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India emerges as world's 6th largest economy, surpasses France: WB data

India emerges as world’s 6th largest economy, surpasses France: WB data

NEW DELHI: India emerged as the world’s sixth largest economy in 2017 surpassing France and likely to go past the United Kingdom, which is at the fifth position, according to an analysis of data compiled by the World Bank. In 2017, India became the sixth largest economy with a Gross Domestic Product (GDP) of US$

Rupee up 10 paise to 68.42 against US dollar

Rupee up 10 paise to 68.42 against US dollar

Mumbai – The rupee pared its initial gains, while trading 15 paise higher at 68.42 against the American currency in late morning deals on continued bouts of dollar selling from banks and exporters. The rupee resumed sharply higher at 68.32 from yesterday’s closing level of 68.57 at the inter-bank foreign exchange here. The Indian unit

India's external debt rises over $529 bn

India’s external debt rises over $529 bn

Mumbai (IANS) – India’s total external debt for the quarter ended March 2018 rose on a year-on-year basis by over 12 per cent to $529.7 billion, official data showed on Friday. According to the RBI, external debt rose to $529.7 billion from $471.3 billion reported for the corresponding period of 2017, on the back of

Indians' money stashed in Swiss banks rise 50 pc to Rs.7,000 crore

Indians’ money stashed in Swiss banks rise 50 pc to Rs.7,000 crore

ZURICH/NEW DELHI: Money parked by Indians in Swiss banks rose over 50 per cent to CHF 1.01 billion or Rs 7,000 crore in 2017, reversing a three-year downward trend amid India’s clampdown on suspected black money stashed there. In comparison, the total funds held by all foreign clients of Swiss banks rose about 3 per

Sensex rises 570 pts, Nifty above 10,300 as RBI holds policy rates

The market indices on Thursday rallied after the Reserve Bank of India (RBI) kept its repo rate and reverse repo rate unchanged at 6 percent and 5.75 percent respectively.The Sensex rose 571.31 points or 1.73 percent to 33,590.38 and the Nifty gained 185.90 points or 1.84 percent at 10,314.30. Shares on BSE advanced, with all sectoral indices were in the

'PNB's $1.8 bn fraud is failure of various audits, RBI inspection'

‘PNB’s $1.8 bn fraud is failure of various audits, RBI inspection’

The $1.8 billion fraud at the government-owned Punjab National Bank (PNB) shows the failure of various kinds of audits in the bank, including the RBI’s inspection, said a senior chartered accountant. According to him, the Reserve Bank of India has to carry out a deep investigation, forensic audit of the accounts involved in the alleged

Risks related to bitcoins being examined: MoS Finance

Risks related to bitcoins being examined: MoS Finance

Risks related bitcoins being examined: Minister of State for Finance P Radhakrishnan has stated that the financial, operational and security risks related bitcoins are being assessed. In a written reply to a question in the Lok Sabha on Friday, the minister said that the role of operators trading in crypto currencies is being examined. Radhakrishnan also reiterated

DRI seizes Rs 49 crore in demonetised currency notes

DRI seizes Rs 49 crore in demonetised currency notes

DRI seizes Rs 49 crore in demonetised currency notes. The Directorate of Revenue Intelligence (DRI) today seized nearly Rs 49 crore worth of cash in demonetised Rs 500 and Rs 1000 currency notes from the premises of a company in the GIDC area here.“Acting on specific intelligence, the officers of DRI, Surat, assisted by officers

RBI to rationalise charges on debit card transactions

Mumbai, Dec 6, The Reserve Bank today said it has decided to rationalise charges on debit card transactions based on category of merchants with a view to giving “further fillip” to digital payments. In its ‘Statement on Developmental and Regulatory Policies’, released along with the resolution of Monetary Policy Committee (MPC), the RBI said that in

RBI seeks fresh applications

RBI seeks fresh applications for CFO post

New Delhi, Nov 12, RBI seeks fresh applications for CFO post : The Reserve Bank has sought fresh applications from eligible candidates for the post of Chief Financial Officer (CFO). This is the second time that the central bank has modified the original appointment notice issued in May this year.“In view of modifications in eligibility

FERA violation case: Hearing against Vijay Mallya to continue

FERA violation case: Hearing against Vijay Mallya to continue

FERA violation case: The Patiala House Court in Delhi will continue hearing in connection with a Foreign Exchange Regulation Act (FERA) violation case against liquor baron Vijay Mallya. In the previous hearing in April, a Delhi court had issued an open ended (no time limit) non-bailable warrant against the beleaguered businessman. This was the sixth

RBI confirms: Aadhaar linkage with bank accounts mandatory

RBI confirms: Aadhaar linkage with bank accounts mandatory

RBI confirms: Aadhaar linkage with bank accounts mandatory. The Reserve Bank of India (RBI) on Saturday said biometric identity number Aadhaar linkage with bank accounts is mandatory. The RBI clarification followed media reports quoting a reply to a Right to Information (RTI) application that suggested the apex bank has not issued any order for mandatory Aadhaar

66 machines being used for counting demonetised notes: RBI

66 machines being used for counting demonetised notes: RBI

66 machines being used for counting: At least 66 Sophisticated Currency Verification and Processing (CVPS) machines are being used for counting junked Rs 500 and Rs 1,000 notes that were deposited post demonetisation, the Reserve Bank of India (RBI) has said. A global tender has been floated for the procurement of new CVPS machines, the

RBI refuses to share details on clean India mission logo on new currency notes

RBI refuses to share details on clean India mission logo on new currency notes

clean India mission logo on new currency notes: The Reserve Bank of India (RBI) has refused to share details of a decision to put the logo of Prime Minister Narendra Modi’s pet project ‘clean India mission’ on the new Rs 500 and Rs 2,000 currency notes, citing security concerns among other reasons. Replying to an

Government stops printing of Rs. 500 currency notes

Government stops printing of Rs. 500 currency notes

Government stops printing of Rs. 500 currency notes. To focus on printing of Rs 200 notes, the government has stopped the printing of Rs 500 currency denomination. According to the information, RBI has given new target of printing 40 crore currency notes of Rs 200 to the Bank Note Press (BNP), Dewas.According to the information,

RBI report claims Rs 15.28 lakh crore returned after demonetization

RBI report claims Rs 15.28 lakh crore returned after demonetization. A report by Reserve Bank of India (RBI) has disclosed that Rs 15.28 lakh crore were deposited in banks during demonetization but it doesn’t match with the figure of Rs 15.44 lakh that was circulated in the market. RBI has stated that the calculation was

No information to RBI, how much black money has been removed

No information to RBI, how much black money has been removed

No information to RBI, how much black money has been removed. Reserve Bank of India has told the parliamentary committee that there is no information about it, how many black money has been extinguished as a result of demonetization of Rs 500/1,000 notes or about unaccounted cash legitimized through exchange of currency post note ban.At

No info on black money removed by note ban: RBI

Black money RBI. The government has faced another problem from the Reserve Bank of India, which has been questioned about the closure. Actually, the RBI has told a parliamentary panel on the ban on bondage that there is no information about how much black money was reduced in the country after the ban on bondage.The

Why Raghuram Rajan never supported PM Modi’s demonetisation decision

Why Raghuram Rajan never supported PM Modi’s demonetisation decision

Why Raghuram Rajan never supported PM Modi’s demonetisation decision. Former RBI governor Raghuram Rajan has made some stunning revelations about demonetization in his book ‘I Do What I Do: On Reforms Rhetoric and Resolve’ which is due to release next week. In this book, Rajan has revealed that he wasn’t in support of the demonetization

Better ways to tackle farm distress than loan waivers: Ramesh Chand

Better ways to tackle farm distress than loan waivers: Ramesh Chand

Better ways to tackle farm distress than loan waivers: Ramesh Chand. Niti Aayog member Ramesh Chand has said there are more effective ways to deal with problems of farmers than loan waivers which benefit only a fraction of agriculturists. States including Uttar Pradesh and Maharashtra have announced farm loan waivers adding up to Rs 1.3