First Meeting of EAC-PM spells out the road map for acceleration of economic growth

  The First Meeting of the Economic Advisory Council to the Prime Minister chaired by Dr. Bibek Debroy, Member NITI Aayog, today identified major priorities for accelerating economic growth and employment over the next six months, with greater last mile connectivity. Attended by members including leading economists Dr. Surjit Bhalla, Dr. Rathin Roy, Dr. Ashima Goyal and Member Secretary Mr Ratan P Watal, also former Finance Secretary and Principal Adviser NITI Aayog, the deliberations of the Council took stock of the current economic, fiscal and monetary policy environment and identified key issues that it would focus on. In his presentation, Chief Economic Advisor Dr. Arvind Subramanian focused attention on accelerating economic growth, including investments and exports-using a combination of different policy levers. The Economic Advisory Council to the Prime Minister

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6,000 companies with ‘withdrawal syndrome’ post demonetisation under government scanner 

  The government said about 6,000 companies had been caught in what looked like attempts to launder money in the wake of demonetisation, calling it the “tip of the iceberg,” making it clear that more such wrongdoing would soon be unearthed. “This data is only 2.5% of the total number of suspect companies that have been struck off by the government,” the corporate affairs ministry said in a press release. The companies, which have had their registration cancelled, had a total balance of Rs 22 crore on November 8 last year, the day demonetisation was announced. They subsequently deposited Rs 4,573 crore and withdrew Rs 4,552 crore. The government is investigating about 209,000 companies in all for similar transactions. Thirteen banks shared information with the government on 13,140 accounts held by

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Aadhaar mandatory for KVP, NSC, PPF and all other post office deposits

  Kisan Vikas Patra [To be published in the Gazette of India, Extraordinary, Part II, Section 1, Sub Section (i) Government of India Ministry of Finance Department of Economic Affairs New Delhi, 29th September, 2017 NOTIFICATION G.S.R.. (E).- In exercise of the powers conferred by section 12 of the Government Savings Certificate Act, 1959 (46 of 1959), the Central Government hereby makes the following rules further to amend the Kisan Vikas Petra Rules. 2014, namely. – 1 (1) These rules may be called the Kisan Vikas Petra (Amendment) Rules. 2017 (2) They shall come into force on the date of their publication in the Official Gazette. 2 In the Kisan Vikas Petra Rules, 2014,- (i) in rule 2. for clause (a), the following clauses shall be substituted, namely- (a) “Aadhaar number

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Narendra Modi hits out at slowdown critics, says GDP hasn’t fallen for first time

  Prime Minister Narendra Modion Wednesday intervened in the economy debate and, in a fiercely combative speech peppered with both rhetorical flourishes and hard data, slammed his government’s critics and made the case that growth is on track, policymaking is robust and economic fundamentals are strong. In a highly significant observation, addressing concerns of the business community, the PM said: “Businessmen and traders now returning to mainstream may be worried that old records will be checked. We will not allow that to happen… I welcome you now, leave the old things behind and do not be worried. I am with you in the future.” He also said the government will review GST procedures and remove bottlenecks. The speech appeared to have four purposes. First, to confront head-on expert criticism of

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Essar Rosneft deal (USD 12.9 Million)

A quick look at the facts: (taken liberally from BS/ET/Mint/Telegraph) The sale of a 98 per cent stake in Essar Oil to Rosneft and the Trafigura-United Capital Partners (UCP) consortium Of the total deal amount of $12.9 billion, about $5 billion debt held at group level will get settled through this transaction and another $6 billion debt of Essar Oil will be taken by Rosneft consortium, The transaction will bring down the Essar group’s debt by Rs 70,000 crore, to Rs 40,000 crore, and end plans to sell assets to pare debt. a break-up of the Rs 70,000 crore debt reduction at the group level -Essar Energy’s repayment of Rs 32,000 crore to lenders at the holding company level and Another Rs 34,400 crore of loan in the operating companies — Essar Oil, Vadinar Oil, and VPCL —

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IRDA Clarification on Aadhaar based e-KYC

    Ref. No: IRDA/SDD/MISC/CIR/204/08/2017 Date: 31-08-2017 Clarification on Aadhaar based e-KYC Authority vide circular dated 21st October, 2013 and AML Master Circular dated 28th September, 2015 allowed Aadhaar based e-KYC service offered by UIDAI for KYC verification. 2. It is hereby clarified that for accessing the details of the client from UIDAI for identification and authentication shall be with the consent of the client on a voluntary basis. 3. UIDAI has issued Aadhaar (Authentication) Regulations, 2016 inter alia prescribing the procedure for e-KYC authentication of Aadhaar Number. 4. In view of the above Regulations, Insurers shall perform the verification of the client through “e-KYC authentication facility” provided by UIDAI i.e. authentication through biometric authentication (fingerprint or iris scanning) and/or through One Time password (OTP) received on client’s mobile number or on e-mail address registered with UIDAI.

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New notes of Rs. 50 introduced by RBI

  The Reserve Bank of India will shortly issue ₹ 50 denomination banknotes in the Mahatma Gandhi (New) Series, bearing signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India. The new denomination has motif of Hampi with Chariot on the reverse, depicting the country’s cultural heritage. The base colour of the note is Fluorescent Blue. The note has other designs, geometric patterns aligning with the overall colour scheme, both at the obverse and reverse.   All the banknotes in the denomination of ₹ 50/- issued by the Reserve Bank in the earlier series will continue to be legal tender. The image and salient features of ₹ 50 denomination banknote in the Mahatma Gandhi (New) Series are as under: ii Salient Features Obverse (Front) See through register with denominational numeral 50, 2.

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Young entrepreneurs suggest more Public Private Partnerships to Niti Aayog 

  India’s young entrepreneurs called for the greater involvement of the private sector and more public-private partnerships (PPP) as part of suggestions to prepare a new policy template for the country. More than 200 of them pitched for leveraging the strength of non-state entities to develop India’s soft power, improve education levels and help mitigate climate change. Under the Champions Of Change programme organised by Niti Aayog, 212 young entrepreneurs were grouped into six sectoral themes — Soft Power: Incredible India 2.0; Education and Skill Development; Health and Nutrition; Energizing a sustainable tomorrow; and Digital India; New India by 2022. They gave their suggestions to Prime Minister Narendra Modi at a presentation that ran over two hours and was also attended by ministers and secretaries of various departments. Niti Aayog CEO Amitabh Kant said

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Tomatoes: The new enemy in India’s fight against inflation 

  Surging onion prices have toppled governments in India. Now there’s a new threat looming for policy makers. Tomatoes. After touting better food management as a reason for record-low inflation during much of the summer, a surge in the costs of vegetables and fruits is causing price pressures to simmer. Tomatoes have been the main culprit so far, as poor transport and a lack of cold storage facilities lead to wastage of as much as 16 percent of produce each year. Such inefficiencies and India’s 1.3 billion population distinguishes it from the global market, where agricultural costs are falling. Food accounts for 46 percent of India’s consumption basket, which means it plays an outsize role in determining headline inflation. “The present low level of food prices is unusual and is

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Eligibility of divorced daughters for grant of family pension -clarification

No. 1/13/09-P&PW(E) Government of India Ministry of Personnel, P.G. & Pensions Department of Pension & Pensioners’ Welfare 3rd Floor, Lok Nayak Bhawan, Khan Market, New Delhi, 19th July, 2017. OFFICE  MEMORANDUM Sub: Eligibility of divorced daughters for grant of family pension -clarification regarding . Provision for grant of family pension to a widowed/divorced daughter beyond the age of 25 years has been made vide OM dated 30.08.2004. This provision has been included in clause (iii) of sub-rule 54 (6) of the CCS (Pension), Rules, 1972. 2. As indicated in Rule 54(8) of the CCS (Pension) Rules, 1972, the turn of unmarried children below 25 years of age comes after the death or remarriage of their mother/father, e., the pensioner and his/her spouse. Thereafter, the family pension is payable to the

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