Amid frauds- RBI delays bonuses of ICICI Axis and HDFC Bank CEOs

Amid frauds- RBI delays bonuses of ICICI Axis and HDFC Bank CEOs

06/Apr/2018 0 Comments Indian Buisness Update

NEW DELHI: Reserve Bank of India (RBI) is delaying year-end bonuses to the heads of top private banks as it questions the size of the payouts citing the lenders’ performance issues, said people familiar with the matter. Chief executive officers (CEO) at HDFC Bank, ICICI Bank and Axis Bank -- the nation’s largest private lenders by assets -- are among bankers yet to receive bonuses for the financial year ended March 31, 2017, as the RBI hasn’t signed off on the proposed payments, the people sa .....

4-slab GST will spare common items in bid to curb inflation

4-slab GST will spare common items in bid to curb inflation

03/Nov/2016 0 Comments Indian Buisness Update

India's most ambitious tax reform since Independence took a giant leap forward on Thursday with the Centre and states agreeing on the rates for the Goods and Services Tax (GST). To be implemented from April 1, 2017, the GST—which will subsume several taxes including excise duty and VAT-—will have four rates. Currently, there are 15-20 tax slabs between the Centre and states. Coal, luxury and sin goods (eg cigarettes and alcohol) will attract cess in addition to the GST. Finance minister Ar .....

Rupee climbs another 6 paise against dollar in early trade

Rupee climbs another 6 paise against dollar in early trade

28/Sep/2016 0 Comments Indian Buisness Update

MUMBAI: Extending its gains for the fifth straight day, the rupee inched up by another 6 paise to trade at a fresh two-week high of 66.44 against the dollar in early trade on Wednesday on sustained selling of the American currency by exporters. Besides, a strong opening in the domestic equity market also boosted the rupee's value against the American currency, but the dollar's strength against some currencies overseas capped the gains, forex dealers said. The rupee had gained 11 paise to clo .....

Monthly returns to be mandatory under GST

Monthly returns to be mandatory under GST

27/Sep/2016 0 Comments Indian Buisness Update

NEW DELHI: Moving at a fast pace, the tax department on Tuesday came up with two more draft rules and their formats on GST returns and refunds requiring assessees to file monthly returns and specifying procedure for claiming refunds of taxes, interest and fees. The stakeholders have been given time till Wednesday to give their comments on the two draft rules which, along with other rules, will be finalised at the second meeting of the Goods and Services Tax (GST) Council on September .....

Nirma buying Lafarge's India cement biz for $1.4 bn

Nirma buying Lafarge's India cement biz for $1.4 bn

13/Jul/2016 0 Comments Indian Buisness Update

Nirma, the Ahmedabad-based detergent and soap maker, on Monday announced its acquisition of Lafarge India’s 11-million-tonne (mt) cement business for $1.4 billion (about Rs 9,478 crore), including debt. The valuation is around $127 per tonne, lesser than the $151 per tonne valuation Lafarge commanded in its aborted deal with Birla Corp last year and marginally higher than what UltraTech Cement paid to acquire Jaiprakash Associates’ assets last week. The company, set up by .....

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