retirement fund body EPFO may bring 500 private PF trusts within its fold whose EPF accumulations are around Rs 1 crore each, or have up to 20 members, for offering better services to those subscribers. Besides, this will improve monitoring of over 1,000 such trusts which have large subscriber base and manage huge EPF accumulations. The Labour Ministry is in the process of amending Employees' Provident Fund Scheme 1952, so that large private PF trusts having accumulations can carry...

AI privatisation welcome but clear salary dues first: Pilots

26/06/2017
New Delhi: The proposal to privatise Air India is a welcome move but salary arrears should be settled first as promised earlier, feel pilots at the national carrier. Facing tough financial conditions, Air India had resorted to salary cuts in 2012. Since then, arrears have been accumulating even as certain section of employees accepted revised pay scales. The arrears to be paid to the 27,000-odd staff of Air India that includes pilots and cabin crew are estimated to be around Rs 1,200 crore. O...

Caution over GST, derivatives expiry to affect equities

26/06/2017
Mumbai: Derivatives expiry coupled with crude oil prices and direction of foreign funds` movement are expected to affect the equity charts during the upcoming week. Market observers have opined that key equity indices might remain range-bound ahead of the Goods and Services Tax (GST) implementation slated from July 1. "The markets next week are expected to remain range bound with a lower bias, as investors would await to assess the GST implementation impact," Devendra Nevgi, Chief Executive o...

SEZs keen on FTA rates, commerce ministry working on proposal

26/06/2017
New Delhi: The commerce ministry is working on a proposal to allow special economic zone (SEZ) units to sell products outside these tax-free enclaves at concessional duty rates. An SEZ area is considered to be a foreign territory for trade operations and duties and are mainly set up for the export purpose. However, goods can be supplied from an SEZ unit to a DTA (domestic tariff area or outside SEZ) buyer on payment of appropriate Customs duty as products coming from these zones are treated a...

SAIL seeks NITI help to resolve differences with ArcelorMittal

26/06/2017
New Delhi: The country's largest steel maker SAIL has sought help from government think-tank NITI Aayog to resolve differences with ArcelorMittal over setting up of about Rs 5,000-crore autograde steel plant. "SAIL has written to NITI Aayog to find a solution," an official privy to the development said. There were differences between the two companies on certain points under the Memorandum of Understanding, so it was decided to extend it for another three months from the deadline of May 31, 2...

Mkts in consolidation mode; auto, bank scrips pull down Sensex

24/06/2017
Mumbai: The markets took to consolidation mode as the benchmark BSE Sensex gave up early gains to end 153 points lower at 31,138.21 today while the broader Nifty cracked below the 9,600-mark on profit booking, particularly in auto and banking sector stocks. ahead of GST rollout. During the week, the Sensex gained 81.81 points, or 0.26 per cent, while the Nifty shed 13.10 points, or 0.13 per cent. The markets will remain closed on Monday on account of 'Id- ul-Fitr' (Ramzan Eid). The 30-share S...

Mkts in consolidation mode; auto, bank scrips pull down Sensex

24/06/2017

Infosys audit committee gives clean chit to CEO & Directors

24/06/2017
Bengaluru: The audit committee of Infosys, the second largest IT services company, has given clean chit to its chief executive officer Vishal Sikka and other directors after its investigation revealed that there was no financial impropriety as complained by two anonymous letters written by whistleblowers in February this year. The two anonymous letters in February this year made serious allegations against the Infosys management which talked about improper payment in the acquisition of two com...

No power tariff hike post GST, says Goyal

24/06/2017
Bengaluru: Power tariff will not go up in the country post GST, Union Power and Coal Minister Piyush Goyal said on Thursday. “I don’t see any possibility of a spike in the power tariff due to the implementation of the Goods and Services Tax. There could be one or two paise variation (per unit of electricity),” Goyal told reporters after his meeting with the industry representatives covering power, coal, mines and renewable energy sectors. Dismissing apprehensions surrounding GST, which is set ...

GST registrations for ecommerce, new cos to begin on June 25

24/06/2017
New Delhi: Ecommerce operators and TDS deductors will be able to register with GST Network beginning June 25, when the portal re-opens for fresh registration. Also, existing excise, service tax and VAT assessees will get another chance to migrate to the GSTN portal as registration for them too opens on Sunday next and will remain open for three months. The GSTN portal will now start accepting fresh registrations from June 25. The registration will also start for GST practitioners, Tax Deducto...

GST registrations for ecommerce, new cos to begin on June 25

24/06/2017

Vodafone users can get 45GB additional 4G data for 5 months on on recharge of 1GB

24/06/2017
New Delhi: Vodafone India has partnered with OnePlus for the latest flagship smartphone OnePlus 5. Vodafone Stores in Bengaluru and Delhi will display the newly launched Oneplus 5 where customers can walk in to live the OnePlus 5 experience. All OnePlus 5 users can avail the offer of 45GB 3G/4G additional Data for 5 months (9GB per month) and 3 months free subscription of Vodafone Play on recharge of 1GB and above in prepaid and 1GB or above rental plan in case of Postpaid. Over and above fo...

Rupee halts 3-day slide v/s USD; up 7 paise at 64.52

24/06/2017
Mumbai: The rupee rebounded from a 3-week low against the American currency and ended higher by 7 paise at 64.52 following fresh bouts of dollar selling amid weak undertone overseas. Robust capital inflows into the equities and debt predominantly supported the domestic currency even as forex market continues to price in a rate rise by the Federal Reserve as a near-term risk. Though, forex trading sentiment was by and large tepid and becalmed for yet another day, hampered by lack of key trigge...

Mukesh Ambani blinks, drops gas price challenge against govt

24/06/2017
New Delhi: Billionaire Mukesh Ambani-led Reliance Industries and its British partner BP plc have withdrawn a legal challenge they had mounted three years back against the government over delay in gas price revision. The withdrawal of the arbitration will now entitle the two companies to marketing and pricing freedom on the natural gas they produce from newer fields in the deepsea at an investment of Rs 40,000 crore by 2022. Sources said the two companies moved to withdraw the international ar...

Affordable housing finance space to grow to Rs 6 trillion by FY22

24/06/2017
Mumbai: The affordable housing finance segment is likely to grow to Rs 6 trillion in size in the next four years from Rs 1.5 trillion now, India Ratings said today. This will make the segment a major contributor to the overall housing finance activity. Affordable housing finance, largely dealing in loan ticket size of up to Rs 15 lakh, will become a large segment for housing finance companies (HFCs) in the next five years, with its market share estimated to increase to around 37 per cent in FY...

Credit Suisse reaches out to Snapdeal’s minority shareholders

24/06/2017
New Delhi: Investment bank Credit Suisse is reaching out to minority shareholders of Snapdeal to build a consensus on the sale of the e-commerce platform to larger rival, Flipkart. According to sources, Credit Suisse, which is advising Snapdeal on the proposed deal, is reaching out to smaller shareholders to get them on board for the acquisition. The beleaguered firm has a number of investors including PremjiInvest, Ontario Teachers' Pension Plan, Ratan Tata, Foxconn, Temasek and BlackRock am...

TCS ranked as top employer of US talent in IT sector

24/06/2017
Mumbai: Tata Consultancy Services (TCS) was ranked among the top two job creators in the US for the IT services sector over the past five years, according to a study. The country's largest software exporter has recruited more than 12,500 US employees from 2012-2016, while it ranked first in terms of US employee growth during that period, at 57 per cent, said the study by The Cambridge Group. The company has had a presence in the US for more than four decades, and the ranking in The Cambridge ...

Mumbai continues to be most expensive city for expatriates in India

22/06/2017
New Delhi: Mumbai is the most expensive city for expatriates in India and is ranked higher than major global cities such as Paris, Canberra, Seattle and Vienna, says a report. According to Mercer's 23rd annual Cost of Living Survey, Mumbai is placed 57th on the list while New Delhi was placed at 99. Chennai (135), Bangalore (166) and Kolkata (184) were the other Indian cities on the list. Luanda, the capital of Angola, was the costliest city, driven by cost of goods and security, followed by ...

Rajdhani, Shatabdi trains now set for a makeover

22/06/2017
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 food has suffered. After years of complaints by the travelling public, the premium trains are now set for a makeover. The Railway Ministry is to launch "Operation Swarn" to improve services in Rajd...

Air India's privatisation: Is Tata group looking to pilot the national carrier again?

22/06/2017
New Delhi: Even as a final decision on the revival plan for debt-laden Air India is likely to take some more time, news reports are pouring that Tata Group is contemplating to purchase stake in the national carrier. As per a report, Tata Group is considering buying Air India in partnership with Singapore Airline. The news channel report said that Tata Group chairman N Chandrasekaran has held informal talks with the government. The report further stated that the group is interested buying a con...

Govt asks banks to deposit junked notes at RBI by July 20

22/06/2017
New Delhi: The government has permitted banks and post offices to deposit junked Rs 500 and Rs 1,000 notes with the Reserve Bank by July 20. This is the second window the government has provided to banks, post offices and cooperative banks for depositing the junked notes with RBI. The earlier window was open till December 31, a day after the 50-day period of demonetisation of high value currency. "Such specified bank notes may be deposited by such bank, post office or district central cooper...

Farm loan waivers squeeze future loan payments: SBI

22/06/2017
MUMBAI: State Bank of India has said that the past farm loan waiver had resulted in worsening of repayments on future loans. The country's largest bank also said in a research report that state finances are going to be adversely hit due to farm loan waivers, which come on the back of revenue losses due to prohibition in some states and financial pressure from restructuring of loans to state electricity boards under the Uday Scheme. The report states that the total cost of farm loan waivers to ...

GST profiteering may lead to cancellation of registration

22/06/2017
NEW DELHI: The government's anti-profiteering rules have raised the prospects of cancellation of registration of an entity that takes undue advantage of Goods and Services Tax (GST) implementation and does not share the gains with consumers. Cancellation of registration is in addition to the power to levy penalty that was prescribed under the law. The government has repeatedly threatened to invoke anti-profiteering provisions to ensure that gains of GST by way of lower taxes and input tax cre...

Airtel, Voda needle Trai on network tests; Jio says non-issue

22/06/2017
New Delhi: Telecom operators Bharti Airtel, Vodafone and Idea Cellular have questioned regulator Trai’s timing of recent paper on refining mobile network test rules, calling it a ‘disguise’ after the damage was done by Reliance Jio. The Mukesh Ambani-led Jio has dismissed the charges saying the incumbents have created a non-issue around network testing, despite clarity in present rules and it is necessary to clear all ambiguities in the existing framework. The incumbent telecom operators, und...

SteelMin to study ways to restore gas for stranded units

22/06/2017
New Delhi: The steel ministry in tandem with the oil ministry will examine options of restoring domestic gas supply to steel plants that are stranded for want of natural gas from domestic sources. "In the case of gas-based steel plants which have been stranded due to lack of supply of natural gas from domestic sources, options will be evaluated in coordination with the Ministry of Petroleum and Natural Gas (MoPNG) for restoration of domestic gas supply to the steel sector," an official said. ...

Mswipe raises Series-D funding of USD 31 million

22/06/2017
Mumbai: Independent POS (point of sale) merchant acquirer and network provider Mswipe Technologies today announced a Series D, or fourth strategic round of funding of USD 31 million. UC-RNT fund, a joint venture between Ratan Tata's RNT Associates and University of California along with existing investors Matrix Partners India, Falcon Edge Capital, and DSG Consumer Partners participated in the round, a statement issued by the company said. Mswipe will use the funds to develop the largest netw...

Mswipe raises Series-D funding of USD 31 million

22/06/2017

Mumbai continues to be most expensive city for expatriates in India

21/06/2017
New Delhi: Mumbai is the most expensive city for expatriates in India and is ranked higher than major global cities such as Paris, Canberra, Seattle and Vienna, says a report. According to Mercer's 23rd annual Cost of Living Survey, Mumbai is placed 57th on the list while New Delhi was placed at 99. Chennai (135), Bangalore (166) and Kolkata (184) were the other Indian cities on the list. Luanda, the capital of Angola, was the costliest city, driven by cost of goods and security, followed by ...

Rajdhani, Shatabdi trains now set for a makeover

21/06/2017
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 food has suffered. After years of complaints by the travelling public, the premium trains are now set for a makeover. The Railway Ministry is to launch "Operation Swarn" to improve services in Rajd...

Air India's privatisation: Is Tata group looking to pilot the national carrier again?

21/06/2017
New Delhi: Even as a final decision on the revival plan for debt-laden Air India is likely to take some more time, news reports are pouring that Tata Group is contemplating to purchase stake in the national carrier. As per a report, Tata Group is considering buying Air India in partnership with Singapore Airline. The news channel report said that Tata Group chairman N Chandrasekaran has held informal talks with the government. The report further stated that the group is interested buying a con...

Govt asks banks to deposit junked notes at RBI by July 20

21/06/2017
New Delhi: The government has permitted banks and post offices to deposit junked Rs 500 and Rs 1,000 notes with the Reserve Bank by July 20. This is the second window the government has provided to banks, post offices and cooperative banks for depositing the junked notes with RBI. The earlier window was open till December 31, a day after the 50-day period of demonetisation of high value currency. "Such specified bank notes may be deposited by such bank, post office or district central cooper...

Farm loan waivers squeeze future loan payments: SBI

21/06/2017
MUMBAI: State Bank of India has said that the past farm loan waiver had resulted in worsening of repayments on future loans. The country's largest bank also said in a research report that state finances are going to be adversely hit due to farm loan waivers, which come on the back of revenue losses due to prohibition in some states and financial pressure from restructuring of loans to state electricity boards under the Uday Scheme. The report states that the total cost of farm loan waivers to ...

GST profiteering may lead to cancellation of registration

21/06/2017
NEW DELHI: The government's anti-profiteering rules have raised the prospects of cancellation of registration of an entity that takes undue advantage of Goods and Services Tax (GST) implementation and does not share the gains with consumers. Cancellation of registration is in addition to the power to levy penalty that was prescribed under the law. The government has repeatedly threatened to invoke anti-profiteering provisions to ensure that gains of GST by way of lower taxes and input tax cre...

Airtel, Voda needle Trai on network tests; Jio says non-issue

21/06/2017
New Delhi: Telecom operators Bharti Airtel, Vodafone and Idea Cellular have questioned regulator Trai’s timing of recent paper on refining mobile network test rules, calling it a ‘disguise’ after the damage was done by Reliance Jio. The Mukesh Ambani-led Jio has dismissed the charges saying the incumbents have created a non-issue around network testing, despite clarity in present rules and it is necessary to clear all ambiguities in the existing framework. The incumbent telecom operators, und...

Home finance listing: RCap gets NCLT nod for shareholders' meet

21/06/2017
New Delhi: Reliance Capital on said it has received approval from National Company Law Tribunal (NCLT) for shareholders' meeting on demerger of Reliance Home Finance, a move that will facilitate independent listing of the home finance unit on exchanges. The company has already received 'no-objection' from the BSE and the NSE on the scheme. Listing of Reliance Home Finance is expected to be completed by September, Reliance Capital said. For every share held in Reliance Capital, shareholders w...

Government sells $619 million stake in Larsen & Toubro

21/06/2017
Mumbai: India sold a 2.5 percent stake in engineering and construction group Larsen & Toubro Ltd (L&T) on Wednesday, raising more than 40 billion rupees ($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 India (SUUTI), was sold through block deals in stock markets, said Neeraj Gupta, the top bureaucrat looking after government stake sales, confirming earlier media reports. SUUTI owned...

Moto X Force gets bumper discount of over 60% on Flipkart, now available at Rs 12,999

21/06/2017
New Delhi: Motorola's shatterproof smartphone Moto X Force has been slashed by up to Rs 34,999. Moto X Force is now available at Rs 12,999 on Flipkart. The 64GB variant of the phone which was available at Rs 37,999, has got a 58 percent price cut and it is available at Rs 15,599 on Flipkart. The price the 32GB variant that was available at Rs 34,999 has been cut by 62 percent to Rs 12,999 The Moto X Force features a 5.4-inch AMOLED Quad HD display with a resolution of 2560 x 1440 that resul...

Vodafone offers unlimited 3G/4G data at just Rs 6 per hour

21/06/2017
New Delhi: In a bid to counter the disruptive internet data price band started by Reliance Jio, Vodafone has announced new offer Vodafone SuperNight. The offer is available for prepaid customers, enabling unlimited 3G/4G data usage and download for five hours, at just Rs 29. With Vodafone SuperNight, the price that you effectively pay is Rs 6 for 5-hour unlimited 3G/4G data usage. However, please be informed that the pricing may vary from circle to circle. The pack can be activated any time of...

India’s economy to grow at 7.4-7.6% in next two fiscals: Fitch Ratings

21/06/2017
New Delhi: Demonetisation of old Rs 500 and 1,000 notes had a "material impact on spending" as reflected in significant slowing of GDP growth in January-March, Fitch Ratings said today, warning that the ongoing steep decline in investment could spell risks to growth potential. In its latest Global Economic Outlook (GEO), Fitch said Indian GDP growth slowed "significantly" to 6.1 percent in first quarter of 2017 from 7 percent in October-December. This was the slowest pace since fourth quarter ...

Cabinet to take a call on Air India: Sinha

21/06/2017
Mumbai: Inter-ministerial consultations on the future course of action for Air India have been completed and the Cabinet would decide on how best to move forward, Union minister Jayant Sinha said today. The debt-laden Air India is staying afloat on taxpayers' money and the government is looking at all options for its revival, including privatisation. "We are going through the analysis process. Those recommendations are with the Cabinet right now and the Cabinet will take the process forward,"...

India ratifies TIR, to boost trade

21/06/2017
MUMBAI: India has become the 71st country to ratify the United Nations TIR Convention. Managed and developed by IRU, the world road transport organisation, TIR is the global standard for goods customs transit. The milestone decision puts India and her neighbours at the centre of efforts to increase overland trade and regional integration across South Asia and beyond, fast-tracking the region’s potential to become a strategic trade hub. TIR will help India to integrate with Myanmar and Thaila...

Samsung Galaxy Tab S3 comes to India at Rs 47,990

21/06/2017
New Delhi: After launching it at the Mobile World Congress in Barcelona, Spain, in February, Samsung Electronics on Tuesday brought Galaxy Tab S3 to India, featuring an advanced S Pen. The Rs 47,990 Galaxy Tab S3 with Quad speakers tuned by AKG and HDR-ready display delivers superior video and gaming experience along with multi-tasking capabilities. The device will be available in black and silver colours across retail stores, starting June 20. "The powerful Galaxy Tab S3 is built with premi...

Samsung Galaxy Tab S3 comes to India at Rs 47,990

21/06/2017

RIL’s KGD6 investment to up its regulatory exposure: Moody’s

21/06/2017
New Delhi: Reliance Industries' planned USD 6 billion investment to monetise gas finds in KG-D6 block will increase its exposure to the extremely challenging Indian gas business that is fraught with delays and retrospective changes in regulation, Moody's Investor Service said on Tuesday. Reliance Industries(RIL) and its partner BP Plc of the UK last week announced that they are moving ahead with development of three fields in the KG-D6 block off the east coast of India. Investment of Rs 40,000...

Domestic airlines shows 17 percent growth in number of passengers

21/06/2017
New Delhi: Indian domestic airlines for the first time carried over one crore passengers in a month in May as the number of fliers rose by over 17% this year so far. The report by Directorate General of Civil Aviation showed that domestic airlines carried 101.74 lakh or 1.01 crore passengers in May as against 86.69 lakh passengers same period last year, clocking a growth of 17.36%. Overall this year till May, the sector saw a growth of 17.63% compared to first five months of 2016, carrying 46...

7th Pay Commission: Cabinet to take final call on HRA, allowances on June 28; will govt employees get arrears for 17 months?

21/06/2017
New Delhi: The Narendra Modi Cabinet is likely to put an end to year-long wait of central government employees for allowances including HRA by taking final call on the proposal in its next meeting on June 28. If the Cabinet takes final call on June 28 then the central government employees will get revised allowances from July month salary. As per sources, the Cabinet will take final decision on E-CoS' proposal on June 28. The Empowered Committee of Secretaries (E-CoS) set up to screen the Lav...

India asks Qatar to invest in power plants as condition for LNG deals

21/06/2017
NEW DELHI: India on Tuesday said it would sign future long-term liquefied natural gas (LNG) purchase deals with Qatar if only Doha agrees to acquire stakes in the South Asian nation's power plants, oil minister Dharmendra Pradhan said. India is the latest major LNG buyer to seek concessions from Qatar, the world's biggest LNG exporter, in order to re-sign long-term supply contracts. Amid a global glut of LNG and a slump in prices, other buyers have sought more flexible contracts, including cla...

ISB students get 1113 job offers; Rs 22 lakh average salary

21/06/2017
Hyderabad: The Indian School of Business (ISB) on Tuesday said it witnessed a 39 percent increase in number of recruiters participating in the current placements season with over 400 companies -domestic and international making 1,113 offers to students of the PGP Class of 2017 with an average salary of around Rs 22 lakh. The Post Graduate Programme in Management (PGP) at ISB had 903 students. According to a statement issued by the institution, in addition to its students, ISB alumni too contin...

Govt rules out farm loan waivers; will stick to fiscal targets

21/06/2017
New Delhi: Finance Minister Arun Jaitley on Tuesday ruled out any waiver of farm loan and said the Centre will adhere to fiscal targets. The remark came as Punjab became the third state after Uttar Pradesh and Maharashtra to announce waiver of loans given to farmers. Replying to questions from reporters, Jaitley said the Centre is not considering any such plan. The government had in 2008 waived farm loan to the tune of Rs 74,000 crore. The Centre, he said, will adhere to all fiscal targets i...