Business

Business

India launches second IT corridor in China to gain access to big Chinese market

India on Sunday launched its second IT corridor in China to cash in on the burgeoning Chinese software market which remained elusive despite the presence of top Indian technology firms. The National Association of Software and Services Companies (NASSCOM) has established one more Digital Collaborative Opportunities Plaza (SIDCOP) platform in China in an effort to provide market access to Indian IT firms in the huge Chinese market, the NASSCOM said. Agreements worth RMB 36 million (about $6 million) were signed between Indian service providers and Chinese customers at the launch of the corridor by China's Guiyang Municipal government and the NASSCOM, a NASSCOM official said.

Business

PNB fraud: ED to seek immediate confiscation of Nirav Modi's assets under fugitive ordinance

The ED is set to move a special court in Mumbai to seek permission for "immediate confiscation" of about Rs 7,000 crore assets of designer diamond jeweller Nirav Modi under the recently promulgated Fugitive Economic Offenders Ordinance. The agency, empowered by the Union government to enact the new power in the country, will seek an official declaration to categorize Nirav Modi as a "fugitive" based on its prosecution complaint (charge sheet) filed before a special court in Mumbai last week under the Prevention of Money Laundering Act (PMLA). On May 24, the ED had filed its first charge sheet in the over $2 billion PNB fraud case involving diamantaire Nirav Modi and his associates stating that over Rs 6,400 crore of bank funds were allegedly laundered abroad to dummy companies by him and others.

Business

Huge potential to boost trade, investments with Russia: Prabhu

Commerce and Industry Minister Suresh Prabhu today met his Russian counterpart Denis Manturov in St Petersburg and discussed ways to further promote trade and investments between the two countries.

Business

Paytm refutes reports of sharing Indian users’ data with third parties

Digital wallet payment company Paytm on Saturday refuted media reports that it has shared user data to third parties, saying that the data of its 300 million registered users is safe in India.

Business

Centre open to bringing fuel under GST

With petrol and diesel rates rising daily, the Central government on Friday advocated bringing transport fuel under the GST to curb the price hike. While Road Transport and Highways Minister Nitin Gadkari said that bringing petrol and diesel under the Goods and Services Tax (GST) will benefit the states, Finance Minister Piyush Goyal said if the GST Council decides to go for it, the Centre will welcome the move. "Petrol and diesel should have been brought under the GST. I asked officials during a presentation if we bring fuel prices under GST will it benefit the states or not. They said 'yes', they will benefit," Gadkari said at a news conclave here on the four years of the Modi government.

Business

US secretary of state Mike Pompeo pushes for CAATSA waiver so that countries like India aren't affected

US Secretary of State Mike Pompeo has urged the Congress to provide the necessary waiver so that its sanctions on Russia under CAATSA does not impact countries for which it is not intended for. Provisions of the Countering America's Adversaries Through Sanctions Act (CAATSA) threaten India and several other close friends and allies of the US with sanctions. CAATSA is a US federal law that imposed sanctions on Iran, North Korea and Russia. It includes sanctions against countries that engage in significant transactions with Russia's defence and intelligence sectors. India is planning to purchase five S-400 Triumf air defence systems for around $4.5 billion from Russia, which US officials say could be considered as a significant military purchase.

Business

Xiaomi rolls out 'Mi Credit' for instant loans in India

Chinese handset maker Xiaomi on Thursday launched "Mi Credit" -- its new service that acts as a platform for users to initiate instant financial lending in India. According to the company, "Mi Credit" is currently available in partnership with KreditBee which is an instant personal loan platform for "young professionals". "Xiaomi provides Internet services to give our users a complete mobile internet experience and MIUI functions as an open platform for us to deliver our wide range of Internet services like content, entertainment, financial services and productivity tools," Manu Jain, Vice President, Xiaomi and Managing Director, Xiaomi India, said in a statement.

Business

Centre mulling immediate solution to deal with fuel prices: Pradhan

The Centre is deliberating on an "immediate solution" to deal with rising fuel prices, Union oil minister Dharmendra Pradhan said on Thursday. "The oil ministry is of the view to bring petroleum products under the purview of the GST in order to bring down the prices of petrol and diesel. We are deliberating on an immediate solution to this problem till that time," Pradhan told reporters here. "We will certainly find a way out to deal with the situation," he said. The Union minister said the central government had in October last year reduced the excise on fuel by Rs 2 per litre keeping in view the interest of the poor people. This time the Centre is looking at both short and long term solutions, he said. On the reason behind the rise of petrol and diesel prices in India Pradhan said, "The political difference between two oil producing countries Iran and Venezuela has been a major cause behind the rise in the price of fuel in the international market."

Business

Windfall oil tax on ONGC in offing to soften fuel prices

The government may levy a windfall tax on oil producers like Oil and Natural Gas Corp (ONGC) as part of a permanent solution it is working on for moderating the spiralling retail prices of petrol and diesel.

Business

Rupee rebounds from 18-mth low, up 12 paise against dollar

The rupee recovered from a near 18-month low by rising 12 paise to 68.30 against the dollar in opening trade today at the forex market on fresh selling of the US currency by exporters and banks.

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