There’s now an alternative avenue for those who were in recent times going in for investment in gold as a hedge against inflation. The government, in consultation with the Reserve Bank of India (RBI), decided to launch Inflation Indexed Bonds (IIBs) to wean away investors from the yellow metal to paper-based savings instruments. The first [...]
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The Reserve Bank of India’s (RBI) move to restrict import of gold consignments could impact smaller players in the gold and jewellery industry. The aim of the government is to moderate demand for gold for domestic use, as only the genuine needs of gold jewellery exporters would be exempt. The trigger for the move was [...]
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For the first time since 2009, wholesale price index-based headline inflation slid further to 4.89 per cent in this year from 5.96 per cent a month ago following a significant easing in food prices to enter the Reserve Bank of India’s (RBI) ‘comfort zone’ of a 4-5 per cent rise in prices. With CPI (consumer [...]
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The Reserve Bank of India has begun to shore up its sliding foreign exchange reserves as it bought the US dollars from the market for the first time in 28 months as overseas investors poured in seeking higher returns. The central bank that has declared it would not intervene in the currency market to target [...]
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In a decision that will have far-reaching implications on companies across sectors, the Income-Tax Appellate Tribunal (ITAT), Mumbai, held that an element of cross-border transaction and existence of an associated enterprise (AE) are prerequisites for invoking the provisions of transfer pricing rules. ITAT ruled that at least one of the parties should be a non-resident. [...]
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State finance ministers, turned down the Centre’s request to place mobile phones and tablets in the list of declared goods in the Goods and Services Tax (GST) regime, saying the idea was untenable. “The panel is of the firm view that the idea is untenable, and no item should be kept in the declared goods [...]
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The London Zoo has launched a worldwide hunt for a female mate for a ‘gorgeously ugly’ tropical fish which is on the brink of extinction. The Mangarahara cichlid ( Ptychochromis Insolitus ) is believed to be extinct in the wild, due to dams drying up its habitat — the Mangarahara river in Madagascar. Two of [...]
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Amid allegations of money laundering against banks and insurance companies by an online portal, Reserve Bank of India Governor D. Subbarao said it was the responsibility of the government and tax authorities to check such activities. “The RBI is not directly involved… even banks are not directly responsible. They are not expected to inquire about [...]
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The Employees’ Provident Fund Organization (EPFO) can consider the finance ministry’s request to initiate equity investments through the exchange traded funds of public sector firms in 2014-15. The Department of Disinvestment, under the finance ministry, had urged the EPFO, which has been avoiding stock market investments since it was first allowed in 2005 citing the [...]
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Prime Minister Manmohan Singh has assured the Uttarakhand government that the Central gazette notification on an eco-sensitive zone between Gomukh and Uttarkashi would be reconsidered. An inter-ministerial committee would go into the grievances of locals, Dr. Singh told. The December 18, 2012 notification has declared an area of 4179.59 sq km, covering the entire watershed [...]
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The Reserve Bank of India (RBI) panel mooted ‘India Bill Payment System’ (IBPS), a GIRO-based electronic bill payment system for payment of dues of essential services, insurance premia, utility payments, taxes, university fees, examination fees and school fees. This model will enable the setting up of a centralized infrastructure bringing all the billers and banks [...]
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The United Progressive Alliance government’s big bang foreign investment regime reform announced in the budget seems to have hit a roadblock with the department of industrial policy and promotion (DIPP) raising serious objections to the change in the definition of foreign direct investment. In his budget speech finance minister proposed a shift to an international [...]
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A Reserve Bank of India committee proposed setting up an Indian bill payment system, or IBPS, to act as a centralized infrastructure connecting billers through the aggregators and customers through the customer service points, for management of all bill payments. The committee, headed by RBI executive director G Padmanabhan, was set up to study the [...]
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When currency speculators punt on the rupee outside the country, they usually end up annoying the Reserve Bank of India. But there is very little RBI could do as these traders operating in offshore centres are outside the regulator’s jurisdiction. Now, a new rule by the central bank tries to curb Indian entities that sponsor [...]
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A news portal has alleged most of India’s big banks and some insurers, including the country’s largest bank, State Bank of India (SBI), and India’s top insurer Life Insurance Corporation (LIC), offered to launder money putting aside know-your-customer (KYC) norms. In the first installment of its investigation released in March, the news portal Cobrapost had made the same [...]
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