Category: Trucking News

India’s Modi says cancelled registration of 100,000 companies

India has cancelled the registration of more than 100,000 companies which were "in violation of laws", Prime Minister Narendra Modi said, in the latest effort by the government against "black money" and tax evasion. The decision was taken based on an extensive data analysis conducted by the government after Modi in November announced a sudden ban on high-value currency banknotes. More than 300,000 firms had come under scanner for irregular transactions following the banknote ban, while licences of more than 100,000 firms had been cancelled, Modi said, without naming any company.


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Printing money would trigger painful South Africa recession – central bank governor

South Africa risks slipping into a long and painful economic recession if the central bank is forced to abandon its policy of reducing inflation and protecting the currency, Reserve Bank governor Lesetja Kganyago said on Sunday. In an editorial article published in the Sunday Times newspaper, Kganyago said the recent recommendation by an anti-graft agency for the central bank to focus on growth misunderstood the dangers of persistently high consumer prices. "The past half-century is littered with examples of painful recessions caused by the need to reduce runaway inflation created by authorities trying to create growth by printing money," Kganyago said.


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