Wednesday, December 12, 2018
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Shaktikanta Das, face of DeMo, named RBI Guv

Announcement day after Patel quit post12 Dec 2018 | 11:06 AM

NEW DELHI:The government today cleared the name of former Finance Secretary Shaktikanta Das as the new Governor of Reserve Bank of India (RBI), the post that fell vacant after Urjit Patel’s abrupt resignation yesterday.

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Shaktikanta Das, face of DeMo, named RBI GuvShaktikanta Das

New Delhi, December 11

The government today cleared the name of former Finance Secretary Shaktikanta Das as the new Governor of Reserve Bank of India (RBI), the post that fell vacant after Urjit Patel’s abrupt resignation yesterday.

Das is a 1980-batch Tamil Nadu cadre retired IAS officer, who is currently a member of the 15th Finance Commission led by former bureaucrat NK Singh.

He shot into spotlight in late 2016 by becoming the bureaucratic face of demonetisation in the weeks following Prime Minister Narendra Modi’s televised note-ban announcement. At present, he also represents India at the G-20 in a role of a sherpa.

The notification said: “The Appointments Committee of Cabinet (ACC) has approved the appointment of Shaktikanta Das as Governor, RBI, for a period of three years.”

Initially, Modi brought in Das to head the revenue department in the Finance Ministry before moving him to economic affairs, where he helped lead the charge on demonetisation in late 2016.

Das was the Economic Affairs Secretary till May 2017. In the weeks after demonetisation, he became a familiar face during press conferences where he pushed the government’s line that the note-ban would curb black economy, counterfeit money, besides spurring digital transactions. — TNS

Surjit Bhalla resigns from PM’s Economic Advisory Council

Surjit Bhalla resigns from PM’s Economic Advisory Council

12 Dec 2018 | 12:06 AM

NEW DELHI:Eminent economist Surjit Bhalla, who had raised eyebrows over the involvement of NITI Aayog in the release of re-stated economic growth numbers of the previous UPA regime, has resigned as a member of the Prime Minister’s Economic Advisory Council (PMEAC).

Garment exporters of North rush to Centre for help

Garment exporters of North rush to Centre for help

12 Dec 2018 | 12:06 AM

CHANDIGARH:With readymade garment exporters losing competitiveness due to lower rates of export incentive scheme, the exporters in the northern region fear the new rates will significantly bring down the apparel sector’s ability to export.

‘India to see $300-bn investment in energy’

‘India to see $300-bn investment in energy’

12 Dec 2018 | 12:06 AM

NEW DELHI:India will see an investment of around $300 billion over the next decade in setting up of refineries, oil and gas pipelines and expansion of city gas distribution network as it builds infrastructure to cope with the massive demand surge, Oil Minister Dharmendra Pradhan said today.

Extradition of Mallya to speed up loan recovery: SBI

12 Dec 2018 | 12:06 AM

MUMBAI:Country’s largest lender SBI today said extradition of fugitive liquor baron Vijay Mallya from the UK to India will speed up the recovery of over Rs 9,000 crore of loans.

Punjab’s fruit processing units attract FMCG majors

Punjab’s fruit processing units attract FMCG majors

11 Dec 2018 | 1:05 AM

CHANDIGARH:Attracted by guavas and kinnows of Punjab, multinational fast-moving consumer goods (FMCG) companies are making a beeline to take over the state government’s fruit processing units located at Hoshiarpur and Abohar.

Patel : Independent, rigid Guv who found his voice

Patel : Independent, rigid Guv who found his voice

11 Dec 2018 | 1:05 AM

MUMBAI:From being considered government’s man on the Mint Street, outgoing RBI Governor Urjit Patel had in less than two years emerged from the shadows to find his own voice on issues that mattered the most — autonomy and independence of the central bank.

Govt needs to hear RBI out, says top IMF economist

11 Dec 2018 | 1:05 AM

WASHINGTON:The Indian government must heed the RBI’s message on financial stability, IMF’s Chief Economist Maurice Obstfeld has said, amid reports of friction between the central bank and the Finance Ministry over several issues, including how much capital the apex bank needs.

Sensex sinks as exit polls spook investors

11 Dec 2018 | 1:05 AM

MUMBAI.:Indian equity benchmark Sensex saw its worst session in two months on Monday, tumbling 714 points after “unfavourable” state exit poll results for the ruling BJP unnerved investors who were already cautious in view of falling rupee and weak global cues.

Urjit Patel resigns as RBI Governor, cites personal reasons

Urjit Patel resigns as RBI Governor, cites personal reasons

11 Dec 2018 | 10:21 AM

NEW DELHI: Reserve Bank of India Governor Urjit Patel, whose differences with the Narendra Modi government was no secret, today resigned from his post with immediate effect, citing “personal reasons”.

Tesla CEO Elon Musk taunts US financial regulatory agency

Tesla CEO Elon Musk taunts US financial regulatory agency

10 Dec 2018 | 10:51 AM

WASHINGTON: Elon Musk, the CEO of Tesla, openly derided the US Securities and Exchange Commission in an interview, having settled fraud charges with the regulatory agency over an errant tweet.

Sensex dives 714 pts; analysts see a bigger crash Tuesday

Sensex dives 714 pts; analysts see a bigger crash Tuesday

10 Dec 2018 | 9:14 PM

MUMBAI: In its worst session in two months, Indian equity benchmark Sensex Monday tumbled by 714 points after "unfavourable" state exit poll results for the ruling BJP, while analysts warned that a bigger crash may be in store on Tuesday due to sudden resignation of RBI Governor Urjit Patel.

No tax on foreign allowance paid during deputation period abroadtax advice

No tax on foreign allowance paid during deputation period abroad

10 Dec 2018 | 12:07 AM

Q. My wife is a teacher with Delhi administration and now on deputation in a university in China. The Government of India deputed her and Consulate in China is paying her salary. For five months in AY 2018-2019, she got only basic pay of Rs 88,500 per month of her pay scale after conversion in US dollars. She received foreign allowance in US dollars in AY 2018-2019 which is non-taxable under Section 10(7). Please clarify whether basic pay of Rs 4,42,000 received in US dollars is taxable? If so, under what section? — Bhupal Walia

PNB invites bids for two dozen NPA accounts to recover Rs 1,179 crore

PNB invites bids for two dozen NPA accounts to recover Rs 1,179 crore

09 Dec 2018 | 1:00 PM

NEW DELHI: Public sector lender Punjab National Bank (PNB) has put up for sale two dozen non-performing assets to recover dues of over Rs 1,779 crore.

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