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24-May-2017
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 Indian Economy
 
Asian Development Bank to provide $500 mn for Rajasthan’s road project
Asian Development Bank (ADB) will provide Rajasthan USD 500 million loan (about Rs 3,238 crore) in tranches to improve road transport in the state. ADB said it in an investment programme that will improve connectivity and transport efficiency of state highways.The Rajasthan State Highway Investment ...

India’s digital economy set to grow from $270 bn to $1 tn by 2024, says Ravi Shankar Prasad
India’s digital economy is expected to grow from the current $270 billion to around $1 trillion in the next 5-7 years, aided by the exponential growth witnessed in e-commerce, electronic manufacturing, IT services, financial technologies (FinTech), and telecom among others, minister for electronics ...

India’s lines of credit to Africa touches $8 billion
Prime Minister Narendra Modi on Tuesday pledged greater engagement with Africa, seeking to build on economic ties that have grown by leaps and bounds in recent years.Talking at the first of a series of annual meetings of the African Development Bank (AfDB) in India, Modi said the country has so far ...

Economic growth to remain subdued at 6.6% in Q4 FY17: D&B report
Weak investment activity is likely to restrain economic growth at 6.6 per cent for the quarter ended March 2017, says a Dun and Bradstreet report. Going forward, normal monsoon is expected to provide the requisite boost to demand, while transition to GST regime is likely to create some disruption an...

 
 Global Economy
 
Singapore’s inflation remained low in April, but that’s all about the rent
Inflation in Singapore remained benign overall in April, data on Tuesday showed, coming in lower-than-expected, but that's largely because housing costs continued to fall.Singapore's consumer price index (CPI) rose 0.4 percent on-year in April, slowing from a 0.7 percent rise in March, coming in bel...

Record high for foreign investment in Scotland
There were 122 foreign direct investment deals done over the course of last year, up from 119 in 2015.The EY Scotland Attractiveness Survey showed Scotland was the second most popular part of the UK to invest in behind London.This is the fifth year in a row that the country has been in that position...

Japan manufacturers' mood slips despite econ recovery
Confidence among Japanese manufacturers receded in May for the first time in nine months after hitting a decade-high level April, a Reuters survey found, showing guarded optimism in a nascent export-led economic recovery.The Reuters' monthly poll - which tracks the Bank of Japan's key quarterly tank...

Euro zone business kept up fast pace in May: PMI
Businesses across the euro zone maintained April's blistering growth rate this month as firms struggled to meet growing demand, suggesting the bloc's economic momentum is being sustained, a survey showed.IHS Markit's Flash Composite Purchasing Managers' Index for May, seen as a good guide to growth,...

 
 Market & Finance
 
Moody's China downgrade rattles Asian stocks, Aussie dollar
Chinese stocks fell and the Australian dollar skidded on Wednesday after Moody's downgraded its sovereign credit rating on China, adding to worries about the global impact of slowing growth and rising debt in Asia's economic powerhouse.Shares elsewhere in Asia also slipped, with MSCI's broadest inde...

Bond yields rise, call rates rule stable
Government bonds (G-Secs) dropped on Tuesday on heavy selling pressure from banks and corporates. While, interbank call money rates remained steady as demand from borrowing banks match supplies.The 6.79% 10-year benchmark bond maturing in 2029 weakened to Rs 99.50 from Rs 99.5925, while its yield in...

Rupee hits 7-week low, slides 34 paise to 64.89
The rupee took a hefty knock after a brief two-day recovery against the US currency and slumped by a whopping 34 paise to end at a fresh seven-week low of 64.89 on the back of frantic dollar demand.This is the lowest closing for the home currency since April 3, when it had closed at 65.03 against th...

 
 
 Direct Tax
 
Get ready to file your ITR: Deadline for employers to provide Form 16 is May 31
The time has come for your employer to inform you about the taxes deducted in the previous year i.e. for the financial year 2016-17. Each month, the employer would have deducted tax at source (TDS) on your salary income and deposited the same to the government. The income tax Act mandates everyone w...

 
 Indirect Tax
 
Return Filing - Under GST, this is how you will file tax returns from July 1
Small businesses are the backbone of Indian economics. They drive the velocity of country's economics, industrial growth, and catalyst for job creation. However, a large number of businesses in the country are unorganized and irregular in filing returns and paying taxes. This could be due to knowled...

On July 1, prices of cable, DTH, medicines may fall, but cinema tickets, cigarettes set to pinch pocket
Come July, smoking cigarettes may not pinch the pocket but cinema tickets are unlikely to become cheaper. Instead stay home and watch a movie since DTH and cable TV operators may drop their prices once the goods and services tax (GST) is rolled out. Else, catch a play or a classical dance performanc...

 
 
 
 
 
 
 
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 Notifications
 
RBI
Notification No.RBI/2016-17/307
(Delhi) 23-05-2017
Auction of Government of India Dated Securities...
INCOME TAX
Notification No. 39/2017
(Delhi) 23-05-2017
[Notification No. 39/2017/F. No. 187/13/2015-ITA-I]...
 
 
 Indian Corporate
 
Japanese retailers looking to enter Indian market dominated by European, US brands
India’s rapidly growing fashion and accessories segment has caught the fancy of Japanese retailers and several of them are getting ready to enter a market so far dominated by European and US brands.A host of retailers from the Land of the Rising Sun, including Mark Styler that owns fashion and lifes...

Jindal Steel to return to profit by end of FY18: CEO Ravi Uppal
Jindal Steel and Power Ltd (JSPL) is likely to return to profitability by the end of the current fiscal, managing director and group chief executive Ravi Uppal said in a phone interview on Tuesday.Uppal said the firm plans to increase its steel production by 50% in the current fiscal year. “We are o...

JK Paper lines up Rs 650 crore for investment, capex
JK Paper Ltd (JKPL) has lined up an investment of around $100 million (Rs 650 crore), part of which will be accounted for by the International Finance Corporation (IFC) putting in around $50 million.JKPL is a leading Indian producer of office paper, packaging boards, printing and writing paper, and ...

Videocon loses one-third of market value after stock slump
The stock of Videocon Industries fell by 34.5 per cent in the last two days as lenders sold shares pledged by its promoters against loans. The shares of the consumer durables and oil major closed at Rs 64.80 apiece on Tuesday, and the company lost Rs 1,200 crore of its market value since Monday afte...

JSW Steel’s Rs 26,899 cr expansion plan to hit repayments
JSW Steel’s Rs26,800 crore capacity expansion plan over the next four years (2018-21), though seen as growth investments by analysts, is likely to stall the company’s deleveraging programme for the next three to four years. JSW Steel plans to spend Rs15,000 crore as debt and Rs12,000 crore as intern...

Tata Motors Q4 net falls 17% to Rs 4,295.9 crore
Tata Motors on Tuesday said its consolidated net profits had fallen 17% year-on-year to Rs4,295.9 crore for the quarter ended March. The numbers surpassed Bloomberg consensus analyst estimates of Rs2,575.9 crore. The automobile major’s net revenues, which were lower by 2.9% y-o-y at Rs77,272 crore, ...

 
 Global Corporate
 
Southeast Asia's Biggest Startup Files for $1 Billion IPO, Sources Say - BBG
Southeast Asia startup Sea Ltd has filed for a potential U.S. initial public offering that could raise about $1 billion, Bloomberg reported on Tuesday, citing people familiar with the matter.The company, which was earlier known as Garena, filed confidentially with the U.S. Securities and Exchange Co...

 

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