“The State Bank of India has come forward for facilitating trade in rupees with Russia and some other banks have also shown interest,” A. Shaktivel told reporters, adding that India already has “a good rupee payment mechanism in Iran, so the same thing will happen [with Russia].”

Recently, the retail inflation surged to 7 per cent due to increased food prices, including that of cereals. The increase has led to retail inflation reversing a three-month declining trend in August.

Issuing the revised guidelines for Compounding of offences under the Income-tax Act, 1961, the Central Board of Direct Taxes (CBDT) said: "The scope of eligibility for compounding of cases has been relaxed whereby case of an applicant who has been convicted with imprisonment for less than 2 years being previously non-compoundable, has now been made compoundable.

There was a huge lag in paddy sowing in the states of Jharkhand (9.80 lakh ha), Madhya Pradesh (6.32 lakh ha), West Bengal (4.45 lakh ha), Chhattisgarh (3.91 lakh ha), Uttar Pradesh (2.61 lakh ha), and Bihar (2.18 lakh ha) so far this kharif season. Paddy is the main kharif crop and its sowing begins with the onset of the southwest monsoon from June and harvesting from October onwards.

Earlier, a statement by PMO stated, "It is imperative to reduce the logistics cost in India for improving the competitiveness of Indian goods both in domestic as well as export markets. Reduced logistics cost improves efficiency cutting across various sectors of the economy, encouraging value addition and enterprise."

It said that the US Federal Reserve's balance sheet hasn't started contracting yet and is expanding at a slower pace. The worry would start when the balance sheet starts shrinking as it could set off risk aversion in capital markets leading to flows being impacted.

Business investment has been encouraged by government spending which climbed 35% in April-August compared to the same period a year ago, said the government in its monthly economic review for August published on Saturday, adding that tax revenue growth had been buoyant.