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Bangladesh to get $400 mn World Bank loan for power
Bangladesh will get $400 million loan from the World Bank for its power sector, a senior official said on Saturday.
On cards, separate financial institution for minorities in J-K
The Centre is mulling over establishing separate financial institutions for development of minority communities in Jammu and Kashmir, Planning Commission member Balachandra Mungekar said here today.
Industry, business chambers come under service tax net
The Central Board of Excise and Customs on Thursday clarified that the trade associations fall within the scope for ?clubs and association services?.
Blue-chip chase keeps sub-PLR in check
The chase for blue-chip accounts has made it difficult for banks to raise lending rates for sub-PLR loans even as they had plans to do so to negate the impact of the recent hike in the CRR.
India seeks foreign investments for infra sector
<p>The report estimates that India would need $320 bn at 2005-06 price level in infrastructure spending over the next five years. <a href="http://economictimes.indiatimes.com/quickiearticleshow/3039639.cms" target="_blank"><b>Do's & don'ts of telephonic interview</b></a></p>
Dubai firms eye more investments in India
Several Dubai-based companies are keen to boost it further in one of the fastest growing economies in the world.
US Exim Bank lines up $8 bn credit for India
<p>The US Exim has committed a $2.2 billion line of credit to fund infrastructure projects in the country. <a href="http://economictimes.indiatimes.com/Features/Quickies/How_to_select_the_best_MF_plan/quickiearticleshow/msid-2977127.cms" target="_blank"><b>Investor options</b></a> | <a href="http://economictimes.indiatimes.com/quickiearticleshow/3031106.cms" target="_blank"><b>Investing plan not for rich alone</b></a> | <a href=" http://economictimes.indiatimes.com/articleshowpics/3036551.cms" target="_blank"><b>Day in Pics</b></a></p>
Now, HSL sues HDFC Bank over derivatives losses
Bangalore-based silk goods exporter HSL has filed a case against HDFC Bank in the city civil court.
SBI not to allow global M&As affect non-life JV
State Bank of India will take measures to ensure that its proposed non-life joint venture is not adversely affected by international M&As.
Post-CRR hike, banks reduce deposit rates to protect margins
In a move aimed at protecting margins which have come under pressure after the April hike in cash reserve ratio (CRR), some banks have quietly reduced their deposit rates.
TN a major destination for attracting FDI
Tamil Nadu has become one of the major destinations of foreign direct investments in the country, state Commissioner for Industries and Director Industries Development, Rajiv Ranjan said on Tuesday.
Punjab receives investment proposals totaling Rs 1,300 crore
Punjab has received six fresh investment proposals to the tune of Rs 1,300 crore from companies, including Green Plywood, Century Plywood for setting up of agro based industries, which would generate 3,500 jobs in the state.
Govt asks banks to launch debt swaps for farmers
Before the country goes into the next Lok Sabha elections, the UPA government has launched yet another pro-farmer programme.
FDI norms in insurance sector could ease: FM
Centre will try to win agreement from coalition allies to ease restrictions on foreign FDI in insurance, banking and pensions in its final year in office.
Loan waiver may push repayment out of circulation
The microfinance sector is bracing for the impact of the Rs 60,000-crore farm waiver package announced in Budget '08.
No proposal to set up sovereign wealth fund: FM
Finance Minister P Chidambaram today said India was not contemplating to set up a Sovereign Wealth Fund
Government to pump in Rs 100 crore in ECGC
In a bid to enhance the insurance cover for exporters, government has decided to pump in Rs 100 crore in the Export Credit Guarantee Corporation (ECGC) by way of increasing its equity in the firm.
Direct cash payment in NREGS to be stopped: Raghuvansh Prasad
With the CAG finding irregularities in implementation of its flagship National Rural Employment Guarantee Scheme (NREGS).
Wage ceiling for Employees Provident Fund may go
<p>The government is mulling doing away completely with the employee wage ceiling of Rs 7,500 per month. <a href=" http://economictimes.indiatimes.com/quickiearticleshow/2987175.cms" target="_blank"><b>Benefits of money back policy</b></a> | <a href=" http://economictimes.indiatimes.com/quickiearticleshow/2967032.cms" target="_blank"><b>Start investing with Rs 100</b></a></p>
Haryana tops in direct tax collections in NWR
Haryana has proved to be a money spinner for the Union government as the state has made the maximum direct tax mop-up in North-West Region at Rs 5,215.31 crore for 2007-08.
Govt to review norms for PSU investment in MFs in August
The government will review in August its decision to allow bluechip state-owned companies to invest 30 per cent of their surplus funds in public sector mutual funds.
SIDBI's asset reconstruction arm to get operational in 6 months
SME financing institution Small Industries Development Bank of India (SIDBI) today said its asset reconstruction arm will get operational within next six months.
India to create agency for bilateral aid
With the country shifting gears from being an aid recipient to a donor nation, India may soon have its official agency for developmental aid.
Asian Development Bank opposes rice cartel
Asian Development Bank is opposed to any OPEC-style rice cartel grouping Thailand and four other Asian nations.
Price hysteria takes sheen off farm loan waiver euphoria
With the Congress in the line of fire over the recent inflation run, one of the first casualties of rising prices has been the euphoria over the Rs 60,000-crore farm loan waiver scheme the party wanted to generate after the Budget.
NABARD's support to Punjab, Haryana, Chandigarh up by 18 pc in 2007-08
The support of NABARD to agriculture and rural development of Punjab and Haryana and UT Chandigarh has touched a record figure Rs.6208 crore during 2007-08.
FM asks PSU banks to swap money lenders' loans to farmers
To pull out farmers from the clutches of money lenders, Finance Minister P Chidambaram today asked PSU banks to swap such lendings for bank loans
PE investments to continue unabated in India: Report
Private equity investments are likely to continue strongly through 2010, driven by robust economic growth and attractive market valuations, a latest report says.
Interest rates unlikely to rise in reasonable future: FM
P Chidambaram on Thursday said he does not expect interest rates to go up in reasonable future following the RBI's move to hike mandatory deposits of banks by 0.25 per cent.
Centre to sell Axis stake; L&T, ITC may be next in line
The government's proposed move to sell its stakes in blue chip companies that are vested with Specified Undertaking of UTI (SUUTI), is likely to kick off with Axis Bank.
Inflation to moderate, says Goldman
Goldman Sachs expects inflation to moderate by the end of the year, as food prices could stabilise.
S&P keeps faith with India, rates it stable
Standard & Poor?s Ratings Services (S&P) has affirmed its investment-grade sovereign ratings for India at ?BBB-? for long-term debt and ?A-3? for short-term debt.
Retail stake in listed cos falls, promoters & FIs ramp up holding
It may be a deliberate attempt or an unintended side effect, but retail investors are gradually being deprived of a share in the Indian equity pie.
IFC, KfW set up $1bn MFI fund
International Finance Corporation (IFC) and German development bank KfW have announced the Microfinance Initiative for Asia (MIFA) to commit up to $1 billion.
Customs dept increases staff strength in Coimbatore airport
In order to prevent incidents of smuggling of narcotic substances and other banned items, the Customs and Central Excise department has increased the strength of its staff at the airport.
Surplus cash may prompt RBI to hike key rates
<p>Banks are parking surplus funds, in the range of Rs 20,000-25,000 cr, with the Reserve Bank of India on a daily basis. <a href="http://economictimes.indiatimes.com/articleshowpics/2967456.cms" target="_blank"><b>Inflation: Sectors to invest</b></a> | <a href=" http://economictimes.indiatimes.com/War_on_Inflation/specialcoverage/2920071.cms" target="_blank"><b>War on Inflation</b></a></p>
Maharashtra achieves Rs 810 cr revenue surplus
A 28% growth in revenue helped Maharashtra wipe out deficits clocking a Rs 810 crore revenue surplus in 2006-07.
FY-08 tax receipts top Rs 5.88 trillion
<p>Direct taxes grew by 38% to Rs 3.09 trillion in FY-08, while indirect taxes were more than Rs 2.79 trillion. <a href="http://economictimes.indiatimes.com/articleshow/2977003.cms" target="_blank"><b>Heard on the Street</b></a> | <a href="http://economictimes.indiatimes.com/articleshow/2977824.cms" target="_blank"><b>Stocks to watch</b></a> | <a href="http://economictimes.indiatimes.com/marketstats/2189002.cms" target="_blank"><b>Gainers & Losers</b></a></p>
Norwegian PE fund to invest Rs 400 cr in India's energy sector
A Norway-based private equity fund will invest Rs 400 crore in India's energy sector that is expanding rapidly to meet the South Asian country's growing need for power and oil.
RBI to look into licensing of local area banks: Chidambaram
The finance ministry will soon take up with the Reserve Bank of India the issue of resuming licensing of local area banks, Finance Minister P Chidambaram said on Wednesday while addressing a meeting of the Consultative Committee attached to the ministry.
India witnesses $4 bn PE investment in Q1 of 2008: Report
The country witnessed private equity investments to the tune of four billion dollars in the first three months of this year, with real estate and infrastructure sectors accounting for a majority share, says a report.
FFIs bring in Rs 26,000 crore till December
Foreign financial institutions (FFI) have brought in capital to the tune of Rs 26,000 crore into the country till December 2007.
Equity accounting shift to erode JV size & valuation
Corporate houses that have joint venture companies are set to see a major drop in their valuation and size when they adopt international financial reporting standards, which would become mandatory in India soon.
Loan waiver should focus on freeing farm land: Kolhe
The Rs 60,000-crore farmers loan waiver announced by the UPA Government would be effective only if all agricultural land is freed from clutches of moneylenders and financial institutions, noted agriculturist Sureshrao Kolhe said.
ADB, World Bank fund for NE development projects
Govt has taken a special initiative to mobilise external aid, including from Asian Development Bank and World Bank.
India invites Saudi investment
India has invited investment from Saudi Arabia, particularly in infrastructure and power generation sectors, to raise the longstanding economic cooperation to greater levels.
PE deals fall apart in M&A Street
<p>Deals are falling apart and after the market meltdown in Jan, PE transactions are also drying up or getting deferred. <a href="http://economictimes.indiatimes.com/quickiearticleshow/2957317.cms" target="_blank"><b>Clothes define corporate attitude</b></a> I <a href="http://economictimes.indiatimes.com/articleshowpics/2963328.cms" target="_blank"><b>Biz week in pics</b></a></p>
MBGB exceeds Rs 2 cr business per employee target: CMD
The Madhya Bihar Gramin Bank have crossed the target of Rs 2 crore business per employee fixed by Finance Minister P Chidambram, bank's Chairman cum Managing Director S K Bansal said on Saturday.
Azad takes up sop exemption issue with PM
The Centre?s move to restrict area-based excise exemption benefits in Jammu & Kashmir, Kutch and the North-East has drawn the ire of the concerned state governments.
CRR hike would put upward pressure on interest rates: PHDCCI
Industry body PHD Chamber on Friday said the CRR hike by 0.5 per cent would put upward pressure on interest rates.
Punjab, Haryana project Rs 650 cr loss due to CST cut
Punjab and Haryana have projected revenue loss of Rs 150 crore and Rs 500 crore respectively due to the proposed cut in Central Sales Tax rate by 1 per cent.
J&K to sanction Rs 207 lakh subsidies to 32 industrial units
The Jammu & Kashmir government on Friday said it will sanction Rs 207 lakh subsidy to 32 industrial units in Jammu division under the central package of incentives and subsidies.
'There are upward pressures on rates?
The chief of the country?s largest private bank has said that there are upward pressures on interest rates and that lower growth is a price to be paid for controlling inflation.
FDI outflow doubles to $18 bn during Apr-Dec
The India story in the global market is for real. Despite the turbulence in the global financial markets, India Inc has been on a prowl.
Home, retail loan rates likely to rise following CRR hike
<p>Interest rates on home & retail loans are expected to rise, as fallout of RBI announcing a 0.5% hike in CRR to control inflation. <a href="http://economictimes.indiatimes.com/articleshowpics/2956175.cms" target="_blank"><b>World inflation in pics</b></a> I <a href=" http://economictimes.indiatimes.com/War_on_Inflation/specialcoverage/2920071.cms" target="_blank"><b>War on Inflation</b></a></p>
Bankers to wait till RBI policy before taking call on rates
Bankers on Thursday said they would assess the liquidity situation and wait till RBI's monetary policy before taking any decision on interest rates.
RBI hikes CRR by 0.5 per cent to control inflation
<p>RBI on Thursday hiked CRR by 0.5% to tighten money supply, as part of concerted efforts with the government to ease inflation. <a href="http://economictimes.indiatimes.com/articleshowpics/2956175.cms" target="_blank"><b>World inflation in pics</b></a> I <a href=" http://economictimes.indiatimes.com/War_on_Inflation/specialcoverage/2920071.cms" target="_blank"><b>War on Inflation</b></a></p>
India's FY-08 indirect tax receipts at Rs 2.79 tn
India's indirect tax receipts have crossed Rs 2.79 trillion in the year to March 2008, exceeding the government target, P C Jha, chairman of the Central Board of Excise and Customs said.
FIIs cut exposure in Indian equity markets
<p>Decrease in risk appetite is evident in the shareholding pattern of FIIs that tracks a decline in their holding in Nifty firms. <a href=" http://economictimes.indiatimes.com/articleshow/2958429.cms" target="_blank"><b>Stocks to watch</b></a> | <a href="http://economictimes.indiatimes.com/marketstats/2189002.cms" target="_blank"><b>Gainers & Losers</b></a></p>
I&B ministry gets Rs 1,910 crore for the current fiscal
A sum of Rs 1,910 crore has been allocated to the ministry for Information and Broadcasting (I&B) for the year 2008-09
A repo rate hike by RBI likely, says BoI chief
The market has already discounted a 0.5 per cent hike in CRR and is besides, expecting a hike in the repo rate in the monetary policy to be announced by the Reserve Bank of India (RBI), a top banker said.
Fertiliser subsidy bill to rise to Rs 1 lakh crore: Paswan
Spiralling prices in the global market will push the fertiliser subsidy bill by more than 100 per cent to Rs 1 lakh crore, Chemicals and Fertiliser Minister Ram Vilas Paswan has said.
Haryana collects Rs 10,000 crore as taxes last fiscal
Haryana Government has collected Rs 10,000 crore as taxes last fiscal, which is a "record of sorts", state Excise and Taxation Minister Birender Singh said.
Banks in a spot as govt sits on crop-loan interest subsidies
Even as the country goes gaga over the massive Rs 60K cr farm loan-waiver scheme, the govt is yet to release funds towards interest subsidy on short-term crop loans.
Bankers expect RBI to raise CRR by 0.50% to contain inflation
The unabated upward journey of inflation to 40-month high of 7.41 per cent may force the Reserve Bank to tighten money supply in its forthcoming annual credit policy to suck out excess liquidity from the system, according to bankers.
Capital goods sector earnings may slowdown in Q4: Analysts
The capital goods sector is expected to witness a slowdown in its earnings in the fourth quarter last fiscal, due to the impact of higher input costs and slower order execution on their performance, says analysts.
High finance laid low
Except for oil executives, no group of business leaders is now more resented than the titans of finance, bankers, traders, hedge fund managers. They are blamed for causing the housing crisis, global financial turmoil and a possible recession.
Banks board slow coach as credit growth slips to 24% in 2007-08
Desperate to match previous year?s performance, banks have gone on an overdrive in the last fortnight of 2007-08, which accounted for almost a fifth of the business for the financial year.
Coal India pays Rs 1,705.42 cr dividend to govt
Coal India Limited on Thursday handed over a dividend cheque of Rs 1,705.42 crore for 2007-08 to the government.
Direct tax collections surpass target in West Bengal region
Personal and corporate income tax collections in 2007-08 in the West Bengal region (including Sikkim and A&N Islands) has exceeded the target for the first time in 10 years.
Overseas borrowings drop to less than $1 bn in February
The overseas borrowings of India Inc have dropped to less than one billion dollars in February, although five companies have raised money from abroad to fund acquisitions during the month.
Rail Budget must chug along with Union Budget
Over the years, the importance and appeal of the Rail Budget has considerably diminished, but ministers do not miss any opportunity to use the Budget platform for carving out zones and locating headquarters in their states.
NABARD Focus paper estimate credit flow of Rs.37,546 crores
National Bank for Agriculture and Rural Development's State Focus paper projects a credit Flow of Rs.37,546 crore including Rs.14,156 crore for agriculture and allied activities for the year 2008-09.
Finance Ministry approves new Rs 50,000 cr APDRP scheme
The Finance Ministry has cleared a restructured Rs 50,000-crore accelerated power development and reforms programme (APDRP), which would soon be sent to the Cabinet for approval.
Foreign fund restrictions to boomerang: Raghuram panel
Restricting inflows of foreign funds is not an effective solution in the long run to prevent the local currency from strengthening that is reducing export competitiveness, a high level committee on financial sector reforms is set to advice the government.
Grant Rs 5,000 cr for setting up SEZs in JK: Assocham
Asscham on Sunday asked the Centre to sanction a Rs 5,000-crore infrastructure package for SEZs in the state, given its improving security situation.
CRR hike may leave banks with little to lend
<p>It is widely expected that the central bank will take monetary measures to contain prices and a rise in CRR is one such monetary measure. <a href=" http://economictimes.indiatimes.com/War_on_Inflation/specialcoverage/2920071.cms" target="_blank"><b>Special: War on Inflation</b></a></p>
10 lakh backward class families benefit from NBCFDC loans
Nearly 10 lakh families belonging to the Backward Classes living below the poverty line have benefited from loans disbursed by the National Backward Classes Finance and Development Corporation (NBCFDC).
JPMorgan's John Coyle joins Permira
John Coyle, the global head of JPMorgan Chase & Co's financial sponsor group, has joined Permira, the private equity firm said on Friday.
WB, ADB may lend directly to urban bodies
The government may allow multilateral funding agencies such as World Bank and Asian Development Bank (ADB) to directly extend debt to urban local bodies (ULB).
India raises overseas investment limit for funds
India's central bank said on Thursday said it had raised the ceiling for overseas investment by local mutual funds to $7 billion from $5 billion, with immediate effect.
'India needs $500 nn investment to sustain growth'
India would have to invest about $500 billion in five years to sustain the current growth rate of around nine per cent and US firms would not miss an opportunity to have a stake in the investments, an official of the US consulate in Chennai said.
Centre releases Rs 65 cr to revive lakes in J&K
The Centre has released Rs 65 crore to protect and preserve various water bodies in Jammu and Kashmir.
Refund claims may rise on derivatives losses
Unexpected losses suffered by corporates, which were exposed to forex derivatives and lower profits for banks, could result in a rise in refund claims with the Income Tax Department.
'India important source of FDI in US'
India is emerging as an important source of foreign direct investment in the United States, Deputy Assistant Secretary for South and Central Asian Affairs, US Department of State, Evan A Feigenbaum said.
Retail sector may get service tax relief
The retail industry is large user of outsourced manpower services. Service tax is at present being levied on the service providers not on the basis of fee of the service provider but including the salary paid to employees.
BJP seeks Rs 1,000 cr relief package from Centre
The BJP on Tuesday sought a Rs 1,000 crore interim relief package from the Centre in the wake of unseasonal rains in Karnataka, which left 24 people dead and resulted in extensive loss of crops.
CST phaseout to miss deadline
The Central Sales Tax phaseout plan will miss a crucial deadline on Tuesday with both Centre and state governments failing to converge on the compensation package.
Repo rate, CRR hike on cards
Monetary measures like hike in Cash Reserve Ratio and Repo rate of banks may not be too far away even as the government considers a slew of fiscal sops to reduce inflationary pressures.
DA announced for Punjab employees
Punjab government on Monday decided to give 6 per cent dearness allowance to all the government and semi government employees from the January one this year.
Haryana hikes unemployment allowance
Haryana government on Monday announced a substantial increase in the unemployment allowance being paid to the registered unemployed science graduates, post-graduates and 10 + 2 pass in science stream.
Haryana govt hikes DA by 6 pc
Haryana finance minister Birender Singh on Monday announced to enhance the rate of DA payable to the state government employees from existing 41 per cent to 47 per cent.
States spend more on development as revenues rise
The success on the fiscal consolidation front over the past few years has prompted several state governments to now embark on more spending, including on large infrastructure projects, to help keep the growth engine humming.
Badal demands more central grants
Chief Minister Parkash Singh Badal alleges that the central grants to Punjab were not proportionate to the state's contribution to the nation.
UP, Maharashtra, West Bengal have high debt burden
Uttar Pradesh, Maharashtra and West Bengal have high debt burden among major states in the country, according to the Economic Survey of Maharashtra.
External commercial borrowings decline in Jan
Overseas corporate borrowings by the India Inc declined in January as compared to the preceding two months despite softening interest rates globally as the Central government has put curb on overseas debt.
Centre withdraws incentive package for investors in J&K
Due to issuance of this amended notification the existing and future entrepreneurs are in double mind whether to continue with the industrial ventures in the state or not.
Govt issues Rs 9,297-cr bonds to oil firms
Govt on Friday issued oil bonds worth Rs 9,297 crore to four public sector fuel retailers to partly compensate them for selling domestic LPG and PDS kerosene below cost during the current financial year.
Keep financial products simple: FM
Finance Minister P Chidambaram on Friday criticised financial institutions for issuance of complex products, saying the need for the instrument should be clearly established before it is sold.
Govt to allow repos in corporate bonds: FM
India will soon allow repurchase agreements or repos in corporate bonds to help improve market liquidity, the finance minister said on Friday.
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