Category: BUSINESS

New Delhi, Jan 1 (DIN NEWS) The government has exempted rupee payments made to Iran’s national oil company NIOC towards the purchase of crude oil from payment of any tax, according to a Gazette notification. The finance ministry in a December 28, 2018 Gazette notification said the National Iranian Oil Company (NIOC) will not have to pay any withholding tax on payments it gets from Indian refiners. India had on November 2, 2018, signed an agreement with Iran to pay for crude oil it imports from the Persian Gulf nation…

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The domestic steel consumption growth is expected to grow by 7 per cent during this fiscal and the trend is likely to continue in the next financial year as well, largely driven by the government’s focus on the infrastructure sector, says an ICRA report”The government’s thrust on infrastructure, in particular towards affordable housing, power transmission, and the Railways in the Union Budget 2018-19 is likely to keep domestic steel consumption growth favourable in the medium term, which is expected to grow by 7 per cent during FY2019 as well as…

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Senior Congress leader P Chidambaram Sunday took a dig at the Modi government, ED and the media over the “new improved system” of trying cases and pronouncing judgment without evidence, which he said “surpasses kangaroo courts”. In a series of tweets, the former finance and home minister said if the government, the Enforcement Directorate (ED) and the media have their way in this country, cases will be tried even on TV channels. “Even kangaroo courts hold trials in a courtroom. Our new ‘improved’ system will surpass kangaroo courts and deliver…

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Commerce Minister Suresh Prabhu has sought Rs 179.16 crore from the finance ministry to double the incentives for onion exporters amid significant fall in prices of the vegetable.In a communication to Finance Minister Arun Jaitley, Prabhu said the ministry is keen to increase export incentives under MEIS from 5 per cent to 10 per cent. Under Merchandise Exports from India Scheme (MEIS), the government provides duty benefits depending on product and country.Rewards under the scheme are payable as percentage of realised free-on-board value and MEIS duty credit scrip can be…

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The government Friday said action has been taken against more than 6,000 officers of nationalised banks last fiscal in cases of lapses that led to bad loans.In written reply, Finance Minister Arun Jaitley said that minor and major penalties have been imposed against erring officials. These include, dismissal, compulsory retirement and demotion. “As per the inputs received from nationalised banks, in FY 2017-18, 6,049 officers have been held responsible on account of staff delinquency in NPA accounts…,” Jaitley said.Depending upon the gravity of lapses, the minister said “minor penalty/ major…

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Rising for the second straight day, the BSE benchmark Sensex jumped 157 points Thursday amid expiry of December series derivatives contracts and positive global cues.After rallying close to 400 points earlier in the session, the 30-share index pared some gains but finished 157.34 points, or 0.44 per cent, higher at 35,807.28.The broader NSE Nifty rose 49.95 points, or 0.47 per cent, to 10,779.80. The biggest gainers on both the bourses were Reliance Industries, Infosys, NTPC, ONGC, HUL, PowerGrid, Asian Paints, ITC and HCL Tech, rising up to 2 per cent.…

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The government will likely renew its demand for Rs. 13,140 crore ($1.9 billion) in additional dividend from the central bank helmed by newly-appointed governor Shaktikanta Das, two sources in the government told Reuters. The government believes the amount has been pending since 2016-17, when an internal formula called staggered surplus dividend distribution method was used without consulting the government to transfer the dividend for that year, said one of the sources, who did not want to be named as they are not authorised to speak to the media. “Even though…

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Markets regulator Sebi Friday slapped a fine of Rs 15 lakh on debt-ridden Amtek Auto for failing to make NCD redemptions on due date and not disclosing to the bourses about rating downgrade.It was alleged that the auto firm had not notified the exchanges about downgrade of the credit rating, the delay in redemption and payment of interest, and certain other violations of the listing agreement, including selective redemption.The regulator in 2016 appointed an adjudicating officer to inquire into and adjudge the alleged violations of the relevant provisions of the…

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 Indicating that further simplification of the Goods and Services Tax is on the anvil, Prime Minister Narendra Modi said his government wants to ensure that ’99 per cent things’ attract sub-18 per cent GST slab.Before implementation of the GST, registered enterprises only numbered 65 lakh, which has now risen by 55 lakh, Modi said, addressing the Republic Summit here.”Today, the GST system has been established to a large extent and we are working towards a position where 99 per cent things will attract the sub-18 per cent GST slab,” Modi…

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The Indian rupee Monday recovered by 34 paise to close at 71.56 against the US dollar as forex market sentiments were driven by the country’s narrowing trade deficit in November as also smart gains in domestic equities.Besides, the American currency’s weakness against its major rivals globally helped the rupee further its gains. According to commerce ministry data, India’s trade deficit came down to USD 16.67 billion in November 2018 from USD 17.13 billion in October this year. At the Interbank Foreign Exchange, the rupee opened higher at 71.84 a dollar and soon…

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