Black money: Centre gives apex court list of 627 account holders

  The Centre on Wednesday submitted a sealed cover to the Supreme Court containing a list of 627 Indians holding black money in bank accounts abroad along with a status report on the investigation conducted against them. The three-judge Bench of Chief Justice HL Dattu and Justices Ranjana Desai and Madan B Lokur, which had hardened its stand on Tuesday against the Centre for non-disclosure of all names, decided not to reveal...

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New team to steer economy

Arvind Subramanian is Chief Economic Adviser With the appointment of former IMF economist Arvind Subramanian as the Chief Economic Adviser and Rajasthan cadre IAS officer Rajiv Mehrishi as the finance secretary, the Narendra Modi government has brought in a new team to steer the economy, five months after it came to power. Mr. Subramanian, earlier a senior fellow at the Washington-based Peterson Institute for International Economics,...

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PM rolls out labour reforms

Modi combines pro-worker promises with industry-friendly changes Prime Minister Narendra Modi on Thursday unveiled new measures for the youth, workers and employers to improve ease of doing business for enterprises while expanding government support for training workers. “Ease of business is the greatest requirement for India’s success. It will be a priority under Make in India. Labour’s problems must be seen from labour’s point...

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“What is ISLAMIC BANKING”

Islamic banking refers to a system of banking activities that is consistent with the principals of Shariat law. Shariat prohibits the acceptance or giving of interest . The economic activity of Islamic banking is by becoming a share holder in the profits of the activity. Recently, the R. B. I. has permitted a N B F C called Cheraman Financial Services Limited, floated by Kerala State Industrial Development Corporation ,with capital of Rs 1000 crore, to work as an Islamic financial institution. GA TEAM MAHENDRA EDUCATIONAL PVT L...

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RBI may not cut interest rates in monetary policy review as inflation levels remain high

With retail inflation continuing to remain at elevated level, the Reserve Bank is unlikely to cut interest rates in its upcoming monetary policy review this week. The RBI will unveil its fourth bi-monthly policy on September 30. Although consumer price index (CPI), which the central bank is monitoring closely, has shown a declining trend in the past few months,...

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Current account deficit narrows - RBI

Contraction in trade deficit helps, says RBI India’s current account deficit (CAD) narrowed sharply to $7.8 billion (1.7 per cent of gross domestic product) in the first quarter of 2014-15 from $21.8 billion (4.8 per cent of GDP) in the year ago period. However, it was higher than $1.2 billion (0.2 per cent of GDP) in Q4 of 2013-14. “The lower CAD was primarily on account of a contraction in trade deficit contributed by both...

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RBI norms on Basel III instruments are credit positive: Moody's

The new norms by RBI for the instruments compliant under Basel III to raise Tier-I capital are credit positive for Indian banks, in particular public sector banks, according to Moody’s credit rating agency. “They will make the instruments more attractive to investors, broaden the investor base for additional Tier 1 (AT1) securities to include retail investors and allow banks to have a higher proportion of AT1 capital in their Tier 1 capital,” Moody’s said in its credit outlook report. New guidelines On September 1, the Reserve Bank...

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