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finance ministry has asked various ministries, departments and public sector enterprises to avoid the arbitration process in their future contract and use the mediation to settle any disputes. It has also advised various ministries and departments to form a high level committee consisting of a retired judge, a retired high ranking officer and a technical expert for mediation in case of ongoing contract dispute and settle the matter amicably. The move is another attempt by the government to reduce insignificant litigation and to de-clog the Judiciary. “Government departments/ entities/ agencies should avoid and/ or amicably settle as many disputes as possible using mechanisms available in the contract,” said a recently released guidelines issued by the department of expenditure regarding arbitration and mediation in contracts of domestic public procurement.

budget preparation exercise.Sitharaman will present her seventh Budget on July 23.

Nirmala Sitharaman has wrapped up consultations with industry and social sector representatives ahead of presenting her seventh Union Budget on July 23, the Finance Ministry said in a statement on Sunday. The pre-budget consultations for Union Budget 2024-25 began on June 19 and concluded on July 5, 2024, the ministry said. This marks the first full budget of Modi 3.0, aimed at charting the course for a developed India by 2047.

On 28 June, the Securities and Exchange Board of India (SEBI) proposed a new measure to improve transparency in mutual fund performance: the mandatory disclosure of risk-adjusted returns using the information ratio. While this aims to provide investors with a clearer picture of fund performance, some experts are concerned it might lead to information overload for retail investors.

Congress leader P Chidambaram on Saturday claimed that the Centre bypassed the Law Commission in enacting the three new criminal laws that came into effect from July 1. The Law Commission, comprising of retired judges, legal experts, professors, and permanent legal staff, would normally hold consultations with bar council members, and advocate associations and prepare a draft to be presented in the Parliament, he said. But the Law Commission was bypassed and five or six «part-timers» were appointed for a panel, he said on the Bharatiya Nyaya Sanhita, Bharatiya Nagarik Suraksha Sanhita, and the Bharatiya Sakshya Adhiniyam, replacing the British-era Indian Penal Code, Code of Criminal Procedure and the Indian Evidence Act. «The laws were not referred to the Law Commission nor was it consulted. This is wrong,» Chidambaram said while speaking at a protest organised here by the DMK advocate wing against the new laws.

Karnataka Infrastructure Minister MB Patil recently announced plans to convene a meeting soon to determine the location of Bengaluru’s proposed second airport. The decision will primarily consider two key factors: passenger load and connectivity to the existing Kempegowda International Airport (KIA). The exclusivity clause with Bangalore International Airport Limited (BIAL), which restricts the establishment of another airport within a 150-kilometer radius, ends in 2032. This clause will allow the potential development of a new airport by 2033. Considering the time required for land acquisition and compensation for landowners, the government has initiated the planning process early. Patil also addressed the Tamil Nadu government's decision to build an airport in Hosur, stating that it needs to be examined whether the exclusivity clause with BIAL applies to it.

Building a new factory? Budget may extend concessional tax rate for a year The plan is to encourage more value addition in segments where local production is predominantly in the nature of assembling imported components, the person said. Improving ease of doing business and cutting red tape in claiming tax refunds are also high on the government’s priority. Experts said that an amnesty scheme under customs is the need of the hour.

Eight years ago Yuriko Koike became the first woman to lead Tokyo, beating her male predecessor

President Joe Biden had ample time to prepare for the first presidential debate. According to the New York Times, the preparations were not taken seriously by the President who did not begin before 11am. He also had time for an afternoon nap. This was different from the strategy followed by his predecessor Barack Obama in 2012. Many observers noticed certain shortcomings during the president’s debate and were curious to know about his preparations for this important event. It has been reported that the preparations were cut short by two days after the president was exhausted. He had a hectic travel schedule to France and Italy before the debate.

The DSP TIGER Fund was a standout performer in 2007, drawing huge inflows. Infrastructure saw a massive rally from 2003 to 2007, and the DSP TIGER Fund, launched in June 2004, capitalized on this trend.

HDFC Bank after the Street was disappointed by the lenders' weak Q1 update. Sensex dropped over 500 points to 79,505, while the Nifty50 fell 183 points to slip below the 24,200 mark.

Navin Flourine and Escorts Kubota among other stocks are likely to remain in focus on Thursday as their record date for the purpose of the dividend payment is July 5. This means that today is the last chance to buy these stocks in order to be eligible for the dividend payment.

The Nifty future closed positive with marginal gains of 0.02% at 24,210 levels on Tuesday. The India VIX was down 1.14% from 13.83 to 13.67 levels.

Management consultant Sharan Hegde was just 25 in July 2021 when Mint first wrote about the rise of financial influencers, or ‘finfluencers’ as they've come to be known. Working with PwC in Bengaluru at the time, he had around 105,000 followers on Instagram and was already earning more from paid social media promotions on ‘financewithsharan’ than his monthly salary.

The adoption of cryptocurrencies like Bitcoin and Ethereum as mainstream payment methods has been a topic of intense debate among financial experts, economists, and blockchain enthusiasts. While these digital currencies have made significant strides, they are still far from universally accepted for everyday transactions. This article delves into Bitcoin and Ethereum’s current state and future potential as mainstream payment methods. It compares them to traditional financial systems and highlights how Coinsdrom facilitates seamless transactions and supports crypto integration into daily life.

Motilal Oswal Nifty India Defence Index Fund collected Rs 1,676 crores during the New Fund Offer (NFO) period between June 13 and 27, Motilal Oswal Asset Management Company (AMC) said in a release on Thursday. Units were allocated on July 3 in the newly launched defense-themed fund and the scheme will reopen for further subscription and redemption from July 9.

Fewer Americans filed for unemployment benefits last week as the labor market remains sturdy despite high interest rates

artificial intelligence playing a pivotal role, companies are moving beyond a one-size-fits-all model of learning to ensure that employees are skilled in the emerging technology. Internal platforms remain key to delivering learning programmes, but opportunities for practical hands-on experience on the metaverse, learning sessions with experts from Google and Microsoft, and personalised programmes from edtech firms among others are also being offered by companies to help employees get trained in AI. With about 420,000 employees engaged in AI-related job functions, India has the second largest installed talent base in this segment globally, according to a report earlier this year by IT industry association Nasscom and the Boston Consulting Group.

Also read |IT hiring will return, but with a difference Tata Consultancy Services Ltd, India’s largest software exporter, in May said it had doubled its pipeline of generative artificial intelligence projects to $900 million in the March quarter. Infosys Ltd, India’s second-largest IT services company, has said it is working on 225 GenAI projects.

Bihar has witnessed the collapse of nearly a dozen bridges, raising serious concerns about construction quality and material usage. The incidents, occurring less than a month into the monsoon season, have prompted officials to suggest that the root cause might be linked to unscientific river dredging and desilting.