Business

A Reserve Bank of India panel deciding on guidelines for transfer of the central bank's surplus funds to the government delayed submitting its report on Wednesday, due to a difference of opinion, officials said.

The six-member panel, headed by Former RBI Governor Bimal Jalan, which was originally supposed to submit the report in April,

The government announced a few changes in income tax rules in interim budget earlier this year. Key changes in the income tax law included a full tax rebate on annual income up to Rs 5 lakh and a 25 per cent hike in standard deduction allowed to salaried individuals and pensioners. These income tax rules will come into force from Assessment Year

Refuting charges of misappropriation of around Rs 98,000 crore by its Chairman Sameer Gehlaut and other directors, Indiabulls Housing Finance late on Monday evening said that the allegation is "bizzare" and is meant to malign the reputation of the company.

The statement comes after a plea was filed in the Supreme Court on Monday seeking

The auditor of tycoon Anil Ambani's shadow bank and its unit resigned citing lack of satisfactory responses to its questions, adding to concerns about the last stronghold of the wider Reliance Group.

Price Waterhouse - Co Chartered Accountants

The government is seeking to ban Deloitte Haskins Sells and KPMG affiliate BSR - Associates for five years, alleging lapses in their audits of a unit of Infrastructure Leasing - Financial Services (IL-FS), which the government took

Domestic passenger car sales fell 26.03 per cent to 1,47,546 units in May, data from industry body Society of Indian Automobile Manufacturers (SIAM) showed. Industry observers pointed out that a high base effect along with low demand and high interest costs continued to dent purchases. The data furnished by SIAM showed that passenger ca

The oil sector can hope to get some relief from Budget 2019-20 with the government considering a proposal to halve the cess on domestic crude oil to encourage exploration activity and allow explorers to step up investment in search for new

The European Union's powerful anti-trust authority on Tuesday blocked the merger of German industrial conglomerate Thyssenkrupp with steel giant Tata, an expected veto that kills the deal.

"We prohibited the merger to avoid serious harm to European

DHFL or Dewan Housing Finance Corporation Limited shares jumped as much as 10 per cent on Monday, recovering from recent losses after the downgrade of its commercial papers by credit ratings agencies. On the National Stock Exchange, DHFL shares soared

Domestic stock markets started Wednesday's session on a lower note, ahead of the release of macroeconomic data. The S-P BSE Sensex index fell as much as 176.13 points to 39,774.33 in early trade, and the NSE Nifty index moved to 11,916.75, down 48.85 points from the previous close. Selling across sectors except metal and energy pulled the

After enhancing the recapitalisation amount for public sector banks (PSBs) to Rs 1.06 lakh crore in the last financial year, the Finance Ministry is not in favour of infusing more funds in PSBs so soon, and is unlikely to seek provision for it in the

Domestic stock markets started Monday's session on a strong note amid buying across sectors and advances in Asian peers. The S-P BSE Sensex index rose as much as 363.58 points to touch 39,979.48 in early deals, and the NSE

Reliance Industries Ltd and BP Plc said on Tuesday they would jointly develop their third project, a deep water gas field off the east coast of India.

The oil majors sanctioned development of two other projects in the last two years.

The three projects are expected to develop a total of about 3 lakh crore cubic feet (tcf) of discovered

Gold prices fell by Rs 360 to Rs 33,370 per 10 grams on Tuesday, reported news agency Press Trust of India (PTI) quoting the All India Sarafa Association. Silver also followed suit and weakened by Rs 290 to Rs 37,560 per kg due to reduced offtake by industrial units and coin makers. The decline in gold prices came due to a weak trend overseas and

Airlines such as Air India, GoAir and IndiGo have recently announced discounts on bookings and introduced new flights on international routes. The announcements from these airlines come at a time when suspension of flights by Jet Airways has led to additional

The Reserve Bank of India on Tuesday said it will waive all charges on fund transfer through RTGS and NEFT systems from July 1 and asked banks to pass on the benefits to customers from the same day. The Real Time Gross Settlement System (RT

Government withdrew 10 per cent export incentives on onion, the government said in a statement on Tuesday, as prices of the bulb jumped 47 per cent in a month due to dwindling supplies.

The south Asian country had doubled export incentives for onion in December following steep drop in prices that angered farmers.

On Tuesday, wholesale price in the

Reserve Bank of India Governor Shaktikanta Das said the central bank would closely monitor the health of non-banking financial companies (NBFCs) and it would not hesitate to take corrective measures, if needed, to address issues in the

The rupee on Tuesday recuperated by 21 paise to 69.44 to the US dollar in line with strong Asian currencies and rally in domestic equities. The domestic unit opened strong at 69.49 and rose to the day's high of 69.34 at the interbank forex market. During the day, the local unit touched

Moody's placed Yes Bank's rating under review for downgrade on Tuesday, citing the private-sector lender's exposure to some weak financial companies.

"The review for downgrade takes into account Moody's expectation that the ongoing liquidity pressure on finance companies will negatively impact the credit profile of Yes Bank, given the

As the voting process on the NBCC's bid for Jaypee Infratech (JIL) ends on Monday, with no signs of the public sector enterprise getting through, sources say, home buyers plan to stop paying the ongoing EMIs (equated monthly instalments) as many of them have "lost hope of a resolution".

The online voting on the NBCC's bid started on May

EPFO or Employees' Provident Fund Organisation allows subscribers to assign a nominee online. EPFO is the nodal agency to monitor EPF (Employees' Provident Fund) contributions, which is a mandatory contribution from the salary of an individual. The

The S-P BSE Sensex and NSE Nifty 50 Indexes rose for third day in a row led by gains in banking, metal, energy and oil - gas shares. ICICI Bank, Reliance Industries, Tata Consultancy Services, IndusInd Bank and State Bank of India were

Petrol and diesel prices were cut by oil marketing companies on Sunday, marking a fourth straight day of reduction in the fuel rates. With effect from 6 am on Sunday, the price of petrol was at Rs. 70.56 per litre in New Delhi, Rs. 72.81 per litre

Fixed deposit (FD), an investment avenue offered by commercial banks, non-banking financial companies, small saving banks and post offices, grants higher rate of interest as compared to savings accounts. In an FD account, deposit is locked in for a predefined

Agriculture and Rural Development Ministry officials will be meeting the Finance Minister Nirmala Sitharaman for pre-Budget discussions on Tuesday. The officials are likely to seek more funds for interest subsidy for short-term credit to farmers and market intervention schemes from what has been allocated to in the interim Budget.

Under the scheme,

State-run BSNL, which is trying to overcome liquidity crunch and financial squeeze, has undertaken fresh measures to cut avoidable expenditures on contract labour and do a cost-benefit analysis of the legacy landline and broadband exchanges as well as towers to achieve network optimisation.

"During the various review meetings with the

Mortgage lender Dewan Housing Finance Corp Ltd (DHFL) on Tuesday said it had cleared interest of Rs 961 crore due on non-convertible debentures (NCDs), a week after it delayed payments and fanned fears of a liquidity crisis.

DHFL is part of the country's shadow banking sector which has been struggling since a series of defaults at lender

Southwest monsoon this year has become a thing of concern for policymakers as it has not just been delayed by a week, but it is also likely to be sluggish and erratic, which may spell trouble for the farm sector.

Paddy, the primary crop

Stormy weather awaits the key equity indices, as volatility is bound to flare-up on concerns regarding a delayed monsoon and upcoming macro-economic data points on industrial production and inflation.

Additionally, liquidity crisis in