Single-use plastic ban comes into effect: List of banned daily-use items

In a bid to implement the ban on single-use plastic smoothly, the Union environment ministry said that the state governments will initiate an enforcement campaign

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Top headlines: 5 years of GST and what lies ahead for the tax reform

In the last five years, since its launch in July 2017, the GST journey has been difficult for both economic and political reasons. Read more on five years of GST in our top headlines

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Five years of GST: Chidambaram to Sitharaman, the people behind the reform

The benefits of GST will positively ensure it to be 'Good and Simple Tax' for citizens of India, says Prime Minister Narendra Modi on the eve of the GST launch

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5 years of GST: How far has it lived up to promise of simple tax regime

Goods and Services Tax: Here's a look at the journey so far

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Want to support 'Make in India', says Israel, but flags IP concerns

Naor Gilon, Israel's Ambassador to India, said here on Wednesday that we are all interested in Make in India' and we see an immense potential for cooperation with India

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RBI's financial stability report flags risks with public debt profile

A credible strategy to ensure debt sustainability calls for reducing primary deficits, the central bank said in its Financial Stability Report

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India steps up fuel imports amid shortage; Asia's pool of supplies shrinks

Rush to import petrol and diesel has already led to a surge in regional refining margins

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NIIF invests $300 million in DP World container terminal subsidiary

This is the single largest investment by NIIF's master fund and takes the vehicle's total investment in DP World's India arms to $500 million, as per an official statement

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GST Council okays mandatory registration waiver for small online retailers

The waiver, which is subject to certain conditions, will benefit about 120,000 small traders

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Expect govt to withdraw duties on steel when inflation eases: Sajjan Jindal

Terming duties imposed on steel products a "short-term headwind", JSW Group CMD Sajjan Jindal said he is hopeful of the government withdrawing the levies once inflation moderates. The duties were imposed last month with the objective of controlling inflation, the industrialist said. Jindal's statement comes days after he along with other top industry leaders met Finance Minister Nirmala Sitharaman in her office. In a tweet on June 16, office of the Finance Minister, without sharing the details of the meeting had said, "Delegation of Indian Steel Association @steel_indian, including Shri @MPNaveenJindal - Chairman JSPL, Shri @sajjanjindal - Chairman JSW, Smt Soma Mondal - Chairman @SAILsteel & other senior members of the industry, calls on Smt @nsitharaman." "We view the export duties imposed on steel in May 2022 as a short-term headwind, since they have been imposed with the objective of controlling inflation. We continue to engage with the government on this matter and believe ...

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Gold price today: 10 grams of 24-carat stands at Rs 51,980; silver at Rs 60,000 per kilo

The purchasing price of 10 grams of 24-carat gold in the country is Rs 51,980 today, 29 June, witnessing no change from yesterday. One kilogram of silver is being sold at Rs 60,000, after a fall of Rs 300 in its rate.

The price of the precious yellow metal differs daily due to factors like state taxes, making charges, and excise duty. Here are the gold rates from a few different cities on Wednesday, 29 June:

Ten grams of 22-carat gold in Kolkata, New Delhi and Mumbai, is being traded at Rs 47,650. Whereas, the same quantity of the much-in-demand metal is being sold at Rs 47,700 in Chennai as per the Good Returns website.

If we look into the 24-carat gold rates, 10 grams of it in Mumbai, New Delhi, and Kolkata stands at Rs 51,980. In Chennai, the same quantity is valued at Rs 52,030 today.

In Pune and Lucknow, 10 grams of 22-carat gold is being purchased at Rs 47,680 and Rs 47,800, respectively. The same quantity of 24-carat purity is valued at Rs 52,030 in Pune and Rs 52,130 Lucknow.

In Kerala, Bengaluru and Hyderabad, 10 grams of 22-carat gold is priced at Rs 47,650. In Vishakhapatnam, Bhubaneswar, and Mysore, the same amount of 22-carat purity is also being traded at Rs 47,650. Ten grams of 24-carat gold in the above regions is being purchased at Rs 51,980.

In Jaipur and Coimbatore, 10 grams of 22-carat gold is being purchased at Rs 47,800 and Rs 47,700, respectively. In Jaipur, the same quantity of 24-carat purity is priced at Rs 52,130, while in Coimbatore it is valued at Rs 52,030.

In Patna and Chandigarh, 10 grams of 22-carat gold is being procured at Rs 47,650 and Rs 47,800 respectively. In  in Patna, the same quantity of 24-carat purity is being bought and sold at Rs 52,030, while in Chandigarh it being valued at Rs 52,130.

According to the updated Multi Commodity Exchange (MCX) data, gold futures, which are set to mature on 5 August this year, fell by  0.09 percent to Rs 50,774.00. Silver futures, which are expected to mature on 5 September, witnessed a drop of 0.40 percent and settled at Rs 59,955.00.

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47th GST Council meet: Here's what became expensive after Tuesday meeting

The GST Council today is expected to take up extending compensation to the state

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How can India replicate the success of Tiruppur in 75 other places?

The small town of Tiruppur contributes about 90% of knit-wear exports from India. Govt now plans to create 75 textile hubs across India like Tiruppur. Find out the significance of this textile hub

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Market Roundup : Sensex ends flat at 53,177; Nifty holds 15,850; check top gainers and laggards

Domestic markets seesawed in a volatile session on Tuesday, 28 June, before ending flat.  BSE Sensex rose 16 points to 53,177.45, while NSE Nifty 50 remained above 15,850 levels.

BSE Midcap and Smallcap indices also ended flat. Oil & gas was the top gainer, while consumer durables was the biggest drag.
Weak global trends and persistent foreign fund outflows coupled with rising crude prices led to domestic markets snapping their three-day positive streak. However, they bounced back on the back of gains in oil & gas, metal, and auto sectors.
Bombay Stock Exchange (BSE):
BSE Sensex ended flat at 53,177.45, up by 0.03 percent or 16.17 points. The top gainers were Mahindra & Mahindra (M&M), Reliance, Dr Reddy’s, Tech Mahindra and Tata Steel. The top losers were Titan, Asian Paints, Bajaj Financial Services, Kotak Bank and ICICI Bank.
Top BSE gainers:
M&M: The value of the company jumped to Rs 1,112.15 per equity, up by 2.78 percent.
Reliance: The shares climbed 1.49 percent to Rs 2,529.00.
Dr Reddy’s: The stock rose to Rs 4,377.95, increasing 1.41 percent.
Tech Mahindra: The shares gained 1.40 percent to Rs 1,021.20.
Tata Steel: The value of the company ended 1.34 percent higher at Rs 879.40 per equity.

Top BSE losers:
Titan: The stock tanked 3.54 percent to Rs 1,968.10.
Asian Paints: The shares declined to Rs 2,728.90, falling 3.25 percent.
Bajaj Financial Services: The value of the company slid 1.94 percent to Rs 11,370.00 per equity.
Kotak Bank: The shares fell to Rs 1,668.50, down by 1.32 percent.
ICICI Bank: The stock settled 1.02 percent lower at Rs 710.00.

National Stock Exchange (NSE):
NSE Nifty 50 rose 0.11 percent or 18.50 points to 15,850.20. Bank Nifty slid 0.50 percent to 33,642.45.

Top NSE gainers:
ONGC: The stock surged to Rs 148.80, up by 5.16 percent.
Hindalco: The value of the company jumped 4.46 percent to Rs 344.65 per equity.
Coal India: The shares increased to Rs 186.75, rising 2.58 percent.
M&M: The stock ended 2.57 percent higher at Rs 1,110.50.
Tech Mahindra: The value of the company inched up 1.97 percent to Rs 1,027.00 per equity.

Top NSE losers:
Titan: The shares slumped to Rs 1,970.20, falling 3.44 percent.
Asian Paints: The value of the company slid 3.40 percent to Rs 2,725.00 per equity.
Bajaj Financial Services: The stock settled 1.94 percent lower at Rs 11,370.00.
Divi’s Labs: The shares declined to Rs 3,607.00, down by 1.81 percent.
Bajaj Finance: The stock dipped 1.36 percent to Rs 5,564.70.

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New Yug begins at Jio Infocomm as Mukesh Ambani hands over telecom arm to son Akash in well-crafted succession move

The Jio Infocomm baton has been passed, and the succession plan at India's most valuable company is now beginning to slot into shape. Chairman and Managing Director of Reliance Industries Ltd Mukesh Ambani has handed over the reins of Reliance Jio Infocomm to his elder son, 26-year-old Akash.

The Reliance Jio Infocomm board at a meeting on Monday "approved the appointment of Akash M Ambani, non-executive director, as chairman of the board of directors of the company", the company said in a stock exchange filing on Tuesday.  This comes after his father resigned with effect from the close of working hours on June 27, it said. Jio Infocomm is a unit of Reliance Industries Ltd, whose businesses include oil refining, petrochemicals, retail, media, and new energy.

Mukesh Ambani will continue to be the chairman of Jio Platforms Ltd - the flagship company that owns all Jio digital services brands, including Reliance Jio Infocomm.

The 65-year-old RIL chief has three children: twins Akash and Isha, and the youngest son Anant. Akash and Isha have been on the boards of Reliance Retail Ventures Ltd - the company that operates supermarkets offering consumer electronics, food and grocery, fashion, jewellery, footwear, and clothing as well as online retail venture JioMart - and digital arm Jio Platforms Ltd (JPL) since October 2014.

Akash, who majored in economics at Brown University, has been closely involved with the disruptive and inclusive growth path charted by the digital services and consumer retail propositions of Reliance group and is now leading the creation of the ‘convergence dividend’ for over 500 million consumers, digitally and with high-inclusivity across geographies and income levels.

The young Ivy League alumnus has been closely involved with the creation of the digital ecosystem around Jio’s 4G proposition. He worked with a team of engineers in inventing and launching an India-specs focussed Jiophone in 2017 that revolutionised the 2G-to-4G shift across India. Akash has also personally overseen key acquisitions made by Jio Platforms in the digital space in the last few years, besides playing a leading role in the development of new technologies and capabilities, including AI-ML and blockchain.

Trailblazing global investments by tech majors and investors in 2020 that put Jio on the global map was an initiative shepherded by Akash. He is now expected to continue to lead with cutting-edge innovation and technology to encourage an ecosystem that will further digital solutions and make the power of data and technology more accessible to all, including those still at the margins.
new energy.

Among other appointments, Pankaj Mohan Pawar was appointed Managing Director of Reliance Jio Infocomm for five years beginning June 27, the filing said. Former Union finance secretary Raminder Singh Gujral and former CVC KV Chowdary were appointed independent directors, it added. The two are already on the RIL board.

Reliance has three broad businesses - oil refining and petrochemicals, retail and digital services that include telecom. While retail and digital services are housed in separate wholly-owned subsidiaries, the oil-to-chemical or O2C business is a functional division of Reliance. The new energy business is also with the parent firm.

The three businesses are almost equal in size. While Akash and Isha have been both active in the group's new-age businesses of retail and telecom, Anant has been looking at the renewable energy and oil and chemical units of Reliance as a director.

The announcement outlines a clear transfer of wealth by the RIL chief, whose net worth is over $109 billion. His wife Nita, 59, too is on board of Reliance.
new energy.

As per the company filings, the Ambani family's current stake in Reliance has risen to 50.6 per cent from 47.27 per cent in March 2019.

Ambani first spoke of a succession plan at Reliance Family Day, which marks the birth anniversary of the group's founder Dhirubhai Ambani, on December 28 last year. Reliance, he had said, is "now in the process of effecting a momentous leadership transition."

Prior to that, at the company's annual general meeting (AGM) in June 2021, he had indicated that his children will now find a prominent place in the family's vast empire. He had said: "I have no doubt whatsoever that the next generation of leaders at Reliance, led by Isha, Akash and Anant, will further enrich this precious legacy."

The succession plan comes at a time when Reliance is in the middle of a very expensive switch to clean fuels by investing across the entire value chain of solar, batteries and hydrogen.

Just as steady cash flows from oil refining and petrochemicals made it possible for Reliance to incubate telecom from scratch, profits from digital businesses and retail may allow it to replace hydrocarbons -- the conglomerate's traditional source of wealth -- with green energy over the next decade.

Dhirajlal Hirachand Ambani, also known as Dhirubhai Ambani, had founded Reliance in 1973. He led the family business expansion from textile to oil to telecom but the family plunged into chaos after his sudden death in 2002.

The differences between Mukesh and his younger brother Anil grew and after three years of bitter war, mother Kokilaben in 2005 divided Reliance's assets. Mukesh got refining, petrochemicals, oil and gas and textile businesses, while Anil was made in charge of telecommunications, asset management, entertainment and power generation businesses.

Over years, Mukesh Ambani transformed Reliance into a behemoth with re-entry into the telecom business as well as forays into retailing and clean energy, while Anil Ambani's business empire crumbled.

Since 2019, Mukesh Ambani has been slowly overhauling the top-heavy hierarchy at Reliance to improve governance in line with global standards. He sold a 32.97 per cent stake in Jio Platforms to likes of Google, Facebook and other venture capitals and got a clutch of foreign investors in the retail venture.

In Reliance's new structure, different business verticals will be run like independent businesses. There will be no interdependencies between group companies for raising capital or debt servicing. The Ambani family is also consolidating its ownership in the company.​

With inputs from agencies

Disclaimer: Firstpost is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

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Govt looking for complete exit with the help of PSB Privatisation Bill

The government is mulling an amendment that will allow the Centre a total exit from banks, fully privatising PSBs, a report said

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Modi govt undertakes pan-govt exercise to know status of implementation of Union Budget announcements

The Narendra Modi government has undertaken a major pan-government exercise to know the exact status of implementation of every budget announcement made for the past several financial years to track their progress better, News18 has learnt.

In a letter written to all ministries earlier this month, the Department of Economic Affairs (DEA), under the Ministry of Finance, said that while budget announcements should be implemented within the same financial year, it has been observed that some of them take longer, requiring closer monitoring.

As per sources in the government, all budget announcements from 2014-15 onwards will be considered.

As part of the exercise, the DEA has six categories for all budget announcements across ministries.

They include those on which action has not been initiated due to unavoidable circumstances, those which are under reconsideration or have been dropped because of changed circumstances or those on which action has been initiated and are at a planning or approval stage.

Other categories include announcements which need monitoring because of challenges from inter-ministerial or other coordination issues, have been substantially implemented or where the targets in the announcement have been substantially achieved. The implemented category includes all budget announcements which have been converted or merged into schemes or projects.

The letter — accessed by News18 — sought details of pending budget announcements from every ministry and department in a set format, divided into the six categories. It has also sought a monthly review of the announcements and a status report on pending budget announcements by 25th of every month for further monitoring.

What is implemented, dropped?

Some of the past budget announcements which are either being reconsidered or could be dropped include establishing a National Institute for Inclusive and universal Design at New Delhi, estimated receipts of Rs 1,75,000 crore as disinvestment in 2021-22, museum on numismatics and trade at Kolkata’s historic Old Mint building and measures for a 100 water-stressed districts, among others.

Past announcements which have already been implemented include organic farming in the North-East, Pradhan Mantri Gramin Digital Saksharta Abhiyan, the model tenancy law, implementation of four labour codes and upgrading rural haats into gramin agricultural markets.

The establishment of industrial smart cities, setting up of a National Institute of Speech and Hearing, development of each district as export hub and promoting entertainment industry are among the past announcements which need monitoring, while Pradhan Mantri Krishi Sinchai Yojna, Institutes of Eminence recognition scheme, Bharatmala Project and the integrated farming system have been categorised as those that have been substantially implemented.

One of the major budget announcements for the current financial year 2022-23 was the implementation of the Vibrant Villages Programme. This featured as a major action point during PM Modi’s interaction with secretaries in April. All ministries were directed to take concerted efforts towards making it a success and officers would be deputed to villages for on-ground assessment of challenges and suggested ways for developing and mainstreaming these villages.

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What is soil health card scheme? Check eligibility, cost and challenges

Under SHC scheme, a soil health card contains soil health indicators and descriptive concepts based on farmers' knowledge of local natural resources and practical experience

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States add 1.1 million families to un-electrified list, shows data

Under Saubhagya, the Centre provided 60 per cent of the project finance to states for giving connections to rural households, and the rest was borne by states

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IBBI releases discussion paper aimed at improving value of stressed assets

Proposals call for marketing strategy where total claims exceed Rs 100 cr; creditors can also propose steps to market stressed assets

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Govt appoints Indian Revenue Services officer Nitin Gupta new CBDT chairman

IRS officer Nitin Gupta has been appointed as the new CBDT chairman, a recent government order said

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Gold price today: 10 grams of 24-carat stands at Rs 51,870; silver at Rs 59,800 per kilo

The procuring rate of 10 grams of 24-carat gold today, 27 June, stands at Rs 51,870 after witnessing no change from yesterday. One kilogram of silver is being bought and sold at Rs 59,800, with no alteration in its value.

The yellow metal’s price varies daily due to factors such as state taxes, making charges, and excise duty. Here are the gold rates from a few different cities on Monday, 27 June:

According to the Good Returns website, 10 grams of 22-carat gold in Mumbai, New Delhi and Kolkata is being traded at Rs 47,550. In Chennai, the same quantity of the much-in-demand metal is being sold at Rs 47,600.

If we look into the 24-carat gold rates, 10 grams of it in Mumbai, New Delhi, and Kolkata is priced at Rs 51,870. In Chennai, the same quantity is valued at Rs 51,920 today.

In Lucknow and Nagpur, 10 grams of 22-carat gold is being purchased at Rs 47,700 and Rs 47,580, respectively. The same quantity of 24-carat purity is being retailed at Rs 52,030 in Lucknow and Rs 51,900 in Nagpur.

In Kerala, Bangalore and Hyderabad, 10 grams of 22-carat gold is being sold at Rs 47,550. In Vijayawada, Bhubaneswar, and Mysore, the same amount of 22-carat purity is also being traded at Rs 47,550. In the above areas, 10 grams of 24-carat gold is being traded at Rs 51,870.

In Patna and Chandigarh, 10 grams of 22-carat gold is being purchased at Rs 47,580 and Rs 47,700, respectively. The same quantity of 24-carat purity is priced at Rs 51,900 in Patna and Rs 52,030 in Chandigarh.

In Ahmedabad and Coimbatore, 10 grams of 22-carat gold is being procured at Rs 47,580 and Rs 47,600 respectively. The same quantity of 24-carat purity is being bought and sold at Rs 51,900 in Ahmedabad and Rs 51,920 in Coimbatore.

The recent Multi Commodity Exchange (MCX) data reveals that gold futures, which are set to mature on 5 August this year, increased by 0.35 per cent to Rs 50,810.00. Silver futures, which will mature on 5 July, also witnessed a rise of 0.92 per cent and settled at Rs 60,220.00.

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Indian economy gains momentum on pent-up demand after reopenings

The upturn in recovery of Indian economy was fueled by an expansion in services activity and a robust growth in core infrastructure industries

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What is the shape of India's economic recovery?

Sales of two-wheelers have nosedived. FMCG is struggling due to weak demand. But the aviation sector is seeing a jump in traffic. Take a dive into the key sectors to find out how the economy is revivi

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Small retailers in Coimbatore start reaping benefits from ONDC pilot

The development comes in the backdrop of the small-scale implementation of ONDC over the last two months

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Egypt contracts to buy 180,000 tonnes of wheat from India: Aly Moselhy

India banned wheat exports in May because of lower domestic production, but made allowances for countries like Egypt with food security needs

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GST Council Meet: Rate changes on items, states' compensation top agenda

The GST Council at its meeting in Chandigarh this week is likely to make changes in goods and services tax rates on a handful of items

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India emerging as preferred destination for foreign investments: Govt

India is rapidly emerging as a preferred country for foreign investments as the steps taken by the government led by PM Modi during the last eight years have borne fruit

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Bengal govt's Rs 1,500-cr project to dredge 10 rivers gets Centre's nod

The Centre has approved the West Bengal government's Rs 1,500-crore 'Ghatal masterplan', a mega project to dredge riverbeds and strengthen embankments of at least 10 major rivers in the state

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Need to monitor arsenic contamination in lychee, mango trade: Experts

In the season of mangoes and lychees from Bihar flooding the domestic markets and some of it lined up for exports, arsenic contamination through food trade remains a lesser discussed issue

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Assam Cabinet approves JV company with Railways to boost network

The Assam Cabinet approved formation of a joint venture company between the state government and the railway ministry to increase the railway network in the state, a minister said

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Government announces extension of GST compensation cess levy till March '26

The government has extended the time for levy of GST compensation cess by nearly 4 years till March 31, 2026. As per the Goods and Services Tax (Period of Levy and Collection of Cess) Rules, 2022, notified by the finance ministry, the compensation cess will continue to be levied from July 1, 2022 to March 31, 2026. The levy of cess was to end on June 30 but the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising state FMs, decided to extend it till March 2026 to repay the loans taken in the last two fiscal years to make up for the shortfall in their revenue collection. After the 45th GST Council meeting in Lucknow in September last year, Sitharaman had said the regime of paying compensation to states for revenue shortfall resulting from subsuming their taxes such as VAT in the uniform national tax GST, will end in June 2022. However, the compensation cess, levied on luxury and demerit goods, will continue to be collected till March 2026 to repay the ...

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Gold price today: 10 grams of 24-carat sold at Rs 51,760; silver at Rs 60,000 per kilo

In India, 10 grams of 24-carat gold is priced at Rs 51,760 after a fall of Rs 230 from yesterday’s procuring rate of Rs 51,990. One kilogram of silver is being bought and sold at Rs 60,000, after a drop of Rs 200 in its rate.

Owing to significant factors like making charges, excise duty and state taxes, the price of the precious yellow metal differs daily. Here are the gold rates from a few different cities on Saturday, 25 June:

According to the Good Returns website, 10 grams of 22-carat gold in New Delhi and Kolkata is being sold at Rs 47,500. Whereas, the same quantity of the much-in-demand metal is being traded at Rs 47,530 in Chennai and Rs 47,450 in Mumbai.

If we look into the 24-carat gold rates, 10 grams of it in Kolkata and New Delhi is priced at Rs 51,820. The same quantity in Chennai and Mumbai is valued at Rs 51,850 and Rs 51,760, respectively.

In Pune and Jaipur, 10 grams of 22-carat gold is being purchased at Rs 47,520 and Rs 47,600, respectively. The same quantity of 24-carat purity is valued at Rs 51,810 in Pune and Rs 51,910 in Jaipur.

In Vishakhapatnam, Hyderabad and Kerala, 10 grams of 22-carat gold is traded at Rs 47,450. In Bhubaneswar, Mangalore and Mysore, the same amount of 22-carat purity is being traded at Rs 47,500. However, 10 grams of 24-carat gold in Hyderabad, Kerala and Vishakhapatnam is being sold at Rs 51,760 while in Bhubaneswar, Mangalore and Mysore, it is being traded at Rs 51,820.

In Lucknow and Nashik, 10 grams of 22-carat gold is being acquired at Rs 47,600 and Rs 47,520, respectively. In Lucknow, the same quantity of 24-carat purity is priced at Rs 51,910, while in Nashik it is rated at Rs 51,810.

In Chandigarh and Madurai, 10 grams of 22-carat gold is being procured at Rs 47,600 and Rs 47,530 respectively. The same quantity of 24-carat purity is being bought and sold at Rs 51,910 in Chandigarh and Rs 51,850 Madurai.

The updated Multi Commodity Exchange (MCX) data indicates that gold futures, which are set to mature on 5 August this year, rose by 0.02 percent to Rs 50,603.00. Silver futures, which are expected to mature on 5 July 2022, also witnessed a rise of 0.42 percent and settled at Rs 59,755.00.

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Explained: What is Pradhan Mantri Awas Yojana and how to avail subsidy?

Pradhan Mantri Awas Yojana (PMAY) of the central government completes seven years today. Want to check your name on list? Here's step-by-step guide

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How the economic crisis in Sri Lanka is affecting Indian businesses?

Sri Lanka's economy is in a free fall. But some spillover of the Lanka crisis is hurting Indian businesses too, like the auto sector. We try to gauge the overall effect of the crisis on India

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India's Aadhaar ID system delivers benefits but at risk of widespread fraud

Modi's new welfarism rests on Aadhaar. But if there are cracks in the edifice, they need to be acknowledged - not to frighten users away, but to make them more aware

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BRICS can together help out in global post-Covid recovery: PM Modi

'Covid impact on global economy less severe than before, but effects lingering'

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AI adoption to add $500 billion to India's GDP by 2025: Nasscom report

The AI adoption in four key sectors -- BFSI, consumer packaged goods (CPG) and retail, healthcare, and industrials/automotive -- can contribute 60 per cent of the total $ 500 billion opportunity

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Indian economy to grow by 7%-7.8% in FY23 despite global headwinds: Experts

India's economy grew 8.7% in the last fiscal (2021-22) as against a 6.6% contraction in FY21

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ITR AY 2022-23: Last date approaching; check how to file your income tax return

The Income Tax Department has notified taxpayers that the option to file Income Tax Return for the current assessment year (AY) 2022-23 is available on the department’s website. The last date to file the ITR is 31 July.

Taxpayers can visit the website incometax.gov.in/iec/foportal to file their returns. “ITR filing for AY 2022-23 is available on e-filing portal. Check your Form 26AS, AIS & other relevant documents before submission,” the I-T department tweeted yesterday, 22 June. View the tweet here.

ITR filing for AY 2022-23 is available on e-filing portal. Check your Form 26AS, AIS & other relevant documents before submission.
Be an early filer. #FileNow
Pl visit https://t.co/GYvO3n9wMf#ITR pic.twitter.com/z73Ggl7CKE

— Income Tax India (@IncomeTaxIndia) June 22, 2022

How To File I-T Return Online? Step-by-step guide below:

• Visit the website incometax.gov.in/iec/foportal.
• Login using your PAN card number.
• Click on ‘e-file’ and choose 2022-23 as 'Assessment year'.
• Select ITR -1 or ITR-4 depending on your annual income, status and other details.
• Select your reason for filing the return and validate your pre-filled information.
• Update your ITR details by uploading the relevant documents.
• Confirm your details and click on verify and submit. This takes a few minutes.
• Select the appropriate verification option under the 'Taxes Paid and Verification' tab.

You can e-verify your ITR immediately or within 120 days of filing using the methods listed on the website. The e-verification can be done through Aadhaar OTP, pre-validated bank account, pre-validated demat account or EVC generated through bank ATM.  A step-by step guide to filing ITR is also given on the department’s website here.
How to download ITR verification form?

• Log in to the Income Tax India website
• Choose ‘View Returns/ Forms’ option on the main page.
• Your ITR verification will appear on screen.

If you are unable to complete filing the ITR in one session, you need to save the draft of your form. The ITR website will hold the draft for 30 days from the date of saving or till you file the return.

In case of any queries, you can contact the Income Tax Department at their website or on the numbers 1800 103 0025 and 1800 419 0025.

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India aims to keep FY23 fiscal deficit at last year's level: Report

Efforts to maintain some fiscal discipline reflect New Delhi's concern around risks to its sovereign credit rating, but will likely limit the govt's firepower

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How fraudsters can use stolen identities for ghost loans and mule accounts

There is no denying that our digital economy has taken off massively in the last couple of years. Over 80 per cent of Indians have a bank account today. This is the very reason why we can make payments online almost wherever we wish to, be it on Amazon or to your rickshaw wala.

Market regulators like the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) have been acting swiftly to stimulate this growth by allowing for new, digital modes of customer onboarding.

On the flip side, it also means that scenarios like your waking up to a loan you never applied for are possible. These come as a result of processes, and consequently our identities, being digitised. Or rather the lax handling of our identities, allowing fraudsters to access them and commit identity theft fraud.

Identity theft fraud is when someone steals your identity and pretends to be you to commit a financial crime, such as applying for credit or opening bank accounts. Here are some of the most common ways in which your stolen identities can be used for it:

Ghost loans: Ghost loans are loans taken by fraudsters using stolen identities with no intention of paying back. Let’s take a look at how fraudsters can avail them in your name using stolen documents.

In order to verify your credentials, a typical KYC process checks for three things: proof of identity (POI), proof of address (POA) and photo proof.

Lending companies require you to submit your PAN Card as your proof of identity. This is to confirm that you are indeed who you claim to be. Let’s say fraudsters manage to land a copy of your PAN card. They then replace your photo on the PAN with their own using sophisticated software programmes.

These cleverly tampered documents tend to go undetected in cases where the verification process is highly manual in nature. Similarly, fraudsters also tamper with the photo on proof of address documents such as your Aadhaar card or your driving license.

A photo proof is needed to confirm if it is the same person applying for the loan as the one whose documents are being submitted. Having already tampered with POI and POA documents, fraudsters happily submit their own picture as part of this last step.

Buy now pay later apps

Most Buy Now Pay Later (BNPL) companies only require a PAN card and a selfie for KYC purposes. Over here, instead of tampering with the photo, fraudsters simply submit the stolen PAN card as-is. This is because the only level of authentication here is a facial comparison check between the photo on the PAN card and the selfie.

At the time of submitting the selfie, fraudsters will scour your social media profiles to find a picture that resembles a selfie. Now, if the underlying facial recognition solutions aren’t sophisticated enough, some attempts end up in success. And just like that, you now have a BNPL account in your name without your knowledge.

Mule accounts

Yet another way in which your stolen documents can be misused is by opening bank accounts in your name. Such accounts are called ‘mule accounts’. They are typically used as stepping stones in moving money obtained from criminal activities.

Remember all those times when you went down to your local stationery to get your documents photocopied? Chances are, your sensitive information may have been saved on their machines. People with malicious intentions can use this to open accounts at banks using offline channels.

This type of scam typically happens during the month-end period when bank branches are already overworked with achieving their targets. Fraudsters simply walk in and submit the required documents to open a normal savings account. These documents are manipulated such that the photo on them is blurry enough to avoid suspicion. The month-end frenzy allows them to escape further scrutiny from bank employees.

A constant risk

As we can see, it’s surprisingly easy to have our identity stolen and used fraudulently in the digital world. No matter how careful we are, we end up leaving traces on the internet as well as in the physical world. If our identity hasn’t been compromised so far, it’s not as much about being careful as being lucky. At the end of the day, life really is a game of chance.

The author is Chief Product Officer, IDfy. Views are personal.

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Gold price today: 10 grams of 24-carat gold stands at Rs 51,760; silver at Rs 60,500 per kilo

Ten grams of 24-carat gold in the country today, 23 June, stands at Rs 51,760 with a loss of Rs 220 from yesterday. One kilogram of silver fell by Rs 500 to reach Rs 60,500 today.

The rate of the yellow metal changes daily due to factors such as state taxes, making charges, and excise duty. Here are the gold rates from a few different cities on Thursday, 23 June:

In New Delhi and Kolkata, 10 grams of 22-carat gold is being bought and sold at Rs 47,500, as per the Good Returns website. In Chennai, the same quantity of the valuable metal is being traded at Rs 47,550, while in Mumbai it is priced at Rs 47,450.

If we look into the 24-carat gold rates, 10 grams of the much-in-demand metal in New Delhi and Kolkata is priced at Rs 51,800. In Chennai and Mumbai, the same quantity is valued at Rs 51,860 and Rs 51,760.

In Pune and Jaipur, 10 grams of 22-carat gold is being purchased at Rs 47,480 and Rs 47,600, respectively. The same quantity of 24-carat purity is valued at Rs 51,790 in Pune and Rs 51,910 in Jaipur.

In Hyderabad and Kerala, 10 grams of 22-carat gold is being acquired at Rs 47,450.  In Bengaluru, the same quantity is valued at Rs 47,500. In Bhubaneswar, Mysore and Mangaluru, the same quantity of 22-carat purity is also being sold at Rs 47,500. Ten grams of 24-carat gold in all the above areas is being purchased at Rs 51,800, except for Hyderabad and Kerala where it is being retailed at Rs 51,760.

In Vadodara and Coimbatore, 10 grams of 22-carat gold is being traded at Rs 47,480 and Rs 47,550, respectively. The same quantity of 24-carat purity is priced at Rs 51,790 in Vadodara and Rs 51,860 in Coimbatore.

In Lucknow and Nashik, 10 grams of 22-carat gold is being procured at Rs 47,600 and Rs 47,480 respectively. The same quantity of 24-carat purity is being bought and sold at Rs 51,910 in Lucknow and Rs 51,790 in Nashik.

Updated Multi Commodity Exchange (MCX) data reveals that gold futures fell by 0.24 percent to Rs 50,780.00. Silver futures, which are expected to mature on 5 July, witnessed a fall of 0.69 percent and settled at Rs 60,231.00.

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Govt won't offer tax waivers to be part of global bond index sooner

Under existing rules, an overseas investor is required to pay a short-term capital gains tax of 30% if a listed bond is sold within 12 months

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Market Roundup today: Sensex loses 709 points, Nifty slides 1.4%; check top gainers and losers

After two consecutive sessions in green, both BSE Sensex and NSE Nifty 50 suffered huge downs today, 22 June. The domestic equity benchmark BSE Sensex slid 709 points to end at 51,822 and NSE Nifty 50 settled 1.44 percent lower at 15,413.

While all sectoral indices ended in red, metal slid almost 5 percent. BSE midcap index shed over 1.5 percent while the BSE Smallcap index fell over 1 percent.

Bombay Stock Exchange (BSE):

BSE Sensex fell 709.54 points or 1.35 percent to reach 51,822.53 at the end of the day. The only major gainers of the day were Tata Consultancy Services (TCS), Hindustan Unilever, Power Grid and Maruti. The top losers of the day were Tata Steel, Wipro, Reliance, IndusInd Bank and HCL Technologies.

Top BSE Gainers:

1. TCS:  The stock closed the day 0.31 percent higher at Rs 3,222.00.
2. Hindustan Unilever: With a jump of 0.18 percent, the shares rose to Rs 2,208.85.
3. Power Grid: The value of the company gained 0.05 percent to Rs 210.50 per equity.
4. Maruti: The shares rose to Rs 7,782.00, up by 0.01 percent.

Top 5 BSE Losers:

1. Tata Steel: The shares plunged 5.24 percent to Rs 837.95.
2. Wipro: The shares tanked to Rs 411.25, falling 3.29 percent.
3. Reliance: The company’s value tumbled 3.07 percent to Rs 2,505.20.per equity.
4. IndusInd Bank: The shares declined 2.67 percent to Rs 777.30.
5. HCL Technologies: The stock slid to Rs 961.60, down by 2.61 percent.

National Stock Exchange (NSE):

NSE Nifty 50 crashed 225.50 points or 1.44 percent to 15,413.30. Bank Nifty slid 1.04 percent to 32,845.30.

 

Top 5 NSE Gainers:

1. Bharat Petroleum Corporation Limited: The shares jumped 1.26 percent to Rs 305.00.
2. Hero Motocorp Limited: With a gain of 0.87 percent, the shares rose to Rs 2,521.00.
3. Divi’s Laboratories Limited: The stock closed the day at Rs 3,615.00, increasing 0.43 percent.
4. TCS: The stock inched up to Rs 3,225.30, up by 0.42 percent.
5. Power Grid:  The company’s value jumped 0.12 percent to end the session at Rs 210.60 per equity.

Top 5 NSE Losers:

1. UPL Limited: With a loss of 6.30 percent, the shares tanked to Rs 613.00.
2. Hindalco Industries: The stock settled 5.90 percent lower at Rs 319.25.
3. Tata Steel: The shares crashed to Rs 836.80, declining 5.42 percent.
4. JSW Steel: The value of the company slid to Rs 551.40 per equity, down by 4.30 percent.
5. ONGC: With a loss of 3.24 percent, the stock slumped to Rs 134.60.

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India needs $223 bn to meet 2030 renewable capacity goals: Report

India will need $223 billion of investment to meet its goal of wind and solar capacity installations by 2030, according to a new report

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Gold price today: 10 grams of 24-carat gold stands at Rs 51,980; silver at Rs 61,000 per kilo

The selling price of 10 grams of 24-carat gold today, 22 June, stands at Rs 51,980, with a loss of Rs 100 from yesterday's rate. One kilogram of silver is being bought and sold at Rs 61,000, witnessing no change in its rate.

The price of the much-in-demand metal varies daily due to factors such as state taxes, making charges, and excise duty. Here are the gold rates from a few different cities on Wednesday, 22 June:

According to the Good Returns website, 10 grams of 22-carat gold is being traded-in New Delhi and Kolkata at Rs 47,680. The same quantity is being sold at Rs 47,750 in Chennai and Rs 47,650 in Mumbai.

If we look into the 24-carat gold rates, 10 grams of it in New Delhi and Kolkata is priced at Rs 52,010. In Chennai and Mumbai, the same quantity is valued at Rs 52,090 and Rs 51,980.

In Vadodara and Jaipur, 10 grams of 22-carat gold is being bought at Rs 47,700 and Rs 47,800, respectively. The same quantity of 24-carat purity is valued at Rs 52,030 in Vadodara and Rs 52,160 in Jaipur.

In Kerala and Bengaluru, 10 grams of 22-carat gold is priced at Rs 47,680 and in Hyderabad, the same amount is valued at Rs 47,650. In Mysore, Mangalore and Bhubaneswar, the same amount of 22-carat purity is also being sold at the price of Rs 47,680. Moreover, 10 grams of 24-carat gold in all the above areas, except Hyderabad, is being sold at Rs 52,010.

In Coimbatore and Lucknow, 10 grams of 22-carat gold is being traded at Rs 47,750 and Rs 47,800, respectively. The same quantity of 24-carat purity is priced at Rs 52,090 in Coimbatore and Rs 52,160 in Lucknow.

In Nashik and Ahmedabad, 10 grams of 22-carat gold is being procured at Rs 47,700 and Rs 47,760 respectively. The same quantity of 24-carat purity is being bought and sold at Rs 52,030 in Nashik and Ahmedabad.

Revised Multi Commodity Exchange (MCX) data indicates that gold futures which are set to mature on 5 August this year fell 0.30 percent to Rs 50,606.00. Silver futures, which are expected to mature on 5 July, also witnessed a decline of 1.21 percent and settled at Rs 60,529.00.

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Renewable energy auctions to attract large developers: IEEFA Report

Large developers in the renewable energy sector have enough options to boost returns even as challenges mount and will fight aggressively in the various auctions scheduled in 2022

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Where is India's economy headed after FinMin's twin deficit warning?

The FinMin on Monday struck a note of caution about the re-emergence of the twin deficit problem. Where is the Indian economy headed? Is there trouble ahead? Find out what an RBI paper warns about

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Cut-off yields ease by 7-8 bps at State bond auction as borrowings taper

This week, spread between weighted average 10-year SDL and 10-year GOI bond yield was up slightly to 37 bps from 36 bps earlier

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India's Russian imports up 3.5 times on oil buys despite Western pressure

It's now the 4th largest petroleum supplier for India with exports worth $1.3 bn in April

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Market Roundup: Sensex jumps by 1.81%, Nifty ends at 16,920; check top winners and laggards here

Both BSE Sensex and Nifty 50 ended in the green today as the Indian shares have been traded on a strong note resulting in some early gains. All the sectoral indices ended higher with IT, metal, oil and gas, power, realty and PSU Bank up by 3 to 6 percent. BSE Midcap index went up by 2.4 percent and Smallcap index jumped by 3 percent.

At the closing bell, BSE Sensex gained 934 points to settle at 52,532 points and NSE Nifty 50 went higher by 1.88 percent to end at 15,638 points.

Bombay Stock Exchange (BSE):

BSE Sensex was up 934.23 points or 1.81 percent at 52,532.07. The major top gainers are Titan, SBI, TCS, HCL Technology, Dr Reddy, Tata Steel and Wipro. The only loser of the day is Nestle India.

Top 5 BSE gainers:

1. Titan: The stock jumped 5.92 percent to Rs 2,078.45.
2. State Bank of India:  The shares rose to Rs 450.70 at the end of the session, up by 3.79 percent.
3. TCS:  The shares inched 3.17 percent to Rs 3,212.00.
4. HCL Technology: The value of the company gained 2.81 percent to Rs 987.35.
5. Dr Reddy: The shares zoomed 2.70 percent to Rs 4,265.05 at the end of the day.

Top BSE loser:

Nestle India: The company dipped 0.26 percent to Rs 16,920.05 at the end of the day.

National Stock Exchange (NSE):

NSE Nifty 50 traded 1.88 percent or 288.65 points higher and settled at 15,638.80. The top gainers are Titan, Hindalco Industries, Coal India, JSW Steel and Tata Motors. The only two laggards at the closing call are Nestle India and Apollo Hospitals.

Top 5 NSE gainers:

1. Titan: The stock closed the day 6.03 percent higher at Rs 2,079.95.
2. Hindalco Industries: The stock traded 5.99 percent higher on the bourses at Rs 340.75.
3. Coal India: The value of the company reached Rs 185.15, up by 4.69 percent
4. JSW Steel: The stock gained to Rs 574.90, up by 4.46 percent.
5. Tata Motors: The shares rose 4.02 percent to end the session at Rs 398.10.

Top NSE losers:

1. Nestle India: The stock crashed 0.10 percent to Rs 16,950.00.
2. Apollo Hospitals: The value of the company fell to Rs 3,811.00, down by 0.02 percent.

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Govt dept to collaborate with SBI to create integrated pension portal

The Centre's Department of Pension & Pensioners' Welfare (DoPPW) will collaborate with the State Bank of India (SBI) to create an integrated pension portal to enhance ease of living of pensioners, according to an official statement on Tuesday. Sessions on pension policy reforms and digitisation regarding the disbursement of pensions to central government pensioners were organised with the objective of updating SBI field functionaries during the two-day bankers' awareness programme in Udaipur, Rajasthan. Special sessions were organised on income tax matters related to pensioners as well as digital means of submitting annual life certificates, said the statement by the Ministry of Personnel, Public Grievances and Pensions. It was decided that immediate efforts are needed for the creation of an integrated pension portal by linking the existing portals of the DoPPW and the SBI to provide seamless services to pensioners, it said. Face authentication technology for digital life ...

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Why lab-grown diamonds are key to unlocking future for Indian jewellery industry

The Indian Gems and Jewellery industry is one of the largest industries in the world and contributes more than 29 per cent to the global consumption of jewellery. Isn’t that fascinating? Moreover, it provides employment opportunities to over 4.64 million employees and includes more than 3,00,000 gems and jewellery players. 

India is now also an emerging source for lab-grown diamond jewellery and the CVD diamond players and manufacturers are certainly going to help India unlock the new–age diamond’s competitive advantage. The good news is the demand for lab-grown diamonds is on a steady rise among the millennials and Gen-Z. The Gem and Jewellery Export Promotion Council recorded the exports of lab-grown diamonds at $1.05 billion from April 2021 to January 2022, which register a growth of 113 per cent. 

India is a major player in exports of lab-grown diamonds to the USA, Hong Kong, Israel, and Belgium. The city of Surat in India, is the world leader in diamond polishing and cutting, and is witnessing a steady rise in the number of lab-grown diamond manufacturers in recent years. Lab-grown diamonds are produced in reactors, and an increased number of reactors means faster diamond production. 

India currently has more than 2,000 diamond reactors, predominantly in Surat, followed by Jaipur and Mumbai. The demand is ramping up locally as well as globally, which has led the players of lab-grown manufacturers to make efforts to increase production drastically. The technological breakthroughs, cost-efficiency, and excellent output of coloured polished lab-grown diamonds are all set to make India a major hub for the production and processing of these diamonds.

India’s polished lab-grown diamonds market is growing at around 55 per cent per year. The lab-grown segment in India has a bright future and has a great potential for employment generation and is actively contributing to the country’s export basket. The demand for lab-grown diamonds has picked up moreover after the second wave of COVID-19 waved the country. Experts believe that ‘revenge shopping’ post-covid has largely contributed to the surge in demand for lab-grown diamond jewelry. According to leading retailers and producers, the demand for lab-grown diamonds increased by 50-60 per cent from last year's sales, and the trend is continuing. 

Lab-grown diamonds are sustainable, eco-friendly and extremely affordable compared to mined diamonds and are a hit among millennial consumers. There is a steady demand for these diamonds among millennial brides and top-notch celebrities. Retailers also experienced a surge in demand post-Covid. People had been facing the lull of a lockdown for quite some time, once the restrictions were eased. Millennials wanted to indulge in luxury jewellery that was stunning as well as cost-friendly. Lab-grown diamonds seemed the perfect choice of stones to indulge and also own great-looking diamonds at 1/4th of the price of conventional diamond jewellery.

The global lab-grown production of diamonds is 6-7 million carats, out of which India is producing 1.5 million carats. This demonstrates the rapid success and demand for the lab-grown segment, and the future potential of the lab-grown diamonds for the Indian jewellery industry. Young diamond consumers are falling in love with lab-grown diamond jewellery because they are environmentally compatible and can be owned at a much lower price compared to conventional diamonds. Gen- Z and millennials form about 70 per cent of consumers for lab-grown diamonds.

The technology and innovation in creating lab-grown diamonds have made crucial advancements, which is made it possible to grow superior quality diamonds at a cheaper rate. The current growth phase of lab-grown diamonds is going to lead to industry consolidations, mergers, and acquisitions in the Indian market. Growing lab-grown diamonds is a high-tech and challenging business and requires the right talent, patience and commitment.

In the beginning, growing the desired carat and colour was a challenge, but with sustained efforts, experimentation, and constant innovation, manufacturers in India are now highly competent to produce high-quality polished diamonds. The increasing demand for lab-grown diamonds has led the Indian government to initiate efforts to regularize the trade of lab-grown diamonds to motivate industry patrons to venture into this new-age industry that is estimated to grow to Rs 3,60,000 crore by end of 2035. The Indian government is also in the process of planning special perks to boost the production of lab-grown diamonds and create production–linked incentive schemes.

The author is CEO and Co-Founder of Aupulent, a leading lab-grown diamond jewellery brand. Views are personal.

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Gold price today: 10 grams of 24-carat gold sold at Rs 52,080; silver at Rs 61,000 per kilo

In India, the price of 10 grams of 24-carat gold today, 21 June stands at Rs 52,080 after a loss of Rs 100 from yesterday's price of Rs 51,980. One kilogram of silver is being traded at Rs 61,000, witnessing a rise of Rs 100 in its procuring rate.

Owing to factors like state taxes, making charges, and excise duty, the price of the yellow metal differs daily. Here are the gold rates from a few different cities on Tuesday, 21 June:

In New Delhi and Kolkata, 10 grams of 22-carat gold is being bought and sold at Rs 47,780, as per the Good Returns website. Whereas, the same quantity of the much-in-demand metal is being traded at Rs 47,850 in Chennai and Rs 47,750 in Mumbai.

If we look into the 24-carat gold rates, 10 grams of the precious yellow metal in New Delhi and Kolkata is priced at Rs 52,110. In Chennai and Mumbai, the same quantity is valued at Rs 52,190 and Rs 52,080, respectively.

In cities like Jaipur and Madurai, 10 grams of 22-carat gold is being purchased at Rs 47,900 and Rs 47,850, respectively. The same quantity of 24-carat purity is valued at Rs 52,260 in Jaipur and Rs 52,190 in Madurai.

In Kerala and Hyderabad, 10 grams of 22-carat gold is priced at Rs 47,750 and in Bengaluru, the same amount is rated at Rs 47,780. In Mangalore, Bhubaneswar, and Mysore the same amount of 22-carat purity is also being traded at the price of Rs 47,780. However, 10 grams of 24-carat gold in Kerala and Hyderabad is being sold at Rs 52,080 and in Bengaluru, Mangalore, Bhubaneswar, and Mysore, the same is being traded at Rs 52,110.

In Surat and Chandigarh, 10 grams of 22-carat gold is being vended at Rs 47,760 and Rs 47,900, respectively. The same quantity of 24-carat purity is priced at Rs 52,130 in Surat and Rs 52,260 in Chandigarh.

In Patna and Nashik, 10 grams of 22-carat gold is being procured at Rs 47,800. The same quantity of 24-carat purity is being bought and sold at Rs 52,130 in Patna as well as Nashik.

The recent Multi Commodity Exchange (MCX) data reveals that gold futures which are set to mature on 5 August this year fell by 0.21 percent to Rs 50,727.00. Silver futures, which are expected to mature on 5 July also witnessed a drop of 0.34 percent and settled at Rs 60,732.00.

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Your life insurer may soon be able to offer a health insurance policy too

The move is likely to reduce premiums of policies and boost access to affordable health cover

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Expedite NPA resolution, focus on credit growth: Finance ministry to PSBs

Banks have been asked to put up branches in unbanked villages

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India faces slowing growth but low risk of stagflation: Finance Ministry

Country faces near-term challenges in managing fiscal deficit, reining in inflation and containing CAD while maintaining a fair value of the rupee

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NPS subscribers up 24 per cent YoY to 53.17 million in May: PFRDA

The Atal Pension Yojana scheme saw an increase in subscribers by 31.60 per cent to 37.2 million in May 2022

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Duty-related measures to cut India's steel exports by 40% in FY23: CRISIL

India's steel exports is expected to come down by 40% to 12 million tonnes (MT) in the ongoing fiscal, as a result of the duty-related measures taken by the government last month, according to CRISIL

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Gold price today: 10 grams of 24-carat stands at Rs 51,980; silver at Rs 60,900 per kilo

In India, the selling price of 10 grams of 24-carat gold today, 20 June, stands at Rs 51,980, witnessing no change  from yesterday. One kilogram of silver is being bought and sold at Rs 60,900, after a fall of Rs 100 in its rate.

The price of the yellow metal varies everyday due to significant factors including state taxes, making charges, and excise duty. Here are the gold rates from a few different cities on Monday, 20 June:

In New Delhi and Kolkata, 10 grams of 22-carat gold is being traded at Rs 47,680. Whereas, the same quantity of the valuable metal is being sold at Rs 47,750 in Chennai and Rs 47,650 in Mumbai as per the Good Returns website.

If we look into the 24-carat gold rates, 10 grams of the precious yellow metal in New Delhi, and Kolkata is priced at Rs 52,010. In Chennai and Mumbai, the same quantity is valued at Rs 52,090 and Rs 51,980, respectively.

In Pune and Ahmedabad, 10 grams of 22-carat gold is being purchased at Rs 47,700 and Rs 47,660, respectively. The same quantity of 24-carat purity is valued at Rs 52,030 in Pune and Ahmedabad.

In Kerala and Hyderabad, 10 grams of 22-carat gold is priced at Rs 47,650 and in Bangalore, the same amount is being purchased at Rs 47,680. In Bhubaneswar, Mangalore and Mysore, the same amount of 22-carat purity is also being traded at the price of Rs 47,680.  Ten grams of 24-carat gold in Kerala, and Hyderabad is being sold at Rs 51,980. In Bhubaneswar, Mangalore, Mysore and Bangalore, it is being traded at Rs 52,010.

In Nagpur and Chandigarh, 10 grams of 22-carat gold is being purchased at Rs 47,700 and Rs 47,800, respectively. In Nagpur, the same quantity of 24-carat purity is priced at Rs 52,030, while in Chandigarh it is Rs 52,160.

In Nashik and Surat, 10 grams of 22-carat gold is being procured at Rs 47,700 and Rs 47,660 respectively. The same quantity of 24-carat purity is being bought and sold at Rs 52,030 in Nashik and Surat.

As per the recent Multi Commodity Exchange (MCX) figures, gold futures, which are set to mature on 5 August this year, decreased by 0.33 per cent to Rs 50,820.00. Silver futures, which are expected to mature on 5 July, also witnessed a drop of 1.10 per cent and settled at Rs 60,849.00.

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Was WTO meet a success for India?

Union minister of commerce and industry Piyush Goyal called the WTO meeting a "spectacular success" for India. But experts insist that it was a mixed bag. So what exactly happened in Geneva this time?

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How does MPC function and what is its mandate?

In India, RBI's Monetary Policy Committee had raised the repo rate by 50 basis points early this month. But ever wondered who all are part of this committee and what is its mandate? Let us find out.

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COAI writes to DoT, demands tough norms for captive private networks

It had written to DoT secretary K Rajaraman in this regard on June 18

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DoT's committee on licencing reforms to submit report by month-end

The telecom department is moving aheadtowards ushering the next round of reforms in the sector and a committee is expected to submit its report to the Department by the month-end

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Govt asks Gencos to buy rakes to ensure smooth coal supply during monsoon

The government has directed the power generation companies (GENCOS) to buy rakes for captive usage, a move which will ensure smooth supplies of coal during the monsoon season

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Selling diesel at Rs 20-25/ltr loss, petrol at Rs 14-18/ltr loss: Retailers

Selling diesel at Rs 20-25 a litre below cost and petrol at Rs 14-18 per litre below cost, an industry body representing private fuel retailers like Jio-bp and Nayara Energy has told the Oil Ministry

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428 infrastructure projects show cost overruns of Rs 4.98 trillion

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Experts recommend paternity leaves extension to reduce mothers' burden: NCW

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CAI lowers cotton crop estimate to 31.5 mn bales for current season

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India's Russian coal buying spikes as traders offer discounts: Report

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Gold price today: 10 grams of 24-carat priced Rs 52,100; silver at Rs 61,500 per kilo

Ten grams of 24-carat gold is being traded at Rs 52,100 today, 18 June after seeing a rise of Rs 230 from yesterday's price of Rs 51,870. One kilogram of silver is being sold at Rs 61,500, witnessing a rise of Rs 350 in its procuring rate.

In Kolkata and Mumbai, 10 grams of 22-carat gold is being purchased at Rs 47,750 while in Delhi, it is being sold at 47,780. In Chennai, the same quantity of the much-desired yellow metal is being traded at Rs 47,850, according to the Good Returns website.

Coming to the 24-carat gold rates, 10 grams of the precious metal in Kolkata, and Mumbai is being retailed at Rs 52,100 while in Delhi, its price stands at Rs 52,120. The same quantity of 24-carat purity is being bought and sold at a price of Rs 52,180 in Chennai.

In Jaipur and Ahmedabad, 10 grams of 22-carat gold is priced at Rs 47,900 and Rs 47,800, respectively. The same quantity of 24-carat purity is sold at Rs 52,250 in Jaipur and Rs 52,150 in Ahmedabad

In Bengaluru, 10 grams of 22-carat gold is valued at Rs 47,780 while in Hyderabad and Kerala, the price stands at Rs 47,750. Likewise, in Visakhapatnam, the price of the same amount of 22-carat gold stands at 47,760 while in Mysore, and Mangalore, it is being sold at Rs 47,790.

Ten grams of 24-carat gold is priced at Rs 52,110 in Hyderabad, Kerala and Visakhapatnam while in Bengaluru, Mysore and Mangalore, it is being procured at Rs 52,130.

In Surat and Patna, 10 grams of 22-carat gold is valued at Rs 47,810 and Rs 47,830, respectively. The same quantity of 24-carat purity is traded at Rs 52,160 in Surat and Patna.

In Coimbatore and Chandigarh, 10 grams of 22-carat gold is being traded at Rs 47,850 and Rs 47,910 respectively. The same quantity of 24-carat purity is being bought and sold at Rs 52,180 in Coimbatore and Rs 52,260 in Chandigarh.

The latest Multi Commodity Exchange (MCX) data reveals that gold futures have fallen by 0.33 percent to Rs 50,820.00. Silver futures, which are set to mature on 5 July, slid 1.10 percent and settled at Rs 60,849.00.

 

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RBI lifts restrictions on Mastercard: Explaining why the company was not allowed to add new customers in India

“There are some things money can’t buy. For everything else, there’s Mastercard.”

New customers in India will finally get to utter the global payment processor’s famous tagline after the Reserve Bank of India (RBI) lifted restrictions imposed last year on Mastercard and allowed the firm to add new customers for debit, credit or prepaid cards in India.

RBI lifts restrictions on Mastercard Asia: Central bank statement

— Press Trust of India (@PTI_News) June 16, 2022

The central bank said in a statement, “In view of the satisfactory compliance demonstrated by Mastercard Asia / Pacific Pte Ltd with the Reserve Bank of India... on Storage of Payment System Data, the restrictions imposed... on on-boarding of new domestic customers have been lifted with immediate effect.”

Reacting to the news, Mastercard said: “We welcome and are grateful for today’s decision by the Reserve Bank of India, enabling us to resume on-boarding of new domestic customers (debit, credit and prepaid) onto our card network in the country, with immediate effect. As we have in our engagement with the RBI, we reaffirm our commitment to support the digital needs of India, its people and its businesses.”

A message to all #Mastercard cardholders in India pic.twitter.com/W2R9GFokeP

— Mastercard India (@mastercardindia) June 16, 2022

We examine why the RBI had imposed restrictions on Mastercard and what had gone wrong in July 2021.

Banned in 2021

In July of last year, the RBI had indefinitely barred Mastercard from issuing new debit or credit cards to domestic customers for violating data storage rules.

The move was a big hit to the United States-based company, which had earlier commanded roughly 33 per cent market share in India.

The central bank said Mastercard had not complied with rules requiring foreign card networks to store data on Indian payments exclusively in India.

“Notwithstanding (the) lapse of considerable time and adequate opportunities being given, the entity (Mastercard) has been found to be non-compliant with the directions of Storage Payment System Data,” the RBI had said in a notification.

In 2019, the RBI had come up with the Storage Payment System Data and mandated that for all banks and service providers to store all the data relating to payment systems in India.

The RBI had then said that this would “ensure better monitoring and would provide them with unfettered supervisory access to data stored with these system providers as also with their service providers/intermediaries/third party vendors and other entities in the payment ecosystem”.

As per the guidelines, all system providers had to store all the data relating to payment systems in India. For the foreign leg of the transaction, if any, the data could also be stored abroad, if required.

The data stored in India should include end-to-end transaction details and information about payment transactions. It should also have customer data like name, mobile number, Aadhaar number, PAN.

Moreover, all data related to payments must be stored only in India and data processed (in case the processing is done abroad) will have to be brought back to the country within 24 hours.

The RBI also stated that the service providers would be required to report compliance and submit a board-approved system audit report conducted by a CERT-In empanelled auditor within the timelines specified therein.

Mastercard had then expressed its disappointment and said that it would continue working in resolving the issues. It added that the restrictions would have no impact to their existing users in the country.

RBI’s crackdown

The RBI’s action against Mastercard wasn’t the first time that such restrictions had been imposed.

In April, the central bank had placed similar restrictions on global card networking giants American Express Banking Corp and Diners Club International Ltd.

The RBI had restricted them from adding new customers in India from 1 May and continues to be in place till date. However, they are permitted to continue to serve their existing customer base.

With inputs from agencies

Read all the Latest News, Trending News, Cricket News, Bollywood News,
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Gold price today: 10 grams of 24-carat stands at Rs 51,870; silver at Rs 61,150 per kilo

In India, the purchasing price of 10 grams of 24-carat gold today, 17 June, is Rs 51,870  after a rise of Rs 430 from yesterday. One kilogram of silver is being bought and sold at Rs 61,150 following a jump of Rs 1,150 from yesterday's value.

The rate of the yellow metal differs daily due to factors like excise duty, state taxes and making charges. Here are the gold rates from different cities across the country on Friday (17 June):

According to the Good Returns website, 10 grams of 22-carat gold is being traded in New Delhi and Kolkata at Rs 47,580. The same quantity of the valuable metal is being sold at Rs 47,650 in Chennai and Rs 47,550 in Mumbai.

If we look into the 24-carat gold rates, 10 grams of the precious yellow metal in New Delhi, and Kolkata is priced at Rs 51,900. In Chennai and Mumbai, the same quantity is valued at Rs 51,980 and Rs 51,870, respectively.

In Pune and Lucknow, 10 grams of 22-carat gold is being purchased at Rs 47,620 and Rs 47,700, respectively. The same quantity of 24-carat purity is valued at Rs 51,940 in Pune and Rs 52,050 in Lucknow.

In Hyderabad, Ahmedabad, and Kerala, 10 grams of 22-carat gold stands at Rs 47,550. In Surat, Vishakhapatnam, and Vijayawada, the same amount of 22-carat purity is also being sold at Rs 47,550. Furthermore, 10 grams of 24-carat gold is being sold at Rs 51,870 in all the above regions.

In Jaipur and Madurai, 10 grams of 22-carat gold is being traded at Rs 47,700 and Rs 47,650, respectively. The same quantity of 24-carat purity is priced at Rs 52,050 in Jaipur and Rs 51,980 in Madurai.

In Nashik and Mysore, 10 grams of 22-carat gold is being procured at Rs 47,620, and Rs 47,580. The same quantity of 24-carat purity is being sold in Nashik at Rs 51,940 and in Mysore at Rs 51,900.

Revised Multi Commodity Exchange (MCX) data shows that gold futures which are set to mature on 5 August this year, slid 0.16 percent to Rs 50,902.00. Silver futures, which are set to mature on 5 July 2022 also observed a fall of 0.24 percent and settled at Rs 61,378.00.

 

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5G services arriving soon? Rollout likely in August, says telecom secretary

"The government has announced the 5G spectrum auctions, and the rollout is expected from August this year," K Rajaraman said

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Govt spending Rs 1,900 cr to support 45 Ro-Ro ferry projects: Official

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Imported urea prices off December 2021 highs; remain elevated in May

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Reserve Bank of India turns net buyer of dollars in April, shows data

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Investors dump shares on growth fears as Swiss, UK hike lending rates

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How will 5G auction effect telcos and industry 4.0?

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Govt discusses future export of hydrogen with Japan, Germany

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India's trade deficit hits record high of $24.3 bn in May: Govt data

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Creditors will now need to file info about defaults as IBBI amends rules

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India, EU look to make a fresh start for a trade deal in Brussels

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CBIC issues guidelines for post audit and refund claims under GST

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Cabinet clears 5G auction, setting up of captive networks by enterprises

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Hopes for grand redemption of WTO fade as India sticks to fishing demands

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Gold price today: 10 grams of 24-carat falls to Rs 51,710; silver at Rs 59,800 per kilo

The purchasing price of 10 grams of 24-carat gold today, 15 June stands at Rs 51,710 after a fall of Rs 1,050 from yesterday. One kilogram of silver is being traded at Rs 59,800, falling a staggering Rs 1,700 from yesterday’s value of Rs 61,500.

The rate of the yellow metal varies every day owing to factors like making charges, state taxes, and excise duty. Here are the gold rates from different cities across the country on Wednesday, 15 June:

In Mumbai, Kolkata and New Delhi, 10 grams of 22-carat gold is being bought and sold at Rs 47,400.  In Chennai, the same quantity of the precious yellow metal is being traded at Rs 47,550, according to the Good Returns website.

If we look into the 24-carat gold rates, 10 grams of the much-in-demand metal in Kolkata, New Delhi and Mumbai is being retailed at Rs 51,710. The same quantity of 24-carat purity is being traded at Rs 51,880 in Chennai.

In Jaipur and Ahmedabad, 10 grams of 22-carat gold is being purchased at Rs 47,580 and Rs 47,480, respectively. The same quantity of 24-carat purity is valued at Rs 51,900 in Jaipur and Rs 51,790 in Ahmedabad.

In Bengaluru, Hyderabad, and Kerala, 10 grams of 22-carat gold stands at Rs 47,400. Likewise, in Vishakhapatnam, Mysore, and Mangalore, the same amount of 22-carat purity is also being sold at Rs 47,400. Ten grams of 24-carat gold is priced at Rs 51,710 in all the above areas.

In Surat and Patna, 10 grams of 22-carat gold is being traded at Rs 47,480 and Rs 47,450, respectively. In Surat, the same quantity of 24-carat purity is priced at Rs 51,790, while in Patna it is Rs 51,780.

In Coimbatore and Chandigarh, 10 grams of 22-carat gold is being procured at Rs 47,550 and Rs 47,580. The same quantity of 24-carat purity is being sold at Rs 51,880 in Coimbatore and Rs 51,900 in Chandigarh.

The updated Multi Commodity Exchange (MCX) data reveals that gold futures decreased by 0.93 percent to Rs 50,195.00. Silver futures, which are set to mature on 5 July 2022 slid 1.34 percent and settled at Rs 59,500.00.

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Difference between developed, emerging and frontier economies?

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India's palm oil imports dip 33% in May to 514,022 tonne, says SEA

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Gold price today: 10 grams of 24-carat priced at Rs 52,760; silver at Rs 61,500 per kilo

In India, 10 grams of 24-carat gold is priced at Rs 52,760 today, 14 June, with no change in value from yesterday. One kilogram of silver is being bought and sold at Rs 61,500 after witnessing a fall of Rs 500 from yesterday’s price of Rs 62,000.

Owing to factors like making charges, state taxes and excise duty, the value of gold changes daily. Here are the gold rates from different cities across the country on Tuesday, 14 June:

As per the Good Returns website, 10 grams of 22-carat gold is being traded at Rs 48,360 in Mumbai, Kolkata, and New Delhi. The same quantity of the much-in-demand metal is being procured at Rs 48,430 in Chennai.

Looking at the 24-carat gold rates, 10 grams of the metal is being retailed at Rs 52,760 in Kolkata, Mumbai, and New Delhi. The same amount of 24-carat purity is priced at Rs 52,830 in Chennai.

In Pune and Jaipur, 10 grams of 22-carat of gold is priced at Rs 48,410 and Rs 48,510, respectively. The same quantity of the 24-carat yellow metal is valued at Rs 52,810 in Pune and Rs 52,910 in Jaipur.

In Kerala, Bengaluru, and Hyderabad, 10 grams of 22-carat gold is being purchased at Rs 48,360. In Vishakhapatnam, Mysore and Bhubaneswar, the same amount of 22-carat purity is also being traded at the same price. Ten grams of 24-carat gold is valued at Rs 52,760 in all the above areas.

In Surat and Nagpur, 10 grams of 22-carat gold is priced at Rs 48,390 and Rs 48,410 respectively. The same quantity of 24-carat purity is being sold at Rs 52,790 in Surat and Rs 52,810 in Nagpur.

In Patna and Ahmedabad, 10 grams of 22-carat gold is being traded at Rs 48,410 and Rs 48,390. The same quantity of 24-carat purity is being purchased at Rs 52,810 in Patna and Rs 52,790 in Ahmedabad.

Revised data from Multi Commodity Exchange (MCX) data indicates that gold futures, which are set to mature on 5 August this year, decreased by 0.43 percent to Rs 50,445.00. Silver futures also witnessed a drop by 0.74 percent to settle at Rs 59,867.00.

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How weather impacts the economy

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Can US recession slam the brakes on Indian IT sector's dream run?

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FinMin issues draft SoP for e-com jewellery exports via courier route

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WTO MC12: Piyush Goyal backs people-first approach to world trade

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Gold price today: 10 grams of 24-carat sold at Rs 52,100; silver at Rs 61,000 per kilo

In India, the purchasing price of 10 grams of 24-carat gold today, 11 June is Rs 52,100 after a fall of Rs 210 from yesterday’s selling price of Rs 52,310. One kilogram of silver is being traded at Rs 61,000, seeing a decrease of Rs 1,200 from yesterday's procuring value of Rs 62,200.

The price of the yellow metal differs daily due to factors like state taxes, excise duty, and making charges. Here are the gold rates from different cities across the country on Saturday, 11 June:

According to the Good Returns website, 10 grams of 22-carat gold is being bought and sold in Mumbai, New Delhi, and Kolkata at Rs 47,750. Whereas in Chennai, the same quantity of the valuable yellow metal is being traded at Rs 47,850.

If we look into the 24-carat gold rates, 10 grams of the precious metal in Mumbai, Kolkata, and New Delhi is being retailed at Rs 52,100. While, in Chennai, the same quantity of 24-carat purity is being vended at Rs 52,200.

In Vadodara and Ahmedabad, 10 grams of 22-carat gold is being purchased at Rs 47,780 and Rs 47,800, respectively. The same quantity of 24-carat purity is valued at Rs 52,130 in Vadodara and Rs 52,150 in Ahmedabad.

In Bengaluru, Hyderabad, and Kerala, 10 grams of 22-carat gold has touched Rs 47,750. Likewise, in Mangalore, Vishakhapatnam, and Bhubaneswar, the same amount of 22-carat purity is also being sold at Rs 47,750. However, 10 grams of 24-carat gold is being sold at Rs 52,100 in all the above areas.

In Nagpur and Chandigarh, 10 grams of 22-carat gold is being traded at Rs 47,780 and Rs 47,900 respectively. The same quantity of 24-carat purity is priced at Rs 52,130 in Nagpur and Rs 52,250 in Chandigarh.

In Madurai and Surat, 10 grams of 22-carat gold is being procured at Rs 47,850, and Rs 47,800. The same quantity of 24-carat purity is being acquired at Rs 52,200 in Madurai and Rs 52,150 in Surat.

A revised Multi Commodity Exchange (MCX) data indicates that gold futures which are set to mature on 5 August this year increased by 1.35 percent to Rs 51,694.00. Silver futures, which are set to mature on 5 July 2022 also observed a rise of 0.83 percent and settled at Rs 61,920.00.

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India's fuel demand jumps 24% year-on-year in May as recovery continues

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Fitch lauds Indian economic recovery, ups outlook from negative to stable

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