RBI relaxes norms for raising ECB in rupee

The Reserve Bank today relaxed norms to help Indian corporates to raise funds in rupees from overseas lenders. The apex bank today said that to facilitate External Commercial Borrowing (ECB) in rupees, off-shore lenders may enter into swap transactions with their overseas bank which in turn will ent...

India economic growth to surpass China's in 2015-16: UN report

India's economic growth is projected to surpass that of China's in 2016 with the GDP expected to zoom by 7.7 per cent. This was stated in a UN report which also said that India will help accelerate growth in South Asia. The mid-year update of the UN World Economic Situation and Pro...

Five world's largest banks to pay $5.7 bn in fines for manipulating forex market

US officials say five of the world's largest banks are to pay fines totaling 5.7 billion dollar for manipulating the foreign exchange market. Four of the banks - JPMorgan, Citigroup, Barclays, RBS - have agreed to plead guilty to US criminal charges. The fifth, UBS, will plead guilty to rig...

India economic growth to surpass China's in 2015-16: UN report

India's economic growth is projected to surpass that of China's in 2016 with the GDP expected to zoom by 7.7 per cent. This was stated in a UN report which also said that India will help accelerate growth in South Asia. The mid-year update of the UN World Economic Situation and Pro...

Obama renews ban on Iran oil trade

India economic growth to surpass China's in 2015-16: UN report

A mid-year update of the UN World Economic Situation and Prospects report says India's economic growth is to surpass China's in 2015-16. According to the report, Indian GDP is expected to zoom by 7.7 per cent in 2016 which will help accelerate economic growth in South Asia. It will...

Govt proposes new scheme offering tax free interest on gold deposit

Government has came out with a draft scheme under which a person or entity can earn interest by depositing the metal with banks. As per the draft guidelines released by Finance Ministry, minimum gold deposit is proposed at 30 grams and the interest earned on it would be exempt from income tax as wel...

Unemployment rate drops to 1%: Bandaru Dattatreya

Union Labour and Employment Minister Bandaru Dattatreya has said the unemployment rate has come down to one per cent in the country. Talking to media persons in Patna yesterday, Mr Dattatreya said Centre is planning to provide jobs to one crore people in the next two years to mitigate the unemployme...

Exports dip for 5th straight month; Imports also plunge by 7.48 %

India's exports dipped for the fifth straight month in April falling by 13.96 percent to 22.05 billion US dollars. The data released by the Ministry of Commerce said, the decline was registered after a steep fall in the merchandise exports by almost 14 percent.The growth in imports during t...

Finance Minister Arun Jaitley expects rate cut by RBI

Ahead of RBI's second bi-monthly monetary policy review in June, Finance Minister Arun Jaitley said he expects rate cut by the RBI. Talking to a news agency, Mr Jaitley said his expectation from RBI Governor Raghuram Rajan was the same as general expectation on an interest rate cut. The RBI...