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Essar Oil closes sell-off to Russia’s Rosneft, names new CEO

By   /  August 21, 2017  /  Business  /  Comments Off on Essar Oil closes sell-off to Russia’s Rosneft, names new CEO

Mumbai, August 21 (IANS): Ruia brothers-led Essar Oil (EOL) on Monday announced the closure of the company’s sale, including its Vadinar refinery, to Russian state-run Rosneft-led consortium for $12.9 billion, which was followed by the appointment of a new board of directors for EOL as well as a new chief executive. According to an Essar […]

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Banks need to pay 3% IGST on bullion imports: CBEC

By   /  August 21, 2017  /  Business  /  Comments Off on Banks need to pay 3% IGST on bullion imports: CBEC

New Delhi, August 21 (IANS): Banks will have to pay 3 per cent Integrated Goods and Services Tax (IGST) on imports of gold and silver, which can be claimed as input tax credit, the Central Board of Excise and Customs (CBEC) said on Monday. “Yes, 3 per cent IGST is payable on all imports of […]

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Android O’ set for official launch in US

By   /  August 21, 2017  /  Business  /  Comments Off on Android O’ set for official launch in US

San Francisco, August 21 (IANS): The next version of Google’s mobile operating system ‘Android O’ is set to be officially rolled out in the US on Monday. “On August 21, a solar eclipse will sweep across the entire US for the first time since 1918. Android is helping you experience this historic natural phenomenon so […]

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SBI announces up to 100% waiver of processing fee on car loan, gold loan

By   /  August 21, 2017  /  Business  /  Comments Off on SBI announces up to 100% waiver of processing fee on car loan, gold loan

Mumbai, August 21 (IANS): The country’s largest public lender State Bank of India (SBI) on Monday announced waiver of up to 100 per cent processing fee on car loans, personal gold loans and personal loans, in view of the festive season. The waivers are effective immediately. “This is in addition to the existing waiver on […]

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Defaulters owe 27% of total amount to SBI alone, PNB next

By   /  August 20, 2017  /  Business  /  Comments Off on Defaulters owe 27% of total amount to SBI alone, PNB next

New Delhi, August 20 (PTI): Country’s largest lender SBI accounts for over 27 per cent of the total amount owed to public sector banks by wilful defaulters. As many as 1,762 wilful defaulters owed Rs 25,104 crore to State Bank of India as on March 31, putting pressure on its balance sheet. Punjab National Bank […]

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Banks stare at union strike on Tuesday, services may be hit

By   /  August 20, 2017  /  Business  /  Comments Off on Banks stare at union strike on Tuesday, services may be hit

New Delhi, August 20 (PTI): Services at public sector banks may take a hit on Tuesday as all unions under the aegis of UFBU have threatened to go on strike against the government’s proposed consolidation move besides raising a host of other demands. Most banks have already informed their customers that functioning of branches and […]

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GST return filing date extended till August 25

By   /  August 19, 2017  /  Business  /  Comments Off on GST return filing date extended till August 25

New Delhi, August 19 (IANS): The government on Saturday announced a five-day extension for filing GST returns till August 25, after the Goods and Services Tax (GST) return filing portal was hit by a technical glitch and stopped functioning, a day ahead of the last date for filing GST returns. Traders across the country faced […]

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Insolvency law aims at saving promoters not banishing them, says Jaitley

By   /  August 19, 2017  /  Business  /  Comments Off on Insolvency law aims at saving promoters not banishing them, says Jaitley

The new regulations are viewed by some as giving upper hand to lenders who are reeling under NPAs or bad loans. Mumbai, August 19 (PTI): Finance Minister Arun Jaitley on Saturday assured debt-laden companies that the objective of the new insolvency law is not to banish them but to save them while ensuring that “debts […]

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Infosys to buy back 11.3 crore shares at Rs 1,150 each

By   /  August 19, 2017  /  Business  /  Comments Off on Infosys to buy back 11.3 crore shares at Rs 1,150 each

Bengaluru, August 19 (IANS): Global software major Infosys Ltd announced on Saturday that it would buy back 11.3 crore shares of Rs 5 face value at Rs 1,150 each via a tender offer. “The Board has approved a proposal to buy back 11.3 crore equity shares of Rs 5 face value from the shareholders at […]

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Telecom operators can be fined Rs 5 lakh over call drop

By   /  August 19, 2017  /  Business  /  Comments Off on Telecom operators can be fined Rs 5 lakh over call drop

New Delhi, August 18 (IANS): The Indian telecom watchdog on Friday announced stricter rules over call drops and said telecom operators who don’t meet the norms can be fined at least Rs 5 lakh. “Graded financial disincentives in case service providers fail to meet the DCR (drop call rates) benchmarks have been introduced, in which […]

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