Business

Subbarao also said the RBI would issue a notification shortly for implementation of Basel-III norms for banks from April 1, 2013.

In Delhi, diesel price will go up by 51 paisa per litre after including local sales tax or VAT, to Rs 48.67 per litre from Saturday.

The country's three largest private banks - ICICI bank, HDFC Bank and Axis Bank - were accused of indulging in money laundering after a sting operation by Cobrapost.

"We will obviously ask for cash. We will negotiate once the planes start flying again," said a senior government source.

The visit comes at a time when trade between India and Egypt has witnessed a record 30 per cent jump.

HSBC says it expects 50 basis points of additional rate cuts in the calendar year 2013.

Shome said the finance minister in the budget had given special impetus to manufacturing and construction sectors.

Dollar gaining against euro and yen overseas and a lower opening in the domestic stock market mainly pulled down the rupee.

The Dow hit a record closing high on Tuesday, part of a broad market rally that has lifted the oldest US market gauge nearly 9 per cent so far this year.

Mallya had met Law Minister Ashwani Kumar in February to discuss ways to deal with the problems facing his airline.

Chidambaram said his main focus in the national budget was to stabilise the macro-economic situation and push forward the growth.

India is expected to see an investment of about USD 1 trillion in the current Five Year Plan (2012-17).

The GDP had grown by 6 per cent in the October-December period of last fiscal.

The Delhi Police had admitted deficiencies like vacancies and lack of vehicles to patrol the streets was affecting policing.

Industry welcomed the government's emphasis on inviting more foreign investment in infrastructure and other sectors.

Chidambaram highlighted only 7,00,000 out of the nearly 17,00,000 registered service tax assessees were filing returns.