Gold traders will be sweetening the deal this year with freebies, discounts and cash-back offers. Some branded buyers are giving huge discounts on making charges, while others are gifting free coins with purchases.
In all, the I-T department has identified 18 lakh such accounts and will be scrutinizing them in a phased manner beginning with the 2 lakh accounts in the first phase, a senior I-T official told Moneycontrol.
The election in five states was a referendum on demonetization 3.0 undertaken by the Modi government creating a sharp political divide with the narrative shifting to BJP versus the rest.
The Nikkei/IHS Markit Services Purchasing Managers' Index rose to 50.3 in February from 48.7 in January, marginally above the 50-mark that separates growth from contraction.
Official data showed India's gross domestic product (GDP) grew 7 percent annually for the quarter, sharply beating expectations for a 6.4 percent growth rate in a Reuters poll. The economy slowed from the September quarter's 7.3 percent annual growth rate.
This is despite the fact that the industry base for cyber insurance is currently as low as Rs 60 crore.
However the Budget may not be too bad for digital startups. If you are running any online startup, lets see how it impacts you.
Expectations were rife that the Narendra Modi government will announce a populist budget given the fact that five states are going to assembly polls later this month. Measures aimed at soothing the adverse impact of demonetization are also expected.
Entering 2016 as the world's fastest-growing economy with annual gross domestic product (GDP) growth of 7.6 percent, the South Asian giant now faces shrinking factory output, consumption and rural demand following Prime Minister Narendra Modi's contentious currency reform that launched in November.
Greater clarity on GST implementation and roadmap to lower taxes
It is widely expected that the Budget will announce relax the income-tax threshold limits to regain the goodwill of the middle class, which has been inconvenienced by demonetization
â€œThere are so many anti-incumbency issues in UP. Still, if the Opposition wants to do a referendum on demonetisation, we are ready for it. People of UP are with BJP on the issue of demonetisation,â€ Amit Shah told Network 18 Group Editor-in-Chief Rahul Joshi.
The Indian government has come up with quick fixes to lighten the burden of low cash supply on citizens and encourage staying invested.
While the main demand will be for jewellery, bar and coin investment is expected to be 250-300 tonnes by 2020. Jewellery exports are estimated to touch the USD 40 billion mark, from the current USD 8.6 billion.
An SBI internal research report, Ecowrap, has pegged in a "fiscal deficit target of Rs 5.75 lakh crores for the financial year 2017-18, at 3.4 percent of GDP." Fiscal deficit for the financial year 2016-17 is Budgeted at 3.5 percent.
New developments in the Budget and economic interventions will open more avenues for Digital India. India has already started experimenting with the blockchain technology. Budget should also include special allotments for experimentation with innovations and technology, says Saurabh Agrawal,CEO and Co-founder of Zebpay .
Having posted growth of above 7 percent for six consecutive quarters, India's gross domestic product is expected to have expanded just 6.5 percent in the October-December quarter - the weakest in nearly three years.
Speaking to CNBC-TV on the sidelines of the World Economic Forum in Davos, Switzerland, Uday Kotak, Vice Chairman and MD of Kotak Mahindra Bank said that US president-elect Donald Trump‘s policy could have implications for countries which are dependent on the US.
Measures such as the recently announced concessional tax rate of 6% as opposed to the present rate of presumptive taxation of 8% for income received through banking and digital business by small businesses is a welcome move.
RBI has set an objective for achieving consumer price index (CPI) inflation at 5 percent by the third quarter of the financial year 2016-17 and the medium-term target of 4 percent within a band of +/- 2 percent.
The talk of the government looking to sell the 11.7 percent stake in the bank it holds through the Specified Undertaking of the Unit Trust of India. Analysts claim that there is little appetite for the stock among domestic investors and FIIs are selling the stock in any case.
In a comprehensive report on Asia's outlook for the year, HSBC noted India could grow at an annual rate of 7.1 percent for fiscal 2018 and 7.6 percent for fiscal 2019, shrugging off any lasting effects from its program to remove 500 and 1,000 rupee bank notes from the financial system in November, labelled demonetization.
Nearly two-thirds of users of moneycontrol‘s message board say the RBI‘s admission that government 'advice' had prompted move to junk popular bank notes has undermined its credibility as an institution
In the month of December, M&M‘s tractor sales were up 9 percent YoY to 14,047 units, mainly due to a lower base in the comparable period last year. Interestingly, total automotive sales were down 4 percent to 36,363 units, much better than estimates. Passenger vehicle segment declined 8 percent and LCV sales grew 14 percent YoY.
"#Modi has officially steered #India's economy into contraction as a result of his war on cash. Just what I anticipated would happen," Hanke, an American applied economist at the Johns Hopkins University in Baltimore, Maryland said in a series of tweets.