The Economic Times
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The Economic Times
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NEW DELHI: Clamping down on unfair business practices, Competition Commission today slapped more than Rs 2 crore fine on three companies as well as three officials for rigging bids with respect to tenders floated by Indian Railways. The matter, pertaining to tenders floated by the Indian Railways for procurement of brushless DC fans in 2013, was taken up by the regulator based on information received from CBI. After a detailed investigation, Competition Commission of India (CCI) found that the firms had shared the market by way of allocation of tenders of Indian Railways for brushless DC fans amongst themselves. The three companies indulged in "bid rigging/ collusive bidding", the regulator said. "The anti-competitive conduct of the firms has been established based on exchange of rates to be quoted in upcoming tenders amongst the errant firms, numerous calls amongst the key persons of these firms before and during the period of the tenders," it said in a release.
The Economic Times
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NEW DELHI: More than 3.81 lakh consumers and 21,000 merchants have been declared winners of NITI Aayog's lucky draw schemes 'Lucky Grahak Yojana, LGY' for consumers and 'Digi-Dhan Vyapar Yojana, DVY for merchants. Prize money worth Rs 60.90 crore to over 3.81 lakh winners of 'Lucky Grahak Yojana, LGY' for consumers and 'Digi-Dhan Vyapar Yojana, DVY' for merchants have been declared at 24 Digi-Dhan Melas across the country daily as well as weekly, the Aayog said in a statement. Maharashtra, Andhra Pradesh, Tamil Nadu, Uttar Pradesh and Karnataka have emerged as the top five States with maximum number of winners, it added. According to the statement, active participation has been seen among men and women and most of the winners were in the age group of 21-30 years. The two schemes were launched on December 25, 2016 and shall remain open till April 14, 2017.
The Economic Times
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Beijing Bulletin
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Beijing Bulletin
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The Economic Times
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NEW DELHI: Monnet Ispat & Energy Ltd today said that it is under strategic debt restructuring and the lenders are exploring option of handing over the control and management of the company to outside investor. "...the company is under strategic debt restructuring (SDR) and 51 per cent control of company is with lenders. Lenders are exploring the option of handing over control and management of company to outside investor," Monnet Ispat & Energy Ltd said in a filing to BSE. The company was replying to a clarification sought by the bourses for a news item which said JSW Steel, Blackstone were in talks to buy Monnet Ispat. "The discussion with the investor is confined to the lenders and the management of the company is not involved," the filing added. Monnet Ispat & Energy Ltd has a de-risked business portfolio that encompasses manufacturing and marketing of sponge iron, steel and ferro alloys. MIEL is also engaged in mining of minerals like coal and iron ore.
The Economic Times
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Voice Of America
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Mattis, however, noted Pakistan's progress in the fight against terrorism. But Aziz welcomed the praise of Mattis, asserting that Pakistani forces have uprooted the bases of all militant groups on their soil and removed a major irritant in bilateral relations, laying the foundation for a "constructive" cooperation with the Trump presidency. "Our success in counterterrorism in the last three years is a very good starting point for these relations because that was one of the bone of contentions how far and fast we can move. So, now, I think that is done. We are going to deal with all terrorist groups as we go along. So it is basically work in progress. It is not something that they [U.S.] are asking us to do and it is not in our priorities. We are I think decisively moving in that direction," he said. He added that his government hopes the Trump administration, unlike its predecessor, will take steps to ease Pakistan’s persistent tensions with India and encourage New Delhi to resolve differences with Islamabad through dialogue.
The Economic Times
7 hours
NEW DELHI: Retailers have sought for early implementation of the Goods and Services Tax regime which they believe will be a game-changer for country's retail sector. Industry body Retailers Association of India has asked for early implementation of the GST, which will be a game changer for the Indian retail sector which is pegged to grow to USD 1.3 trillion by 2020, its CEO Kumar Rajagopalan said. "We are waiting for the details of early GST rollout, which, we hear is now in July. This can be a big game changer for retailers across the country," Rajagopalan told PTI. Echoing Rajagopalan's views, METRO Cash & Carry India CEO & Managing Director Arvind Mediratta said GST would also contribute greatly to smooth logistics and supply chain efficiency across states. "Favourable tax rates under the proposed Goods and Services Tax would benefit the wholesale as well as real estate and infrastructure sectors, which have a direct bearing on the growth of organised retail across the country," he added.
KyivPost
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Beijing Bulletin
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The Economic Times
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NEW DELHI: The government's Regional connectivity scheme to increase total number of operational airports in the country to 118 airports, says aviation minister Jayant Sinha. "Based on the first phase of bidding for airports, the UDAN scheme is going to be a game changer, as it will increase the total number of operational airport in the country to 118 from 75 now," said minister of state of civil aviation Jayant Sinha. Sinha said that they received bids for 11 bidders for 43 new airports and offering services to 190 UDAN routes. "A number of bidders are companies, who are starting scheduled flights for the first time," said Sinha. He, however, refused to share the names of the companies because they are inviting counter bids for all the bids.
Beijing Bulletin
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The Economic Times
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NEW DELHI: The Income Tax Department has written to the RBI informing it about alleged illegal malpractices being deployed by a number of cooperative banks after its probe found "serious" difference in accounts, to the tune of multi-crore rupees, in the aftermath of the notes ban. In an analysis report prepared by the department, also accessed by PTI, two specific instances in Mumbai and Pune have been reported where it was found that over Rs 113 crore "excess amount" of old demonetised notes was reported by two banks to the banking regulator in order to generate black funds. "In the Pune bank case, the reported amount (to the RBI) was Rs 242 crore while physical stock was of Rs 141 crore, showing clearly that the cooperative bank had reported to the RBI excess Specified Bank Notes (old currency) as on December 23, 2016 to the tune of Rs 101.07 crore.
The Economic Times
9 hours
NEW DELHI: The Income Tax Department has written to the RBI informing it about alleged illegal malpractices being deployed by a number of cooperative banks after its probe found "serious" difference in accounts, to the tune of multi-crore rupees, in the aftermath of the notes ban. In an analysis report prepared by the department, also accessed by PTI, two specific instances in Mumbai and Pune have been reported where it was found that over Rs 113 crore "excess amount" of old demonetised notes was reported by two banks to the banking regulator in order to generate black funds. "In the Pune bank case, the reported amount (to the RBI) was Rs 242 crore while physical stock was of Rs 141 crore, showing clearly that the cooperative bank had reported to the RBI excess Specified Bank Notes (old currency) as on December 23, 2016 to the tune of Rs 101.07 crore.
The Economic Times
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The Economic Times
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NEW DELHI: Despite Presidentelect Donald Trump's threat to car companies that they must manufacture in America or face heavy taxes, Ford has decided to go ahead with export of India-made Eco Sport SUV to the US, saying the move is part of a “broader business decision, including several parameters, costs“. The company had said in November last year that export of Eco Sport -made at Chennai factory -will begin from 2018. But Trump's focus on boosting manufacturing in the US has rattled many car makers. “Our plans are on target,“ Anurag Mehrotra, interim MD & president of Ford India, told TOI when asked whether the company is looking to make any changes. “The choice of global manufacturing hubs for different models is part of a broader decision. India is one of the six global locations where Eco Sport is manufactured with same quality parameters for more than 100 markets worldwide,“ Mehrotra said.
Sputnik International
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The Economic Times
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NEW DELHI: The government expects each telecom operator to hold an average 40 MHz of spectrum per circle by next year, on a par with some international markets, telecom secretary JS Deepak said. This should help increase the low broadband penetration levels in India, a subject which led to a public disagreement between the telecom ministry’s top official and the sector regulator. Currently, Indian telecom service providers hold close to 25 MHz of spectrum per circle, which analysts say is lesser than needed, especially when it comes to offering a large number of services, such as those under the government’s digital drive. “The sector is moving towards market consolidation. Next year, airwaves scarcity will be history. We are looking to allocate 40 MHz of spectrum per operator, on a par with the North American market,” Deepak said at an industry event organised by the Telecom Regulatory Authority of India (Trai) on Wednesday.
The Economic Times
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The Economic Times
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The Economic Times
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