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Finance

Aug 19, 2019, 05.47 AM IST
The Economic Times
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NCLT stays its own order to implead IL&FS auditors for 4 weeks

The National Company Law Tribunal Thursday (NCLT) stayed its own order allowing the government to prosecute the three partners of Deloitte and BSR Associates for their alleged culpability in the IL&FS RPT IL&FS fraud following a plea to allow them to appeal at the appellate tribunal. Staying its own order of July 18, the Mumbai NCLT gave 10 days to Udayan Sen and Kalpesh Mehta of Deloitte, and Sampath Ganesh of BSR Associates to file an appeal and said the impugned order would remain inoperative for the next four weeks from today.

Union Budget 2019: Here's key demands, expectations of Foreign Investors

On July 5, Finance Minister Nirmala Sitharaman will present the first Budget of Modi 2.0 government. What are the key demands and expectations of Foreign Investors from the budget? Watch it to know.

Centre’s corruption crackdown shows results; black money in Swiss banks falls by 6%

Modi govt’s corruption crackdown shows results, black money in Swiss banks falls, hits 2nd-lowest level in 2 decades. Black money fell by 6% in 2018 to 955 million Swiss francs (Rs 6,757 crore).

Black money stashed abroad estimated at USD 216-490 bn: Studies

Unaccounted wealth outside the country held by Indians was estimated in the range of USD 216.48 billion to USD 490 billion over various periods between 1980 and 2010, according to three separate studies conducted by three premier institutes -- NIPFP, NCAER and NIFM.

'Halwa' ceremony marks printing of Budget 2019 documents

Finance Minister Nirmala Sitharaman, Minister of State for Finance Anurag Thakur and senior officials of the ministry Saturday observed the symbolic 'Halwa' ceremony to mark the launch of formal printing of documents relating to the Union Budget 2019-20. The NDA government would on July 5 unveil the full Budget for 2019-20. Watch now. (Text: PTI)

EAC-PM rejects Subramanian's GDP claim, accuses him of cherry-picking data

The Economic Advisory Council to the Prime Minister (EAC-PM) on Wednesday rejected the claims of former CEA Arvind Subramanian regarding over-estimation of GDP growth after 2011, saying his analysis ignores data on services and agriculture and shows blind trust in a private firm CMIE.

GST collections in May cross Rs 1 lakh crore, up 6.67% YoY

The Goods and Services Tax (GST) collection for the month of May rose 6.67 percent to Rs 1,00,289 crore from a year ago period staying above Rs 1 lakh crore in monthly revenue mop-up. The collection is, however, lower compared to April when the gross revenue had touched all time high of Rs 1,13,865 crore. This figure is about 6.67% higher on a yearly basis but lowers on a monthly basis.

GST collection for April scales to record high at Rs 1.13 lakh crore

GST revenue mop-up scaled a monthly record high of over Rs 1.13 lakh crore in April, an increase of 10 per cent over the collection in the year-ago period, on the back of anti-evasion steps taken by tax officers. Total number of summary sales return GSTR-3B filed for the month of March up to April 30 stood at 72.13 lakh. April 2019 is the second consecutive month when Goods and Services Tax (GST) collection exceeded Rs 1 lakh crore. In March, the mop-up was Rs 1.06 lakh crore.

RBI to issue new 20 rupees denomination note

The Reserve Bank of India (RBI) has announced that it will shortly issue Rs 20 denomination banknotes, in the Mahatma Gandhi (New) series, bearing the signature of the central bank's governor Shaktikanta Das. "The Rs 20 note will be greenish-yellow in colour. The new banknote has a motif of Ellora Caves on the reverse, depicting the country's cultural heritage," a statement by the RBI said. All the banknotes in the denomination of Rs 20 issued by the RBI in the earlier series will continue to be legal tender, it clarified.

Govt to get Rs 28,000 crore as interim dividend from RBI

The central board of the Reserve Bank of India on Monday decided to pay Rs 28,000 crore as an interim dividend to the government. This is the second successive year when an interim dividend has been provided. This takes the government's total surplus to Rs 68,000 crore.

Budget 2019: Rs 3 lakh cr recovered from big corporate loan defaulters, says Piyush Goyal

Budget 2019: Rs 3 lakh cr recovered from big corporate loan defaulters, says Piyush Goyal

Finance Minister Piyush Goyal Friday said Rs 3 lakh crore have been recovered from big corporate loan defaulters. Presenting the Interim Budget for 2019-20 in the Lok Sabha, Goyal said, "We have stopped culture of phone banking".

December GST mop-up slips to Rs 94,700 crore

December GST mop-up slips to Rs 94,700 crore

GST collection dropped to Rs 94,726 crore in December 2018, lower than Rs 97,637 crore collected in the previous month. The total number of sales returns or GSTR-3B filed till December 30, 2018, is 72.44 lakh, the finance ministry said in a statement. Of the Rs 94,726 crore collected, Central GST (CGST)collection is Rs 16,442 crore, State GST (SGST) is Rs 22,459 crore, Integrated GST (IGST) is Rs 47,936 crore and Cess is Rs 7,888 crore.

Govt seeks parliament nod for additional Rs 41,000 cr for PSB recap

Govt seeks parliament nod for additional Rs 41,000 cr for PSB recap

The government Thursday sought Parliament approval for an additional Rs 41,000 crore for PSB recapitalisation during the current fiscal. The second batch of Supplementary Demand for Grants for 2018-19 involving a gross spending of Rs 85,948.86 crore was tabled by Finance Minister Arun Jaitley in the Lok Sabha.

India will be 5 trillion dollar economy in next 7-8 years: Suresh Prabhu

India will be 5 trillion dollar economy in next 7-8 years: Suresh Prabhu

While speaking at India-Turkey Business forum 2018 which was organised by Federation of Indian Chambers of Commerce & Industry (FICCI), Union Minister of Commerce and Industry Suresh Prabhu said, “I am happy to say that India will be 5 trillion dollar economy in coming 7-8 years and already we have complete road-map for it.

Why is RBI reluctant to share Reserves?: Arvind Subramanian On Using Up Surplus

Why is RBI reluctant to share Reserves?: Arvind Subramanian On Using Up Surplus

Arvind Subramanian says that deploying capital is a decision for the RBI to take which it must do "voluntarily and proactively without even the whiff of interference from outside". Listen in to his candid interview as he sat down with our Executive Editor Supriya Shrinate for a free-wheeling chat.

Ajay Bhushan takes over as Revenue Secretary, says improving compliance will be priority

Ajay Bhushan takes over as Revenue Secretary, says improving compliance will be priority

UIDAI CEO Ajay Bhushan Pandey took over as the Revenue Secretary in the Finance Ministry after Hasmukh Adhia retired on Friday. Pandey said his priority as the Revenue Secretary would be to increase tax compliance, stabilise the implementation of GST, bring transparency and simplification of laws and procedures for better tax administration and ease of business.

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