INSUBCONTINENT EXCLUSIVE:
fiscal balance and development plan, Oil Minister Dharmendra Pradhan told a gathering of ministers of the Organisation of Petroleum
Exporting Countries (OPEC) on Wednesday, and asked them to step in to rein in prices
At Friday's meeting, Saudi Arabia and Russia would push for increased supplies but may face opposition from Iran and its allies, according
Iran signalled on Wednesday it could compromise on a small increase in OPEC oil output when the group meets this week, as Saudi Arabia
scrambled to convince fellow members of the need for a larger rise in production.
Fuel Under GST Expect No RespiteA peak tax rate of 28%
plus states levying some amount of local sales tax or VAT on petrol and diesel is likely to be the tax structure when the two auto fuels are
covered under the GST regime, a top government official said
The peak GST rate plus VAT will be equal to the present tax incidence, which is made up of excise duty, levied by the central government,
and VAT charged by the states
But before the two fuels are put under GST, the Centre has to decide if it is willing to let go of the about Rs 20,000 crore of input tax
credit it currently pockets by keeping petrol, diesel, natural gas, jet fuel and crude oil out of the GST regime
Subramanian was considered the most-independent voice with global experience, within government.
(
Source: The TheIndianSubcontinent)Dollar
Near 11-month HighThe dollar hovered near an 11-month high against a basket of currencies on Thursday, supported by a rise in U.S
The dollar index against a group of six major currencies stood at 95.11 .DXY after rising to 95.299 overnight, its highest since mid-July
2017.
Gold Prices Inch up, but Firm Dollar Limits GainsGold prices edged up on Thursday, but hovered close to a six-month low touched in the
previous session as a firm US dollar curbed gains
Spot gold was up 0.1% at $1,269.05 an ounce by 0055 GMT
It touched $1,267.40 on Wednesday, its lowest since December 22
US gold futures for August delivery were down 0.3% at $1,271.30 per ounce
The dollar index , which measures the greenback against a baskof six major currencies, stood at 95.102 after rising to 95.299 overnight, its
highest since mid-July 2017.
China Opens Door to Indian Raw Sugar India will export 1-1.5 million tonne of raw sugar to China after almost a
decade and is waiting for a formal notification from Beijing greenlighting the consignment
Though sugar exports attract a 50% duty in China, officials said it was still viable because of the high prices there
Raw sugar is the second product after non-Basmati rice that China has decided to import, weeks after Prime Minister Narendra Modi's visit,
in a move to reduce the $60 billion trade deficit with India
economies such as India and China are paying a heavy price by excluding women from the workforce
If concrete steps are taken to address gender inequality at work and in society, the tangible gains can include as much as 18% higher gross
domestic product for India by 2025, compared with what it would be in the normal course of things
FraudThe Economic offences wing of the Pune police has arrested the MD CEO of Bank of Maharashtra Ravindra Marathe along with executive
director RK Gupta in the Rs 3,000 crore DSK Group loan default case
Sushil Muhnot, the former CMD of the bank, was also nabbed from Jaipur in connection with the loan default
According to allegations made by the Pune EoW, the arrested officials colluded with the DSK Group by entering into fraudulent transactions
and sanctioned loans with was later siphoned off
All persons arrested have been booked for cheating, forgery criminal conspiracy, criminal breach of trust among others
SBI's B Sriram to take additional charge of IDBI Bank B Sriram, managing director of State Bank of India has been given additional charge
of heading IDBI Bank for a period of three months
M K Jain, currently MD and CEO of the bank, who is selected as the deputy governor of the Reserve Bank of India, will demit office after
handing over changes to B Sriram
Top VideoAmazon, Buffett, JPMorgan pick Atul Gawande to Lead Employee Healthcare VentureTop Quote'Midcaps Give Short-term Pain But Offer
Deep Value'FUNDAMENTALSRupee Surges: The beaten-down rupee on Wednesday staged a comeback, recuperating by a sharp 30 paise to end at 68.08
against the US currency on heavy bouts of dollar selling by banks and exporters with equities gaining ground.
Bond Yields Down: Government
bonds (G-Secs) firmed up following sustained demand from corporates and banks
The 7.17% 10-year benchmark bond maturing in 2028 surged to Rs 95.63 from Rs 95.40, while its yield edged down to 7.83% from 7.86%
The 6.68% G-Secs maturing in 2031 rose to Rs 89.3050 from Rs 89.05, while its yield moved down to 8.00% from 8.04%
The 6.84% G-Secs maturing in 2022 climbed to Rs 96.14 from Rs 96.02, while its yield eased to 7.88% from 7.91%
The 7.59% G-Secs maturing in 2026, the 7.16% G-Secs maturing in 2023 and the 7.80% G-Secs maturing in 2020 were also quoted higher at Rs
97.4050, Rs 96.84 and Rs 100.58 respectively.
Call Rates Up: The overnight call money rates ended higher at 6.25% from Tuesday's level of
It resumed higher at 6.30% and moved in a range of 6.35% and 6.10%.
Liquidity: The Reserve Bank of India, under the Liquidity Adjustment
Facility, purchased securities worth Rs 19,796 crore in 27-bids at the overnight repo operations at a fixed rate of 6.25% as on today,
while, its sold securities worth Rs 7,890 crore in 41-bids at the overnight reverse repo auction at a fixed rate of 6.00% as on Jun 19.
