NEW DELHI: Govt will reassess interest from bidders in a clutch of public sector companies that were to be privatised, including Shipping Corporation and BEML, but Concor and BPCL are no longer on the table for now, a top official said on Friday.Tuhin Kanta Pandey, secretary in the department of investment and public asset management…
NEW DELHI: Apple is finally set to make the highly-coveted and technologically-sophisticated Pro series of iPhones in India, in a big affirmation to the country’s Make in India initiative and the quality of manufacturing. However, there are “no immediate plans” to assemble the iPad tablets and the MacBook laptops in India for now, sources told…
NEW DELHI: The Securities and Exchange Board of India (Sebi)on Friday banned fugitive businessman Vijay Mallya from trading in securities market and being associated with any listed company for a period of three years. The decision was made in connection with the channeling of funds to the Indian securities market through overseas bank accounts with…
NEW DELHI: India’s foreign exchange reserves surged by $4 billion to reach $670.857 billion for the week that ended on July 19, according to the Reserve Bank of India (RBI) on Friday.The overall reserves had jumped by $9.699 billion to an all-time high of $666.854 billion in the last week that concluded on July 12.The…
MUMBAI: There is growing evidence that Indian retail investors are fast turning into speculators with a majority losing money in the stock market. A new study by Sebi‘s research division in the cash section of the stock market for FY23 showed that one in three investors in the segment indulged in intra-day trading. And of…
MUMBAI: In a bid to prevent fraudsters from using the money transfer route for laundering, RBI has tightened rules for money transfers and has asked banks to obtain KYC details of remitters and beneficiaries.Earlier, RBI’s money transfer rules allowed walk-in customers without bank accounts to transfer funds subject to a transaction limit of Rs 5,000…
MUMBAI: Various amendments relating to charitable trusts have been proposed in the Budget – notable among them is the move towards a single exemption scheme. The two main exemption provisions for charitable trusts/entities are contained in section 10 (23C) and section 11, while both provide similar tax exemption benefits, they contain specific procedures relating to…
NEW DELHI: The Budget proposal to waive customs levy on three specific cancer therapies has sparked claims of being “an eye-wash” and “selective”, as it covers only drugs from one MNC AstraZeneca. The exemption does not extend to the entire category or class of cancer drugs, and provides a “marginal” benefit averaging Rs 18,000 each…
NEW DELHI: Senior Congress leader and former finance minister P Chidambaram on Wednesday cautioned the govt against taking inflation lightly and said every family was hit hard by price rise.Initiating the discussion on the budget in Rajya Sabha, he raised five demands — that the govt ensure Rs 400 as the daily minimum wage, provide…
MUMBAI: The Budget has tightened the provisions relating to clearance certificates that are required when departing from India. From October 1, a clearance certificate giving a clean chit under the Black Money Act will be required for persons domiciled in India, who are leaving India.At present, under section 230 of the Income-tax (I-T) Act, a…
