ECONOMY

Monthly Archives: MARCH 2016

Vijay Mallya's Offer Via Video : Can pay Rs.4,000 Crore By September:

30.03.16 - pt team

Vijay Mallya has made an offer to banks struggling to recover more than Rs 9000 crores from his Kingfisher Airlines: he will arrange to repay 4,000 crores by September. His lawyers submitted a copy of the details to the Supreme Court today, which has given ...

SC allows SEBI to sell Sahara properties worth Rs 40,000 cr

29.03.16 -

The Supreme Court on Tuesday asked the Securities and Exchange Board of India (Sebi) to initiate the process of selling 87 "unencumbered" properties of Sahara group, whose title deeds are with the market regulator, to generate the bail money for release of its chief Subrata ...

NaMo Under Fire As Middle Class India Still Awaits 'Achche Din'

23.03.16 - pt team

Sharp rises in education and healthcare costs in the last two years have hit India’s burgeoning middle class hard, denting Prime Minister Narendra Modi’s popularity among the relatively well-off ahead of a series of state elections.

Price increases for services deemed a luxury for most Indians ...

Indians stowed nearly Rs 12.5 lakh crore in black money overseas?

21.03.16 - pt team

A new black money estimate calculated by senior economists of the Bank of Italy has pegged Indian's undeclared assets parked overseas in tax havens to be between $4 billion (nearly Rs 27,000 crore) and $181 billion (nearly Rs 12.05 lakh crore) according to two different ...

Silicon Valley's hopes on India

20.03.16 - Shashank Bengali*

In a crowded convention hall, young entrepreneurs practically shouted their ideas: an online marketplace for yoga instructors, an app to share songs in 30-second snippets, a mobile lunch delivery service aimed at office workers.

For any veteran of the go-go era in Silicon Valley, the buzz ...

Spelling mistake stops hackers stealing $1 billion in Bangladesh bank heist, still get away with $80 million

16.03.16 - Serajul Quadir*

A spelling mistake in an online bank transfer instruction helped prevent a nearly $1 billion heist last month involving the Bangladesh central bank and the New York Federal Reserve, banking officials said.

Unknown hackers still managed to get away with about $80 million, one of the ...

Rs. 46000 crore : CAG charges Six Telecom Operators of hiding revenue

12.03.16 - pt team

The Comptroller & Auditor General of India (CAG) alleged that six telecom operators —Bharti Airtel, Vodafone India, Idea Cellular, Reliance Communications, Tata Teleservices and Aircel — had collectively understated gross revenue amounting to Rs 46,045.75 crore between 2006-07 and 2009-10, causing a loss of Rs ...

Here's why one of the world’s richest men buys his clothes at flea markets

11.03.16 - Peter Holley

With a net worth of more than $40 billion (Rs. 2,68,000 Crores), Ingvar Kamprad, founder of the furniture chain Ikea, is among the richest people in the world.

He is also, it appears, among its most frugal.

This week, the eccentric billionaire -- number nine in last ...

Rollback time : Controversial EPF Tax Proposal Withdrawn, Says Government

08.03.16 -

Facing all around attack, Finance Minister Arun Jaitley on Tuesday withdrew his Budget proposal to tax employees' provident fund (EPF) at withdrawal.

"In view of representations received, the government would like to do a comprehensive review of this proposal and therefore I withdraw the proposal," Jaitley ...

Pause, Vijay Mallya. Rs 515 Crores Settlement from Diageo is Stopped for now.

07.03.16 -

A tribunal today temporarily halted a Rs. 515 crores settlement to be paid by spirits giant Diageo to liquor baron Vijay Mallya, after he resigned as chairman of Diageo unit United Spirits.

The court - the Debt Recovery Tribunal (DRT) - ruled in favour of a ...

Mr. Jaitley, Allow the Flow of Money and Let the Economy Bloom.

06.03.16 - preet k s bedi

Dear Mr. Jaitley

When you are in the opposition everything lofty sounds like a great objective for the government to achieve. Impossible is possible as long as someone else has to do it. But when in government, you need to deliver more than moral grandstanding.

Your inconsistencies ...

My client is a small defaulter compared to Ambani's Reliance: Vijay Mallya's counsel

05.03.16 -

To support UB Group promoter Vijay Mallya, counsel Uday Holla, on Friday said that his client was a "small-time" defaulter unlike companies like Reliance who he claimed are bigger defaulters, and the banks were hounding the small defaulters and leaving big defaulters off the hook.

"Recently ...

Indian Economy Was saved By 'The Black Money' : Kaushik Basu

04.03.16 - JUSTIN ROWLATT

There is no question that India has the most positive economic story on the planet.

Buoyed by increased manufacturing output, India's economy grew by 7.4% in the third quarter of 2015, the fastest growth of any major country in the world.

But there is a dark side ...

Government's 11-Point Clarification on Controversial EPF Tax

01.03.16 - PT Team

"There seems to be some amount of lack of understanding about the changes made in the General Budget 2016-17 in the tax treatment for recognised Provident Fund & NPS," the Finance Ministry said on Tuesday in a statement while issuing an 11-point clarification on the ...

Budget 2016 | Absolute majority, cheap oil but no substantial reform: P Chidambaram

01.03.16 -

Thanks to the crash in oil prices, that required hardly any effort. The government boasts that it earned more tax revenues than it had budgeted at the beginning of the year.

This is the third budget of the NDA government. The first two were forgettable. The ...

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Monthly Archives: MARCH 2016

Vijay Mallya has made an offer to banks struggling to recover more than Rs 9000 crores from his Kingfisher Airlines: he will arrange to repay 4,000 crores by September. His lawyers submitted a copy of the details to the Supreme Court today, which has given ...

The Supreme Court on Tuesday asked the Securities and Exchange Board of India (Sebi) to initiate the process of selling 87 "unencumbered" properties of Sahara group, whose title deeds are with the market regulator, to generate the bail money for release of its chief Subrata ...

A new black money estimate calculated by senior economists of the Bank of Italy has pegged Indian's undeclared assets parked overseas in tax havens to be between $4 billion (nearly Rs 27,000 crore) and $181 billion (nearly Rs 12.05 lakh crore) according to two different ...

In a crowded convention hall, young entrepreneurs practically shouted their ideas: an online marketplace for yoga instructors, an app to share songs in 30-second snippets, a mobile lunch delivery service aimed at office workers.For any veteran of the go-go era in Silicon Valley, the buzz ...

A spelling mistake in an online bank transfer instruction helped prevent a nearly $1 billion heist last month involving the Bangladesh central bank and the New York Federal Reserve, banking officials said. Unknown hackers still managed to get away with about $80 million, one of the ...

With a net worth of more than $40 billion (Rs. 2,68,000 Crores), Ingvar Kamprad, founder of the furniture chain Ikea, is among the richest people in the world. He is also, it appears, among its most frugal. This week, the eccentric billionaire -- number nine in last ...

A tribunal today temporarily halted a Rs. 515 crores settlement to be paid by spirits giant Diageo to liquor baron Vijay Mallya, after he resigned as chairman of Diageo unit United Spirits. The court - the Debt Recovery Tribunal (DRT) - ruled in favour of a ...

Dear Mr. Jaitley When you are in the opposition everything lofty sounds like a great objective for the government to achieve. Impossible is possible as long as someone else has to do it. But when in government, you need to deliver more than moral grandstanding. Your inconsistencies ...

To support UB Group promoter Vijay Mallya, counsel Uday Holla, on Friday said that his client was a "small-time" defaulter unlike companies like Reliance who he claimed are bigger defaulters, and the banks were hounding the small defaulters and leaving big defaulters off the hook. "Recently ...

There is no question that India has the most positive economic story on the planet. Buoyed by increased manufacturing output, India's economy grew by 7.4% in the third quarter of 2015, the fastest growth of any major country in the world. But there is a dark side ...