The Times Of India Business
Have right to levy service charge: Restaurants' body
Defending the right of restaurants to levy service charge, the Federation of Hotels and Restaurants Association of India on Friday said it will participate in the meeting called by the department of consumer affairs (DoCA) on the issue on June 2. The DoCA discussion follows complaints by customers on the National Consumer Helpline that restaurants impose 5-15% service charge even though it is different from taxes and is in the nature of a tip.
India seen facing wider coal shortages, worsening power outage
India is expected to face a wider coal shortage during the quarter ending September over expectations of higher power demand, an internal power ministry presentation seen by Reuters showed, worsening risks of widespread power outages.
Forex reserves rise $4.23 billion to $597.51 billion: RBI
India's forex reserves increased by $4.23 billion to $597.509 billion for the week ended May 20 on the back of a high accretion of core currency assets, according to RBI data. The country's foreign exchange reserves had declined by $2.676 billion to $593.279 billion in the previous reporting week ended May 13.
Rs 1,000 crore income of Indian oil cos stuck in Russia
Dividend income of about 8 billion roubles (about Rs 1,000 crore) from investments of over $5 billion made in two Russian oil fields by a consortium of Indian state-run oil companies remain stuck after Moscow restricted dollar repatriation due to excessive currency volatility following the conflict with Ukraine.
RBI pitches for structural reforms; flags inflationary pressure
Reserve Bank of India (RBI) on Friday pitched for structural reforms for sustained economic growth amid rising inflationary pressure, and asked banks to remain watchful of possible slippages in restructured loans. In its annual report, RBI also said the number of Rs 2,000 denomination notes fell to 1.6 per cent of the total currencies in circulation as on March 2022 from 2 per cent in the year-ago period.
Sensex jumps 632 points amid firm global trends
Equity indices extended gains for second straight session on Friday with the benchmark BSE sensex rising over 600 points tracking positive trend in global equities. The 30-share BSE index jumped 632 points or 1.17 per cent to close at 54,885. While the broader NSE Nifty settled 182 points or 1.13 per cent higher at 16,352.
Majority of Indian airline passengers unhappy at lousy service
India’s flying public is becoming increasingly frustrated with the nation’s airlines, according to a survey undertaken for Bloomberg, saying that customer service and the behavior of airline staff has deteriorated sharply in the wake of Covid-19.
RBI to increase rates but hikes need not be endless, says Shaktikanta Das
Further, rate hikes need not necessarily be endless as recent reduction in fuel taxes and ban on exports of some commodities may have a positive impact in bringing down price pressures and the geopolitical situation may also turn helpful.
Central bank gov says priority is inflation, but growth important: Report
The Reserve Bank of India's primary focus is to bring inflation down closer to target but it cannot disregard the concerns around growth, governor Shaktikanta Das told The Economic Times in an interview published on Friday.