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Indian embassy in Nepal has handed over a cheque for NRs.24,97,10,698.17 towards 25 percent of the cost of the four contracted road stretches in Nepal, as part of the aid to support infrastructure development in the Himalayan neighbour. The roads — Birendrabazaar-Mahinathpur, Janakpur-Yadukuwa road, Manmat-Kalaiya-Matiarwa (0-15 km road) and Manmat-Kalaiya-Matiarwa (15-26.660 km road) — are being built under Postal Highway ...

Presenting the General Budget 2017-18 in the Lok Sabha on Wednesday, Feb. 1, 2017, Indian Finance Minister Arun Jaitley said that the Foreign Investment Promotion Board (FIPB) will be abolished in a phased manner by the end of fiscal year 2018-19. Since the Government has already introduced substantive reforms in FDI policy with more than 90% of the total FDI ...

The Indian government has announced in its Budget 2017-18 severral measures to make India a favourable destination for foreign investments by providing an environment of “Ease of Doing Business”. The Finance Minister Mr Jaitley raised the threshold limit for audit of business entities that opt for presumptive income scheme from Rs. 1 crore to Rs. 2 crore. Similarly, the threshold ...

India, first among the countries playing to the gallery when congratulating US President-elect Donald Trump, is slowly biting its fingers for the knee-jerk reaction as the first week of his presidency has clearly spelled Doomsday on H1B visas, while the ban on Muslims from 7 countries, though partially, was rolled out in haste. Though a New York federal judge issued ...

The Fiscal Responsibility and Budget Management (FRBM) Committee headed by Mr. N.K. Singh presented its Report on Monday to Union Finance Minister Arun Jaitley. Mr. N.K. Singh, former Revenue and Expenditure Secretary and former Member of Parliament presented the Report to Mr Jaitley in his office in North Block in New Delhi. The panel was constituted in May 2016 to ...

Indian ministry for MSME finalised MoU on MSME Cooperation with Indian Ocean Rim Association (IORA) member countries that will be effective once signed by 5 countries. The MoU finalized would be signed soon at an appropriate forum, said a statement. The focus areas of the Memorandum of Understandings (MoUs) include finalising linkages and alliances amongst MSMEs organizations, associations and various ...

Following reports in sections of media stating that the Union Government has compromised the national interest by collaborating with a tainted UK based Note Printing Company, a statement from the Ministry of Finance denied that the company is in any way involved in printing new currency notes. A report in November by Sabrangindia.com alleged that the blacklisted company, De La Rue ...

Indian tourism sector has seen 13.6% growth in Foreign Tourist Arrivals (FTAs) in December 2016 over the same period in 2015 and US accounts for highest share of tourist arrivals followed by Bangladesh and UK in December 2016, said the Ministry of Tourism in a statement. The tourism sector earned Rs.16,805 crore in Foreign Exchange in December 2016, which shows ...

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

A three member delegation led by Director General Sri Lanka Coast Guard (SLCG) Rear Admiral Samantha Wimalathunge, which is on a three day visit to India from 03 January 2017 for a High Level Meeting, held talks with the Indian Coast Guard delegation was led by Director General of Indian Coast Guard Mr Rajendra Singh. The visit was part of ...

The Indian Cabinet, chaired by Prime Minister Narendra Modi has given its ex-post facto approval to the proposal of Ministry of New & Renewable Energy (MNRE) for ratification of ISA’s Framework Agreement by India. ISA was launched jointly by the Prime Minister of India and the President of France on 30th November, 2015 at Paris on the side-lines of the ...

The Income Tax Department has carried out investigations since the de-monetisation of Old High Denomination (OHD) currency announced by the Government on 8th November, 2016 and unearthed  Rs.2,600 crore in 291 cases across the country. In addition, open enquiries have been effected in more than 3,000 cases. Approximately Rs. 393 Crore including Rs. 316 Crore cash and Rs. 77 Crore worth ...

Ayush ministry is collaborating with International Agencies in its quest for promotion of cooperation in the field of medicinal plants, the National Medicinal Plants Board (NMPB) signing a Memorandum of Understanding (MoU) with University of West Indies, Trinidad & Tobago in 2014. To give further impetus to the promotion of international cooperation in the field of Medicinal plants, the NMPB ...

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 ...