BUSINESS AWAAZ

World Bank may revise GDP growth projection: Kaushik Basu

World Bank chief economist Kaushik Basu on Saturday indicated that the bank may revise its GDP growth projection for India after it goes for a stock-taking in a few months. He was responding to media queries in Kolkata on whether failure of the Centre to get the GST Bill passed will have an impact on … Continue reading World Bank may revise GDP growth projection: Kaushik Basu

Jan Dhan Yojna: 19.52 crore accounts opened

The Reserve Bank has said banks opened a whopping 19.52 crore accounts under the Prime Minister’s Jan Dhan Yojana till the first week of December. In its half-yearly report on the operations and performance of scheduled commercial banks, RBI said most of these accounts are in rural areas. The report said, as on December 9th, … Continue reading Jan Dhan Yojna: 19.52 crore accounts opened

Minimum Export Price (MEP) Onion Export

  The Government reviewed the Minimum Export Price (MEP) of onion on 23.12.2015. Keeping in view of sharp decline in Wholesale prices of onion in producing Mandies of Maharashtra and major consuming Mandies and huge arrivals of onion, the Government decided to reduce the MEP to ‘Zero’ from USD 400 PMT (FOB).

Rs 16,000-cr undisclosed income detected in 20 months

The government crackdown on black money has led to detection of undisclosed income of over 16 thousand crore rupees since March 2014, while assets worth 1,200 crore have been seized. Revenue Secretary Hasmukh Adhia told a news agency today. He said the measures included a one-time 90-day window to come clean on undisclosed wealth, which … Continue reading Rs 16,000-cr undisclosed income detected in 20 months

Call drops: TRAI says no coercive steps against telecos till Jan 6

AMN / Telecom Regulatory Authority of India (TRAI) today told the Delhi High Court that no coercive steps would be taken against telecom companies till the next date of hearing on January 6 for not complying with the call drop compensation norms. Additional Solicitor General (ASG) P S Narasimha made the submission before a bench … Continue reading Call drops: TRAI says no coercive steps against telecos till Jan 6

Global crude oil prices fall to over 11-year low

Global crude oil prices fell to an over 11-year low, today. So Brent crude oil futures dropped 2 percent, to 36.05 dollars a barrel–its weakest since July 2004. The price of oil has halved over the past year. Plunging oil has shred the finances of oil producers such as Nigeria, which faces its worst economic … Continue reading Global crude oil prices fall to over 11-year low

Jaitley introduces Bankruptcy bill in Lok Sabha

AMN / A bill to consolidate and amend the laws relating to reorganization and resolution of insolvency was introduced in the Lok Sabha today. The Insolvency and Bankruptcy Code-2015 was introduced by Finance Minister Arun Jaitley amid uproar by the opposition over alleged irregularities in DDCA. The bill calls for creation of an Insolvency Regulator … Continue reading Jaitley introduces Bankruptcy bill in Lok Sabha

World Bank: India became largest remittances receiving country followed by China

World Bank has said that India became the largest remittances receiving country at 72 billion US dollars this year followed by China at 64 billion US dollars. The US emerged as the largest remittance source country with an estimated 56 billion US dollars in outward flows in 2014. In outward flow, the US was followed … Continue reading World Bank: India became largest remittances receiving country followed by China

US Senate passes IMF reform in budget bill

US Senate has adopted long awaited reforms to give emerging economies a greater say in how the International Monetary Fund is managed. China’s voting rights will rise to 6 per cent from 3.8 per cent and IMF resources will double to about 660 billion dollars. This is the biggest shake up since the IMF and … Continue reading US Senate passes IMF reform in budget bill

US lifts 40-year ban on oil exports

Marking a historic shift for the booming oil industry, United States lifted a 40-year ban on oil exports. Senator Heidi Heitkamp of oil-rich Nork Dakota said that lifting the ban is good for consumers, economy, national and energy security. She also said that by opening up US crude oil to the rest of the world, … Continue reading US lifts 40-year ban on oil exports

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