Economy News

Income tax arrears tax collection tax filing PAN

India expediting efforts to collect $117 billion in tax arrears

However, only about 15-20 percent of $117 billion is "realistically" recoverable, Reuters reported, citing a tax department official.

Apr 18, 2016

Oil freeze deal faces trouble as Saudi-Iran tensions spike

Saudi Arabia said it wanted all OPEC members to participate in the talks, despite insisting on excluding Iran because Tehran had refused to freeze production.

Apr 17, 2016

Railways in the dock over Rs. 300 crore service tax evasion

Revenue authorities have asked the railways to share income details about tatkal services, ticket cancellation and bed roll charges.

Apr 17, 2016

BRICS bank sanctions Rs. 1,666 crore to Canara Bank for energy projects

The New Development Bank disbursed its first package of loans worth $811 million to Brazil, China, South Africa and India.

Apr 17, 2016

Saudi Arabia could sell off billions in American assets if bill passes: NYT

The bill, which passed the Senate Judiciary Committee earlier this year, would take away immunity from foreign governments in cases.

Apr 17, 2016

World Bank: India received $69 billion in remittance in 2015

Growth of remittances to South Asia witnessed a drop of 2.3 percentage points in 2015 primarily due to a contraction in flows to India.

Apr 16, 2016

RBI Governor Raghuram Rajan hints at more rate cuts

In an interview with WSJ, Raghuram Rajan said the cuts would depend on further easing of inflation and a good monsoon.

Apr 16, 2016

Foreign exchange reserves hit new high of $359.91 billion

India's foreign exchange reserves stood at a new high of $359.91 billion in the week ended April 8, 2016, according to RBI.

Apr 16, 2016

Oil falls as investors expect little from Doha meeting

All eyes are on Doha as producers meet on Sunday to discuss freezing output around current levels.

Apr 16, 2016

Petrol price cheaper by 74 paise, diesel by Rs. 1.30

The revised rates will be effective from Friday midnight.

Apr 15, 2016

Sagarmala project to save logistics costs, create 1 crore jobs

The unification of India's 150 port projects through modernisation would boost merchandise exports to $110 billion by 2025.

Apr 15, 2016

Indian Defence Ministry may give projects worth Rs. 50,000 crore to Shipping Ministry

The move aims to offer private shipyards a chance to work on the projects by awarding them contracts through shipping ministry.

Apr 15, 2016

India, Saudi Arabia discuss Oil cooperation

Saudi, India discuss oil market situation, boost cooperation: SPA

The two officials also discussed cooperation between the two countries in energy as well as boosting India's purchases of crude oil.

Apr 15, 2016

China first quarter GDP grows at slowest pace since 2009

China's economy grew 6.9 percent in 2015, its weakest rate in a quarter of a century.

Apr 15, 2016

RBI asks banks with currency chests to frequently review security tools

Currency chests are storehouses where banknotes and rupee coins are stocked on behalf of the RBI.

Apr 14, 2016

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Economy News

India expediting efforts to collect $117 billion in tax arrears

Oil freeze deal faces trouble as Saudi-Iran tensions spike

Railways in the dock over Rs. 300 crore service tax evasion

BRICS bank sanctions Rs. 1,666 crore to Canara Bank for energy projects

Saudi Arabia could sell off billions in American assets if bill passes: NYT

World Bank: India received $69 billion in remittance in 2015

RBI Governor Raghuram Rajan hints at more rate cuts

Foreign exchange reserves hit new high of $359.91 billion

Oil falls as investors expect little from Doha meeting

Petrol price cheaper by 74 paise, diesel by Rs. 1.30

Sagarmala project to save logistics costs, create 1 crore jobs

Indian Defence Ministry may give projects worth Rs. 50,000 crore to Shipping Ministry

Saudi, India discuss oil market situation, boost cooperation: SPA

China first quarter GDP grows at slowest pace since 2009

RBI asks banks with currency chests to frequently review security tools

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