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Category Archives: Economy

GDebt Recovery Tribunal allows banks to recover Rs 9,000 crores from Vijay Mallya


The Bengaluru based Debt Recovery Tribunal has allowed banks cheated by Vijay Mallya to take steps to recover the Rs 9,000 crores owed to them by wilful defaulter Mr. Mallya. The Presiding officer at the tribunal passed an order that the banks can recover Rs 6,203.35 crores from Vijay Mallya, Kingfisher Airlines Limited, United Breweries Holdings Limited and Kingfisher Finvest. ... Read More »

Parliamentary panel raps RBI Governor Urjit Patel over demonetization


RBI Governor Urjit Patel faced criticism from members of the Parliamentary Standing Committee on Finance on Wednesday, after he failed to provide answers to queries related to demonetization. “Patel was unable to tell us how much money has come back to the banks,” said Saugata Roy, TMC MP. “The governor was unable to tell us that how much old currency ... Read More »

IMF cuts India’s GDP growth rate to 6.6% due to demonetization


The Washington D C based International Monetary Fund (IMF) has cut India’s Gross Domestic Product (GDP) growth rate from 7.6% to 6.6% for the year 2016 – 2017. This comes days after the World Bank also downgraded India’s GDP growth rate. The IMF has said that it downgraded the growth forecast for India due to the temporary negative consumption shock ... Read More »

ATM Cash Withdrawal limit increased to Rs 10,000 per day: RBI


Much to the delight of citizens, the RBI today announced the increase in the cash withdrawal limit from ATMs. People can now withdraw Rs 10,000 per day per card. This would be applicable with immediate effect. Earlier the withdrawal limit from ATMs was Rs 4,500. However, RBI has not made any changes to the weekly withdrawal limits, which remains to ... Read More »

Mr. Chandrasekaran appointed as new chairman of Tata Sons. : India’s biggest multinational Tata Sons got its new Chairman, Mr. Natarajan  Chandrasekaran Tata sons is $100 billion company. On 12th January 2017, Mr. Chandrasekaran was announced as New Chairman of Tata Sons after many months. Chandrasekaran is 53 years old who is currently chief executive of IT outsourcing giant Tata Consultancy Services. The company is already engaged in ... Read More »

Service charge is an unfair trade practice – Union Minister for Consumer Affairs


The Union Minister for Consumer Affairs, Ram Vilas Paswan of the Narendra Modi led Union Government hass said that levying service charge on food and drinks in restaurants is an unfair trade practice. He said that consumers should not pay this. There is no mention of any law that actually allows anyone to take action against the erring hotels and ... Read More »

Paypal has received donations worth about $7.3 billion in 2016


Unitd States based Paypal has said that it has processed transactions that sent donations for charitable organizations worth over $7.3 billion (Rs 50,000 crores). Of this, approxmately $1 billion happened in the recent holiday season that started in November on Giving Tuesday. The maximum number of transactions were recorded on New Year’s Eve. The average amount given by users was ... Read More »

Demonetization Effects In India Will Disappear In Medium Term: World Bank


  The World Bank today indicated that the adversarial effects of demonetization in India have short term pain; however it also claimed that in the medium term, the pain will disappear. Ayhan Kose, Director of Development Prospects Group at the World Bank was discussing the impacts of demonetization and Indian economy at a conference call. The World Bank also revised ... Read More »

Petrol pumps to accept card payments temporarily till the 13th of January


The All India Petroleum Dealers Association (AIPDA) had sent a written communication to the Ministry of Finance and the Ministry of Petroleum saying that since public and privte sector banks like HDFC had decided that a 1% dealer charge on all credit card and debit card transactions would be applicable for all Petrol Pump owners from the 9th of January ... Read More »

Government asks Banks and Post offices deposit data in FY up to November 9

In view of erasing black money, the government is not leaving single way out for those who are having black money. Since the demonetisation was rooted, it has clearly indicated the anticipated steps will further trace the defaulter of taxes. Taxes are the main source of government which are to be utilized further in development of country, but nonpayer of ... Read More »

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