Business

The 30-share Sensex soared 509.99 points, or 1.56 per cent, to quote at an all-time high of 33,117.33 points, breaching its previous record high (intra-day) of 32,699.86 hit on October 17.

Top bureaucrats led by Finance Minister Arun Jaitley gave detailed presentations highlighting that fundamentals of Indian economy were strong and government’s infrastructure push and banking reforms would lift the economy, creating millions of jobs.

Forex dealers said weakness in the dollar against a few currencies overseas as attention turned to who would be the next head of the US central bank, gave some support to the rupee.

The claims were being made in a blog by Nirmalya Kumar, who was part of the core group executive council (GEC) formed by Cyrus Mistry.

While one member of the six-member committee voted for a steep cut to improve growth, another wanted the RBI to tighten the belt.

The central bank issued the revised guidelines on interest subvention scheme under DAY-NRLM, as received from the Ministry of Rural Development for implementation by 21 public sector banks and 19 private banks.

"Any new legislation, any transformation, there will be some problem and there are problems, how can anybody deny, the debate is on... let it go on," said M Venkaiah Naidu .

Stock markets opening with gains bolstered the rupee sentiment. However, the dollar's strength against other currencies overseas capped the gains, a currency trader said.

Replying to an RTI query, the central bank also did not give a copy of the guidelines on printing of advertisement -- including promotion of central government-run initiatives -- on the notes.

Arun Jaitley, who led a high-powered Indian delegation to the annual meeting of the International Monetary Fund and the World Bank, said that the US companies are investing in India in a big way.

"The biggest gain for us is the rural network. It will also us help reduce cost of funds by 3-4 per cent," IndusInd Bank managing director and chief executive Ramesh Sobti said.

Merchandise exports for September rose 25.67 percent from a year ago to $28.61 billion, mainly driven by a rise in export of engineering and oil products.

A recent study, according to International Monetary Fund Financial Counsellor Tobias Adrian, showed that Indian banking sector was vulnerable given that large segments have low profitability and have large problem loans.

The dealers are protesting marketing guidelines amended by public sector oil marketing companies (OMCs), which introduce stringent penal action for offences involving short delivery of products, operating automated retail units on manual mode and improper...

Raghuram Rajan is one of the six economists on the list of probable winners complied by Clarivate Analytics, a company that does academic and scientific research and maintains a list of dozens of possible Nobel Prize winners based on research citations.

Businesses with an annual turnover of up to Rs 1.5 crore, which constitute 90 per cent of the taxpayer base but pay only 5-6 per cent of total tax, have been allowed to file returns and pay tax once in a quarter rather than monthly.