Saturday, December 21

Tag: India news today

Vivo money laundering case: Don’t discriminate against our firms, China warns India; Beijing to give protection to 2 accused | India News
25Dec By adminNo Comments
Money

Vivo money laundering case: Don’t discriminate against our firms, China warns India; Beijing to give protection to 2 accused | India News

NEW DELHI: Beijing will be providing consular protection and assistance to two Chinese employees of smartphone manufacturer Vivo, who were recently arrested by the Enforcement Directorate (ED) in connection with a money laundering probe.While strongly urging India not to discriminate against Chinese companies, foreign ministry spokesperson Mao Ning said: "We are closely following the matter. The Chinese government firmly supports Chinese companies to safeguard their lawful rights and interests."On December 23, the ED had arrested three Vivo-India executives including interim CEO Hong Xuquan alias Terry — a Chinese national, Chief Financial Officer Harinder Dahiya and consultant Hemant Munjal.The trio was taken into custody under the provisions of the Prevention of Money Laundering Act (PM...
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Air India Progress: ‘Vistara to continue as Vistara till Air India reaches appropriate level:’ Campbell Wilson | India News
25Sep By adminNo Comments
Business

Air India Progress: ‘Vistara to continue as Vistara till Air India reaches appropriate level:’ Campbell Wilson | India News

NEW DELHI: Vistara will be merged into Air India only when the latter reaches an “appropriate level.” While the progress so far in reviving AI is “ahead of schedule,” the first of the 470 ordered aircraft expected this fiscal will see a slight delay in induction due to issues faced by original equipment manufacturers. In a freewheeling interview to TOI, AI MD & CEO Campbell Wilson opens up about a host of issues including the recent regulatory fireworks over safety issues which he “fully accepts” and considers a “reminder that there’s work to be done." Excerpts:Ques. There is apprehension among flyers about Vistara’s merger into Air India as the latter still has a long way to go in terms of overall improvement. Will we see the merger by March 2024?Ans. Vistara will continue to operate...
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Canada flow ‘comfortable’, but India expands masur dal imports | India News
23Sep By adminNo Comments
Business

Canada flow ‘comfortable’, but India expands masur dal imports | India News

NEW DELHI: Amid the ongoing tension between India and Canada, the government so far is “comfortable” as far as masur dal (red lentils) is concerned as nearly lakh tonnes of it has arrived at Indian ports. Canada is one of the major source country for import of lentil. “Against our annual consumption of 23 lakh tonne of lentils, the domestic production is around 16 lakh tonne. As nearly six lakh tonne of it has reached our ports we are comfortable and confident of not facing any problem,” said an official. Sources also said the government is likely to continue zero import duty on lentils beyond March 2024 to give a clear indication to overseas growers. Government data shows that in 2022-23 India imported 4.85 lakh tonnes of lentil worth Rs 3,012 crore from Canada and between April and June...
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India, Brazil begin talks to resolve sugar related trade dispute at WTO | India News
17Sep By adminNo Comments
Business

India, Brazil begin talks to resolve sugar related trade dispute at WTO | India News

NEW DELHI: India and Brazil have started talks to mutually resolve a sugar related trade dispute at the World Trade Organisation (WTO) and as part of the solution the South American nation may share ethanol production technology with New Delhi, an official said.Brazil is the largest producer of sugarcane and ethanol in the world. It is also a leader in the technology used for ethanol production."Few rounds of talks have been held as part of our efforts to resolve the dispute. We have also held inter-ministerial meetings here. Brazil is saying that they will share with us technology for ethanol (production). It is a positive thing," the official said.Ethanol is used to blend with oil to power vehicles. Use of ethanol, extracted from sugarcane as well as broken rice and other agri produce, ...
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G20 Presidency: India will be developed nation by 2047, its economic growth ‘natural by-product’ of 9 years of stability: PM Modi | India News
3Sep By adminNo Comments
Business

G20 Presidency: India will be developed nation by 2047, its economic growth ‘natural by-product’ of 9 years of stability: PM Modi | India News

NEW DELHI: Prime Minister Narendra Modi has said that India's economic growth is a “natural by-product” of his nine-year-old government's political stability, as he expressed optimism that it will be a developed nation by 2047 with "corruption, casteism and communalism" having no place in our national life.In an exclusive interview with PTI late last week, the prime minister also stressed on the need for timely and clear communication of policy stance by central banks, and policy actions by each country in their fight against inflation so that it can prevent negative repercussions on others countries.While most advanced economies are facing an economic slowdown, chronic shortages, high inflation, and ageing populations, the Indian economy is acknowledged to be the fastest-growing large ec...
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Govt to take up with RBI penal charges imposed by bank | India News
27Aug By adminNo Comments
Business

Govt to take up with RBI penal charges imposed by bank | India News

NEW DELHI: The government is expected to take up the issue of penal charges levied by banks for non-maintenance of minimum balance with the Reserve Bank of India, as these yielded Rs 21,000 for state-run and private lenders over the last five years.While a government official insisted that state-run banks such as SBI do not adopt such practices, he acknowledged the problem and said the issue will be taken up with RBI. The RBI has tightened norms over the last few years after freeing charges and interest rates. It is also seeking to get banks to undertake some rationalisation as some of the charges are seen to be exorbitant with account holders often being unaware of them.Data shared by the government in Parliament recently estimated that between 2018 and 2023, banks mopped up over Rs 35,5...
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Steel Plant: NMDC creates history as Nagarnar steel plant churns out hot rolled coil in 9 days flat | India News
25Aug By adminNo Comments
Business

Steel Plant: NMDC creates history as Nagarnar steel plant churns out hot rolled coil in 9 days flat | India News

HYDERABAD: In an unprecedented development, the Nagarnar Steel Plant in Chhattisgarh has produced its final product -- hot rolled (HR) coil -- in just nine days of the production of hot metal, state-run iron ore miner NMDC Ltd on Thursday.Terming the feat as astounding as the mining giant has no prior experience in steel making, NMDC Ltd acting chairman and managing director Amitava Mukherjee said with this the PSU now joins the coveted league of Indian steel makers.“For over six decades we had been playing a pivotal role in the domestic steel market as a supplier of quality iron ore. With today's development we emerge as the newest entrant in the domestic steel market and have put Bastar on the steel map,” Mukherjee said.What makes the feat even more remarkable, NMDC said, is that it is ...
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Food Processing: After McD’s, Burger King drops tomatoes from menu | India News
17Aug By adminNo Comments
Business

Food Processing: After McD’s, Burger King drops tomatoes from menu | India News

NEW DELHI: Amid high inflation, items ranging from tomatoes to cheese slices are slowly disappearing from the menu of restaurants. Patrons of Burger King India will now be served burgers without tomatoes as the American fast food chain has dropped the veggie from its menu across several Indian outlets, citing patchy supplies. "Due to unpredictable conditions on the quality and supply of tomato crops, we are unable to add tomatoes to our food. Rest assured, our tomatoes will be back soon. Till then, we request your patience and understanding," the firm posted on its website's support section. A company spokesperson did not respond to queries.Burger King joins its peers McDonald's and Subway, which had in the recent past made changes to their menu in India. While McDonald's (largely outlets...
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Young-professionals to be hired by I-T department to help in tax litigation | India News
6Aug By adminNo Comments
Business

Young-professionals to be hired by I-T department to help in tax litigation | India News

MUMBAI: Perhaps for the first time, the Income-tax department is tapping into the young-talent by introducing the ‘Young Professional Scheme’. The objective is to attract young professionals who have domain knowledge in law and accountancy. To begin with, 50 such professionals (the cut-off age is 35 years) will be appointed to aid departmental representatives (DRs) in conducting research to strengthen the revenue’s arguments in appeals before the Income-tax Appellate Tribunal (ITAT). The scheme will initially run for two years and will be evaluated for further extension.The ITAT is the first level of judicial appeal and is the final fact-finding authority. The party aggrieved by its order, can appeal to the high-court, only if the issue involves a question of law. At present appeals are h...
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