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Grant of Rs.12,351 crore released for Rural Local Bodies

Total grant of Rs. 45,738 crore has been released to Rural Local bodies so far in 2020-21 The Department of Expenditure, Ministry of Finance has released an amount of Rs.12,351.5 crore to 18 States for providing grants to the Rural Local Bodies (RLBs).  This amount is the 2nd instalment of basic grants released in the financial year 2020-21.  The grant has been released to 18 States who have provided the Utilisation Certificate for the first instalment and on the recommendat..

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Total FDI inflow of US$ 58.37 billion received during April to November 2020

Foreign Direct Investment (FDI) is a major driver of economic growth and an important source of non-debt finance for the economic development of India. It has been the endeavor of the Government to put in place an enabling and investor friendly FDI policy. The intent all this while has been to make the FDI policy more investor friendly and remove the policy bottlenecks that have been hindering the investment inflows into the country. The steps taken in this direction have borne fruit, as is evid..

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Regional Economic Convergence in the Manufacturing Sector

Today the Reserve Bank of India placed on its website a Working Paper titled “Regional Economic Convergence in the Manufacturing Sector: An Empirical Reflection” under the Reserve Bank of India Working Paper Series*. The Paper is authored by Madhuresh Kumar. This paper uses data on registered manufacturing firms from the Annual Survey of Industries (ASI) for the post global financial crisis period (2008-09 to 2017-18) and examines the convergence pattern of 21 major states in Indi..

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Monetary Policy Transparency and Anchoring of Inflation Expectations in India

Today the Reserve Bank of India placed on its website a Working Paper titled “Monetary Policy Transparency and Anchoring of Inflation Expectations in India” under the Reserve Bank of India Working Paper Series.* The Paper is authored by G.P. Samanta and Shweta Kumari.   This paper constructs an index of monetary policy transparency for India and examines the role of transparency in anchoring inflation expectations. Empirical results show that the degree of policy tran..

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IMF projects 11.5% growth for India in 2021

Bright Star in Global Economy: India to continue its growth story at rapid pace under PM Narendra Modi ji, with @IMFNews projecting an impressive 11.5% growth rate for India in 2021. It makes only major economy to register double-digit growth in 2021. ..

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FM Smt. Nirmala Sitharaman inaugurates the Chennai Bench of National Company Law Appellate Tribunal

Finance Minister Smt. Nirmala Sitharaman inaugurates the Chennai Bench of National Company Law Appellate Tribunal Delhi Bench of NCLAT is now called Principal Bench Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman inaugurated the Chennai Bench of National Company Law Appellate Tribunal (NCLAT) through virtual mode here today. The inaugural ceremony was held in presence of Shri. Justice Bansi Lal Bhat, Acting Chairperson, NCLAT, Shri Rajesh Verma, Secretary, Minis..

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Ministry of Finance announces the Sale of Government Securities

Ministry of Finance announces the Sale of Government Securities To know more in details, find the enclosed file ..

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As on 19th Jan 2021, DISCOMs have availed disbursals of Rs. 46,074 crores

Re-strengthening economy through reforms: Supporting stressed power DISCOMS through liquidity infusion ..

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Income Tax Department conducts searches in Pune

The Income Tax Department carried out search and survey operations on 12.01.2021 in the cases of leading builders located in Borivali-Mira Road-Bhayander Area of Thane. The search action has resulted in seizure of unaccounted cash of Rs.10.16 crore. Total unaccounted income of earlier years detected during the search operation is Rs. 520.56 crore including the cash seized. The unaccounted income inter alia includes on-money on sale of land and flats; accommodation entries of non-genuine unsec..

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Income Tax Department conducts searches in Jaipur

The Income Tax Department carried out search and survey operations on 19.01.2021 in Jaipur on three groups, involving one jeweller and two real-estate colonizers and developers. Co-ordinated search operation was conducted at 20 premises and survey was conducted at 11 premises. One of the groups is a prominent builder, developer and colonizer in Jaipur. During the search, a plethora of incriminating documents and digital data in the form of unaccounted receipts, unexplained development expense..

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CCI approves acquisition of Altico by Ares SSG

CCI approves acquisition of Altico Capital India Ltd (Altico) by Ares SSG Capital Management (Singapore) Pte. Ltd (Ares SSG) The Competition Commission of India (CCI) approves acquisition of Altico Capital India Ltd (Altico) by Ares SSG Capital Management (Singapore) Pte. Ltd (Ares SSG) under Section 31(1) of the Competition Act, 2002, today. The Proposed Combination relates to the acquisition of Altico’s loan assets by India Special Situations Scheme II (“ISSS II”), Inve..

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CCI approves the acquisition of stake by Axis Bank Limited, Axis Capital Limited and Axis Securities Limited in Max Life Insurance Company Ltd

The Competition Commission of India (CCI) approves the acquisition of stake by Axis Bank Limited, Axis Capital Limited and Axis Securities Limited in Max Life Insurance Company Limited. Axis Bank Limited provides services in retail banking, which includes retail lending and retail deposits, wholesale banking, payment solutions, wealth management, forex and remittance products, distribution of mutual fund schemes and distribution of insurance policies. Axis Capital Limited is engaged in the..

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