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No exchange, deposit of Rs 2,000 notes on Apr 1

The facility to exchange or deposit Rs 2,000 banknotes will not be available on Monday, April 1, 2024 due to operations associated with the annual closing of accounts, the Reserve Bank of India (RBI) said on Friday. Photograph: ANI Photo The facility will resume on Tuesday (April 2, 2024) at the 19 issue offices of the RBI, it added. The facility of exchange/deposit of Rs 2,000 banknotes will not be available on Monday, April 1, 2024 at the 19 issue offices of the Reserve Bank of India due ...

Rediff.com, 2 hour(s) ago Also from:
Core sector growth slows to 6.7% in Feb

The growth of eight key infrastructure sectors slowed to 6.7 per cent in February, compared to the same month in 2023, on account of poor performance of some sectors like fertiliser, according to official data released on Thursday. Photograph: Dipak Kumar/Reuters However, the growth rate is higher than January this year.   The growth of eight core sectors -- coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity -- was 4.1 per cent in January. It was ...

Rediff.com, 4 hour(s) ago Also from:
Investors become richer by Rs 128.77 lakh cr in FY24

Riding on a bull run, equity investors became richer by Rs 128.77 lakh crore in the 2023-24 fiscal, driven by robust fundamentals of the Indian economy, increased investment inflows and promising corporate earnings. Photograph: Amit Dave/Reuters After a muted performance in 2022-23, equity markets made a remarkable recovery in FY24, giving handsome returns to investors. The 30-share BSE Sensex climbed 14,659.83 points or 24.85 per cent in 2023-24. The benchmark hit its all-time high of ...

Rediff.com, 4 hour(s) ago Also from:
HDFC Life gets GST demand orders of over Rs 27 cr

HDFC Life Insurance Company on Thursday said it has received GST demand orders of over Rs 27 crore for alleged short payment of taxes. Illustration: Dominic Xavier/Rediff.com In two separate regulatory filings, the insurer said it has received tax demand orders of over Rs 16.5 crore and Rs 10.5 crore from authorities for alleged short payment of GST and input tax credit claim mismatch.   The demand orders include interest and penalty as well. The company said it will file appeals against ...

Rediff.com, 5 hour(s) ago Also from:
Markets end FY24 on buoyant note; Sensex gains 655 points

Benchmark equity indices Sensex and Nifty ended the last day of trade of the 2023-24 fiscal on a bullish note on Thursday, driven by heavy buying in power, auto and banking stocks amid a positive trend in global markets. Photograph: PTI Photo from the Rediff Archives Extending its previous day's rally, the 30-share index jumped 655.04 points or 0.90 per cent to settle at 73,651.35. During the day, it zoomed 1,194 points or 1.63 per cent to 74,190.31.   The NSE Nifty climbed 203.25 points ...

Rediff.com, 6 hour(s) ago Also from:
Google Ireland gets tax relief on Rs 8.6K crore it got from India arm

An income tax tribunal held that the amount received by Google Ireland from Google India towards marketing and distribution rights of the AdWords programme is not royalty, and hence, cannot be taxed at the hands of the assessee (Google Ireland). Photograph: Annegret Hilse/Reuters The ruling by the Bengaluru-based Income Tax Appellate Tribunal (ITAT) may have repercussions on similar transactions by multinationals, feel experts. Explaining the case, Amit Maheshwari, tax expert at AKM Global, ...

Rediff.com, 6 hour(s) ago Also from:
Indian pharma companies bank on 'mother brands' to boost revenue growth

Indian pharma companies are focussing on flagship products or mother brands under which they launch various new combinations to ensure robust revenue growth as well as therapy leadership. Illustration: Uttam Ghosh/Rediff.com An analysis by market research firm Pharmarack showed how such flagship brands have posted strong growth CAGR in the last five years, with some even doubling sales. Sheetal Sapale, vice-president, commercial at Pharmarack, said, “Mother brands are analogous to an ...

Rediff.com, 8 hour(s) ago Also from:
Gold Loans On RBI, Finance Ministry Radar

Loan against gold as a product is catching on fast.Let's keep the momentum going, but aim for sustainable growth.A few bad apples should not ruin the brunch, argues Tamal Bandyopadhyay. Kindly note the image has been published only for representational purposes.. Photograph: Kind courtesy Farddin Protik/Pexels   Early this month, the Reserve Bank of India directed IIFL Finance Ltd to cease and desist from sanctioning, disbursing and selling gold loans with immediate effect. IIFL Finance, ...

Rediff.com, 9 hour(s) ago Also from:
Tapping into India's talent, GCCs eye revenue goldmine

Global capability centres (GCCs) are increasingly looking to tap into revenue opportunities from the Indian market, which is already a critical talent hub. Illustration: Dominic Xavier/Rediff.com While capturing the potential of the Indian market has been in the works over the past few years, it’s only of late that companies are gaining momentum. India is home to more than 1,580 GCCs, with a total market size of $46 billion and growing at a compound annual growth rate (CAGR) of 11.4 per ...

Rediff.com, 9 hour(s) ago Also from:
PSU stock froth persists: Q4 test for financial endurance

Shares of public sector enterprises have corrected by up to 22 per cent month-to-date until March 19, 2024. Illustration: Dominic Xavier/Rediff.com Analysts attribute this steep fall to the valuation exuberance seen after a sharp run in these counters last year and suggest investors remain selective regarding the stocks in this space. “The rally in public sector undertaking (PSU) stocks has been stretched and sharp, although it is somewhat justified by improvements seen in earnings, ...

Rediff.com, 12 hour(s) ago Also from:


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