GST fails its biggest promise of economy formalisation: HSBC
A year into implementation, goods and services tax (GST) has not delivered on the promised formalisation of the economy as yet, while the glitches in the one-nation-one-tax regime has increased the demand for cash, says a foreign brokerage report.
"The GST regime was originally associated with formality. But so far, in our view, it has not been able to live up to that promise. nor has it brought down the demand for cash which has in fact only gone up," British brokerage HSBC said in a report today.
The report, however, noted that over the long-term, GST will lead to more formalisation of the economy.
B Sriram, SBI's MD, Appointed As IDBI Bank's CEO
New Delhi: State Bank of India's (SBI) Managing Director B Sriram was appointed as the IDBI Bank's CEO and managing director for a temporary period of three months, according to an official order. He has been appointed in place of incumbent Mahesh Kumar Jain who was recently named Deputy Governor of the Reserve Bank of India (RBI).
The Appointments Committee of the Cabinet has approved the appointment of Sriram as Managing Director and Chief Executive Officer of IDBI Bank for a temporary period of three months with effect from Jain's demitting office, the order issued by the Personnel Ministry said.
Sriram has been working as the MD (Corporate and Global Banking) in SBI since July 2014. He had been Managing Director of State Bank of Bikaner and Jaipur. Sriram joined the government-run bank in 1981 as a Probationary Officer.
During over three-decade-long career, he held several positions and also had a stint at SBI's Singapore office. His appointment signals the government's efforts to ensure that the bank does not remain headless after Jain's appointment in the central bank.
ICICI Bank looks to appoint M.D. Mallya as new chairman
Mumbai/Bengaluru: ICICI Bank Ltd has sought the Reserve Bank of India’s (RBI’s) approval to name independent director M.D. Mallya as the next chairman of India’s second largest private bank, whose board has been criticized for letting a crisis at the bank fester.
Mallya, a former chairman of Bank of Baroda, joined the ICICI Bank board on 29 May, and the lender sent his name to RBI in the first week of June, an executive familiar with the development said, requesting anonymity. The term of current chairman M.K. Sharma ends on 30 June.
“I believe the proposal was sent to RBI after discussing with the board,” said the executive. “The majority of the board is in favour of Mallya as the chairman. The RBI decision has to concur with board’s proposal in such matters. (Still) the bank is yet to hear from RBI.”
In retaliation to Donald Trump's tariffs war, India to hike import duty on certain US products from 4 August onwards
New Delhi: In a retaliatory move, India has hiked customs duty on several goods, including Bengal gram, lentils and artemia, imported from the US.
The import duty hike would be effective from 4 August, the Finance ministry said in a notification.
The import duty on chickpeas and Bengal gram has been increased to 60 percent, while that on lentils has been hiked to 30 percent.
Duty on artemia, a kind of shrimp, has been hiked to 15 percent.
The other products on which duties have been hiked include certain kind of nuts, iron and steel products, apples, pears, flat rolled products of stainless steel, other alloy steel, tube and pipe fittings, and screws, bolts and rivets.
However, there was no duty hike on motorcycles imported from the US.
Last week, India had submitted to the WTO a revised list of 30 items on which it proposed to raise customs duties by up to 50 percent.
The move was in retaliation to the duty hike by the US on certain steel and aluminium products which had tariff implication of $241 million on India.
The duty hike by India would have an equivalent tariff implications for the US.
Surat bags award for 'great momentum' in implementation of Smart City projects
Surat has been awarded for showcasing "great momentum" in the implementation of projects under the Smart Cities Mission, the Housing and Urban Affairs (HUA) Ministry said.
Under ‘India Smart Cities Award' 2018, Bhopal and Ahmedabad were selected in the ‘Innovative Idea' category for their "transformative approach towards sustainable integrated development, while nine smart cities, including NDMC (New Delhi Municipal Council), bagged ‘Project' awards for innovative and successful projects in seven categories", it added.
“The city award is being given to Surat for showing great momentum in implementation of projects especially in the categories of urban environment, transport and mobility and sustainable integrated development,” the HUA Ministry said in an official release.
Joint winners in ‘Innovative Idea' category were Bhopal for its Integrated Command and Control Centre (ICCC) and Ahmedabad for Safe and Secure Ahmedabad (SASA) Project, the release said.
Yoga Day 2018: India breaks its own world record by setting a new one in Rajasthan's Kota
On the occasion of 4th International Yoga Day on Thursday, India broke its own world record of 55,000 people performing yoga at one place at the same time. On the 3rd International Yoga Day, 55,000 people of Mysore had set a record performing yoga at one place at the same time.
Baba Ramdev has made it to the Guinness Book of World Record by presiding over largest crowd practicing yoga in Kota, Rajasthan. Two observers of Guinness World Records confirmed this, however, the exact official figure is not available yet.
Shillong 100th city to be selected under Smart Cities Mission
Shillong has been selected as the 100th city to receive funding under the Centre's flagship Smart Cities Mission after evaluation of the proposal submitted by it, the Housing and Urban Affairs ministry said today.
The ministry had, till now, kept on hold the final slot for the Smart Cities Mission for the Meghalaya capital, which was selected for its inclusion in the scheme, as the city could not submit its proposal due to state elections on February 27.
"Till now, 99 smart cities had been selected in four rounds of competition and with today's announcement, selection of 100 cities has been completed under the Smart Cities Mission," an official release said.
In January 2016, 20 cities were announced under the Smart Cities Mission, followed by 13 cities in May 2016, 27 cities in September 2016, 30 cities in June 2017, and nine cities in January this year.
Naveen Patnaik requests PM Modi to notify hockey as India’s national game
Odisha Chief Minister Naveen Patnaik has made a request to Prime Minister Narendra Modi to officially recognise hockey as the national game of India. Odisha is set to host the hockey World Cup in November.
“As you know Sir, the next World Cup Hockey will be held Odisha in November this year. While reviewing the preparations, I was surprised and shocked to know that what is popularly known as the National Game – Hockey, has in fact never been notified as our National Game,” Patnaik wrote in his letter, which is in possession of PTI.
Patnaik further added that recognising hockey as the national game of the country will be a tribute to the players.
“Hence I am sure you will agree with the crores loving fans of our country – that Hockey truly deserves to be notified as our National Game. This will be a fitting tribute to the great Hockey players who have made our country proud,” Patnaik said.
Kamal Haasan meets Election Commission for registration of his Makkal Needhi Maiam party
The Makkal Needhi Maiam founder Kamal Haasan on Wednesday met Election Commission officials to formally register his party.
After the meeting, the actor-turned politician told reporters he expected his party, which was launched in February, would get registered soon.
“I came here for a formal meeting. They (EC) asked certain questions. They are not having any major objections,” he said.
To a query, 63-year-old Haasan said the poll panel officials told him that his party’s registration would be done soon. He, however, said the EC officials did not specify any time frame for it.
Chief economic advisor Arvind Subramanian quits
NEW DELHI: Chief economic advisor (CEA) Arvind Subramanian has decided to quit from his post "on account of pressing family commitments", Union minister Arun Jaitley said in a blog post titled "Thank You Arvind". Subramanian will return to the United States (US), Jaitley added.
Subramanian had joined the government as the economic advisor on October 16, 2014 for a period of three years. In 2017, his term was extended for a year.
Jaitley further said that "on the expiry of the three year I (Jaitley) had requested him to continue for some more time. Even at that stage, he told me that he was torn between family commitment and his current job which he considered the best and most fulfilling he has ever done."
In his post, Jaitley credited him for conceptualising "JAM (Jan Dhan, Aadhar, Mobile) as a database for availing public benefits." He said that Subramanian’s interaction with the government, Prime Minister’s Office (PMO) and with other Departments was both formal and informal and his instantaneous communications with interlocutors had increased his effectiveness.