RBI- truecolumn Business Featured 

Neither Government nor RBI in favour of liberating data localization norms

Putting an end to the speculations by the data companies for the deadline of the data localization norms, the Government and Reserve Bank of India (RBI) have said on Monday that they were not in the favour of extending the last date. A senior government official said that they will not allow data mirroring by payment firms as an alternative to store data locally. Earlier, RBI has made it mandatory to all the payment companies like MasterCard, Visa or American Express to preserve their data locally and submit its compliance…

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Amrapali Group - Truecolumn Business 

“Playing hide and seek”, Supreme Court sends Amrapali group directors to police custody

The Supreme Court on Tuesday ordered the debt-ridden Amrapali Group’s Directors to surrender before the police and stop “playing hide and seek” with the apex court’s proceeding. The court said, “You are playing hide and seek. You are trying to mislead the court. You are playing with the dignity of this court and You are complying with this court’s earlier orders as far as the forensic audits are concerned”. The three directors of the Amrapali Group including Shiv Priya, Ajay Kumar and Anil Kumar Sharma are directed to submit the…

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RBI policy rates- truecolumn Business 

Rupee crossed 74 mark against US Dollar, RBI Policy rates surprised all

Sinking day by day to an all-time low, Rupee has crossed the unbelievable mark of 74 against US Dollar on Friday thus creating a massive disturbance in the stock market. Meanwhile, the RBI has announced its fourth bi-monthly policy rates today thus surprising everyone for the unchanged Repo Rate. The repo rate at which RBI lends money to the commercial banks was expected to be increased by 25 basis points or 0.25% but it is kept still at 6.5% as against raised on August and July this year. The five-panel…

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fuel price, business news Business National 

Petrol, diesel prices cut by Rs 2.50; asks states to deliver immediately

The central government today has announced to cut the prices of petrol and diesel by Rs 1.50 and ask the oil marketing companies to further drop it to Rs 1 thus benefitting the public with Rs 2.50 fall in the oil prices. Finance minister Arun Jaitley released a press conference where he announced the sudden fall in the fuel prices and blamed the continuous rise of oil prices due to the international markets. The centre further asked the respective states to reduce the value-added tax by Rs 2.50 thus making…

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valueof rupee- truecolumn Business 

Value of Rupee falls record low of 73.77 against Dollar, immediate steps taken

Thrashing everyone’s aspiration, again and again, Value of the rupee is still falling with the flow and this time to a record low level of 73.77 against Dollar on Thursday. Thus, government and RBI have taken some immediate steps to further control the hike in the rupee value. Value of rupee falls to about 44 paise in the morning due to hike in the international oil prices thus leading a fear of maintaining Current Account Deficit (CAD) and Capital Outflows in the coming days. Talking about the reason of the…

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import duty- truecolumn Business 

Import duty on ACs, fridges, Washing Machines, jewellery, shoes and even tyres will be costlier now

A list of almost 19 imported items will be costlier from now and this includes the essential commodities like Air conditioners, Jewellery, Washing machines, shoes or even radical car tires. The Revenue Department on Wednesday hiked the import duty of 19 items to curb the import of non-essential items. Last week, Prime Minister chaired a high-level meeting to deal with the unmanageable falling value of Indian currency and pressure on foreign exchange outgo as a result of which it was decided to cut all the non-essential import items and deal…

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bankof baroda vijaya bank dena bank- truecolumn Business 

Major problems ahead of mega merger of Bank of Baroda, Vijaya Bank & Dena Bank

A Day after the announcement of the megabank merger of the Bank of Baroda, Vijaya Bank & Dena Bank was done, major problems like a grouping of the bad loans, branding of the combined entity, rationalisation of the existing branches and shifting of the bank employees erupted. However, the government and the concerned Bank authorities are looking to settle down it as soon as possible. Just after the merger of Bank of Baroda, Vijaya Bank & Dena Bank was announced on Monday, the government has directed all the banks to…

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patanjali-truecolumn Business National 

Ramdev’s Patanjali soon overtakes Amul, Mother Dairy; announces entry into Dairy products

Already standing strong on the FMCG products list in the market and giving tough competition to famous brands like Amul and Mother Dairy, Baba Ramdev’s Patanjali is all set to enter into the diary product market by selling milk products soon. On Thursday, Patanjali announced that they will step their foot into the dairy products market by launching daily used milk products like milk, curd, paneer and chach. They have already tied up with the 56,000 retailers and vendors across the country. Patanjali’s dairy products will be available in Delhi-NCR,…

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raghuramrajan-truecolumn Business 

Former RBI Governor Raghuram Rajan upset with government’s move to curb bad loans

Former RBI governor Raghuram Rajan is upset with the government’s move to curb the bad loans in Banks as he said that despite of sending a list of high profile fraud cases to the PMO, he is not aware of any progress on it. Raghuram Rajan said that the main reason behind the slow growth of mounting the bad loans were the overoptimistic bankers and government’s foot dragging in the case. In his report Rajan said that the RBI has set up a panel to report the cases of fraud…

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mehulchoksi-truecolumn Business 

Mehul Choksi released video message, says all allegations are false

The Maternal Uncle of the fraudulent diamond Jeweller Nirav Modi, Mehul Choksi recently released a video message from Antigua in which he said that all the allegation imposed on him by the Enforcement Directorate (ED) department are false. One of the accused of USD 2 million PNB money laundering case, Mehul Choksi took the citizenship of Antigua and Barbuda last year with the oath of allegiance on January 15 this year. The video released by new agency ANI clearly showed Mehul Choksi talking about the suspension of his passport after…

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