Business Category

New Delhi: Finance Minister Arun Jaitley may hike service tax rate to 16-18 per cent from the current 15 per cent in the Budget, due on Wednesday, as a precursor to the Goods and Services Tax (GST) rollout. The move, that will make flying, eating out, phone bills and a host of other services expensive, would be an attempt to take the rates closer to the proposed tax slabs for GST. GST, which will subsume central and state levies like excise duty, service tax and VAT, is scheduled to beRead More
Hyderabad: Software services major Salesforce plans to add 1,000 jobs in Hyderabad by 2020, making the city one of its largest engineering and customer success centers globally. The company, which opened a new Center of Excellence (CoE) in the city on Tuesday, will expand its team of enterprise software engineers and customer success representatives in Hyderabad . Telangana Minister for Marketing T. Harish Rao inaugurated the CoE in the presence of US Consul General Katherine B. Hadda and Salesforce President, Technology and Product, Srinivas Tallapragada. The company said cloud computingRead More

Posted On January 21, 2017By telanganaIn Business, Slider

New H1B Bill set to hurt Indian techies

Washington: Two powerful US Senators have announced they will introduce a legislation which, if passed by the Congress, would give preference to foreigners studying in American universities, a move that will tighten the noose around the H-1B visa programme and could hurt Indian IT firms.  The Bill – to be introduced by Senator Chuck Grassley and Dick Durban – will require US Citizenship and Immigration Services to prioritise for the first time annual allocation of H-1B visas. It will ensure the best and brightest students being educated in the USRead More
State Bank of India could retain between 15 and 40 percent of the massive deposits it received since the government removed popular bank notes from circulation in November, Chairman Arundhati Bhattacharya said in an interview to Bloomberg. Bhattacharya was, however, unable to give a precise estimate of how much of the deposits would be retained owing to the lack of clarity about the proportion of money that had come from businesses and individuals. “Much of it [money from business] will get taken out because people will want to use itRead More
NEW DELHI: Urjit Patel, the Governor of the Reserve Bank of India, today told a parliamentary committee that since the notes ban was introduced in November, 9.2 lakh crores (about $135 billion dollars) of new currency notes have been introduced to help replace the bills that were abolished. He also established that “The proposal to ban Rs. 500- and 1000-rupee notes was initiated by the government.” However, Mr Patel did not disclose a figure for how many of the banned notes have been deposited in banks, nor did he indicateRead More
Davos: Chief executives officers in India are among the most confident lot when it comes to short-term revenue growth and also have ambitious hiring plans for the next 12 months, says a survey released today. Global consultancy PwC’s 20th annual survey of CEOs worldwide showed that as many as 38 per cent are very confident about their company’s growth prospects in the next 12 months compared to 35 per cent seen last year. Around 29 per cent believe that global economic growth would pick up in 2017. “In sharp contrastRead More
NEW DELHI:  Starting tomorrow, you can pull out 10,000 per day from an ATM, though a weekly limit of 24,000 per bank account remains unchanged. The RBI has increased the daily limit for ATM withdrawals from Rs. 4,500 which has been in place for a few weeks now. From current accounts, the amount that can be collected each week has been doubled to a lakh. Limits of access to cash were declared on November 8 when Prime Minister Narendra Modi made the shock announcement that 500- and 1,000- rupee notesRead More
Qatar is regaining its appetite for deals. In the past two months alone, the world’s richest country per capita invested in Turkey’s biggest poultry producer, Russian oil giant Rosneft, and U.K. gas company National Grid. The investments have been made through the Qatar Investment Authority, created in 2005 to handle the country’s windfall from liquefied natural gas sales, of which it is the world’s biggest exporter. Since then, the country – with a population smaller than Houston – has amassed $335 billion in assets around the globe, making its sovereignRead More
Mumbai: Feeling “humiliated” by events since demonetisation, RBI employees on Friday wrote to Governor Urjit Patel protesting against operational “mismanagement” in the exercise and Government impinging its autonomy by appointing an official for currency coordination. In a letter, they said autonomy and image of RBI has been “dented beyond repair” due to mismanagement and termed appointment of a senior Finance Ministry official as a “blatant encroachment” of its exclusive turf of currency management. “An image of efficiency and independence that RBI assiduously built up over decades by the strenuous effortsRead More
NEW DELHI: Low-cost carrier SpiceJet is buying 155 planes from Boeing in a deal potentially worth $22 billion or 1.5 lakh crores, including about 40 that were ordered earlier. The deal is a big and expensive indicator of how far SpiceJet has travelled from December 2014, when it was staring at collapse. “There was a time when most of you would ask when is SpiceJet closing down! Now for seven consecutive quarters, we are making profits. We are the number one airline in terms of on-time performance (OTP) and itRead More