India has filed 164 prosecution cases against alleged holders of illegal overseas accounts with HSBC bank, amounting to an assessment of Rs 8,000 crore, Finance Minister Arun Jaitley said.
Prime Minister Narendra Modi appreciated those choosing to be tax compliant and termed it is a great contribution towards transparency and growth of the economy.
The four-month window for tax evaders to come clean on black money had ended on Friday.
In signs of fracture, the Centre and states disagreed on decisions reached at the first meeting of the GST Council on service tax assessment although they reached a consensus on area based exemption in the new tax regime.
On a residual maturity basis, short-term debt constituted 42.4 per cent of total external debt at end-June, compared with 42.6 per cent at end-March.
Fiscal deficit in the first five months of the current fiscal stood at Rs 4.08 lakh crore, which was 76.4 per cent of Budget estimates for 2016-17.
As festivals line up, consumers are expected to spend Rs 25,000 crore this festive season, a rise of 25 per cent, as against Rs 20,000 crore spent in the year ago period, according to Assocham.
If the six-member monetary policy committee (MPC) is split over whether to hold or cut, Reserve Bank of India Governor Urjit Patel could end up exercising his casting vote.
Inflation is likely to remain below the Reserve Bank's early 2017 target of 5 per cent for the next 12 months, opening up space for monetary easing, says an HSBC report.
With a four-month window to declare undisclosed assets ending today, Prime Minister Narendra Modi has asked officials to work into the night to handle a last-minute rush of declarations.
India Inc rallied behind the Army's move to conduct surgical strikes on terror launch pads across the Line of Control and said it was time to act tough while ruling out any negative impact on the country's economy and trade.
Unemployment rate in India has shot up to a five-year high of 5 per cent in 2015-16, with the figure significantly higher at 8.7 per cent for women as compared to 4.3 per cent for men, says a report by Labour Bureau.
The rupee and stock markets will stabilise in a few days, Economic Affairs Secretary Shaktikanta Das said on Thursday, following a sharp fall in the markets after India launched attacks on suspected militants.
Ahead of the festive season, government on Wednesday gave its approval to pay 78-day wages as bonus to railway employees, the same for the fifth consecutive year.
India's financial capital Mumbai, home to 45,000 millionaires and 28 billionaires, is the wealthiest city in the country with total wealth of $820 billion, says a report.
While India moved up 16 positions -- highest for any country -- to 39th place on the global competitiveness index released by Geneva-based World Economic Forum (WEF), it warned that financial market development is one grey area hindering India's competitiveness.
India has climbed 16 places to the 39th rank on the global competitiveness index prepared by the World Economic Forum, in a big boost for Prime Minister Narendra Modi government's reform initiatives.