RBI to switch to April-March accounting year from next fiscal

New Delhi (IANS) Over eighty years after it was set up, the Reserve Bank of India on Saturday decided to follow April-March fiscal year, and not the current July-June, as its accounting year to align with that of the Central government.

The…

DoT may encash bank guarantees of telcos on not paying AGR dues

New Delhi (IANS) The government may take action in terms of encashing the bank guarantees of Telecom Service Providers (TSPs) in case they "immediately" fail to pay their spectrum usage charges and the license fees in compliance with the Supreme Court…

No timeline yet for phasing out income tax exemptions: FM

Hyderabad (IANS) Union Finance Minister Nirmala Sitharaman on Sunday said that there is no timeline for phasing out exemptions on personal income tax for those who opted to remain in the old regime.

She told a news conference here that her…

6-7% LIC stake dilution enough to mop up Rs 90,000 cr: CEA

New Delhi (IANS) The government's Rs 2.1 lakh crore sell-off target is achievable with half of this amount expected to be met through the spill-over deals of Air India, BPCL and Concor and the remaining Rs 90,000 crore through just 6-7 per cent…

Over 17cr PAN cards to become inoperative if not linked with Aadhar by March 31

New Delhi (IANS) More than 17 crore PAN cards will become inoperative if not linked with the Aadhar by end of March.

In a move with large scale disruption potential, the Income Tax Department has said that Permanent Account Number (PAN) will…

Never said don't understand Bombay people, says FM calling news 'parody'

New Delhi (IANS) Finance Minister Nirmala Sitharaman has strongly denied quotes attributed to her by a report in The Print where she is quoted as snubbing industrialists and saying "I dont understand Bombay people".

In an astonishing turn of…

Transmission rates improving, inflation spike factored in: RBI Guv

New Delhi (IANS) Reserve Bank of India (RBI) Governor Shaktikanta Das on Saturday said the transmission of rate cuts was gradually and steadily improving and allayed any fears on the latest inflation spike to 7.59 per cent saying these numbers broadly…

18% GST on food-drinks within or away from hotel: Maha authority

Mumbai (IANS) In a significant order, the Maharashtra Authority for Advance Ruling (MAAR) rejected a plea by a five-star hotel contending that food and beverages served in a restaurant away from the hotel premises should attract 5 per cent GST instead…

DoT directs telcos to pay AGR dues 'immediately'

New Delhi (IANS) Department of Telecommunications (DoT) on Friday directed all telecom licensees to make immediate payment of dues in compliance with the Supreme Court order of October 24 last year.

The DoT'S Licensing Finance wing, in…

Sensex slips 106 points on inflation, coronavirus worries

Mumbai (IANS) Indian markets closed lower on Thursday along with major world indices over a sharp rise in coronavirus-related deaths in China. Increase in retail inflation and prices of LPG cylinder also dampened the investors' mood further.