FINANCE

Tax Collections Exceed Target, Thanks to Demonetisation

The total tax revenue targets of the revised estimates for 2016-17 for both Direct and Indirect Taxes was Rs. 16.97 lakh crore of which 8.47 lakh crore was for Direct Tax and Rs.8.5 lakh crore from Indirect Tax, owing to demonetisation of hig valued currency notes on November 8, 2016. It may be recalled that the Revised Estimate figures of ...

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Thos Gieskes Takes Over as MD of OikoCredit

Social investor Oikocredit has announced that Thos Gieskes  will take over as its new managing director from April 2017. Gieskes has worked in international business and finance, particularly in rural lending and financing agribusinesses, for nearly 30 years.  For the majority of his career, he worked in leadership positions at Rabobank, an international cooperative bank headquartered in the Netherlands. In his ...

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ADB Provides $32 Million to CreditAccess Asia

Asian Development Bank (ADB) last week signed a deal to provide $32-million credit to CreditAccess Asia (CAA), an Amsterdam-based microfinance holding company with operations in India, Indonesia and the Philippines. The investment of $32 million would be to increase the capital for the growth of CAA-owned microfinance institutions under the financial inclusion policy of the asian bank. operations. In addition, ...

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ICRA Cuts Outlook On Janalakshmi Microfinance to Negative

Ratings agency ICRA has cut the credit rating for Janalakshmi Financial Services Ltd (JFSL), from "A+" Positive to "A+" Negative in view of the impact of demonetisation and increasing non-performing assets or failure on overall collections. In its note, the rating agency attributed the negative outlook to soon-to-be-turned small finance bank Janalakshmi’s collections which have gone down to 78% in ...

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All Bank Cash Withdrawal ATM Limits Removed

After more than four months of agony and anxiety over demonetisation, the Reserve Bank of India on Monday removed the restrictions imposed on bank ATM withdrawals, bringing the situation back to pre-November 8, 2016 period. The ban on old Rs.500, Rs,1000 Notes was imposed on Novemebr 8, 2016 that led to monetary choas and huge business loss for the country ...

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Mission Fingerling Allocated Rs. 520 Cr to achieve Blue Revolution

Recognizing the potential and possibilities in the fisheries sector, Indian government has unveild ‘’Blue Revolution’’ program to develop and manage fisheries for the socio economic development of the fishers and fish farmers. Thrust areas have been identified for enhancing fisheries production from 10.79 mmt (2014-15) to 15 mmt in 2020-21. Greater emphasis will be on infrastructure with an equally strong ...

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Microfinance Industry Upset with NO Waiver of Service Charges in Budget

budget

The Budget 2017 has received a mixed reaction from the microfinance industry that was worst-hit due to demonetisation. Though the budget was mainly rural-centric with several schemes and infrastructure for the villages, it has failed to address the long-standing demand to waive off the service charges for the MFIs as they serve the bottom of the pyramid and poor borrowers, said ...

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India Ranks 3rd with $11 Bln in Money Transfers From US: Report

$ Remittances from US to India

India has been ranked in the third top spot for remittances, receiving a total of $11.75 billion from friends, family and businesses in 2015, while Mexico was on top with $25.68 billion, followed by China with $16.23 billion in the second position, said a new study by personal finance comparison website finder.com. Based on the World Bank data of remittances ...

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Budget 2017-18: Different in Style, Progressive in Spirit

Budget 2017-18, presented by Finance Minister Arun Jaitley on Wednesday has three significant changes embedded in it but the significant change above all these cosmetic features is the progressive improvement in spirit. First, presentation of Budget advanced to 1st February to enable the Ministries to operationalise all activities from the commencement of the financial year. Secondly, merger of Railways Budget ...

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Union Budget 2017: Top Highlights

Union Finance minister Arun Jaitley, in his third budget for FY 2017-18 in the Lok Sabha today, announced some concessions, though unveiled a long-term economy stabilization policy of the NDA government. Here are some top highlights of the Union Budget: One crore houses for poor by 2019. For senior citizens, Aadhar cards to be recalibrated with full health condition. New ...

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Budget Session of Parliament Begins Today, Full Agenda of Bills

The Budget Session of Parliament begins today, Tuesday, January 31, 2017 with the Finance Minister Arun Jaitley prepared to present the budget for financial year 2017-18 on February 1, instead of Februaru 28. Prime Minister Narendra Modi urged leaders of all the political parties to rise above party lines to cooperate with the Government ahead of the budget presentation. Rejecting ...

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Andhra CM Pitches for FDI at World Economic Forum

Andhra Pradesh Chief Minister made a presentation on the opportunities for hi-tech entrepreneurs and investors in Andhra Pradesh and India at the World Economic Forum on Wednesday. In his elaborate presentation, he touched on ongoing projects like Polavaram, bandwidth updates and other issues. “I need your expertise and investments to make progress,” he told the audience. The question of electricity ...

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Forget Jallikattu, Tamil Nadu up in Arms Against Coke, Pepsi Now

Ever since 1991 when globalization was set in, foreign brands entered India like any other Asian country that has opened up to liberalization. But the underbelly of an anti-foreign goods remained strong in certain quarters but hardly did it raise its head until now when Patanjali products under Yoga guru Baba Ramdev began a new Vande Mataram slogan prompting people ...

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Cisco Pays $3.7 Billion, Almost Double to Buy AppDynamics

Cisco Systems is acquiring AppDynamics for a whopping $3.7 billion, almost double the estimated price in its IPO filing that valued the company at $1.72 billion. While AppDynamics is ready to forgo IPO route to profit its promoters, Cisco is keen to add software face under its new market strategy. With the acquisition, Cisco wants end its image as maker ...

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Ujjivan Microfinance MD Samit Ghosh Resigns

Ujjivan Financial Services founder and MD Mr Samit Ghosh resigned to the position to take up the new position as MD and CEO of Ujjivan Small Finance Bank to be operational next month. Microfinance pioneer and Nobel Laureate Muhammad Yunus will open the Ujjivan Self Finance Bank in the first week of February in Bengaluru. Ujjivan Financial Services CFO Sudha ...

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Govt Launches Varishtha Pension Bima Yojana for Elderly People

The government has approved launching of Varishtha Pension Bima Yojana 2017 (VPBY 2017) to be implemented through Life Insurance Corporation of India (LIC) during the current financial year to provide social security during old age and protect elderly persons aged 60 years and above against a future fall in their interest income due to uncertain market conditions. The scheme will provide ...

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Interest on Co-op Bank Loans Waived Off for 2 Months, Not Loans

demonetisation

The Union Cabinet has given its approval for interest waiver for the two months of November and December, 2016 for farmers accessing short term crop loans from Cooperative Banks and the loans are not waived off entirely as anticipated by farmers or demanded by Congress in parliament. The decision also provides for interest subvention to National Bank for Agricultural and ...

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Why India Should Introduce Inheritance Tax Now?

More than the world numbers, the wealth concentration in few individuals in India is alarming with merely 84 billionaires owning wealth worth $248 billion, led by Mukesh Ambani ($9.3 billion), Dilip Shanghvi ($16.7 billion) and Azim Premji ($15 billion) among others. The glaring rich and poor divide is vivid from the corporate world. A top IT firm CEO in India ...

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