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Updated: 1 hour 41 min ago

India set to export mobile phones worth $9 billion in FY23: Report

2 hours 25 min ago
Phone exports have already crossed the $5 billion mark, twice more than the last year's $2.2 billion

GST Council to discuss decriminalisation in upcoming meeting on December 17

Mon, 12/05/2022 - 23:30
One of the proposals before the Council is to raise the threshold limit for launching criminal proceedings under GST for offences over Rs 20 crore

Scam in cooperative bank: ED has attached assets worth Rs 30 crore

Mon, 12/05/2022 - 13:24
The Enforcement Directorate (ED) has attached assets worth Rs 30.70 crore of Bijoy A K, the commission agent of Karuvannur Service Co-operative Bank Ltd, under the Prevention of Money Laundering Act in fraud and cheating case. The ED said the attached assets include 20 immovable properties consisting of land and building in Kerala, two premium cars, Rs 3,40,000 and foreign currency totalling Rs 2,08,124. The sleuths attached bank balances also in Bijoy's 57 accounts worth Rs 35,86 990. The enforcement agency said he illegally sanctioned and disbursed loan to the tune of Rs 26.60 crore in cash without any collateral due to systematic conspiracy hatched and perpetuated by the secretary and committee members of the bank since 2010. "The ED initiated a money laundering investigation on the basis of the FIRs registered by the Kerala police under section 420 of the IPC. Kerala police (Crime Branch) has registered more than 16 FIRs in Thrissur District regarding fraud in Karuvannur Service

India shares a list of products with Moscow for access to Russian market

Mon, 12/05/2022 - 13:04
Moscow had sent India a list of more than 500 products for potential delivery

E-Visa facility resumes again for UK nationals travelling to India

Mon, 12/05/2022 - 12:51
For the first time since March 2020, India is all set to resume the e-Visa facility for UK citizens travelling to India, the High Commissioner of India to the UK announced in a video message on Monday

'Fake currency, terror financing should be tackled', Centre to SC on DeMo

Mon, 12/05/2022 - 12:37
Fake currency, terror financing and black money are three evils and are like 'Jarasandha' (an antagonist in Mahabharat) and should be cut into pieces, the Centre told the Supreme Court on Monday while opposing the pleas challenging the 2016 demonetisation exercise. Attorney General R Venkataramani, appearing for the Centre, submitted before a five-judge Constitution bench headed by Justice S A Nazeer that the government is duty bound to address the three evils. "They (petitioners) have said we should have conducted studies before demonetisation. For more than a decade, central government and the Reserve Bank of India have been looking at the three problems (fake currency, terror financing, black money)... They are like Jarasandha. You have to cut it into pieces. If you don't cut it into pieces, it will always be alive," he said. Venkataramani said judicial review of an economic policy may be restricted to where the court may only determine if there is a rational nexus with the objec

We must look for newer markets for Indian millets: Piyush Goyal

Mon, 12/05/2022 - 12:36
Commerce and Industry Minister Piyush Goyal on Monday called for looking at newer markets for Indian millets to push exports. He also said that there is a need for more research and focus on standards for the sector. "We must look for newer markets and destinations. Research is required to see newer varieties," he said here at an international buyer-seller meet on millets. The minister also called for greater participation of industry besides focusing on boosting productivity of millets. Millets help in reducing carbon emission besides promoting growth of agriculture. "Let's become the global capital of millets," he added. Speaking at the event, Commerce Secretary Sunil Barthwal said that there is a huge scope to boost millet exports from India. "We can achieve the target of USD 100 billion in 2-3 years from USD 15 million, he said. He said that the ministry will be organising several such buyer-seller meets in India and abroad to promote millets. "I am sure the culture of gro

CCI chief calls for devising new tools to check anti-competitive practices

Mon, 12/05/2022 - 12:27
Competition Commission of India acting-chairperson Sangeeta Verma on Monday said fair-trade watchdogs need to devise new tools and develop innovative perspectives on the application of the existing instruments amid rapidly evolving digital landscape. Against the backdrop of the rapidly changing and evolving digital landscape that is posing new challenges for competition law enforcers and questioning the traditional parameters of competition regulation, she highlighted the need for competition agencies to develop innovative perspectives on how to apply the existing instruments suitably and devise new tools. She was speaking at the fifth edition of EU-India Competition week. Verma said that the technical cooperation programme has provided a platform for dialogue and exchange of good practices between competition authority officials and experts from the EU and India. The fifth EU-India competition week, to be held from December 5-7, was inaugurated at Competition Commission of India's

Govt wants Delhi-Centre power dispute case be referred to larger SC bench

Mon, 12/05/2022 - 12:23
The Centre on Monday told the Supreme Court that it has filed a fresh plea seeking reference to a larger bench of nine or more judges a matter involving a constitutional issue related to the control of services in the national capital. The Delhi government, represented by senior advocate A M Singhvi, opposed the Centre's plea before a bench comprising Chief Justice of India D Y Chandrachud and Justice P S Narasimha, saying, "this will only create delay and such tactics cannot be allowed". Solicitor General Tushar Mehta, appearing for the Centre, said at the outset "there are no facts to be controverted. But, I have filed an IA (interim application) stating that this matter (Delhi-Centre case) may have to be referred to a larger bench". Singhvi opposed the submission, saying it amounted to seeking a review of the apex court order which had said the matter did not require reference to a larger bench and the only issue remaining between the parties was the dispute pertaining to control

Emerging markets face risk of policy error amid conflicting priorities

Mon, 12/05/2022 - 12:21
Emerging markets have witnessed an investor exodus this year despite having raised interest rates at an unprecedented pace

Find gold import and smuggling link, says FM Nirmala Sitharaman

Mon, 12/05/2022 - 11:23
The remarks came against the backdrop of a substantial quantity of gold seized between April last year and March this year

Credit card use at PoS higher than at e-com sites in July-Sept: Report

Mon, 12/05/2022 - 11:21
Attributes trend to value-added services such as EMI and BNPL which are allowing consumers to use cards for big-ticket transactions, as opposed to small-ticket earlier

Nasscom hails draft data protection bill for dropping contentious rules

Mon, 12/05/2022 - 11:19
Provisions on non-personal data, criminal penalties, hardware certification scheme, and statutory data residency requirements among those axed

India's G20 priorities to reflect that of the global south: Amitabh Kant

Mon, 12/05/2022 - 10:57
'This is a unique forum of both the developed world and emerging economies. We need to build new approaches that benefit them both'

State GST team raids several places of UP, Noida amid loss of revenue

Mon, 12/05/2022 - 10:39
The state GST department has taken action in various places in Uttar Pradesh including Noida on the complaint of loss of revenue by tax evasion

Sugar output likely to drop 7% amid erratic weather, could crimp exports

Mon, 12/05/2022 - 10:10
Lower sugar exports from India, also the world's second biggest exporter, could lift global prices and allow rivals Brazil and Thailand to increase their shipments

GST council to consider decriminalisation of GST law in Dec 17 meet

Mon, 12/05/2022 - 10:06
The GST Council in its next meeting is likely to discuss decriminalisation of offences under GST law, along with raising the threshold of launching prosecution to Rs 20 crore, from Rs 5 crore at present, officials said on Monday. The council, chaired by Union Finance Minister Nirmala Sitharaman and comprising her state counterparts, is scheduled to meet virtually on December 17. The government had in September said that GST officers can launch prosecution against GST offenders in cases where the amount of evasion or misuse of input tax credit is more than Rs 5 crore. Launching of prosecution by taxmen means commencement of legal proceedings against the offender. One of the proposal before the Council is to raise the threshold limit for launching criminal proceedings under GST for offences over Rs 20 crore. Also, the property of offenders below the set threshold will not be attached, officials said. The council is also likely to consider removing those penal offences which are alre

India's existing deep discounts on Russian crude oil will stay: Officials

Mon, 12/05/2022 - 09:59
A record 24.8 percent of India's crude oil imports came from Russia in the April-September period

Extensive exploration programme to find minerals stepped up in Rajasthan

Mon, 12/05/2022 - 09:37
Additional Chief Secretary (Mines and Petroleum) Subodh Agarwal said each part of the state was rich in some mineral

Chhattisgarh's revenues see a surge in seven months: CM Bhupesh Baghel

Mon, 12/05/2022 - 09:08
The state has been successful in maintaining a revenue surplus of Rs 4,642 crore in the last financial year