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India Trade Deficit with China Reaches $ 46.9 Billion in 2016-17

New Delhi (ABC Live): India Trade Deficit : As reported by Embassy of India (EOI), Beijing, the provisional statistics released by the Chinese General Administration of Customs, China’s global exports in February 2017 shows a decline of 1.3 % year-on-year to US$ 120.08 billion while its global imports increased 38.1 % year-on-year to US$ 129.23 billion, resulting in a trade deficit of ... Read More »

CBDT Asks Public Comments on Sham Transactions

New Delhi (ABC Live): Sham Transactions :Section 10(38) of the Income-tax Act, 1961 (‘the Act’), prior to its amendment by Finance Act, 2017, provided that the income arising by way of a transfer of long term capital asset, being equity share in a company, shall be exempt from tax if such transfer is undertaken after 1st October, 2004 and chargeable to Securities Transaction ... Read More »

IMF Macrofinancial Surveillance World Economy

New Delhi (ABC Live): IMF Macrofinancial Surveillance : On March 6, 2017, the Executive Board of the International Monetary Fund (IMF) discussed progress in incorporating macrofinancial analysis and policy advice into Article IV surveillance, drawing on the findings of the staff paper on “ Approaches to Macrofinancial Surveillance in Article IV Reports.” The 2008 global financial crisis and its aftermath underscored the ... Read More »

India Approves Disinvestment of SAIL Three Units

New Delhi (ABC Live):The Government has accorded ‘in-principle’ approval for strategic disinvestment of only three units of Steel Authority of India Limited (SAIL) i.e. Visveswaraya Iron and Steel Plant (VISP), Bhadravati, Salem Steel Plant (SSP), Tamil Nadu and Alloy Steel Plant (ASP), Durgapur. These three units of SAIL have been consistently making losses.  The entire process of the strategic disinvestment ... Read More »

Actions Starts at the Benami Transactions Act 2016

New Delhi (ABC Live):Benami Transactions Act 2016 : Though the Benami Transactions (Prohibition) Act, 1988 has been on the statute book since more than 28 years, the same could not be made operational because of certain inherent defects. With a view to providing effective regime for prohibition of benami transactions, the said Act was amended through the Benami Transactions Act ... Read More »

India All Set to Act Against Shell Companies

New Delhi (ABC Live): Shell Companies :A Meeting was held today in Prime Minister’s Office (PMO) along with the Senior Officers of various Departments to review the functioning of ‘Shell Companies’ (companies which does not conduct any operations and indulge in money laundering) in India, so as to prevent their misuse for money laundering and tax-evasion, especially in the context ... Read More »

China Economy Encourages Competition in ECA Economies

New York (ABC Live):ECA Economies  :The economies of Europe and Central Asia (ECA) are facing complex headwinds. Against the backdrop of adverse global developments, the prospects for many ECA economies are for weak growth, at best. However, several of the headwinds also carry seeds for future growth. The collapse in oil revenues and remittances, and the associated sharp real depreciations, improve ... Read More »

APTA Grants Tariff Concessions to Signatories

New Delhi (ABC Live):The Asia Pacific Trade Agreement (APTA,formerly the Bangkok Agreement) is an Agreement signed since 1975. The current membership of APTA consists of six countries, namely, Bangladesh, China, India, Lao PDR, Republic of Korea, and Sri Lanka. Three Rounds of tariff concessions have already been exchanged among the member countries till 2003. The tariff concessions being granted to APTA member ... Read More »

2.5 Lakh PoS Machines installed since November 2016

New Delhi (ABC Live): The demand of such machines in the country has increased after November 9, 2016, which is evident from the fact that during the months of November and December 2016, 2.52 lakh PoS machines have been installed. Neither the Government has undertaken any study to assess the number of PoS machines needed to ensure smooth cashless economy ... Read More »

RBI Relaxes Banks to Fix Service Charges for Transaction

Mumbai (ABC Live): Reserve Bank of India (RBI) has given banks the freedom to fix bank service charges for transactions. RBI has deregulated interest rates on credit card dues. Interest rates are determined by banks with the approval of their respective Board of Directors subject to regulatory guidelines on interest rate on advances issued by RBI from time to time. ... Read More »