India’s tax administration needs a mindset change: Nirmala Sitharaman

Amid allegations of “tax terrorism”, finance minister Nirmala Sitharaman has sought a mindset change in tax officials while advocating a technology-driven approach. Echoing PM Modi’s resolve that honest taxpayers should not be harassed, Sitharaman underscored curtailing the interface of taxpayers with authorities at a meeting with GST wings in Gujarat. Please follow and like us:

ED attaches Rs 570 crore assets of IL&FS directors

The Enforcement Directorate (ED) on Friday filed its first chargesheet in the Infrastructure Leasing and Financial Services (IL&FS) Ltd money laundering case and attached assets worth over Rs 570 crore, including bank accounts and immovable properties (residential and commercial premises) situated in Delhi, Mumbai, Chennai and Brussels (Belgium) held by the members of committee of … Read moreED attaches Rs 570 crore assets of IL&FS directors

FinMin asks PSBs to seek ideas for $5 tn economy

The finance ministry has asked public sector banks to initiate a month-long consultation process with officers starting from branch level to seek suggestions for achieving a $5-trillion economy in five years. The suggestions emanating will be used as inputs to prepare a road map for the future growth of the banking sector. Please follow and … Read moreFinMin asks PSBs to seek ideas for $5 tn economy

Chidambaram to Sitharaman: ‘Hope’ you’ve heard PM ‘loud and clear’

Senior Congress leader P Chidambaram on Friday welcomed “three” announcements made by Prime Minister Narendra Modi in his Independence Day (I-Day) speech. Highlighting a particular exhortation, the senior opposition leader “hoped” that finance minister Nirmala Sitharaman and her officials at the ministry have heard the Prime Minister “loud and clear”. Please follow and like us:

Asia’s richest person, Mukesh Ambani grooms heirs to his $50 billion fortune

Mukesh Ambani, 62, has big ambitions in new areas and is enlisting his children to help drive the modernization of his empire. The rise of the twins, Isha and Akash Ambani, offer early signs of the efforts the titan is making to groom his heirs. The duo also helped bring an open-office culture for top … Read moreAsia’s richest person, Mukesh Ambani grooms heirs to his $50 billion fortune

China doing very poorly as a result of trade war: Donald Trump

US President Donald Trump has said that China is doing very poorly as a result of the trade war and the “longer it goes on, the stronger we get”. Asserting that the United States is “having a very good discussion” on a trade deal with China, Trump told reporters at the Morristown airport in New … Read moreChina doing very poorly as a result of trade war: Donald Trump

Papad, cosmetics, honey push Khadi Comm sales up 25% to Rs 75,000 crore

Khadi and Village Industries Commission (KVIC) has reported an over 25% jump in sales to a little under Rs 75,000 crore during 2018-19. And, it is the humble papad, honey and cosmetics that have contributed to a major chunk of the state-owned entity’s revenues, with the much-hyped khadi products contributing just around 4.3% of the … Read morePapad, cosmetics, honey push Khadi Comm sales up 25% to Rs 75,000 crore

Flipkart hits Walmart’s international profit

Walmart’s international unit saw operating profits fall by 30% to $900 million in the second quarter ended July of the financial year 2020, primarily due to the inclusion of Flipkart. Walmart’s net sales in international markets fall by 1.1% to $29.1 billion but reported strong numbers in its the US. Walmart had acquired 77% stake … Read moreFlipkart hits Walmart’s international profit

Desis’ Q1 foreign trip bill at new high

In June 2019 alone, spending on foreign travel amounted to $596 million — the highest since the RBI started collating data. This year’s June travel spend accounted for 42% of the foreign exchange purchased by Indian individuals. In the first quarter FY20, international travel cost the country $1,594 billion of the total $4,181 billion in … Read moreDesis’ Q1 foreign trip bill at new high

AI becomes first Indian airline to fly over North Pole

Air India’s Delhi-San Francisco flight, which usually overflies the Atlantic or the Pacific ocean, cut across latitudes instead on Thursday to fly over zero degrees north in a feat that would probably be Air India’s last hurrah before it is privatised. Air India is now officially the first Indian airline to operate commercial flights over … Read moreAI becomes first Indian airline to fly over North Pole