Number of E-Governance transaction in India crosses 1000 crore in 2016

Number of E-Governance transaction in India crosses 1000 crore in 2016 The Electronics and IT Ministry, on December 16, 2016, informed that electronic transactions for availing government service increased by 33 per cent in 2016, crossing over Rs. 1000 crore. It indicates the adoption of digital medium of transaction by the citizens for easy and convenient method of consuming e-Governance

Retail inflation cools to two-year low 3.63% in November

Retail inflation cools to two-year low 3.63% in November NEW DELHI: Retail inflation fell to a two-year low in November due to the ongoing cash crunch following the demonetisation of Rs 500 and Rs 1,000 notes from November 8. Data released by the statistics office on Tuesday showed consumer inflation at 3.63% in November led by a fall in food prices, also due to a normal monsoon this year

Currency Worth Rs 4.27 lakh crore issued post demonetization: RBI

Currency Worth Rs 4.27 lakh crore issued post demonetization: RBI The Reserve Bank of India made an announcement on December 9, 2016 that the currency notes worth over Rs 4.27 lakh crore have been issued to public through banks and ATMs after the demonetisation Rs 500 and Rs 1,000 currency notes.The Apex Court also announced that about Rs.11.85 lakh crore demonetized notes have

Govt announces several incentives on payments through digital modes

Govt announces several incentives on payments through digital modes To promote digital transaction in the country, Union Government announced various incentives on December 8, 2016, in New Delhi which will be effective from January 1, 2017. The incentives which was announced by Union Finance Minister Arun Jaitley were related mostly with the services provided by the Central

Govt launches Digidhan campaign to boost digital transactions

 Govt -launches -Digidhan- campaign -to- boost -digital -transactions Continuing on the path of eradicating black money and corruption, the government is pushing forward its agenda of a less cash economy through various initiatives. The latest in this regard is the ‘Digidhan’ campaign begun which kicked off on Friday. The aim of the campaign is to spread awareness about digital transactions. Part

Central government's direct tax collections increased

 Central government's direct tax collections increased  The government's revenue collection in April to November saw indirect tax-mop up growing at an impressive 26.2 per cent while that of direct tax came in at 15.12 per cent.Total direct and indirect tax collections at the end of November stood at Rs 9.64 lakh crore, 59 per cent of the Rs 16.26 lakh crore target for 2016-17. The government is

Bank of Baroda has raised Rs 1,000 crore by issuing bonds

Bank of Baroda has raised Rs 1,000 crore by issuing bonds Public sector player Bank of Baroda has raised Rs. 1,000 crore by issuing bonds that are compliant with global capital adequacy norms or Basel III. The bank has issued and allotted bonds with issue size of Rs. 1,000 crore on December 2, 2016, it said in a regulatory filing. The bonds will carry interest rate of 8.5 per cent. The bonds are in

Monetary Policy Committee keeps RBI’s key repo rate unchanged at 6.25%

Monetary Policy Committee keeps RBI’s key repo rate unchanged at 6.25% Factors such as the impacts of the US elections worldwide, domestic financial concerns as well as the modest Q2 global growth were taken into account. Monetary Policy Committee keeps RBI’s key repo rate unchanged at 6.25%. In a surprise move, the Monetary Policy Committee on Wednesday kept the Reserve Bank of

Yes Bank Partners Ola To Set Up 30 Mobile ATMs In 10 Cities

Yes Bank Partners Ola To Set Up 30 Mobile ATMs In 10 Cities Maharashtra based Yes Bank has partnered with India’s smartest cab service Ola to set up mobile ATMs across 30 locations across 10 cities including Mumbai, Delhi, Bangalore, Chennai, Pune, Kolkata, Chandigarh, Ahmedabad, Hyderabad and Jaipur. The Point of Sale (PoS) enabled ATMs will be stationed in Ola cabs from where customers

MMTC to tie-up with SBI to sell govt minted ‘Indian Gold Coin’

MMTC to tie-up with SBI to sell govt minted ‘Indian Gold Coin’ India’s largest public sector trading body MMTC(Metals and Minerals Trading goldCorporation ) tie-up with the State Bank of India (SBI) to sell government-minted Indian Gold Coin(24 Karat)which will be available in denominations of 5gm, 10gm and 20 gm bar. It has set a target of selling 5 lakhs units in the next few

India crosses $300 billion FDI, becomes safe investment destination

India crosses $300 billion FDI, becomes safe investment destination. India has achieved the status of being a safe and dynamic investment destination in the world after it crossed the $ 300 billion Foreign Direct Investment (FDI) between April 2000 and September 2016. 33% of the FDI came through the Mauritius route, because the investors wanted to take advantage of India’s double taxation

RBI to issue new ₹ 50 & ₹ 20 notes; old notes will remain valid

 RBI to issue new ₹ 50 & ₹ 20 notes; old notes will remain valid The Reserve Bank of India will shortly issue ₹ 50 denomination banknotes without inset letter in both the number panels.The Reserve Bank of India has announced that it will issue new sets of Rs 50 and Rs 20 notes that would carry the year of printing, 2016, on the reverse side of the currency. All old Rs 50 and Rs 20 notes will continue

MSS Limit Raised To Rs. 6 Lakh Crore To Manage Liquidity

MSS Limit Raised To Rs. 6 Lakh Crore To Manage Liquidity In order to manage the extra liquidity from the system after the demonetisation, government and the Reserve Bank of India has sharply raised the Market Stabilisation Scheme (MSS) ceiling to Rs. 6 lakh crore from Rs. 30,000 crore on December 2, 2016.  MSS Bonds issued by the government are aimed at providing the central bank with a stock of

Indian Railway give green light to go cashless

Indian Railway give green light to go cashless 

Indian Railways has taken steps to make railway travel bookings digital and asked the State Bank of India and ICICI Bank among others to provide around 15,000 point of sale (PoS) machines at reservation counters. About a thousand of these machines is supposed to be made available by Dec 31.

Government Clarifies Exemption Limits to hold Gold

Government Clarifies Exemption Limits to hold Gold  To carry out the search operations for black money, thegovernmenton December 1, 2016, has clarified the exemption limits for seizure of gold jewellery and ornaments. A reference to instruction No.1916 is also invited by the Finance Ministry which provides that during the search operations, no seizure of gold jewellery and ornaments to the

Swiss Leaks: Income Tax moves court to prosecute Congress leader Amarinder Singh for ‘foreign assets’

Swiss Leaks: Income Tax moves court to prosecute Congress leader Amarinder Singh for ‘foreign assets’, THE Income Tax Department has moved a Ludhiana court with a prosecution complaint against former Punjab Chief Minister Amarinder Singh for being an alleged beneficiary of foreign assets which were traced due to details emerging from the probe into Indians holding HSBC

Jharkhand Chief Minister To Launch 'Cashless Jharkhand Campaign'

Jharkhand Chief Minister To Launch 'Cashless Jharkhand Campaign'

RANCHI:  Jharkhand Chief Minister Raghubar Das will launch "cashless Jharkhand campaign" from Nagadi block of Ranchi district on December 2 which will continue till December 10 in the state, an official release said on Wednesday. Sanjay Kumar, Principal Secretary to Chief Minister, met the

Himachal Pradesh Raj Bhawan adopts cashless system after PM’s appeal

Himachal Pradesh Raj Bhawan adopts cashless system after PM’s appeal

Himachal Pradesh, the Raj Bhawan has adopted cashless system after the Prime Minister’s appeal in this regard. Governor Acharya Devvrat has directed Rajbhawan’s official in Shimla to use cashless system or cheque in all kind of payments. The payments of Rajbhawan would be made online, through

India’s GDP growth rises to 7.3% in Quarter 2

India’s economy witnessed a marginal acceleration, growing at 7.3% in the second quarter of 2016-17. It expanded by 7.1% in the first quarter of 2016-17 and at 7.6% in the corresponding quarter last year.The pick-up in growth in the second quarter was led by agriculture which grew at 3.3% in the quarter. Manufacturing grew at 7.3% while mining and quarrying declined by 1.5%. Gross fixed capital

Coal India arm signs pact with SBI Capital markets

Coal India arm signs pact with SBI Capital markets. Central Mine Planning and Design Institute Ltd (CMPDI) the consultancy arm of Coal India Ltd has signed a memorandum of understanding(MoU) with Mumbai based SBI Capital Markets to increase their market share in the rapidly growing consultancy area. The agreement was signed by Sashi Kant, General Manager, business development,