Latest News

The Centre is considering increasing the personal income tax threshold in next month’s budget, according to people familiar with the matter, as authorities seek to kickstart consumption in the economy. Finance Minister Nirmala Sitharaman may raise the tax exemption limit for working-age individuals to Rs 300,000 ($4,316) of their annual income, up from the current Rs 250,000, the people said, asking not to be identified as they aren’t authorised to speak publicly about the proposals. The tax measures haven’t been finalised yet. Any tax exemptions will add stimulus to an economy that’s slowed sharply this year, with growth reaching a five-year low of 5.8 per cent in the first three months of the year. The proposed tax move would put at least Rs 2,500 more in the hands of each of India’s 50 million taxpayers. It could also add to pressure on the budget deficit, which is pegged at 3.4 per cent of gross domestic product for the current fiscal year that began on April 1. Read Compl...

The government has notified the Banking Regulation (Amendment) Act under which it can authorise the RBI to issue directions to banks to initiate insolvency resolution process to recover bad loans. The banking sector is saddled with non-performing assets (NPAs) of over Rs 8 lakh crore, of which Rs 6 lakh crore is with public sector banks (PSBs). Earlier this month, Parliament had approved the Act, which replaced an ordinance in this regard. The government in May had promulgated an ordinance authorising the Reserve Bank of India (RBI) to issue directions to banks to initiate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016. Following the ordinance, the RBI had identified 12 accounts each having more than Rs 5,000 crore of outstanding loans and accounting for 25 per cent of total NPAs of banks for immediate referral for resolution under the bankruptcy law. The loan defaulters identified by the RBI include, Essar Steel, Bhushan Steel, AB...

The Lok Sabha was adjourned for the day today after opposition repeatedly disrupted the proceedings by raising slogans on the plight of farmers and related issues. The adjournment for the day was announced by Speaker Sumitra Mahajan soon after the House resumed business at noon for the Zero Hour after two consecutive adjournments forced by the opposition members who stormed the Well and raised slogans. When House assembled for the day and took up the Question Hour, opposition members, mostly from the Congress, trooped into the Well raising slogans saying the Prime Minister should respond to the concerns over farmers' plight and the agrarian crisis. Parliamentary Affairs minister Ananth Kumar said the Lok Sabha had concluded a discussion on the issue by sitting late last night. But as the slogan-shouting continued, Speaker Sumitra Mahajan was forced to adjourn the house till 1130 AM, just about ten minutes after it had assembled at 11 AM. When the House resumed busine...

Prime Minister Narendra Modi and BJP chief Amit Shah were among the first to cast their votes in Parliament shortly after polling to elect India's 14th President began on Monday morning. Modi, clad in a beige colour sleeveless jacket over a white kurta-pyjama, reached the Parliament premises early to vote. It is also the first day of the over three-week monsoon session of Parliament. The Prime Minister said the session was expected to herald in a new hope for India. "Today the monsoon session begins. Like the monsoon brings hope, this session also brings the same spirit of hope," Modi said before casting his vote. Shah, who is an MLA from Gujarat and was allowed to cast his vote in Parliament, also used his franchise. All elected MPs and members of legislative assemblies are eligible to vote and elect the successor of Pranab Mukherjee, who demits office on July 25. The contest is between National Democratic Alliance (NDA) nominee Ram Nath Kovind a...

Vinod Khanna , the yesteryears Bollywood superstar, died at the age of 70 on Thursday. He was battling cancer. He worked in more than 100 films. He was an active politician, and a sitting Member of Parliament from Gurdaspur, Punjab. Vinod Khanna was born on 6 October, 1946. He is survived by his wife Kavita Khanna, sons Rahul, Akshaye and Sakshi, and daughter Shraddha Khanna. Before marrying Kavita, Vinod Khanna was married to Getanjali but they later got divorced. His polupar movies include Mere Apne, Mera Gaon Mera Desh, Gaddaar (1973 film), Jail Yatra, Imitihaan, Inkaar, Kuchhe Dhaage, Amar Akbar Anthony, Rajput, Qurbani, Kudrat, Dayavan, Kaarnama,Suryaa: An Awakening and Jurm. Vinod Khanna received the Filmfare award in the best supporting actor category for Haath Ki Safaai, and in 1999 he received the Filmfare Lifetime Achievement Award, and again in 2007 he won a lifetime achievement award at the  Zee Cine Awards .