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E-commerce expected to touch USD 50-55 billion by 2021: Study
MUMBAI: E-commerce market is expected to be at USD 50-55 billion by 2021 from the current USD 6-8 billion, according to a recent report.
The report by Retailers Association of India and Boston Consulting Group revealed that on decoding the digital opportunity sectors that could see maximum e-commerce penetration would be consumer electronics, apparel, homeware and furniture, luxury, health, FMCG and food and grocery.
India, UAE trade to hit USD 100 billion by 2020: CII
DUBAI: Trade between India and the UAE is set to hit USD 100 billion by 2020, up from the current USD 60 billion, the Confederation of Indian Industry has said.
"This is evident in the growing interest by the Indian companies towards the Middle East markets and in particular the UAE and efforts made by the Ministry of Commerce & Industry and CII to further strengthen the trade and investment ties," Confederation of Indian Industry (CII) said in a statement released here.
Payments banks to have 'multiplier impact' on banking: FM
NEW DELHI: Finance Minister Arun Jaitley today said payments bank will have a "multiplier impact" by providing doorstep banking to people in remote areas at lower cost and compete with traditional banks in future.
Launching the pilot services of India Post Payments Bank (IPPB) at Raipur and Ranchi, Jaitley said IPPB will expand operations to 650 districts by September and have a "multiplier impact" on the country's banking system and financial inclusion.
India Post, which got RBI nod to launch banking operations on January 20, is only the third entity to have got permit to start operations after Airtel Payments Bank and PayTm.
Budget 2017-18 may look to soften note ban woes by tax relief
NEW DELHI: Finance Minister Arun Jaitley will on Wednesday present his fourth and perhaps the most challenging Budget that may look to soften blow of currency ban with tax and other sops as he seeks to revive growth.
While largely sticking to fiscal consolidation roadmap, Jaitley will present the Budget for 2017-18 amid strong headwinds caused by government decision to invalidate 86 per cent of the currency and the newly elected US President making protectionist noises.
RBI imposes restrictions on withdrawal from certain bank accounts
MUMBAI: Tightening the noose around people who misused banking channels to park unaccounted money, the Reserve Bank today imposed certain restrictions on withdrawal if more than Rs 2 lakh has been deposited after November 9 in an account which has a balance of over Rs 5 lakh.
As per a RBI notification, withdrawal or transfer of funds will not be permitted in accounts without quoting of PAN or submission of Form 60 (persons who do not have PAN).
Exporters seek higher cash withdrawal limit: Sitharaman
NEW DELHI: Worried over the impact of demonetisation of high value notes on production chain, Commerce Minister Nirmala Sitharaman today assured exporters that she would take up their demand of increasing the cash withdrawal limit with the Finance Minister.
The issue was raised by export promotion councils during their meeting with Sitharaman here.
Make funds available to farmers through co-ops: FM to banks
NEW DELHI: Government today asked banks to provide resources to cooperative institutions with which they are associated to meet cash requirements of the farm sector during the ongoing rabi season.
"We had a discussion with RBI, Nabard and all public sector banks and the only item for discussion was with regard to transfer of resources to rural areas so that they will reach the farmers since the sowing season for rabi is on and a lot of this will happen through the cooperative itself," Finance Minister Arun Jaitley said.
Cairn Energy writes to Modi on tax dispute
NEW DELHI: Ahead of British Prime Minister Theresa May’s maiden visit, UK’s Cairn Energy has written to Prime Minister Narendra Modi reminding him that resolution to the Rs 29,047 crore retrospective tax demand it faces is still pending.
The Edinburgh-based firm told Modi that it has been more than 1,000 days that a tax notice was slapped on it using a retrospective legislation but a resolution is nowhere in sight.
Coffee exports up 18.6% to 2.14 lakh tonnes in April-Oct
NEW DELHI: The country’s coffee exports rose 18.6% to 2,14,677 tonnes in the April-October period of the current fiscal despite low realisation, according to the Coffee Board.
In value terms, coffee exports increased 7% to Rs 3,224 crore in the first seven months of this fiscal from Rs 3,013 crore in the year-ago period, Coffee Board data showed.
Foreign investors seek speedy resolution of Tata-Mistry feud
NEW DELHI: Concerned over the Tata-Mistry feud impacting stock valuations, foreign investors are approaching Sebi as well as the independent directors and management of Tata Group companies to ensure that interests of minority shareholders in the listed entities are protected.
More than two dozen Tata group companies, including software bellwether TCS, are listed on the bourses, and most of them have substantial holdings by foreign investors.