The Reserve Bank of India (RBI) today cautioned public against any mail asking for bank account details of individuals in its name. “The Reserve Bank never asks for your bank account details. The RBI has clarified that it has not sent any such email,” the central bank said in a statement. The RBI said that it has noticed that individuals have been receiving mails from RBI which asks bank customers “to update their bank account details against online phishing”.
There are three types of employment. There are jobs with no work where one gets a salary without working. There are jobs where one can work for certain hours and get paid accordingly, and there are jobs where one can create and fulfil one’s dreams, create employment for others, and that is self-employment or entrepreneurship. You belong to this class. It is a rare privilege to share this special day with the future businesses and social entrepreneurs of the country.
It is my pleasure to speak at FICCI’s National Executive Committee Meeting this year. As many observers have been highlighting, after a relatively long phase of benign, growth-friendly macroeconomic conditions, things have begun to look somewhat hostile on the macroeconomic front. The most significant manifestation of this is the acceleration of inflation, a trend that was visible even before the impact of the financial crisis was felt in late 2008, but which very quickly and strongly re-emerged as the economy began to recover in the second half of 2009-10. Despite significant actions on both policy rates and liquidity by the Reserve Bank, inflation remains high, giving rise to some very fundamental questions: is this high rate of inflation, previously believed to be unacceptable, now the new normal? Is it an unavoidable price to pay for sustaining the current growth trend? Or, will it actually work to undermine the sustainability of the current trend?
Gold and Silver rates as on April 1, 2011 (Mumbai) : Standard Gold Rs. 20,775; Pure Gold Rs. 20,875; Silver Spot Rs. 56,900
State-owned Oriental Bank of Commerce (OBC) today launched the Income Tax payment facility through ATMs for their customers. The process of income tax payment through ATMs is user friendly and would lead to higher compliance by spreading the tax net to cover individual taxpayers resulting in higher Direct Tax revenues, Revenue Secretary Sunil Mitra said after launching the facility here.
Leading India Inc representatives today made a strong plea to the Reserve Bank to review its rate tightening policy, saying the high cost of credit is having an adverse impact on growth. Quoting a recent study, industry body FICCI’s Vice-President and HSBC’s Country Head, Naina Lal Kidwai, said a majority of firms feel inflation and successive rate hikes in the key monetary variables “have started having a bearing on the industry’s performance.”
Reliance ADAG Chairman Anil Ambani today faced a Parliamentary committee which quizzed him on his company’s stakes in Swan Telecom and other aspects related to the 2G spectrum allocation to which he responded ‘freely’ but evaded replies on some contending the matter was sub-judice.
Amid increasing cases of tax evasion, frauds and corruption, Indian government on Tuesday announced it would revamp its nodal economic intelligence agency. President Pratibha Patil has sanctioned the constitution of a committee that will make recommendation to restructure the Central Economic Intelligence Bureau (CEIB), the finance ministry said in a statement.
The Finance Bill 2010-11 provided for creation of a corpus called National Clean Energy Fund to invest in entrepreneurial ventures and research in the field of clean energy technologies. Subsequent to the budget announcement, the Central Board of Excise & Customs (CBEC) issued a notification dated June 22, 2010 to notify the Clean Energy Cess Rules, 2010.
PARIS — The global recovery is taking root, despite the recent earthquake in Japan, helped primarily by better conditions for companies and improving labor markets, an international economic organization said Tuesday as it bumped up its growth forecasts. Growth in the Group of 7 industrialized economies, excluding Japan, should rise to an annualized rate of about 3 percent by the middle of this year, from about 2 percent at the end of 2010, the Organization for Economic Cooperation and Development said in an interim update to its annual economic report.
