MUMBAI: Bank of Baroda has classified Reliance Communications (RCom) and former non-executive director Anil Ambani’s loan accounts as ‘fraud’, adding to similar actions by SBI and Bank of India. The move, disclosed by RCom to the BSE and NSE on Sept 4, followed a forensic audit by BDO India LLP that flagged large-scale irregularities. The…
With India’s elderly population projected to reach 21 per cent by 2050, there is growing urgency for a robust retirement savings framework. UN data from 2023 shows that while 43 per cent of Indians were under 25, only 11 per cent were above 60, hinting at the demographic shift ahead. To address this challenge, the…
The Finance Ministry has launched a single-use, unidirectional switch option for central government employees who opted for the Unified Pension Scheme (UPS) to return to the National Pension System (NPS). The move gives staff and eligible retirees more clarity on their pension choices as the September 30, 2025 deadline approaches.Strict rules for switchingAccording to the…
NEW DELHI: Food delivery, quick service restaurants, as well as quick commerce (QC) players are set for a fresh bite of growth, with the recent GST reforms, a rise in discretionary spending, and an upswing in consumer confidence, say industry experts.Over the past few quarters, food delivery had lost momentum due to a weak sentiment…
MUMBAI: The rupee bucked the trend among Asian peers on Friday, slipping to a record low even as most emerging market currencies strengthened against the dollar. It closed at 88.27 after touching an intra-day low of 88.36, weaker than Thursday’s close of 88.15.The fall came amid concerns over US tariffs, while intervention by Reserve Bank…
File photo: US President Donald Trump (Picture credit: AP) US President Donald Trump on Thursday signed an executive order implementing tariff cuts under an agreement with Japan announced in July, lowering duties on Japanese automobile imports and formalising a $550 billion investment pledge.According to news agency Reuters, the order reduces the tariff on Japanese autos…
MUMBAI: India’s second-generation GST reforms will benefit consumers with lower prices and companies in terms of ease of doing business, said RIL chairman Mukesh Ambani. Calling the reforms progressive and a historic Diwali gift to citizens, Ambani said this will be a “big booster to consumption-driven growth”. “The GST rationalisation is a progressive step towards…
MUMBAI: For value retail players such as Tata Group’s Zudio, Reliance Trends and Vishal Mega Mart, the festive season just got bigger.With apparel and footwear priced up to Rs 2,500 now being moved to the 5% slab, lower and mid-income shoppers can splurge more on fashion. “We will see a big improvement in demand coming…
As govt prepared for the first major rejig of GST rates since its launch eight years ago, investors on Dalal Street followed the classic stock market strategy of ‘buy on expectations, sell on news’.In the run up to the announcement, stocks of several companies that investors expected would benefit from the GST rate changes, had…
Representative Image (AI-generated) MUMBAI: The reduction in health insurance premiums is unlikely to match the 18% GST cut as insurers are expected to pass some of the costs arising from input taxes to customers.While health insurance has seen the biggest drop in GST — from 18% to zero — the loss of input tax credit…
