Sunday, Dec 16, 2018 | Last Update : 04:00 AM IST

Economy

Of the total recovery, Rs 3,124 crore was from GST evaders, followed by Rs 2,174 crore in case of service tax.

Rs 29,088 crore indirect tax evasion detected during April-Oct

The total number of cases where service tax was evaded stood at 1,145 involving Rs 22,973 crore.

Government officials have called for the central bank to ease its lending restrictions on some banks that have a low capital base.

Top RBI official speaks up for central bank independence

The risks of undermining the central bank’s independence are potentially catastrophic,” said Acharya.

Former Chief Economic Advisor Arvind Subramanian.

Central bank autonomy "sacred": Arvind Subramanian

The government wants the RBI to liberalise the PCA framework so that more banks are able to lend liberally.

Maharashtra chief minister Devendra Fadnavis.

Decisive leadership must to make India USD 5 trillion economy: Fadnavis

Maharashtra would be the first state in the country to have a USD 1 trillion economy, says Fadnavis.

Finance Minister Arun Jaitley. (Photo: Twitter | ANI)

Demonetisation led to formalisation of economy, expanded tax base: Jaitley

The indirect tax to GDP ratio has gone up to 5.4 per cent post GST, from 4.4 per cent in 2014-15.

Market

The broader NSE Nifty fell 84.55 points, or 0.74 per cent, to end at 10,784.95. (Photo: PTI)

Sensex tanks 250 points as RBI holds rate

The BSE Sensex tumbled 249.90 points, or 0.69 per cent, to close at 35,884.41.

The 30-share Sensex climbed 629.06 points, or 1.79 per cent, to end at 35,779.07.

Sensex rises over 600 points to 35,779, Nifty tops 10,700

The broader NSE Nifty rose 188.45 points, or 1.79 per cent, to 10,737.60.

The reference rate for rupee/British pound was fixed at 90.3095 and for rupee/100 Japanese yen at 63.06.

Rupee snaps 3-day losing streak, settles 33 paise higher at 71.68

Rupee opened on a firm note at 71.70 against the US dollar and surged further to touch a high of 71.51 during the day.

Globally, gold remained almost flat at USD 1,238.80 an ounce and silver was near unchanged at USD 14.44 an ounce in New York.

Gold prices dip on sluggish buying by jewellers

Gold is trading at 32,100 per 10 gram in the bullion market here due to subdued buying by local jewellers.

Companies

Reliance Group Chairman Anil Ambani.

Anil Ambani welcomes Supreme Court order on Rafale

There was no occasion to doubt the decision-making process in the procurement of the 36 Rafale fighter aircraft from France, says SC.

The national carrier had collected Rs 291 crore as lease rentals from the property between FY13 and January 2018.

LIC, GIC show interest in buying Air India building in Mumbai

Air India management has been trying to pare burden by monetising non-core real estate properties.

The transaction is expected to close by April 1, 2019. (Photo: PTI)

Infosys forms JV with Hitachi, Panasonic, Pasona in Japan

Infosys will bring its expertise in procurement processes, consulting, analytics and digital technologies such as artificial intelligence.

Company aims to benefit over 9.8 million partner merchants who accept payments using Paytm at their offline stores.

Paytm offers instant, on-demand settlement to partner merchants

The company has rolled out this functionality to over 1 million merchants across India.

Promoter of Kotak Mahindra Bank, has pared down his stake in the bank to 19.70 per cent from about 30 per cent following issuance of preference shares.

Promoter stake dilution: Kotak Mahindra Bank moves Bombay HC against RBI's decision

Shares of Kotak Mahindra Bank were trading down 5.87 per cent down at Rs 1,207 per scrip on BSE.

Autos

Mahindra & Mahindra (M&M) expects the electric vehicle segment to stabilise in India over the next five years with vehicle prices coming down due to reduction in battery cost, a top company official said on Thursday.

Electric vehicle segment to stabilise in India over next 5 years: Mahindra

Pawan Goenka said with EV prices coming down and demand picking up for such vehicles.

The electric vehicle draft policy is currently in public forum and up for discussion.

Delhi EV Draft Policy: Petrol, diesel could be costlier from April

The Delhi government has suggested a new ‘pollution cess’ on the sale of petrol and diesel in the city starting from April 2019.

Tata Motors is narrowing the gap with homegrown rival Mahindra & Mahindra (M&M) to challenge the position of third biggest passenger vehicle maker in India by sales.

Tata Motors closes gap with Mahindra in race for 3rd biggest PV maker

Tata Motors is just 1,313 units shy of M&M during April-August this fiscal in the PV segment.

Country's largest two wheeler maker Hero MotoCorp on Wednesday said it will increase prices of its entire range of products by up to Rs 900 with effect from October 3 in order to offset impact of rising input costs and weakening of rupee against the dollar.

Hero MotoCorp to hike prices of entire range from October 3

The revision has been necessitated by the increasing commodity costs and currency depreciation.

In Other News

(Representational image)

Give service charges to staff or Pay I-T

Infact few years back the finance ministry was forced to clarify that service charge imposed is different from service tax.

Maharashtra chief minister Devendra Fadnavis.

Use of drones, artificial intelligence will change face of agri sector: Fadnavis

Industrial revolution with artificial intelligence is changing the face of every single business.

Prime Minister Narendra Modi

400 districts to have city gas in 2-3 years, says PM Modi

The Prime Minister said oil sector is an example of “reform, perform and transform” philosophy of the NDA government.

Exporters had complained that the banks are reluctant to lend them after Nirav Modi defrauded PNB of Rs 11,500 crore. (Representational image)

Exporters find it difficult to get bank credit

Federation of Indian Export Organisations (FIEO) president Ganesh Kumar Gupta said that the bank credit issue of exporters are yet to be resolved.

Congress leader P Chidambaram.

Chidambaram attacks govt over rocky ties with RBI, says RBI worked closely under UPA

Chidambaram accused the government of "meddling" with the methodology of calculating the GDP numbers.