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GST officers must explain ‘grounds of arrest’ to offenders, obtain acknowledgement: CBIC

New Delhi, Jan 13 (PTI) GST officers will now have to explain to offenders about the “grounds of arrest” and obtain a written acknowledgement from them, the CBIC said on Monday. Modifying the guidelines for arrest and bail in relation to offences punishable under the GST Act, the Central Board of Indirect Taxes and Customs (CBIC) said: “The grounds of arrest must be explained to the arrested person and also furnished to him in writing as an Annexure to the Arrest Memo. Acknowledgement of the same should be taken from the arrested person at the time of service of the

Rupee sinks to record low, settles 58 paise down at 86.62 against US dollar

Mumbai, Jan 13 (PTI) The rupee logged its steepest single-day fall in nearly two years and ended the session 58 paise down at its historic low of 86.62 (provisional) against the US dollar on Monday, weighed down by a stronger American currency and surging crude oil prices. At the interbank foreign exchange, the rupee opened at 86.12, and moved 1 paisa during intraday to 86.11 before closing the session with a loss of a staggering 58 paise at its lowest-ever level of 86.62 (provisional) against the greenback. The fall of 58 paise, or 0.67 per cent, in one session was

December retail inflation eases to 5.22% from 5.48% in previous month as food price growth slows

NEW DELHI, Jan 13(Reuters) – India’s annual retail inflation in December eased to 5.22% from 5.48% in the previous month as the rate of increase in food price slowed, according to government data released on Monday. Annual retail inflation in December was lower than economists’ estimate of 5.3% in a Reuters poll. Inflation in food items, which account for nearly half of the consumption basket, slowed to 8.39% in December from 9.04% a month earlier. Vegetable prices rose 26.56% year-on-year in December, compared to a 29.33% increase registered in November and 42.18% in October. Prices of cereals rose 6.5% from

As PM Modi prepares to turn 75, rupee has declined well past 86 to the dollar: Congress

New Delhi, Jan 13 (PTI) Taking a swipe at Prime Minister Narendra Modi over fall in the value of rupee, the Congress on Monday said as the fall continues, he has clearly been “hoist with his own petard”. The rupee logged its steepest fall in nearly two years, plunging 55 paise to hit a historic low of 86.59 against the US dollar during mid-session on Monday due to strengthening of the American currency and surging crude oil prices. “When Mr. Narendra Modi took over as PM he was about to turn 64 and the rupee was at 58.58 to the

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