Business

The Reserve Bank of India (RBI) has proposed working with the government to introduce interest-free banking to tackle financial exclusion for religious reasons, potentially opening Islamic finance to the largest Muslim minority population in the world.

Bharti Airtel with a plunge of 6.37 per cent to 310.70 was the worst hit from the Sensex pack. Idea Cellular tanked 10.48 per cent to Rs 83.70 -- its 52-week low on the BSE.

The US-based company, which connects drivers and riders, announced its association with Backward Classes Welfare Corporation and Tribal Welfare Corporation in this regard.

All the sectoral indices, led by realty, banking and healthcare were trading in the positive zone with gains up to 1.08 per cent.

Forex dealers said foreign fund inflows and a higher opening in the domestic equity market also supported the domestic unit.

Cipla, Bajaj Auto, Axis Bank, Maruti and TCS are top gainers while Wipro, Infosys, BHEL, NTPC and HDFC are losers in the Sensex.

Rupee has started showing signs of a corrective move once again over the upcoming redemption pressure of the FCNR B deposits and impending Fed rate hike, a forex dealer said.

Moody's Investors Service on Monday said continued reforms to enhance business environment and moderate inflation will help India achieve robust growth.

NSE Nifty also moved up by 46.45 points or 0.53 per cent to 8,670.50 in early trade.

The government hopes to collect Rs 8.47 lakh crore from direct taxes and Rs 7.79 lakh crore from indirect taxes, which includes customs, excise and service tax, in 2016-17 fiscal.

Reserve Bank Governor Raghuram Rajan on Tuesday left interestmrates unchanged in his last monetary policy on inflationary pressures but said the central bank's stance remains "accommodative".

The proposed goods and services tax (GST) is one of the most significant reforms since India opened its economy 25 years ago and the revamping of the tax system since the country's independence in 1947.

Forex dealers said dollar strengthening against other currencies overseas ahead of closely watched meetings this week at the US and Japanese central banks weighed on rupee sentiment.

Jaitley also said India did not have the "intellectual honesty" to admit that the previous economic model was at least "partly fraud".

He has also blamed the then Finance Minister P Chidambaram's reluctance to accept that the rupee was bleeding more because of domestic issues and less due to external factors like the taper tantrums - a reference to the US Fed's gradual withdrawal of stim...

As regards the payment of tax and penalty, neither the Finance Act nor the Rules with regard to IDS had stipulated such payment in instalment.