Page 2659 - Business Finance
American hotel chain G6 Hospitality LLC opens 1st property in India
US-based G6 Hospitality LLC and domestic company Auromatrix holdings have announced opening the former's first property under international brand 'Hotel 6' in India at Zirakpur, Punjab on the outskirts of Chandigarh. 'Hotel 6' Chandigarh, Zirakpur, is a 175 room hotel spread over 6 floors. 'Hotel 6' was ranked as one of the ten top hotel companies in the USA in 2015. The details of the formal launch of 'Hotel 6' were shared with media by the top management from both the companies Friday evening. These included Kumar Sitaraman, Chairman, Auromatrix Holdings, Rob Palleschi, CEO, G6 Hospitality LLC, USA , Mike McGeehan, CDO, G6 Hospitality LLC, USA. The hotel is located along the NH-22 (Chandigarh -Ambala) in Zirakpur. "In January2017, Auromatrix entered into a development partnership with G6 for India. As an outcome of the partnership, Auromatrix has unveiled the first Hotel property in India, the 'Hotel 6' Chandigarh, Zirakpur," Sitaraman said. Plans are on to open forward-looking ...
India Post Payments Bank to offer doorstep banking: Rajnath
Union Home Minister Rajnath Singh Saturday launched the payments bank of Indian postal department here, noting that it will take banking services to doorstep of every citizen through the network of post offices. "The India Post Payments Bank (IPPB) will take banking to doorstep of every citizen through an unmatched network of post offices, postmen and 'Grameen Dak Sewaks'," he said launching the IPPB at the the GPO here. The India Post Payments Bank (IPPB) will be like any other banks but its operations will be on a smaller scale without involving any credit risk. It will carry out most banking operations like accepting deposits but can't advance loans or issue credit cards. The freshly-minted payments bank will accept deposits of up to Rs 1 lakh, offer remittance services, mobile payments/transfers/purchases and other banking services like ATM/debit cards, net banking and third-party fund transfers. IPPB services will be available at 650 branches and 3,250 access points from today ...
Niti's mobility action plans tailored to meet local needs, aspirations: Rajiv Kumar
The Niti Aayog has worked extensively to create mobility action plans tailored to meet local needs and aspirations, its vice chairman Rajiv Kumar said Saturday. Kumar while speaking at the Conference on Research and Development in Electric Vehicle Technologies at IIT Delhi said that convergence between stakeholders is necessary to leapfrog to the front line in EV technology. Speaking at the same event, NITI Aayog member V K Saraswat said collaboration between academia and industry is imperative to commercialise technology, scale it and make it widely available. Principal Scientific Adviser of Government of India K Vijay Raghavan said that India's R&D expertise must be connected to the manufacturing sector to drive Make in India.
GST collections dip to Rs.93,960Cr in August
The Finance Ministry on Saturday revealed that the total gross revenue collection towards the Goods and Services Tax (GST) GST for the month of August amounted to Rs. 93,960crore, down from Rs. 96,483 last month.Out the total collection, Central GST (CGST) contributed Rs. 15,303 crore, while State GST (SGST) and Integrated GST (IGST) collection stood at Rs. 21,154 crore and Rs. 49,876 crore, respectively. The IGST collection included Rs. 26,512 collected on imports, while Cess accounted for Rs. 7,628 crore, including Rs. 849 crore collected on imports.The aggregate number of GSTR 3B Returns filed for the month of July till August 31 was 67 lakh, which was marginally higher than 66 lakh returns for the month of June.The Ministry of Finance in an official release stated that the leading factor behind falling tax revenues represented postponement of the sale of items for which tax rate was reduced by the GST Council, as the decision to reduce the tax rate was taken in the meeting held on
Rupee depreciation due to widening trade deficit, crude oil prices: PHDCCI
Depreciation of rupee is mainly due to widening trade deficit, rising crude oil prices and strong revival of the US economy, PHD Chamber of Commerce and Industry vice president D K Aggarwal said in the open house discussion on rupee volatility. He, however, said deceleration in rupee is temporary as the Indian economy is resilient enough to withstand the external shocks on the back of strong macroeconomic fundamentals and well supported dynamic policy environment. "International market volatility, increasing trade protectionism, depreciating international currencies including weakness of Chinese Yuan and rise in crude oil prices have put pressure on Indian rupee in the recent times," Aggarwal said. India's trade deficit (merchandise) increased from around USD 89 billion in 2007-08 to USD 162 billion in 2017-18. "For the current year, India's trade deficit increased to around USD 63 billion in April July 2018-19 as against USD 52 billion in the corresponding period of last year," it .
Modi says he didn't have operational bank a/c before becoming MLA
Prime Minister Narendra Modi on Saturday said he did not have an operational bank account before he became an MLA as he never had enough money. Reminiscing his school days, Modi recounted how Dena Bank used to offer a scheme under which students were given a piggy bank and an account was opened for them. "They gave one to me, but mine was always empty. Later, I left the village. The bank account continued and bank officials had to carry forward that account every year. The bank officials were looking for me to close the account," Modi said. He recounted how the officials located him after 32 years and approached him for closing the account. "After 32 years, they got to know I was at a particular place so the bank officials came there and said please sign, we need to close your account," he said adding that after he became MLA in Gujarat and started drawing a salary, he had to open an account. "...before that, there was no (operational) account," he said during his speech at the launch
CNG, piped cooking gas prices hiked in Delhi
CNG price was on Saturday hiked by 63 paise per kg and piped cooking gas rates by Rs 1.11 in the national capital following a record fall in the Indian rupee against the US dollar, Indraprastha Gas Ltd said. The new consumer price of Rs 42.60 per kg in Delhi and Rs 49.30 per kg in Noida, Greater Noida and Ghaziabad would be effective from midnight tonight, IGL said in a statement. The price of CNG being supplied in Rewari is being increased by 63 paise per kg from Rs 51.62 per kg to Rs 52.25 per kg. IGL will continue to offer a discount of Rs 1.50 per kg in the selling prices of CNG for filling between 12.30 am to 5.30 am at select outlets. Thus, the consumer price of CNG would be Rs 41.10 per kg in Delhi and Rs 47.80 per kg in Noida, Greater Noida and Ghaziabad during 12.30 am to 5.30 am at the select CNG stations across the region. IGL has also announced increase in its domestic piped natural gas (PNG) prices from tomorrow. The consumer price of PNG to the households in Delhi has ...
India Post bank to push financial inclusion, boost rural economy: Prasad
Union Minister Ravi Shankar Prasad on Saturday said the operations of the India Post Payments Bank (IPPB) will strengthen the financial inclusion programme in India and make country's "village systems" stronger.
Vikram Talwar to exit Religare Enterprises board on Sep 20
Financial services firm Religare Enterprises Saturday said Vikram Talwar will cease to be an independent director of the firm on September 20, as he has not given his consent to be nominated to the board of directors of the company. Talwar was among the three new board members inducted into Religare Enterprises as a part of board revamp in February this year after resignation of Malvinder Mohan Singh and Shivinder Mohan Singh from the board. "Vikram Talwar... has intimated that he is not giving his consent to be nominated as member of the board of directors of the company at the end of his term on September 20, 2018, that is date of upcoming annual general meeting," Religare said in a BSE filing. It further said that the particular resolution that was to come up for considering at the upcoming annual general meeting "stands infructuous". The board of directors of the company had appointed Vikram Talwar as an additional Director- non-executive Independent for a term of five consecutive
India Post Payments Bank launched in Jharkhand
Jharkhand Governor Droupadi Murmu Saturday launched the India Post Payment Bank (IPPB) here. Speaking at the launch of the Ranchi branch of IPPB, Murmu said banking system in urban and rural areas will become better with the introduction of IPPB. She expressed hope that IPPB will become a bank with maximum reach and will prove a popular bank. The governor said that the Indian Postal department has a vast network with 1.55 lakh post offices with 80 per cent in the rural areas. The strong over three lakh postal work force will be helpful in providing banking facility in rural, cities and far off places in the country, she said. The main objective of the payment bank is to reach to the people who are till now away from banking services, Murmu said. The IPPB launch in Odisha followed the national roll out of IPPB by Prime Minister Narendra Modi at a function in New Delhi. India Post Payments Bank will be like any other banks but its operations will be on a smaller scale ...
Fraud trade: Sebi imposes Rs 54 lakh fine on 8 individuals
Markets regulator Sebi has imposed a fine of Rs 54 lakh on eight individuals for acting in a fraudulent manner to increase the share price of Svaraj Trading & Agencies. Following an observation that there was a significant rise in the share price of Svaraj Trading & Agencies Ltd (STAL), the regulator conducted an investigation into dealings in the scrips of the firm for the period from September 2013 to November 2014. Pursuant to the probe, Sebi observed that from September 2013 to August 2014, eight connected individuals allegedly indulged in manipulation of the share price of STAL at BSE and thereby violated PFUTP (Prohibition of Unfair Trade Practices related to Securities Market) Regulations. The individuals are Mukesh Kumar Sohanlalji Gupta, Rahul Kamalkant Parasrampuria, Anil Vishnu Bharti, Rajesh Jayantilal Savadia, Prakash Chandra Purohit, Bhagwat Singh Kitawat, Neha B Raval and Shekhar D Vaishnav. "Common trading behaviour and concerted efforts adopted by noticees ...
Equity indices rise for 6th straight week; IT stocks gain (Market Review)
Firm global cues lifted the Indian equity market for the sixth consecutive week as both the key indices -- S&P BSE Sensex and the NSE Nifty50 -- rose by over one per cent during the August 27-31 period.
Tata Motors logs 27% sales growth in August
Commercial and passenger vehicles maker Tata Motors Ltd on Saturday said its sales in the domestic market grew by 27 per cent last month over corresponding period last year.
Ashok Leyland, Honda Cars, Ford India register sales growth
Commercial vehicles maker Ashok Leyland Ltd and car maker Ford India on Saturday said they had logged sales growth in August.
PM launches India Post Payments Bank; postman to deliver doorstep banking services
Prime Minister Narendra Modi Saturday launched India Post Payments Bank (IPPB) that aims to take banking to the doorstep of every citizen by arming three lakh postmen and 'Grameen Dak Sewaks' with digital aids to deliver financial services. IPPB -- which will be available through 650 branches and 3,250 access points immediately, scaled to all 1.55 lakh post offices by December 2018 -- is like any other bank but with smaller scale of operations and without involving any credit risk. The freshly-minted payments bank will accept deposits of up to Rs 1 lakh, offer remittance services, mobile payments/transfers/purchases and other banking services like ATM/debit cards, net banking and third-party fund transfers. However, it can't offer loans directly, or issue credit cards. Launching the service, Prime Minister Narendra Modi said with e-mails taking over inland letters, many thought technology had threatened the existence of the postal department and that postmen would lose their ...
IPPB launched in Odisha
Petroleum Minister Dharmendra Pradhan Saturday launched India Post Payments Bank (IPPB) branch here as part of the country-wide move to take banking to all through vast network of post offices. Union Tribal Affairs Minister Jual Oram graced a function to kick-start IPPB branch in Sundargarh. The launch in Odisha followed the national roll out of IPBB by Prime Minister Narendra Modi at a function in New Delhi. Speaking at the function at the circle branch here, Pradhan said the IPPB would revolutionise the banking system and boost financial inclusion of the poor, dalits, women and backward sections of the society. Altogether 33 branches and 165 Access Points were launched across Odisha Postal Circle. A total of 8,050 access points would be rolled out in Odisha by December 31, 2018. The IPPB would offer a range of products such as savings and current accounts, remittances and money transfer, direct benefit transfers, bill and utility payments, enterprise and merchant ...
Postmen to turn bankers with Modi's new payments bank
NEW DELHI (Reuters) - Prime Minister Narendra Modi launched a payments bank on Saturday to turn postmen into bankers so they can offer financial services to the poor in rural areas and boost digital transactions.
TVS Motor, Eicher Motors post growth in August
Two-wheeler majors TVS Motor Company Ltd and Eicher Motors Ltd on Saturday said they logged sales growth in August 2018.
Traders in Rajasthan traders begin 5-day strike
Trading in all the 247 wholesale agriculture produce markets (mandis) in Rajasthan was affected on Saturday as traders went on a five-day strike demanding commission on the purchase of commodities on minimum support price (MSP). On the first day of the strike, the traders body claimed that an estimated turnover of around Rs 8000 crore was affected and the government suffered a revenue loss of Rs 300 crore while the traders too suffered a loss of Rs 160 crore. Our trade margin is getting reduced and we are demanding a reasonable commission on the purchase of commodities on MSP. The government is ignoring our demands therefore we were bound to go on strike from September 1-5, Babu Lal Gupta, the chairman of Rajasthan Khadya Padarth Vyapar Sangh said. He said that traders in all the mandis participated in the strike and held demonstrations. In Jaipur, Gupta addressed a dharna in Kukarkheda mandi saying the government's policies were against the traders and therefore they were facing ...
GST collections fall to Rs 93,960 cr in Aug
GST collections declined to Rs 93,960 crore in August the lowest monthly mop up so far this fiscal as consumers deferred purchase of goods to avail the benefits of cut in tax rate, the Finance Ministry said Saturday. Goods and Services Tax (GST) revenue for August was the lowest in the five months so far this fiscal. In July the collection was Rs 96,483 crore, in June it was Rs 95,610 crore, in May Rs 94,016 crore and in April Rs 1.03 lakh crore. However, compliance improved as 67 lakh GSTR-3B or summary sales returns were filed during August, up from 66 lakh filed in July. The August revenue collections reflect the purchase and sales activities conducted in the month of July. Explaining reasons for the dip, the ministry said one of the main factors is probable postponement of sale of items for which tax rate was reduced by the GST Council in its meeting on July 21. The rate cut on 88 items, including sanitary napkins, fridge, small screen TV, washing machine, footwear, among ...