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Vol. XIII Issue no.55
Chennai, Jul 23 , 2017
Bar coding on Mono-carton to be effective from April 2015• ADD on Sodium Nitrite from EU imposed•Exports to Iran eligible for incentives• Rates of exchange notified effective August 8•Tariff values notified•ADD on PTA imposed
Forex reserves rise to $315.779 billion
Kolkata, July 4:   India's foreign exchange reserves grew by $857 billion in the week to June 27 as foreign institutional investors continued pumping in dollars in the local equities.  The reserves rose to $315.779 billion, RBI said in its weekly bulletin. The reserves is steadily ris
Forex reserves increase by $2.8 bn
Kolkata, April 19:  India's foreign exchange reserves have increased by $2.8 billion to $309.5 billion, the RBI said on Friday. Reserves rose for the seventh straight week since February 21 as overseas investors poured in dollars, expecting a stable and pro-reform government post the elections.
IIP rises 2.1% as core sectors recover marginally
New Delhi, February 1:   Growth in eight core sector industries recovered marginally in December on the back of greater expansion in electricity generation, indicating that industrial output is not likely to recover significantly from last month's surprise contraction. The index rose 2.1
Forex reserves inch up to $292.24 billion
Mumbai, January 31:   Foreign exchange reserves inched higher to $292.24 billion as of January 24, from $292.08 billion in the earlier week, the Reserve Bank of India said on Friday. Changes in foreign currency assets, expressed in dollar terms, include the effect of appreciation or depre
Forex reserves fall to $295.52 bn
Mumbai, December 20:  Foreign exchange reserves fell slightly to $295.52 billion as of Dec. 13, compared with $295.71 billion in the earlier week, the Reserve Bank of India said on Friday.  Changes in foreign currency assets, expressed in dollar terms, include the effect of appreciation or
Inflation surges to 14-month high of 7.52%
New Delhi, December 16:   India's headline inflation surged past analysts' expectations to a 14-month high of 7.52% in November, government data showed on Monday, after food prices rose at the fastest clip since June 2010. The wholesale price index's annual rise compared with a 7% jump fo
Forex reserves rise to a seven-month high
Kolkata, December 13:   Forex reserves jumped $4.408 billion in the week ended December 6 to $295.7 billion as banks continued to swap their dollar borrowings with RBI in favour of the rupee even after the deadline of November 30, by which incentives that encouraged this were to end. 
Retail inflation rises
New Delhi, December 12:   Data released on Thursday showed that retail inflation surged to 11.24 per cent in November (10.17 per cent in October). Factory output contracted in October to 1.8 per cent, though this was partly because of the base effect — in October 2012, IIP growth wa
CIRCULAR NO. 75/RBI.Dated: November 19, 2013
Reserve Bank of India, Mumbai A P (DIR Series) CIRCULAR NO.  75/RBI., Dated: November 19, 2013 Trade Credit for imports into India- Online submission of data on issuance of Guarantee/Letter of Undertaking (LoU) /Letter of Comfort (LoC) by ADs Attention of Authorized Dealer Category-I (AD Ca
Forex reserves up at $282.11 bn
Mumbai, November 15:   India's foreign exchange reserves rose to $282.11 billion as of Nov. 8, compared with $281.29 billion in the earlier week, the Reserve Bank of India said on Friday. - Reuters
Registered quantity for sugar export doubled
New Delhi, November 13:   The Directorate General of Foreign Trade has enhanced the upper limit of 25,000 MTs per application for registration to 50,000 MTs, by amending its earlier circulars issued in May 2012, vide Policy Circular No.10 (RE-2013) dated November 12, 2013. Accordingly, an
WPI inflation edges up to 6.46% in September
New Delhi, October 14:  The wholesale price index based inflation has come in at 6.46 per cent for September.  This is higher than the 6.1 per cent recorded in the previous month.  The WPI-based inflation for July has now been revised upwards to 5.85 per cent as compared to 5.79 per c
India's forex reserves jump $1.46 bn to $277.7 billion
Mumbai, October 11:  India's foreign exchange reserves surged USD 1.46 billion to USD 277.73 billion in the week ended October 4 on the back of a healthy growth in the key currency assets, the Reserve Bank said today. The reserves had dipped by USD 1.12 billion to USD 276.26 billion in the pre
India ranks 78th on human capital index
New Delhi, Oct. 2:    Low scores in sanitation and hygiene and second-to-bottom rank on the health gender gap indicators are blots on India’s image globally. The World Economic Forum has placed India 78th, out of 122 countries, on a global Human Capital Index, which ranks count
Forex reserves rise to $275.351 billion
Mumbai, Sept.21:   India's foreign exchange reserves strengthened by $ 544.7 million to $ 275.35 billion on a healthy increase in the core currency assets in the week ended September 13, Reserve Bank said today. The total reserves had dipped by $ 685.1 million to $ 274.81 billion in the p
Forex reserves fall by $ 685 mn to $ 274.8 bn
Mumbai, Sept. 13:   India's foreign exchange reserves declined by $ 685.1 million to $ 274.81 billion in the week ended August 30 due to a dip in the foreign currency assets, the Reserve Bank said today. During the year-on-year period, the reserves fell by a whopping $ 17.239 billion, the
Forex reserves up $205.8 million
Mumbai, August 23:   India’s foreign exchange (forex) reserves rose $205.8 million to $278.80 billion in the week ended August 16. The foreign currency assets, which form a major share of the forex reserves, rose by $211.7 million to $251.56 billion. In the previous reporting week t
Rupee value under Deferred payment revised
Mumbai, August 18:  The Reserve Bank of India has advised AD Category banks that a further revision has taken place on August 06, 2013 and accordingly, the Rupee value of the Special Currency Basket has been fixed at Rs.83.45023 with effect from August 12, 2013, vide its Circular No. 26 dated A
Forex reserves up $1.43 billion to $278.6 billion
Mumbai, August 16:   The country's foreign exchange reserves rose by USD 1.434 billion in the week ended August 9, after dropping by USD 2.99 billion previous week, the Reserve Bank of India said today. Total reserves rose to USD 278.601 billion as against USD 277.167 billion in the week
Shreyas Shipping to start container service linking ports
Mumbai, July 30:  Shreyas Shipping and Logistics Ltd said on Tuesday that it will start two new coastal container services linking, for the first time, all major ports on the East and West coasts — from Mundra (Gujarat) to Kolkata — from August 15.  The new services will ensure
Online claims service for flyers launched
Chennai, July 29:   An online facility specialising in handling claims by air passengers, refund.me, has started services in India, according to a press release.  Each passenger travelling between India and Europe could be eligible for €600 (about Rs 46,800) compensation for flig
Barcoding norms for all major exports soon
Hyderabad, July 26:   The Government of India is planning to come up with barcoding and labelling norms for all major exports soon. Speaking to newspersons after the inauguration of a national conference on global trends in packaging of food, pharmaceutical and bulk drugs organised by the
New Rs 5 coins
Mumbai, June 17: The Reserve Bank will soon put into circulation new five rupee coins to commemorate 150th birth anniversary of Motilal Nehru. The obverse of the coin will bear the Lion Capital of Ashoka Pillar in the centre with the legend "Satyamev Jayate" inscribed below.  It will be flanke
Air India to cut free baggage limit to 15 kg from 20 kg
New Delhi, May 6:   Air India has cut the baggage allowance for most economy-class fliers becoming the first to take advantage of the recent government move to allow airlines to charge separately for various services, reports Business Line. According to the new rules, which go into effect
Mangalore airport to begin cargo operations from May 1
Mangalore, April 24:   Air cargo operations from Mangalore international airport would begin from May 1, J.T. Radhakrishna, Director of Mangalore International Airport, said while addressing members of the Kanara Chamber of Commerce and Industry (KCCI) here on Tuesday evening. He said the
New container freight station at Pipavav
Ahmedabad, April 22:   APM Terminals Pipavav (Gujarat Pipavav Port Ltd) and APM Terminals Inland Services (APM Terminals India Pvt Ltd) have signed a sub-lease agreement to manage and operate a new Container Freight Station (CFS) within the port premises of APM Terminals Pipavav in Gujarat
New Tatkal charges from April 1
Bangalore, March 19:   As announced in the Railway Budget 2013-14, the Railway Board has raised the Tatkal charges to 10 per cent of basic fare for reserved second class and 30 per cent of basic fare for all other classes subject to minimum and maximum as follows: Reserved second sitting -
Jet Air offers discounts on advance booking
New Delhi, March 14:   Travellers planning to book train tickets for the summer holidays now have the option of flying either Air India or Jet Airways, which are offering discounted domestic fares.   The airline sent out a mail to the travel community saying that it had launched
India ranks 78th in guaranteeing access to civil justice: Report
Washington, November 28:   India ranks 78th among 97 countries in guaranteeing access to all civil justice, a latest report released today said, while its neighbouring country Sri Lanka leads the South Asian nations in most dimensions of the rule of law. The ‘Rule of Law Index 2012&
RBI to issue Rs 100 note with rupee symbol
Mumbai, October 23:   The Reserve Bank will soon issue bank notes of Rs 100 denomination with the rupee symbol in the Mahatma Gandhi Series—2005. These bank notes will bear the rupee symbol on the observe and the reverse with inset letter E in both the numbering panels, bearing the
India ranks lower than China in global food security index
New Delhi, September 27:    India has been ranked 66, much lower than neighbouring China, in the 2012 Global Food Security Index released today by the American chemical company DuPont. With India expected to be the most populous country in the world by 2025, feeding the population is
India ranks 7th in corporate governance in Asia-Pacific: CLSA
New Delhi, September 23:   India has been ranked in the seventh place in terms of corporate governance score in Asia Pacific region.  According to the CLSA Corporate Governance Watch 2012 list, produced in collaboration with the Asian Corporate Governance Association, India's corporat
15 gadgets to brought under BIS Act
New Delhi, September 18:    The Department of Electronics and Information Technology today (DeitY) notified a list of 15 electronic products that will have to be registered by the manufacturers. The Electronics and Information Technology Goods (Requirements for Compulsory Registration
RBI to soon issue Rs 1,000 notes
Mumbai, August 28:   The Reserve Bank of India today said that it will soon launch Rs 1,000 denomination banknotes with rupee symbol, and improved security features. “The Reserve Bank of India will shortly issue Rs 1,000 denomination banknotes incorporating rupee symbol, with inset
Doing business in India difficult: Dell
New Delhi, August 17:   A combination of power blackouts, uncertain tax rules and contracts that are not honoured make India a difficult place to do business, a senior Dell Inc executive said on Friday in unusually blunt comments by a foreign investor. India's economy is growing at its sl
Caterpillar to launch remanufactured products
Bangalore, August 15: Caterpillar Inc, the world’s leading mining and construction equipment maker, plans to bring to India its financial services as well as its blockbuster “remanufactured” products.  Remanufactured products are those where salvage techniques are used to
RBI to issue Rs 10 & Rs 50 notes with rupee symbol
Mumbai, August 9:   The Reserve Bank of India will soon issue Rs 10 and Rs 50 denomination bank notes incorporating rupee symbol in the Mahatma Gandhi-2005 series. "The Reserve Bank of India will shortly issue Rs 10 and Rs 50 denomination bank notes incorporating rupee symbol, with inset
NEFT fee for small amounts halved
Mumbai, July 14:   The Reserve Bank of India has halved fees that banks are allowed to charge for remittances of up to Rs 10,000 under the national electronic fund transfer (NEFT) system from Rs 5 to Rs 2.5. "The NEFT system, introduced in 2005, has seen exponential growth in recent years
RBI launches website to explain detection of fake currency
Reserve Bank has launched a website explaining ways to detect counterfeit notes. New Delhi, July 8:   Seeking to spread awareness among public about fake notes, the Reserve Bank has launched a website explaining ways to detect counterfeit notes. With a tagline 'Pehchano Paise Ki Boli, Ky
E-Payment must for public sector banks from July 1
New Delhi, June 28:   The finance ministry has asked state-run banks to stop making payments to their customers through cheques from July 1 and to "migrate totally" to electronic payment channels, a move aimed at cutting costs in a sluggish economy. In a circular issued to chairmen of pub
RBI to issue Rs 20 and Rs 50 notes with rupee symbol
Mumbai, April 12:   The Reserve Bank will soon issue Rs 20 and 50 notes with the rupee symbol, bearing the signature of D Subbarao, Governor, RBI," the central bank said in a statement. The design of these notes to be issued now is similar in all respects to the banknotes in Mahatma Gandh
RBI offices to remain open on Mar 31 for special clearings
Mumbai, March 21:   All the regional offices of the Reserve Bank and the branches of agency banks will remain open on March 31, Saturday, for special clearings of government transactions for 2011-12. "With a view to facilitating accounting of all government transactions of the current fin
ICICI Bank to levy charge on mobile fund transfers
New Delhi, March 2:   Leading private sector bank ICICI Bank will charge its customers Rs 5 per transaction from next month for transfer of funds over mobile phones, a service available for free as of now. The fee for inter-bank transfer of funds would be levied from April 1, along with a
SC takes serious view on Govt’s laxity seeking COD
New Delhi, February 27:   Government authorities sitting over lost cases and then praying for “condonation” of long delays were severely criticised by the Supreme Court last week in its judgment, Post Master General vs Living Media India Ltd. The case was about concessional pos
RBI to issue Rs 1000 notes with inset letter 'R'
Mumbai, February 22:  The Reserve Bank will shortly issue banknotes of Rs 10 denomination with inset letter 'R' in the Mahatma Gandhi series. "The RBI will shortly issue Rs 1,000 denomination banknotes with inset letter 'R', in the Mahatma Gandhi Series bearing the signature of D Subbarao, Gove
New rules to seize property of corrupt babus
New Delhi, February 14:   The Centre has issued new guidelines to seize properties or money of government officials involved in corrupt practices even after their retirement. According to new norms made in consultation with the Ministry of Law and Justice, a competent authority in concerne
Union Budget to be presented on March 16
New Delhi, February 7:   Finance Minister Pranab Mukherjee will present India's annual budget for 2012/13 on March 16, while the railways budget will be presented on March 14, a minister said on Tuesday. The budget session of parliament will start on March 12, Pawan Kumar Bansal, minister
India ranks 125th in addressing pollution control
  Washington, January 28:   India ranks a lowly 125th in addressing pollution control and natural resource management challenges with Switzerland taking the top spot, according to the 2012 Environmental Performance Index (EPI)."India's low rank on the 2012 Environmental Performance I
RBI to issue Rs 100 note with rupee symbol
Mumbai, January 18:   The Reserve Bank will shortly issue Rs 100 notes which will have the rupee symbol. The design of the notes to be issued is similar in all respects to the existing Rs 100 in Mahatma Gandhi Series-2005 issued earlier, except for the rupee symbol. RBI had announced last
Union Budget to be presented after March 9
New Delhi, January 4: The Government will present the Union Budget for 2012-13 afterMarch 9, the Finance Minister, Mr Pranab Mukherjee, said here today.“We are working on date. We will (present) the Budget after (Assembly) elections areover... The code of conduct will be operational till March
RBI to issue Rs 500 notes with rupee symbol
Mumbai, December 26:   The Reserve Bank will shortly issue Rs 500 notes which will have the rupee symbol.  The Rs 500 notes will be of the Mahatma Gandh-2005 Series bearing the signature of the Reserve Bank of India (RBI) Governor Mr. D Subbarao and with the year of printing mentioned
Pranab to kick off pre-budget meetings from Jan 11
New Delhi, December 25:   Amid economic slowdown, Finance Minister Pranab Mukherjee will hold brainstorming sessions with various stakeholders during his annual pre-budget meetings beginning January 11. The first meeting would be held with agriculturalists, followed by a series of interac
Govt approves Bill for e-delivery of services
New Delhi, December 22:   The government has approved the Electronic Delivery of Services Bill (EDS), 2011 which will help it provide driving licence and other such permits electronically, bringing in transparency in public dealings and checking corruption. Once the Bill is cleared by Par
Timely service from Govt to become a right
New Delhi, December 20:   The Government took a major step towards improving the quality of governance, by introducing a Bill which will make timely delivery of services by public authorities a universal right for citizens. The Bill proposes to lay down timelines within which goods and se
Govt plans Rs 10,000-cr fund to promote electronic manufacturing
Chennai, December 14:  The Union Government proposes to set up a Rs 10,000-crore Electronic Development Fund (EDF) next year, to promote electronic hardware manufacturing in the country.  Mr Ajay Kumar, Joint Secretary, Ministry of Communications & Information Technology, said the EDF
Civil court can execute cheque bounce order
The order of the Lok Adalat in a case of bounced cheque can be considered as a decree of the civil court and enforced, the Supreme Court stated last week in the case, K N Govindan vs C D Shaji. Though the offence of tendering a cheque without sufficient balance in the bank is punishable under the Ne
Appeal in supari trade mark dismisssed
The Supreme Court last week dismissed the trade mark appeal case, Rasiklal Manickchand Dhariwal vs MSS Food Products. The latter company, manufacturers and supari, masala and other products had sued Dhariwal Industries Ltd and Rasiklal Manickchand Dhariwal in a Madhya Pradesh court against the latte
10 and 1000 rupee notes to sport symbol soon
Chennai, December 2:   Soon, the Reserve Bank of India will launch 10-rupee and 1,000-rupee notes with the symbol of the new rupee logo.  RBI officials said though coins had begun sporting the logo, it is for the first time that it would be used on currency notes. The notes are to be
Govt gets tough on packaging law
New Delhi, November 23:   The Government is planning to crack down on the practice by plugging a loophole in the current packaging laws which allowed companies to do this.  The fine for violating the Legal Metrology (Packaged Commodities) Act is also being hiked from the current token
Cheques to be presented within 3 months to get payment from April 1
Mumbai, November 17:   Customers who receive payments through cheques/pay orders/drafts will henceforth have to present them to banks within three months if they want them credited to their account. At present, they enjoy a six-month period (from the date of the instrument) up to which the
ADM fined Rs 25k for not providing information under RTI Act
Lucknow, November 16:  The Uttar Pradesh Information Commission has slapped a fine of Rs 25,000 on an Additional District Magistrate posted in the city for not providing information under the Right to Information (RTI) Act. The panel has directed the district magistrate and the chief treasurer
Director can't be held liable for all wrongs in a company: SC
New Delhi, November 10:   A director of a firm cannot be held liable for the wrongs committed by his company unless it is proved that he was involved in the irregularities, the Supreme Court has held. "This court has repeatedly held that in case of a director, complaint should specificall
Employees must get priority if company is wound up: SC
New Delhi, November 10:   The Supreme Court has ruled that employees of a liquidated company are entitled to first preference of provident fund dues over arrears due to banks, financial institutions and the government. The apex court upheld the Employees Provident Fund Commissioner's (EPF
India improves in bribery index
Berlin, November 2:  "India's score improved the most, with an increase of 0.7, but it still remains near the bottom of the table. Canada and the United Kingdom saw the most significant deterioration in their scores with a drop of -0.3," according to Transparency International's latest "Bribe P
Govt approves 21 textile parks costing Rs 2k cr
New Delhi, October 28:   The government today said it has sanctioned setting up 21 of integrated textile industrial parks with world class infrastructure in nine states involving a total development cost of Rs 2,100 crore. Six of these parks would come up in Maharashtra, four in Rajasthan
I-T officer arrested by CBI in a bribery case
New Delhi, October 28:   The Central Bureau of Investigation has arrested an Income Tax Officer and a Chartered Accountant for demanding & accepting a bribe of Rs. 1.5 lakh from the complainant. A case was registered against an Income Tax Officer, Ward No.19(3)(1), Piramal Chamber, Pa
Govt approves 21 textile parks costing Rs 2k cr
New Delhi, October 28:   The government today said it has sanctioned setting up 21 of integrated textile industrial parks with world class infrastructure in nine states involving a total development cost of Rs 2,100 crore. Six of these parks would come up in Maharashtra, four in Rajasthan
GGG invites readers to celebrate Gandhi Jayanti Day
Chennai, September 20:   It is time now to have a renaissance of Gandhian legacy so that the success of evils could be arrested and the life in India can be secured for a contented existence.  Gandhiji’s ideals and leadership helped us to develop national spirit, to gain politic
Govt mulls formation of Coffee Board
New Delhi, August 29:   In a reply in the Lok Sabha,  Minister of State for Commerce and Industry Jyotiraditya Scindia, said that the Planning Commission has been asked to outline the further steps involved in the formation of a Cashew Board.  "The Planning Commission, which was
RBI to issue new coins of 50 paise to Rs 10 denomination
Mumbai, July 23:  The Reserve Bank today said it will soon put into circulation new coins in five denominations, ranging from fifty paise to Rs 10. "The RBI will shortly put in circulation... coins of the fifty paise, one rupee , two rupees, five rupees and ten rupees denominations," the apex
GGG plans demonstration on July before CH, Chennai
Chennai, July 1:   Good Governance Guards (GGG) had, in its  representations given on June 1 & June 22, 2011 respectively to the Chief Commissioner of Customs (CCC), reiterated that the Customs officers and staff should conform to punctuality, promptness and should maintain the de
GGG gives notice of protest to Chennai Customs
Chennai, June 22:   In a notice served today to the Chief Commissioner of Customs, Chennai, Good Governance Guards (GGG) has conveyed its insistence to see that the officers and staff of Chennai Customs conform to punctuality, promptness and quality in their disposal, as specified by the G
RBI to issue new Rs 100 Rs 10 notes soon
Mumbai, June 11:   The Reserve Bank on Friday said it will soon issue new notes of Rs 100 and Rs 10 denominations in the existing series named after Mahatma Gandhi. While the Rs 100 denomination notes will have the inset letter ‘L' in both numbering panels, the Rs 10 notes will have
RBI to levy 25-50 paise processing fee from July
Mumbai, June 10:   The Reserve Bank of India will now levy a processing fee of 25-50 paise for inter-bank retail electronic payments. Twenty five paise will be levied on the originating bank for outward and return transactions.  The originating bank will also pay 25 paise for every cr
Per capita income in 2010-11 at Rs 54,835
New Delhi, June 1:   Per capita income of Indians grew by 17.9 per cent to Rs 54,835 in 2010-11 from Rs 46,492 in the year-ago period, according to the revised data released by the government yesterday.  The new per capita income figure estimates on current market prices is over Rs 8,
India among most entrepreneur-friendly nations: Global poll
London, May 27:  India along with US, Canada and Australia, has been ranked among the nations with the best cultures in the world for people to start a new business, a new global poll has showed. While India finds itself bracketed with the better ranked countries, Colombia, Egypt, Turkey, Ital
No prior notice needed for seizing bank account during criminal investigation
Mumbai, May 10:  The Bombay high court has ruled that when a bank account is sought to be seized during criminal investigation, the account-holder need not be given prior notice. In this case, Essar Logistics vs Vinoskumar, the account holder argued that natural justice demanded that he should
Refusal of Postal Orders as RTI Fee to Invite Actions
New Delhi, May 4:  The government has decided to impose a penalty on officials who do not accept postal orders as fees for getting information under the Right to Information Act. The Department of Personnel and Training has issued a circular in this regard. “Refusal to accept fees through the
Refusal of Postal Orders as RTI Fee to Invite Actions
New Delhi, May 4:  The government has decided to impose a penalty on officials who do not accept postal orders as fees for getting information under the Right to Information Act. The Department of Personnel and Training has issued a circular in this regard. “Refusal to accept fees through
Government sets norms to pay Rs 1,972 crore under TUFS
New Delhi, May 2:   The government on Sunday came out with fresh guidelines to disburse Rs 1,972 crore during the period April 28, 2011 and March 31, 2012, to the textile industry under Technology Upgradation Fund Scheme (TUFS). TUFS is the flagship interest subsidy scheme of the Textiles
3 global shipping lines join hands for Chennai-Taiwan box service
Chennai, April 29:   Three global shipping lines – Wan Hai Lines, Evergreen Line and Interasia Lines – will jointly launch a container shipping service connecting Taiwan with Chennai to give a fillip to the increased trade between Taiwan and southern India, especially in and ar
SC quashes ADF levy by pvt developers in Mumbai and Delhi
New Delhi, April 26:  The Supreme Court today quashed levying of Airport Development Fee (ADF) by private airport developers in Delhi and Mumbai on international and domestic passengers. A bench of justices Cyriac Joseph and A.K. Patnaik set aside the policy of airport developers by which pass
Air India introduces Date Range Fare for 141 domestic routes
Mumbai, April 21:   To cash in on the holiday season, ailing national carrier Air India (AI) has introduced a 'Date range fare' scheme that offers tickets at comparatively cheaper rates if booked three or five days in advance. "This initiative, effective April 20, is aimed at increasing t
Swiss firm Spedag eyes buys in Indian air freight sector
Hyderabad, April 18:   Swiss logistics major M+R Spedag Group, which recently completed the acquisition of the Chennai-based PL Shipping and Logistics Ltd, is scouting for acquisitions to cement its presence in the domestic inbound air freight business. Its plans in the domestic air freig
AirAsia to link Chennai, Kuala Lumpur twice a day
Chennai, April 18:   Chennai has emerged as the hub for AirAsia in India; the Asia's largest low-cost carrier plans to increase its frequency on the Chennai-Kuala Lumpur route, according to Mr Suresh Nair, Country Manager, AirAsia. Currently, the airline operates seven flights a week from
Govt plans Rs 1.09 lakh cr investment in 13 major ports
New Delhi, April 17:   The government is looking at an investment of over Rs one lakh crore in 13 major ports, majority of which will come from the private sector, to expand their capacity by 767.15 million tonnes (MT) in the next 10 years. "We have identified 352 projects for major ports
Govt seeks views of public on proposed anti-graft law
New Delhi, April 12:   In the backdrop of uproar over corruption and black money issues, Government has sought suggestion from people on a proposed anti-graft law which will facilitate extradition and prosecution of foreign public officials involved in bribery. In a public notification, t
Govt to issue biometric PAN cards
New Delhi April 11:   The government has decided to issue biometric PAN cards to taxpayers across the country to weed out the problem of duplicate and fake ones. The decision was taken recently by the Finance Ministry and it comes in the wake of a Comptroller and Auditor General (CAG) rep
China posts 1st quarterly trade deficit in 6 years
Beijing, April 10:    China reported its first quarterly trade deficit in six years Sunday as surging prices for commodities pushed up its import bill. The General Administration of Customs said in an online statement that China posted a trade deficit of $1.02 billion from January to
Over 20 m mobile users added in Feb: Trai
New Delhi, April 6:   Telecom operators added a whopping 20.2 million mobile subscribers in February 2011, taking the total number of telephone users in the country to 826.25 million, sectoral regulator Trai said today. According to data released by the Telecom Regulatory Authority of Ind
Govt to set up apex bodies on hybrid vehicles this week
New Delhi, April 4:   The government will set up two high-level bodies this week to frame policies for promotion of hybrid and electric vehicles in the country, which depends largely on imports for its automobile fuel. While the National Council for Electric Mobility (NCEM) will be a poli
Madras High Court Judges Appointed
New Delhi, March 30:  In exercise of the powers conferred by clause (1) of article 217 of the Constitution of India, the President has appointed (i) Shri Justice R.S. Ramanathan, (ii) Shri Justice Balasundaram Rajendran, (iii) Shri Justice Raja Elango, (iv) Shri Justice Duraisamy Hariparanthama
Govt to allocate Rs 2,500 cr to modernise MSMEs
New Delhi, March 26:  The Government on Saturday said it will create a Rs 2,500-crore corpus for technology modernisation of the micro, small and medium units by the next year. At present, only textiles sector is availing these benefits under the Technology Upgradation Fund Scheme (TUFS) where
India 16th most risky place to invest
London, March 26:   The United Kingdom-based Global Risks Atlas 2011 on Friday described India as the 16th riskiest country to invest in for the security hazards it poses and rather embarrassingly clubs it with Niger, Bangladesh and Mali. The Atlas is published by Maplecroft, a consultancy
Banks to have extended working hours on March 30, 31: RBI
Mumbai, March 23:   The Reserve Bank of India asked banks to have extended working hours on March 30 and 31, 2011, to facilitate receipt of government revenue from members of public even at late hours. It has been decided in consultation with the Controller General of Accounts that all re
Govt plans to keep track of companies with common addresses
New Delhi, March 23:   Concerned over growing corporate fraud, the government is considering to tighten its Early Warning System (EWS) to scrutinise activities of companies with same addresses and common directors. The Ministry of Corporate Affairs (MCA) plans to add two more parameters t
Jewellery hallmarking may be mandatory
New Delhi, March 22:   The Union Cabinet on Tuesday is expected to consider a proposal to introduce mandatory hallmarking of precious jewellery to protect the interest of consumers in the country. The cabinet proposal also aims to relax norms for sunrise sectors like IT, Bio-technology and
Govt bans two drugs
New Delhi, March 18:  The Central Government is has banned the use of twodrugs as they are likely to involve certain risks to human beings, since safer alternatives to the said drugs are available, according to a press communique issued by the Ministry of Health & Family Welfare issued toda
CFS operations begin at Kochi port
Kochi, March 11:   The Cochin Port Trust has augmented its container freight station (CFS) and pre-stage facility on Willingdon Island to support the International Container Transhipment Terminal (ICTT) operations at Vallarpadam. To control processing time for export containers before ship
Indian Missions provide legal assistance to Indians in Foreign Countries
New Delhi, March 9:  The Government provides legal assistance to Indians in foreign countries through Indian Missions abroad. The Ministry of Overseas Indian Affairs provides legal and financial assistance to Indian women who are victims of fraudulent marriages and deserted by their overseas In
Per capita income during FY10 rises 14.5%
New Delhi, March 8:   The country's per capita income, often used to measure a country's standard of living, increased by 14.5% during 2009-10 to Rs 46,492, Parliament was informed today. In 2008-09, the per capita income, which measures the income per person in a population, was Rs 40,60
Pranab to release Rs 150 coin before Budget speech
New Delhi, February 22:   For the first time in the country's minting history, government will issue coins of Rs 150 denomination, marking the number of years of taxation in India. The special coins, to be released by Finance Minister Pranab Mukherjee before his Budget speech, will also b
India back on pre-recession growth path: World Bank
Washington, February 23:   The Indian economy appears to be back to the growth trend before the global financial crisis with particularly strong GDP growth over the first half of the 2010-11 fiscal, but inflation is worrying, the World Bank has said. The Reserve Bank of India (RBI) is lik
500 tax information exchange pacts signed: Pranab
Paris,  February 20:  Indian Finance Minister Pranab Mukherjee has said about 500 tax information exchange agreements have been signed between different countries across the globe, a development that will help fight the menace of tax evasion and track ill-gotten money. Mukherjee, who is s
Drawer of bounced cheque should not be punished twice
New Delhi, February 21:  In a case of bounced cheque, the Supreme Court (SC) has ruled a person convicted for issuing the instrument cannot be prosecuted again on the charge of cheating about the same cheque. The cheque issued without sufficient balance in the account is a case under Section 13
Japan overtaken by China overtakes Japan as No. 2
Tokyo, February 14:   Japan lost its 42-year ranking as the world's second-biggest economy to China in 2010, with data on Monday showing a contraction in the last quarter due to weak consumer spending and a strong yen.  "It is difficult for the deflation-plagued Japanese economy to ac
US trade gap swells 33% in 2010
Washington, February 11:   The US trade deficit widened in December to its highest level in four months, the US government said on Friday in a report that also showed the annual trade gap expanded nearly 33 percent in 2010 as imports from China hit record levels. The December trade defici
RBI to issue new coins of Rs 10 denomination
Chandigarh, February 7:   The Reserve Bank of India will soon put new coins of Rs 10 denomination into circulation to felicitate its Platinum Jubilee. The front face of the coins will have the Ashoka Pillar embossed in their centre, an RBI release said. The reverse will bear the emblem of
Firms infringing trademark can be stopped from importing, selling
New Delhi, February 7:   Foreign firms infringing trademarks registered in India can be restrained from importing and selling their products here according to the provisions of the Intellectual Property Rights (Imported Goods) Enforcement Rules, 2007 the Delhi high court has stated in the
‘Easy Exit Scheme, 2011’ extended by 3 months
New Delhi, February 5:  The Ministry of Corporate Affairs had decided to introduce a Scheme namely, ‘Easy Exit Scheme, 2011’ under Section 560 of the Companies Act, 1956 for the period 01.01.2011 to 31.01.2011, in order to give an opportunity to the defunct companies, for getting th
Tatkal tickets: Carry ID or be penalised
New Delhi, January 31:   Passengers travelling on tatkal tickets must now carry their identity proof in original or face the prospect of being treated as ticket-less travellers and penalised.  Dogged with complaints of alleged irregularities in the 'tatkal scheme', Railways have direc
India's per capita income up 14.5% to Rs 46,492
New Delhi, January 31:   Per capita income of Indians grew by 14.5 per cent to Rs 46,492 in 2009-10 from Rs 40,605 in the year-ago period, as per the revised data released by the government today. The new per capita income figure estimates on current market prices is over Rs 2,000 more th
New norms for firms on safety labels soon
New Delhi, January 29:   The ministry of corporate affairs is preparing a set of guidelines that will require companies to disclose whether their products carried adequate health safety labels and if they observed product safety standards during the manufacturing process. "Business should
India is most over-regulated country in the world: Survey
Singapore, January 27:   India has topped a list of the most "over-regulated countries in the world" in a survey on Asian business and politics by Hong Kong-based Political and Economic Risk Consultancy Ltd (PERC). The survey used responses from American executives about regulatory condit
India's mobile phone users grow to 729.57 million
New Delhi, January 25:   Telecom operators added a whopping 22.88 million mobile subscribers in November 2010, taking the total number of telephone users in the country to 764.76 million, sectoral regulator TRAI today said. According to data released by the Telecom Regulatory Authority of
Insurer liable till vehicle owner's name is in register
New Delhi:  The Supreme Court has held that the insurance company will be liable to pay compensation for road accident death even if the owner had sold the vehicle so long as his name is the official register. The previous owner might have handed over possession of the vehicle to the buyer, b
CBDT chief plans to slash tax refund wait to 30 days
New Delhi, January 19:   The new Central Board of Direct Taxes (CBDT) chairman, Mr Sudhir Chandra, said on Tuesday that they will try to pay all small refunds before 31 March.  The move would benefit the 40 lakh odd taxpayers who are seeking refunds from the tax department, a report i
India is 4th largest investor of illegal money
Washington, January 19:   India is Asia’s fourth largest exporter of illicit capital with an estimated outflow of a $104 billion between 2000 and 2008, according to a US-based think tank, which ranks China as the numero uno source of illegal money. In its latest report on illicit mo
Global FDI flows to India down 31 pc in 2010: UNCTAD
Geneva, January 17:  Global foreign direct investment (FDI) flows into India dropped by over 31 per cent in 2010 despite robust economic growth, according to the United Nations Conference on Trade and Development (UNCTAD). However, China and other countries in South-East Asia continued to witn
Proposal to create HDP Board for Hotel Projects approved
New Delhi, January 9:    To address the constraints being faced by the hotel industry in obtaining multiple clearances, and to streamline the system for speedy clearances of hotel projects, the Union Cabinet on 30th December 2010 approved the setting up of a ‘Hospitality Develop
GoM set up to suggest steps to tackle corruption
New Delhi, January 7:   Faced with an onslaught over series of scams, government today set up a Group of Ministers (GoM) to suggest measures, including legislative and administrative, to tackle corruption. The eight-member group is headed by Finance Minister Pranab Mukherjee and includes
World food prices jump to record on dear sugar, grains
Paris, January 5:   World food prices rose to a record in December on higher sugar, grain and oilseed costs, the United Nations said, exceeding levels reached in 2008 that sparked deadly riots from Haiti to Egypt.    An index of 55 food commodities tracked by the Food and Agricu
Services, manufacturing in Europe steady
Zurich, January 5:   Europe’s services and manufacturingindustries expanded faster than initially estimated in December, suggesting exports are helping to power economic growth in the region.    A composite index based on a survey of euro-area purchasing managers in both i
China manufacturing growth slows
Beijing, January 2:   China’s manufacturing growth slowed for the first time in five months in December as Premier Wen Jiabao’s government tightened monetary policy and chased energy- efficiency and pollution targets. The Purchasing Managers’ Index fell to 53.9 from 55.2
Hotel fined Rs 1.5 lakh for charging Rs 5 above MRP costs
New Delhi, December 26:   The apex consumer forum has imposed an exemplary cost of Rs 1.56 lakh on a Gujarat-based hotel for charging customers Rs 5.5 above the Maximum Retail Price (MRP) of a soft drink.  The National Consumer Dispute Redressal Commission (NCDRC) imposed the cost rei
No toilets costs India $54 billion annually: World Bank
New Delhi, December 20:   A lack of toilets and poor hygiene practices in India cost Asia's third largest economy almost $54 billion every year, the World Bank said on Monday. "For decades, we have been aware of the significant impacts of inadequate sanitation in India," Christopher Juan
DoPT invites comments on RTI amendment
New Delhi, December 12:   : In what is seen to be another attempt to tame the Right to Information Act, the government has in a recent notification recommended RTI applicants keep their application to just one subject and also limit the query to only 250 words. Citizens asking for informa
Easy exit scheme for cos again in January
Pune, December 8:  The ‘easy exit scheme’, allowing defunct companies to wind up instantly, will be reintroduced in January 2011. The scheme, offered by the ministry of corporate affairs, allows private companies that have become defunct to strike their names off the Register of Com
Indians will be 50% of global workforce in 3-5 yrs: Capgemini
New Delhi, December 6:  French IT consultancy firm Capgemini today said it expects the size of its Indian workforce to grow to about 50 per cent of its total global headcount within the next three to five on the back of organic growth initiatives.  The company is tipped to have about 31,00
Indians top in sending money home
New Delhi, December 6:   India continued to be the largest recipient of remittances in 2010, with the figure rising from $49.6 billion in 2009 to $55 billion. It was also the country with the second largest number of emigrants (those migrating abroad) after Mexico, according to the World B
Core industries' output zooms 7% in Oct
New Delhi, November 30:  The output of key infrastructure industries surged by a robust 7 per cent in October, against a 3.9 per cent growth recorded in the same month last year, helped by a strong showing by the electricity, crude oil and the finished steel sectors.  The latest data for t
Nominee of bank account does not get succession rights
New Delhi, November 15:   The Supreme Court (SC) has clarified the nominee of a depositor in a bank does not get ownership of the money in the account after death of the depositor. The nominee gets exclusive right to receive the money lying in the account. It gives him all the right of the
Govt proposes amendments in RTI Act
New Delhi, November 10:   The government today said it is mulling over amendments in the Right to Information Act to safeguard the sensitivity of the Chief Justice of India's office. "The Government proposes to strengthen the RTI regime by suitably amending the law...the proposal includes
EPFO cannot claim damages for delayed payment: HC
Madurai, November 8:   The Madras High Court bench here has ruled that the Employees Provident Fund Organisation (EPFO) cannot claim damages from employers for delayed payment of their contribution "if there is no intention to commit a prohibited act or actus reus" (action or conduct that
India making it easier to do business: World Bank
Washington, November 5:   India is one of the 40 most-improved economies which made significant changes in business regulation at a steady pace over the last year to make it easier for firms to operate, according to the 'Doing Business 2011: Making a Difference for Entrepreneurs' report.
India ranks at 119th in HDI
New Delhi, November 5:  Poor social infrastructure, in areas of education and health, has ensured that India secures a low 119th rank in the United Nation’s Human Development Index. India’s position is below China (89th spot) and Sri Lanka (91) in the “Human Development Repor
Manufacturing on strong footing in Oct: PMI
New Delhi, November 2:   According to the latest HSBC Purchasing Manager’s Index (PMI), India’s manufacturing sector rose to 57.2 in October from 55.1 in the previous month and 57.2 in August. October was the 19th consecutive month in which the index has risen. For the first t
India slips 10 spots on Global Prosperity Ranking
New Delhi, October 31:   India has slipped 10 places to the 88th spot, way below neighbouring China, in the World Prosperity Index due to poor healthcare and education systems coupled with weak entrepreneurial infrastructure. While last year, India stood at 78th position, according to Lon
US economy grows 2% in July-September
Washington, October 30:  The Commerce Department said on Friday that the US economy expanded at a 2% annual rate in the July-September quarter. It marked an improvement from the feeble 1.7% growth in the April-June quarter. Consumers helped boost last quarter's economic growth with 2.6% growth
RTI Logo & Portal Launched
New Delhi, October 29:  The Minister of State for Personnel, Public Grievances and Pensions Shri Prithviraj Chavan launched the Logo on RTI and the RTI portal today in the presence of Shri. A N. Tiwari, Chief Information Commission and Shri. Shantanu Consul, Secretary, DoPT. It is a simple and
ICICI ,American Express launch prepaid travel card
Mumbai, October 25:   India's second-largest ICICI Bank, and American Express, today announced the launch of the ICICI Bank American Express Prepaid Travel Card, a smart alternative to cash when travelling, offering convenience and valuable services and benefits.  The new card is aim
Free online trademark search from next month
New Delhi, October 19:   An entrepreneur wanting a trademark now will be able to search the registry online without any cost whether a particular symbol or design is available and not booked already. The facility, to be extended by the Controller General of Patents, Designs and Trademarks
India ranks 67 in global hunger index
New Delhi, October 11:   India has been ranked 67, way below neighbouring countries like China and Pakistan, in a new global hunger index by the International Food Policy Research Institute. The index, released today, rated 84 countries on the basis of three leading indicators -- prevalen
India's GDP to grow 9.7% in 2010: IMF
Washington, October 7:   Asia's emerging economies, powered by China and India, are leading the global recovery after faring well during crisis, but need to allow currency appreciation and undergo structural reforms to ensure long term growth, the International Monetary Fund said on Wednes
Govt withdraws ban on bulk SMS, MMS
New Delhi, October 5:   The Centre has decided to withdraw the ban on the services of bulk SMSes and MMSes imposed till Monday night as the country has remained peaceful after the verdict on the Ayodhya title suit.  The ban on bulk SMSes and MMSes, to check any propaganda post Ayodhya
FM releases the First Budget Manual
New Delhi, September 28:  Union Finance Minister Shri Pranab Mukherjee released the first Budget Manual of the Union Government, here today.  He said that this Manual is an attempt to bring together the entire Budget related activities and procedures etc. which were hitherto available in a
India's HNIs swell to 1.26 lakh
Mumbai, September 28:   According to a 2010 Asia-Pacific Wealth report released by Merrill Lynch Global Wealth Management and Capgemini, the total number of High Networth Individuals (HNIs) in India at the end of 2009 was 1,26,700 with a total networth of $477 billion. HNIs, in the report
New IIP series likely by December
New Delhi, September 26:  A new series of index of industrial production, which is a prime indicator of economic development, is likely to be released by the end of this year, a top government official said Friday. “The new series of IIP with base year 2004-05 is expected to be released b
Ban on Bulk SMS and MMS Extended
New Delhi, September 25:  The Ministry of Communications and Information Technology has today issued orders in consultation with the Ministry of Home Affairs to all Mobile Telecom Service Providers in the country that all bulk SMS and all bulk MMS messages shall remain banned in all service are
Taxman cannot impound passport
Mumbai, September 24:   I-T authorities have the powers to seize and retain in their custody books of account and other documents, but not passports.  In the Avinash Bhosale vs UOI (2010 322 ITR 381) case, which came up before the Bombay High Court, it was held that a passport cannot
'India world's 21st largest outward investor'
Washington, September 24:   India has emerged as the world’s 21st largest outward investor with over $75-billion overseas investments in the past decade, said the Vale Columbia Center on Sustainable International Investment in its report on Outward FDI from India. “Annual FDI
India Inc set to become largest foreign biz block in Singapore
New Delhi, September 24:   The number of Indian companies registering in Singapore has almost quadrupled since 2005 when the Comprehensive Economic Cooperation Agreement (CECA) came into force, thus making the Indian business community the largest foreign business community in Singapore.&n
8 of 16 former CJI corrupt: Former Law minister
New Delhi, September 17:  Former Law minister Shanti Bhushan has submitted a list of 16 former Chief Justices of India saying that 8 of them were definitely corrupt. Bhushan has also dared the apex court to send him to jail for contempt of court.  Bhusan, who was Law minister in the Morarj
Rampant corruption led to $125-b illicit outflows: Report
Washington, September 14:   Even as India continued to register one of the highest growth rates post-independence, rampant corruption resulted in an estimated illicit outflow of $125 billion between 2000 and 2008, according to a report to be released by the Washington-based Global Financia
Anand Sharma announces New Series of WPI
New Delhi, September 14:  Shri Anand Sharma, Union Minister of Commerce & Industry, announcing the new series of the Wholesale Price Index (WPI) at a press conference here today, informed that the new series has been prepared by shifting the base year from 1993-94 to 2004-05 and added that
Finland to set up Finnish Innovation Centre in India
Chandigarh, September 13:   Finland will set up a Finnish Innovation Centre in India next year, aiming to showcase its new innovations in the field of clean technology, covering a host of sectors including water purification, waste management, energy efficiency to boost bilateral trade bet
Mukesh to be world’s richest in ’14: Forbes
Boston, September 12:   Forbes ma­gazine has predicted that Mukesh Ambani will be the richest man on earth in 2014 with a net worth of $62 billion. The 53-year-old Reliance Industries chief, with a net worth of $29 billion, is currently ranked fourth in the Forbes list headed by Mexica
India drops to 51st position in global competitiveness ranking
Geneva, September 9:   India has slipped by two places to 51st in the World Economic Forum's global competitiveness rankings, while rival China has managed to improve its standing to 29th.   As per the WEF's Global Competitiveness Report 2010-11, released today, Switzerland is No
Telephone Subscriber Base Reaches 688.38 Mn
New Delhi, September 9:   With 16.92 Million new additions in wireless, the number of telephone subscribers in India increased to 688.38 Million at the end of July 2010. With this increase from 671.69 Million in June-2010 at a growth rate of 2.49% the overall Tele-density in India has rea
Chinese billionaires shun Gates-Buffett's dinner
Beijing, September 6:   Chinese billionaires, who in terms of numbers emerged second only to the US, have shunned the invitation of two of the world's richest men Bill Gates and Warren Buffett for a charity get together here later this month for a fear of parting with their hard-earned ric
Rich Chinese shun charity dinner by Gates & Buffett
Beijing: Chinese billionaires, who in sheer numbers are second only to Americans, have shunned the invitation of two of the world’s richest men -- Bill Gates and Warren Buffett – to a charity dinner in the Chinese capital later this month for fear of parting with their hard-earned riches
Number of online frauds high: RBI official
Madurai, September 2:  The Reserve Bank of India (RBI) has cautioned the public to be aware of online frauds, especially involving lotteries, and fraudsters who were faking websites of banks and RBI documents and circulars.  "While the RBI picks up only secondary information, the number of
MapmyIndia launches India's first house address maps
New Delhi, August 25:   MapmyIndia, India’s leader in maps, GPS navigation and location-based services, has announced the launch of India’s first house address maps. An important part of the company’s latest maps release - MapmyIndia Maps Version 5.0 - the house address m
SC admits excise plea against Coca-Cola
New Delhi, August 17:   The Supreme Court bench headed by Justice MK Sharma on Monday admitted the petition filed by the Excise Department seeking to levy duty on treated and purified municipal or borewell water for supply to retail vendors for producing aerated drinks. HCCL counsel Tarun
Foreign direct investment in China up 20.7 pc
Beijing, August 17:   Foreign direct investment in China rose 20.7 percent on year in the first seven months of 2010, the government said Tuesday, underlining growing confidence in the world's third largest economy.   Foreign companies pumped 58.4 billion dollars into China in the Ja
India to become world's fastest growing economy by 2013-15: Morgan Stanley
New Delhi, August 17:   Driven by a sterling demographic dividend, continuing structural reform and globalisation, India is poised to accelerate its growth rate to 9-9.5% over 2013-15, even as China will cool down to a more sedate 9% by 2012 and to 8% by 2015, a new report by Morgan Stanle
Railways to accept bank credit card as proof of identity
New Delhi, August 16:  In an yet another passenger friendly move, the Ministry of Railways has decided to accept credit cards issued by banks with laminated photograph as proof of identity for traveling on e-tickets. The new provision has come into effect from 6th August, 2010. The bank credit
Hotels, hospitals and IT firms can raise higher ECBs
Mumbai, August 14:   Continuing the liberalisation norms to enable India Inc raise resources from overseas markets, the Reserve Bank of India (RBI) has decided to allow, with immediate effect, the corporates in the hotel, hospital and software sectors to avail external commercial borrowing
Energy efficiency rating for laptops, STBs on anvil
New Delhi, August 15:   The Bureau of Energy Efficiency (BEE) is understood to be planning to bring in more electronic items, including laptops and set top boxes (STBs), under a voluntary star labelling scheme by this financial year.  Under the scheme, manufacturers voluntarily disclo
From today, flyers denied seat can claim damages
Mumbai, August 15:   From Sunday, passengers who are denied boarding despite valid tickets and those not informed three hours in advance about cancellation of their flight can claim a financial compensation from airlines. In case of delays due to airline's fault, only food would be provid
RBI Issues Master Circular on Credit Card Operations
New Delhi, August 10:   In order to ensure that Banks/ Non-Banking Financial Companies (NBFCs) run their credit card operations in a fair and regulated manner, Reserve Bank of India (RBI) had issued Master Circular on Credit Card operations on 1st July, 2010.   Accordingly, banks
US jobs will not go to China, India, Germany: Obama
Washington, August 10:   US President Barack Obama has said that America had returned to robust competitiveness and the danger of jobs and industries fleeing to countries like China, India or Germany was over.   The US President said that the US "was competitive over the long run
Mumbai the filthiest of all metros: Study
Mumbai, August 8:  For the first time, the government has ranked 423 class 1 Indian cities on the basis of their sanitation standards, and it may come as no surprise that Mumbai ranks not just lowest amongst the four metros but with its 46th position falls behind even cities like Kanpur and Gun
Action ordered against unsolicited calls
New Delhi, August 6:   An unsolicited telemarketing call to Finance Minister Pranab Mukherjee is what took Telecom Minister A Raja to swing into action for prohibiting such intruding calls immediately. Within hours of reports that Mukherjee was at the receiving end of such calls, Raja act
FDI plunges by 45% to $1.41b in June
New Delhi, August 4:   Foreign direct investment in the country declined by about 45 per cent to USD 1.41 billion in June this year, an official said.  The FDI inflows in June 2009 were USD 2.58 billion. Foreign investment in May 2010 was at USD 2.2 billion. The sectors which attrac
Indians dress smartest for work, Europeans most casual: Poll
Sydney, August 4:  Wearing shorts to work in Hungary might not merit a second glance but in India you are likely to be deemed a slacker who won't make senior management, according to a global Reuters/Ipsos poll on business attire. A survey of about 12,500 people in 24 countries found that Euro
Rich outnumber poor: NCAER survey
New Delhi, August 1:   The growing economy has spun a wheel of fortune for Indians, with high income households outnumbering those in the low category for the first time at the end of 2009-10, according to estimates made by thinktank National Council of Applied Economic Research (NCAER).
'Directors not responsible for dishonoured cheque'
New Delhi, August 2:  The Supreme Court ruled last week that prosecution for issuing a cheque which was dishonoured for want of credit in the bank can be initiated only against the person who issued the cheque and not against the company or directors who were not aware of it. It quashed the Mad
FIIs inflow crosses $10-bn mark
New Delhi, August 1:   Further reposing their faith in the India growth story, overseas fund houses pumped a whopping Rs 16,600 crore (USD 3.5 billion) into the domestic stock market in June, taking their total investment so far this year to over Rs 47,690 crore (USD 10.4 billion). FIIs p
'Cancer-causing toxic dyes found in Chinese garments'
Beijing,  July 31:  The discovery of cancer-causing textile dyes in clothing manufactured by some of the popular Chinese brands has set off alarm bells in the country.  Cancer-causing toxic dyes were detected in some brand name garments tested by the authorities, spreading concern tha
World population to reach 9.4 billion by 2050
Washington, July 29:   World's population is expected to reach 8 billion mark by 2025 and would further increase up to 9.4 billion in 40 years from now but India will creep up to 1.7 billion by 2050, US experts have said.  The current population of the world is 6.8 billion, while Indi
Now, e-ticketing to be off IRCTC menu
New Delhi, July 26:   After taking over catering services in trains from its subsidiary Indian Railways Catering and Tourism Corporation (IRCTC), Indian Railways is planning to directly undertake e-ticketing operations also. This follows continuous complaints of touts siphoning off tickets
Server plays spoilsport with Talk of the Trade
Chennai, July 24:   There has been a let down by the Google server resulting in wiping off a week’s input of the e-paper Talk of the Trade.  It was understood from the Administrator of the paper’s website that the display of the news in the paper from July 16 got erased in
World trade to grow 10 percent in 2010: WTO
Shanghai, July 23:   The World Trade Organisation expects global commerce to grow 10 percent this year, WTO head Pascal Lamy said here Friday, as the trade body released its annual report.  "Our forecast for world trade this year is plus 10 percent in volume after the minus 12 (percen
55% of India's population poor: Report
New Delhi, July 15:   India's abysmal track record at ensuring basic levels of nutrition is the greatest contributor to its poverty as measured by the new international Multi-dimensional Poverty Index (MPI). About 645 million people or 55% of India's population is poor as measured by this
Careless markings on cheques may prove costly
Mumbai, July 14:   While RBI had released a circular to banks to dishonour cheques with alterations even if the same is authenticated, the implementation of the same has been deferred till December 1, 2010, and shall be applicable only in New Delhi as it is a CTS (Cheque Truncation System)
US trade deficit widens to $42.3 bn in May
Washington, July 13:   The US trade deficit widened in May to the highest level in 18 months as a rebounding economy pushed up demand for imports of foreign-made cars, computers and clothing. The Commerce Department says the trade deficit increased 4.8 per cent to $42.3 billion, the large
India to enforce law on food quality soon
Agartala, July 14:   India will soon enforce a tough law to maintain standards and quality of food and water as 80 per cent of all deaths in the country are believed to be linked to unhealthy food and water.  'Food Safety and Standards Act, 2006, which consolidates various acts and or
10.3% tax on cashless mediclaim
Mumbai, July 13:    After the sudden move by government-owned insurance companies to restrict cashless mediclaim facility, patients now have to contend another insurance squeeze -- a service tax of 10.3% on every claim made using the cashless facility from July 1. "It shrinks the tot
Anand Sharma to launch EPIF 2011 on July 14
New Delhi, July 12:   Mr Anand Sharma, Union Minister of Commerce & Industry, is scheduled to launch the Eco-Products International Fair (EPIF) 2011, here on 14th July. EPIF-2011, seventh in the series is scheduled to be organized in India during 3rd to 6th March, 2011 at Pragati Maida
Industry grows by 11.50% in May
New Delhi, July 12:   Industrial output rose by 11.5% in May, growing in double digits for the eighth straight month, on good showing by manufacturing, particularly capital and consumer goods.  In comparison, industry grew by 2.1% in May last year. The manufacturing segment, which co
China trade surplus widens
Beijing, July 11:  China’s trade surplus widened to the highest this year and exports climbed more than estimated to a record in June, adding pressure on the government to allow faster currency gains after the US said the yuan is “undervalued.”  The gap increased 140% to
“India’s population to surpass China’s by 2050”
New Delhi, July 11:   India's burgeoning population has seen a five-fold increase over the last 100 years and will surpass that of China by 2050.  Projections made by the Government show that while India's population grew by 1.4 per cent over the last five years, China saw only a 0.6
India ranks 2nd in global manufacturing competence: Report
Washington, July 10:   India has been ranked second, ahead of the US and South Korea, in terms of manufacturing competence globally, a report by Deloitte has said.  China, followed by India and South Korea has been ranked first, second and third, respectively in the 2010 Global Manufa
It takes 46 days to set up shop
New Delhi, July 8:   It takes as many as 46 days for a foreign company to set up business in India, which is faster than in countries like China and Brazil but far longer than the 7-14 days it takes in the U.S. and Britain, says a World Bank report. Even among the BRIC (Brazil, Russia, In
2-wheelers should be sold only with helmets: SC
New Delhi, July 7:  Two-wheeler manufacturers will now have to sell their vehicles bundled with a helmet as the Supreme Court on Wednesday upheld the Delhi High Court's earlier order. Last year, the Delhi High Court had mandated compulsory purchase of helmet along with new two-wheelers. Howeve
US company bribed several Indian firms to bag lucrative contracts
Washington, July 7:   Officials of Indian PSUs like BHEL and NTPC appear to be the beneficiaries of bribes that were doled out by a California-based valve company to bag lucrative contracts, mostly for tools used in the construction of power plants. Prominent among these Indian companies a
Cheque alteration not allowed in future
Mumbai, July 4:  The Reserve Bank of India (RBI) had issued a notice restricting banks to stop cheques with a correction in the amount or the payee's name after July 1. According to the RBI's notification, to be effective from July 1, no cheque with a correction or alteration should be entertai
Light narcotics offences bailable: HC
Mumbai, July 4:   In a landmark judgment, the Bombay HC has held that offences under the stringent anti-narcotics law — which are punishable with a jail term of less than three years — are “bailable”.   This means a person booked for possessing a small qua
Mfg growth cools across world, fuels concern
New Delhi, July 2:   Manufacturing growth from fast-growing Asia to debt-burdened Europe slowed in June, suggesting the global export-led recovery may be losing strength. In the US, the Institute of Supply Management’s manufacturing index fell from to 56.2 in June from 59.7 in May.
All govt services may go online in 28 states
New Delhi, June 30:    Citizens across 28 Indian states will be able to avail all government services including payment of utility bills and applying for a driving licence, through common internet portals being developed as part of Rs 2,000-crore State Portal Project, senior governmen
16m mobile subscribers added in May: TRAI
New Delhi, June 29:   The number of mobile subscribers in the country crossed 617 million in May, with an addition of 16.3 million new connections, according to official data released Monday.  According to data released by the Telecom Regulatory Authority of India (Trai), the wireless
Dismissal only punishment in corruption case: SC
New Delhi, June 28:  The Supreme Court has stated that in a case of corruption or misappropriation by an employee, the only punishment is dismissal. The punishment should always be proportionate to the gravity of the misconduct. It does not matter whether the amount involved was big or small. A
World economy needs more stimulus spending: PM
Toronto, June 26:    Prime Minister Manmohan Singh on Saturday said the fragile world economy needs more stimulus spending and not cutbacks to ensure a sustained recovery.  He said that the Group of 20 major and emerging economies should not rein in budget deficits too fast but c
Vessel carrying explosives detained
Kolkata, June 25:   A merchant vessel, ‘Aegean Glory' carrying explosives as part of its consignment, was on Friday detained at Diamond Harbour by the Kolkata port authorities for violation of the standard disclosure procedures on the part of the booking agent and was handed over to
World's rich got richer amid '09 recession: report
New York, June 22:   The rich grew richer last year, even as the world endured the worst recession in decades.  A stock market rebound helped the world's ranks of millionaires climb 17 percent to 10 million, while their collective wealth surged 19 percent to $39 trillion, nearly rec
New policy to halve 2.1 crore govt cases
New Delhi, June 23:   Now, the Centre has formulated a National Litigation Policy (NLP), which will help both it and the states and decongest the dockets of the courts. The policy will be announced on Wednesday by law minister Veerappa Moily. :   The Centre and states together
Health warning labels on mobiles!
Washington, June 18:  A US city has probably become the first in the world to make health warning labels mandatory on mobiles from next year.  San Francisco has passed a legislation that could see cell phone shops in the city displaying health warning labels prominently showing the radio
Corruption robs developing nations of $40 billion annually: World Bank
New Delhi, June 13:   Corrupt practices are robbing the developing nations as much as USD 40 billion annually, even a fraction of which can fund treatment of over 6 lakh AIDS people, according to the World Bank. "We estimate that USD 20-40 billion every year is stolen from the developing