Cash-strapped civic bodies close ranks, plan protest outside House

The three municipal corporations of Delhi — North, South and East — will sit in protest outside the Delhi Assembly starting Wednesday to put pressure on the government to table and implement the recommendations of the fourth Finance Commission. The three corporations will stage protests — North on Wednesday, South on Thursday and East on Friday — during the Budget ... Read More »

Centre yet to decide on quantum of capital infusion in PSBs

Finance Minister Arun Jaitley said on Tuesday that the government has not yet settled on the exact recapitalisation figures for the public sector banks.  “I have not decided on the recapitalisation figure. I had mentioned the figure in the budget this year. But what we require would be much more than mentioned in the budget,” Mr. Jaitley told reporters on the sidelines ... Read More »

‘Housing for All scheme will fail without release of land’

The Narendra Modi government’s ‘Housing for All’ scheme will remain unrealised without massive efforts to unlock non-essential lands being held by state-run units, speeding up approvals and financial empowerment of the poor, US real estate services firm JLL’s Indian arm said on Tuesday. “This will require massive efforts to recognise and delineate the non-essential lands currently being held by large ... Read More »

Simplified income tax returns norms notified; deadline 31 Aug; Aadhaar number mandatory

New Delhi: The Income Tax department has notified the new set of ITR forms, including a three-page simplified one, for taxpayers to file their returns for assessment year 2015-16. With the finance ministry publishing the gazette order yesterday, taxpayers and other entities can now file their Income Tax Returns (ITR) till 31 August, the new deadline set in this regard ... Read More »

Current Trade News Buzz on: CNO Financial Group (NYSE:CNO), State Street (NYSE:STT), CDK Global (NASDAQ:CDK), New York REIT (NYSE:NYRT)

  During Tuesday’s current trade, CNO Financial Group Inc (NYSE:CNO)’s shares decline -0.05% to $19.26. CNO Financial Group Inc (CNO) a holding company for several national life and health insurers that serve middle-income working Americans and retirees, is a PLATINUM winner of the 2015 Best Employers for Healthy Lifestyles® awards. Best Employers for Healthy Lifestyles is a program sponsored by ... Read More »

Govt throws state-run banks a (slim) lifeline

The government is likely to invest an additional Rs.11,000 crore in state-owned banks in the current financial year, providing some respite to these lenders that need much more capital to meet globally agreed upon capital adequacy norms, and some of which are battling a high level of bad debts. This will be in addition to a provision of Rs.7,940 crore ... Read More »

PSU bank recapitalisation in 3 to 6 months: FM Jaitley

The government will infuse capital in public sector banks in the next three to six months, Finance Minister Arun Jaitley said at Citi event. Jaitley has earmarked Rs 7,940 crore in the Budget for recapitalisation of PSU banks during the current fiscal. Citi had hosted Jaitley at an investor event where he spoke on the government’s direction, approach to policy ... Read More »

Capital infusion of $9 bn enough for all PSU bks: Religare

  The confirmation that the government would recapitalize public sector banks with USD 9 billion (about Rs 57,000 crore) over the next two fiscal is a big positive for the sector, says Parag Jariwala of Religare Capital Markets. “Capital infusion of this size would be more than enough for all the PSU banks,” says Jariwala. It is a positive step ... Read More »

L&T Infotech’s IPO to Hit Markets by this December

Domestic engineering company Larsen & Toubro (L&T) will issue an initial public offering (IPO) for its software arm L&T Infotech by December this year. As part of its plans to monetise non-core businesses, India’s biggest engineering and construction company will sell 10% stake in IT services unit, L&T chairman AM Naik toldCNBC-TV18. “It looks like we will be coming up ... Read More »

Government will infus $3 billion in fiscal year 2015-16 to revive public sector banks: Finance Secretary

The Finance Minister’s visit to the United States is coming to an end soon. The visit, an attempt to shore up confidence among foreign institutional investors (FIIs), was also an effort on the government’s part to express it is open to criticism as well as new ideas to strengthen the economy, says Finance Secretary Rajiv Mehrishi. In an exclusive interview ... Read More »