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Stands by decision to advance Budget date; many states seek loosening of fiscal deficit rule While some states have complained of declining tax revenues due to demonetisation, the Centre is hopeful of exceeding its   Budget 2017   Estimates (BE) for 2016-17 in both direct and indirect tax collections. It has reiterated the decision to advance the Budget presentation date to February 1, despite objections. “We will end this year with higher revenues for both direct and indirect taxes compared to the estimates,” said Finance Minister   Arun Jaitley   after the Goods and Services Tax Council meeting and pre-Budget consultation with state counterparts. The states raised concern over declining revenues and sought relaxation in the Fiscal Responsibility and Budget Management (FRBM) limit, beside central support to revive labour-intensive industries. To a query, Jaitley said the Reserve Bank (RBI) would remove the current restrictions on cash withdrawal after ...

Modi said his opponents have become "politically irrelevant' Breaking News   : Prime Minister. Narendra Modi today addressed a massive public rally in Lucknow, to launch his campaign for Uttar Pradesh assembly polls. He didn’t announce any new ‘gains’ after the 50-days of note ban ‘pain’, and only cursorily referred to the promises he made on the New Year’s Eve. Modi said his opponents have become “politically irrelevant”, and even echoed former prime minister Indira Gandhi. She had famously said in her 1971 election campaign, where her party’s slogan was “Garibi Hatao’, remove poverty: “ Wah kahate hain Indira hatao, hum kahate hain garibi hatao ’’ (my opponents call for Indira’s removal, I want poverty to be removed). In Lucknow, Modi said all opposition parties have joined forces against him. He said that the Samajwadi Party and Bahujan Samaj Party never see eye to eye but have in once voice criticized the note ban decision. “ Wah kahate hain Modi hatao, main kahata h...

Sikka cautions that most of the work done Infosys can already be done with AI systems Latest News   : Infosys chief executive Vishal Sikka (pictured) has cautioned that the tidal wave of automation and technology-fuelled transformation could make the traditional information technology services obsolete. And, asked employees to shift their behaviour to adopt to shifts in technology. “The mountains ahead are tall ones. There is no other way but to get there and go... if we don’t, we will be made obsolete by the tidal wave of automation and technology-fuelled transformation that is almost upon us,” Sikka, the first non-founder chief executive, wrote in a New Year letter to employees. Sikka, whose letter had the subject: ‘Answers are blowing in the wind,’ cautioned that most of the work done by firms such as   Infosys   can already be done with artificial intelligence (AI) systems. “Our path forward is very clear – we need to harness the dual forces of automation ...

Government has formulated two schemes to construct housing for middle class and lower middle class: Modi 07:53 PM Law will take its course for illegal wealth holders, but the government's priority is that the honest should be protected and their difficulties are reduced: Modi 07:52 PM When policies are formulated with aims, they have long-term benefits: Modi 07:51 PM No corrupt official, banker will be spared: Modi 07:51 PM A balance has to be brought between cash in the system and being cashless: Modi 07:50 PM Indian economy and cash circulation disproportionately higher than similar sized economies which had led to price rise: Modi 07:50 PM All concerned directed to restore normalcy in banking system, particularly in rural and far flung areas, to end difficulties of people: Modi 07:50 PM People had to queue to withdraw own money but they don't want to be even a step behind in fight against corruption, blac...

PM launches app named after Dalit icon BR Ambedkar Latest News   : With 50 days of note ban “pain” that Prime Minister Narendra Modihad sought from the people having expired, he appealed for greater numbers to switch to digital transactions on Friday. Narendra Modi   said the note ban decision and digital transactions could usher in India’s golden age, that India would again become the ‘sone ki chidiya’, the proverbial golden bird that signified its wealth. He said note ban was evidence of his commitment to uplifting the poor, and claimed how divine intervention has supported his cause. Modi said the monetary gains from note ban will be used for welfare of the poor. At an event to distribute cash awards to people who have used digital transactions at the DigiDhan Mela at Talkatora Stadium, the PM appealed to people to carry out five digital transactions from 1 January, 2017. He also launched an app called ‘Bhim’, named after the architect of Constitution of India...

Breaking News   - The government might receive Rs 5,500 crore as tax by those declaring hitherto undisclosed in the amnesty scheme that closes next March. The government received Rs 6,800 crore as tax in a scheme that ended in September, lower than the initially expected Rs 7,500 crore. Those declaring unaccounted wealth till September were allowed to pay 25% of the tax amount in two installments by November 30 and March 31 and 50% in a third installment by September 30, 2017. Many evaders paid the entire tax due by using   demonetisation Rs 500 and Rs 1,000 notes, an official said. “Many people have overpaid the first instalment. Some have even paid the full amount due, while others have paid 50% or 70%. They used this as an opportunity to discard their old notes,” the official added. Those declaring undisclosed income in the previous scheme had to pay 45% of the declared amount as taxes, penalty and surcharge. Although the government earlier said it had verified ...

After a roller-coaster year, Indian indices set to end 2016 with little gains Breaking News   - The year 2016, indeed, has been a year of many surprises. From Britain’s unexpected vote to exit the European Union to Republican candidate Donald Trump’s upset victory in the US Presidential election, from Raghuram Rajan’s decision of not seeking a second term as the Reserve Bank of India (RBI) governor to India’s sudden surgical strike on Pakistan – the Indian stock market dealt with all these shocks through   Markets 2016 . The biggest of them all, however, was the government’s call towards the end of the year to demonetise Rs 500 and Rs 1,000 currency notes. After 12 months of a roller-coaster ride, the market now seems poised to end the calendar year at almost the same level as at the start of 2016. As at close on Tuesday, the BSE benchmark Sensex was merely 96 points, or 0.4%, higher at 26,213.44, and the broader National Stock Exchange Nifty was up 86 points, or 1%, a...

Breaking News   : Dismissing the criticism of frequent changes in rules after demonetisation, Prime Minister Narendra Modi on Sunday alleged that those who cannot endorse corruption and black money openly are relentlessly finding fault with his government. He vowed to take forward the fight against unaccounted money and corruption by implementing a strong law against benami properties. “I assure you this is just the beginning in our fight against corruption. We have to win this war. There is no question of stopping... there is no question of retreat,” said   Narendra Modi , under sharp attack from the Opposition over demonetisation, with Congress Vice-President Rahul Gandhi levelling allegations of “personal corruption” against him. In his last monthly address this year in the Mann ki Baat programme, Modi defended the changes in the rules related to deposits and withdrawals, saying these have been done to reduce people’s problems and defeat the forces which are out to ...

The new restrictions are meant to encourage deposits of demonetised currency notes under the Taxation and Investment Regime for the Pradhan Mantri Garib Kalyan Yojana, 2016. The   RBI   on Monday restricted deposits of demonetised Rs 500 and Rs 1,000 notes in excess of Rs 5,000 only once till December 30 -- after strict scrutiny. The new restrictions are meant to encourage deposits of demonetised currency notes under the Taxation and Investment Regime for the Pradhan Mantri Garib Kalyan Yojana, 2016. In its notification, the Reserve Bank of India instructed all the banks to give full credit to demonetised notes over Rs 5,000 only in the case of accounts compliant with 'Know Your Customer' (KYC) norms If the accounts are not KYC compliant, then the credit for deposits of demonetised currencies will be restricted to Rs 50,000. Here is the full text of the RBI notification: RBI/2016-17/189 DCM (Plg) No. 1859/10.27.00/2016-17 December 19, 2016 The Chairman /...

In a raid in a hotel in Delhi's Karol Bagh, Rs 3.25 crore was seized in old notes Raids are being carried out across the country by the Income Tax Department in the wake of the burgeoning fake currency racket post demonetisation, as currencies both new and old have been seized in large amounts from Bengaluru, Panjim and Faridabad besides the national capital. Rs 2.25 crore has been seized in Bengaluru by the I-T Department in new currency, while Rs 68 lakh has been seized in Panjim. In Faridabad, four were arrested with new currency of over Rs 25 lakh in the new Rs 2000 notes. Meanwhile, in Delhi, yet another raid was carried out at a hotel in Karol Bagh following which the massive amount of Rs 3.25 crore was recovered in old notes. Upon interrogation it was found that the money belongs to some Bombay based hawala operators, who have hired packaging specialists who pack these notes in such a manner that it was even undetectable by airport scanning machines. These ex...

The move is likely to curtail imports by the world's second-biggest gold consumer this month and could weigh on global prices already near their lowest level in ten months. ( Axis Bank branch closed during a raid by Income Tax officials in the Chandni Chowk in New Delhi ) Axis Bank , India's top importer of gold, has suspended the bank accounts of some bullion dealers and jewellers after two of its executives at a branch were arrested over alleged money laundering. The move is likely to curtail imports by the world's second-biggest gold consumer this month and could weigh on global prices already near their lowest level in ten months. "We have temporarily suspended transactions in a few current accounts as a part of a larger enhanced due diligence exercise being conducted on transactions post-demonetisation," the bank said in an e-mailed reply to questions from Reuters. Prime Minister Narendra Modi scrapped 500-rupee and 1,000-rupee banknotes on Nov....