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After World Bank, IMF Too Downgrades India Growth Story Post-Demonetization

PM IMF speech

after the traumatic brakes on India growth story due to demonetisation, India will see a GDP loss of 1% in the current fiscal year and 0.4% next year, said IMF within days after the World Bank downgraded India growth estimate. The International Monetary Fund (IMF) estimates India’s growth rate for the current fiscal year to 6.6% from its previous estimate ...

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World Bank Provides $48 Million for Nagaland Health Project

A financing agreement for IDA credit of US$48 million for the ‘Nagaland Health Project’ was signed with the World Bank in New Delhi on Monday. The Financing Agreement was signed by Mr. Raj Kumar, Joint Secretary, Department of Economic Affairs on behalf of Government of India and Mrs. Genevieve Connors, Acting Country Director, World Bank (India) on behalf of the ...

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Oxfam Asks India to Introduce Inheritance Tax

The top 62 billionaries of the world own 50% of world wealth while in India, the top 57 billionaires own what 70% of the population owns, said an Oxfam study that was released on Monday, showcasing rising income inequality, which portends more conflicts and rise in crime worldwide. The London-based non-profit asked India to introduce inheritance tax to end the ...

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Demonetization a Gamechanger, Says Law Minister

Demonetization has resulted in sharp decline in terror funding, hawala trade, supari killings and human trafficking of young girls as sex slaves, mainly from Nepal and the North East, said Union Law and IT Minister Ravi Shankar Prasad on Thursday speaking at a seminar. Addressing the seminar, jointly organized by the Press Club of India, Indian Women Press Corps and ...

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Indian Rupee to Touch 70 Per US$ in 2017: Reuters Poll

After demonetisation, all calculations and projections have been turning red and even on forex front, the Indian rupee is seen dwindling further in value to about 70 per US dollar in 2017, said a poll-based survey by Reuters. “The rupee is expected to fall further against the US dollar this year to a record low, hit by rising global bond ...

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Japan Seeks India to Resolve Transfer Pricing Issue First

Commerce and Industry Minister Nirmala Sitharaman held talks with the visiting Japanese delegation led by Hiroshige Seko, Minister, Ministry of Economy Trade and Industry (METI) where the Japanese side raised the Transfer Pricing issue that has remained contentious between the two sides for long. Japanese side said India should address the complaints raised by the Japanese chamber from time time ...

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French Team Visits Gujarat Global Summit 2017

Jean-Marc Ayrault, French Minister of Foreign Affairs and International Development, led a 147-member French delegation to the Vibrant Gujarat Global Summit, on Tuesday, 10th January 2017 being a Partner Country of the Summit. French Nobel Laureate Serge Earache, renowned for his work on atomic physics, quantum optics, the study of the photon, and developing laser spectroscopy, will also participate in ...

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India, Kazakhstan Sign Protocol on Double Taxation

India and Kazakhstan signed in New Delhi today a Protocol to amend the existing Double Taxation Avoidance Convention (DTAC) between the two countries, renewing the earlier pact signed on 9th December, 1996 for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income. The new protocol provides for internationally accepted standards for ...

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What President of India Said on Demonetisation?

In his New Year message to Governors and Lt. Governors, President Pranab Mukherjee on January 5, 2017 clearly indicated his unhappiness over the slowdown it will have on Indian economy though he termed it temporary. The message is a clear signal that the President, also former finance minister himself, is unhappy at the prolonged impact on people, who are not ...

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Ministry Asks Banks to Show New Currency Deposit Receipts

The Ministry of Finance, Government of India through its Department of Financial Services(DFS) has asked all the Public Sector Banks(PSBs) and the Indian Bankers Association (IBA) to ensure hundred percent(100%) that deposits of new currency is properly reflected in the customers’ counterfoils. In a letter addressed to all the Managing Directors (MDs) & Chief Executive Officers (CEOs)/Chairman cum Managing Directors ...

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14 Coastal Economic Zones to Come up Under Sagarmala Program

The Indian Ministry of Shipping has identified 14 Coastal Economic Zones (CEZ) along the coastline under National Perspective Plan (NPP) of Sagarmala Program, said Minister of State for Shipping Mansukh Lal Mandaviya in reply to a question in Lok Sabha on Thursday (08 Dec 2016). The CEZ are  spatial economic regions spread over multiple coastal districts with strong port linkage. Within each ...

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India Pitches for Cashless, Digital Payments Campaign

As the demonetisation laid bare the difficulties of rural India not matching the urban centres in banking and payment technology, the Indian government has decided to pitch for a campaign provide information, education and communication, holding camps for transiting to the digital mode of payment. Among the series of measures undertaken include incentives to the district administration which will give ...

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Demonetisation: Supreme Court Warns Govt to End Cash Crisis

The Supreme Court on Friday warned the government to find ways to end the cash crisis as people standing in long queues for hours every day may turn violent anytime leading to anarchy. Brushing aside the government contention, the court made it clear that “It is a serious issue.” Since it affects the entire population, it said, “You cannot deny ...

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