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Nepal Rastra Bank on Sunday issued a circular prohibiting Nepali travellers, banks and financial institutions from holding or carrying and trading Indian bank notes higher than Rs 100, the Kathmandu Post reported. The bank said in its circular letter that Indian currency of Rs 200, Rs 500 and Rs 2,000 denominations cannot be carried and used for trading.
Finance minister Arun Jaitley, who is in the US for a medical check up, will return home on Friday, well ahead of the Budget presentation on February 1, official sources said. Jaitley, 66, left for the US on January 13 for what was believed to be a medical check-up relating to his kidney ailment. He had undergone a renal transplant surgery in May 2018.
Prime Minister Narendra Modi’s government is planning to combine all farm subsidies, including fertilizer costs, and instead pay farmers cash, the people said, asking not to be identified as the discussions aren’t public. The additional cost will be limited to Rs 70,000 crore annually after a full roll-out of the program, the people said.
Finance minister Arun Jaitley, however, missed the customary pre-Budget event as he is currently in the US for a medical check-up. The NDA government on February 1, would unveil the interim Budget for 2019-20 as the general elections are due in the next couple of months. The final Budget for the next fiscal would be presented by the new government.
Choksi and his nephew Nirav Modi, in connivance with certain bank officials, allegedly cheated Punjab National Bank (PNB) of about Rs 14,000 crore through issuance of fraudulent letters of undertaking. A Mumbai branch of PNB had fraudulently issued LoUs for the group of companies belonging to Nirav Modi since March 2011.
"The deal, conceptualised in June 2018, is envisaged as a win-win situation for both IDBI Bank and LIC with an opportunity to create enormous value for shareholders, customers & employees of both entities through mutual synergies," IDBI Bank said in a BSE filing. The bank had reported a net loss of Rs 3,602.49 crore during the September quarter of 2018-19.
13.6 crore Indians, who make up the poorest 10 per cent of the country, continued to remain in debt since 2004. "If this obscene inequality between the top 1 per cent and the rest of India continues then it will lead to a complete collapse of the social and democratic structure of this country," Oxfam international director said.
China's economic growth cooled slightly in the fourth quarter from a year earlier as expected, weighed down by weak investment and faltering consumer confidence as Washington piled on trade pressure, leaving 2018 growth the weakest in 28 years. Signs of further cooling in China are stoking worries about risks to the world economy.
Siddhartha, the largest shareholder of Mindtree, decided to cash out after monthslong wait to carry the founders along as part of a broader M&A deal. The four founders-—Subroto Bagchi, N S Parthasarathy, Krishnakumar Natarajan and CEO Rostow Ravanan, who together own around 13%—have rebuffed plans to sell or merge Mindtree to buyout funds or rival IT companies.
The income tax department has come across several cases where taxpayers have taken credit for payment of "self-assessment tax" without actually clearing the dues, resulting in arrears of around Rs 5,000 crore. "We are sending reminders at the moment, requesting them to clear the dues so that the tax returns can be processed," said a senior officer.
Jio and Reliance Retail will launch a commerce platform to empower its 12 lakh small retailers in Gujarat. The retail arm operates nearly 10,000 outlets across 6,500 Indian cities which will come aboard through Jio’s apps. Last month, India tightened rules that will disallow foreign-owned online retailers and will benefit local enterprises such as Reliance.