Rupee ends 5 paise lower at 65.64 against dollar

The rupee declined by 5 paise to close at one-month low of 65.64 against the US dollar on Tuesday on fag-end demand for the American currency from banks amidst sustained foreign capital outflows. The local unit opened higher at 65.48 against Monday’s level of 65.59 at the Interbank Foreign Exchange (Forex) market and firmed up further to a high of ... Read More »

Non-subsidised LPG price hiked; ATF price cut marginally

As part of the monthly price revision, oil marketing companies on Monday hiked prices of non-subsidised LPG, or cooking gas, that consumers buy after exhausting their subsidised quota, by Rs 27.5 for a 14.2 kg cylinder. With this rate increase, that comes on the back of four straight monthly reductions, the non-subsidised LPG cooking gasnow costs Rs 545 per cylinder ... Read More »

Rapid Metro causing Rs 5 crore loss per month, says Municipal Corporation of Gurgaon

A row has broken out between the Municipal Corporation of Gurgaon (MCG) and Rapid Metro over the non-payment of advertisement tax. The corporation has accused the private Metro service company of not paying the taxes amounting to Rs 4-5 crore per month. “The private Metro company has not paid the taxes to the corporation. The matter is already pending with ... Read More »

Black money: HSBC whistleblower offers to ‘cooperate’ with India

Claiming that millions of crores worth illicit funds are flowing out of India, HSBC whistleblower Herve Falciani on Monday said he is willing to “cooperate” with the Indian investigative agencies in their black money probe but would need “protection”. Falciani is facing charges in Switzerland of leaking details of bank account holders in Geneva branch of HSBC-a list which later ... Read More »

September infrastructure output up 3.2 per cent y-o-y

The infrastructure output grew at its fastest pace in four months to 3.2 per cent in September from a year ago, mainly driven by higher production of electricity and fertilisers, government data showed on Monday. The output had grown 2.6 per cent year-on-year in August. [“source-businesstoday”] Read More »

Energy emission growth at 8.2 per cent, highest globally: PwC

“India’s energy emissions rose at 8.2 per cent on-year in 2014 highest in the world, driven by a double-digit growth in demand for coal, as power consumption increased in line with the rapid 7.4 per cent growth in GDP,” the report said. Global emissions rose just 0.5 per cent, albeit on a much lower world GDP growth of 3.3 per ... Read More »

FM Arun Jaitley says money laundering to become difficult in next 1-2 years

Finance Minister Arun Jaitley said on Monday tax evasion andmoney laundering will become “extremely difficult” in the next 1-2 years, with real-time global automatic exchange of information system coming into effect. “I am quite certain that the activity is going on in that direction and the next 1-2 years are also going to bring significant results because with almost real-time ... Read More »

FM Arun Jaitley to inaugurate global meet on tackling illicit fund flows

Finance Minister Arun Jaitley will on Monday inaugurate an international conference here on regional cooperation to deal effectively with illicit financial flows, mainly from tax frauds and human trafficking. The three-day conference on “Networking the Networks” would attempt to identify the best practices of international organisations for cooperation on illicit financial flows, the finance ministry said in a statement here ... Read More »

Manufacturing sector growth cools to 22-month low in October

Growth in the manufacturing sector cooled to its slowest in 22 months in October as domestic demand softened, a private survey showed on Monday, adding pressure on Prime MinisterNarendra Modi to usher in long-promised reforms. The Nikkei Manufacturing Purchasing Managers’ Index, compiled by Markit, fell to 50.7 in October from September’s 51.2. The 50-mark divides expansion from contraction. A sub-index ... Read More »

IIM-A’s India Gold Policy Centre to present whitepaper on Gold Monetisation scheme

With the Centre gearing up to roll out the Gold Monetisation Scheme on the eve of Diwali, the Indian Institute of Management Ahmedabad’s India Gold Policy Centre (IGPC) has initiated efforts to prepare a whitepaper on it as an on-ground feedback, which would be presented to the government. Deliberations with various stakeholders are already underway to prepare the whitepaper, IGPC ... Read More »