Economy News

India's cash crunch likely to persist till end of January 2017

Brokerage Nomura says remonetisation by the RBI is at a fast pace but cash crunch would last till mid to end January next year.

Dec 22, 2016

ED arrests Kolkata businessman Parasmal Lodha for converting Rs 25 crore in old notes for Shekar Reddy

Reddy and his associates were arrested by the CBI on Wednesday over illegal possession of unaccounted money and assets.

Dec 22, 2016

RBI statistics reveal billions withdrawn in cash after remonetisation

Remonetisation after demonetisation of Rs 500 and Rs 1,000 notes by PM Modi sees Indians withdrawing huge cash, according to RBI data.

Dec 21, 2016

CBI arrests Chennai industrialist Sekar Reddy for possession of unaccounted money

Raids earlier this month had led to the recovery of Rs 154 crore in cash, including Rs 34 crore in Rs 2,000 notes, and over 167 kg of gold.

Dec 21, 2016

IPL 2017 could spring a positive surprise to Modi govt's digital economy drive

More non-cash sale of match tickets for VIVO IPL 2017 would give a fillip to Narendra Modi government's digital economy initiatives.

Dec 21, 2016

US President Barack Obama bans oil and gas drilling in most of Arctic and Atlantic oceans

Donald Trump, during his presidential campaign, had said that he wants to open up more lands for mining and drilling.

Dec 21, 2016

Demonetisation and the digital economy: Narendra Modi govt makes another move, this time on wages

The Union Cabinet discussed amending provisions of Payment of Wages Act to ensure more non-cash payment of salaries.

Dec 21, 2016

RBI deposit rules: New letter says no questions will be asked of account-holders who have completed KYC

The RBI letter of Wednesday comes as a relief to people who were facing questions from banks for depositing more than Rs 5,000 in old notes.

Dec 21, 2016

Hong Kong stops visa-free entry for Indians; introduces pre-arrival registration scheme

The decision is a major setback for more than half a million Indians who visit Hong Kong for vacations, trade and business purposes every year.

Dec 21, 2016

Union Cabinet gives nod for setting up Indian Enterprise Development Services

The move to form the Indian Enterprise Development Services is among a slew of decisions taken by the Union Cabinet on Wednesday.

Dec 21, 2016

Indian economy: India overtakes UK to become fifth largest economy in the world

Indian economy has overtaken the UK economy in GDP terms and the gap is expected to widen in the coming years.

Dec 21, 2016

I-T department raids Tamil Nadu chief secretary's residence, office; recovers Rs 30 lakh in new notes and 5 kg gold

Rama Mohana Rao was appointed the chief secretary this year in June.

Dec 21, 2016

Budget 2017: Economists tell Arun Jaitley they want implementation of 'out of box' ideas

The economists told Arun Jaitley that provisions should be made in the next Budget to curb the generation of black money.

Dec 21, 2016

Budget 2017: FM Arun Jaitley makes pertinent comments on railways

Railway fares are a sensitive issue, especially in the context of upcoming assembly elections; Arun Jaitley's comments are therefore important.

Dec 20, 2016

Why should the government know about lingerie purchases of a woman, asks Chidambaram

In an interview, former finance minister P Chidambaram dismisses the concept of cashless economy, raises fears of big data invading privacy.

Dec 20, 2016