Payment for imports do not require these two forms.
Tuesday's policy announcement had a regulatory and development component.
The government on Tuesday projected a higher economic growth of 8.1 per cent for this fiscal from 7.5 per cent in 2004-05, far exceeding expectations of the finance ministry and Reserve Bank of India.
The government can also individually exempt the PSBs, that are to be privatisated from the two Bank Nationalisation Acts. This will bring such lenders under Banking Regulation Act, and make them companies, reports Nikunj Ohri.
The Reserve Bank of India on Monday directed all banks and financial institutions to provide information and documents sought by the Special Investigation Team (SIT) set up to unearth black money.
According to a government reply in Lok Sabha, as on June 30, 2017, there were about 109,598 cases pending across debts recovery tribunals, with recovery dues of Rs 635,500 crore.
Provided talks on the matter are fruitful, the dividend payout will made during the current RBI financial year ending June 30, 2018.
Relations between the Mint Road and North Block have often been frosty, with the former's calls for lowering rates being the biggest point of difference
This may leave those not opting for any of the two options offered by the Centre before the GST Council meet scheduled for October 5 in the lurch. It is clear from the present situation that these states will have to wait till June 2022 to get their compensation, subject to the council extending the cess collection period beyond June 30, 2022.
Accordingly, West Bengal can borrow Rs 20,362 crore, Maharashtra (Rs 46,182 crore), Uttar Pradesh (Rs 29,108 crore), Karnataka (Rs 27,054 crore), Gujarat (Rs 26,112 crore) and Rajasthan (Rs 16,387 crore).
Inflation fell below the 6 per cent mark, after almost seven months, to 5.78 per cent during the week ended January 1, mainly due to a fall in prices of fuels, vegetables and fruits, edible oils and other food items.
India's headline retail inflation is expected to moderate further in the months to come, as low wholesale inflation will transmit to consumer prices, the Ministry of Finance said in its latest monthly economic review (MER) on Monday. "Inflationary pressures eased in February, with slight moderation in Consumer Price Index (CPI) inflation and Wholesale Price Index (WPI) inflation softening to a 25-month low. "With WPI inflation easing, its transmission to CPI inflation is soon expected," the MER for February said.
Among the Sensex firms, Asian Paints, Tata Steel, HCL Technologies, Nestle, Maruti, JSW Steel, NTPC and Larsen & Toubro were the major laggards. Sun Pharma, Bajaj Finserv, Reliance Industries, State Bank of India and Bharti Airtel were the gainers.
The loss of income has severely dented the loan repayment ability of small borrowers
The printing of one-rupee notes was discontinued in 1994.
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A rule change may make Nachiket Mor, among others, eligible to replace Chakrabarty.
A higher opening in the domestic equity market also supported the rupee but dollar's gain against other currencies overseas limited the rise of domestic unit, forex dealers said.
India's wholesale price-based inflation is at a 30-year high, leading to a "very alarming" situation for the country, former World Bank chief economist Kaushik Basu said on Thursday. He, however, doesn't see any risk of hyperinflation, but cautioned that if retail inflation follows wholesale prices, it might lead to "inflationary crisis". Participating in a virtual event organised by the Asia Society, India, Basu said the inflationary situation in India is at a "very risky bend".
'If we want faster growth and want greater flow of credit towards the private sector, it's important to have many more of such large entities.'
The Reserve Bank is working on a phased implementation strategy for its own digital currency and is in the process of launching it in wholesale and retail segments in the near future, RBI Deputy Governor T Rabi Sankar said on Thursday. He said the idea of Central Bank Digital Currency (CBDC) is ripe, and many central banks in the world are working towards it. Sankar further said CBDC is needed to protect consumers from the "frightening level of volatility" seen in some of the virtual currencies which have no sovereign backing.
Official GDP data for the second quarter of the current fiscal year ending March are due to for release this Friday.
The finance ministry on Thursday raised concerns over the possible impact of El Nio conditions on India this year, saying if recent forecasts came true, the country could see lower agricultural output and higher inflation. "Some meteorological agencies predict the return of El Nio conditions in India this year. "If these predictions are accurate, then monsoon rains could be deficient, leading to lower agricultural output and higher prices," the ministry said in its monthly economic review.
RBI wants periodic revision of the pensions for its retired employees.
The rating agency official did raise concern about the banks' non-performing assets.
Finance Minister Nirmala Sitharaman on Monday said the government has begun an exercise to assess the impact of the pandemic on the economy and likely contraction in GDP, even as she did not rule out the possibility of another stimulus to boost growth.
Why do we need a bad bank, owned by the banks themselves when there are at least 28 ARCs around, asks Tamal Bandyopadhyay.
The Reserve Bank of India is not a free agent. It never has been, nor should it ever be.
The Union finance ministry on Thursday issued a clarification on the changes in FEMA rules which brings overseas international credit card spending under the RBI's liberalised remittance scheme (LRS). Here's how it affects you.
The inter-meeting rate cut by the Reserve Bank of India (RBI) indicates a shift in its monetary policy stance, the finance ministry's chief economic adviser Arvind Subramanian said on Thursday.
The finance ministry is seeking to speed up deals with outside investors.
The Cabinet on Thursday decided to allow Reliance Industries to almost double the price of natural gas from April provided the firm gave a bank guarantee to cover its liability if gas-hoarding charges are proved.
The Finance Ministry is considering a proposal to set up a National Asset Management Company that may act as a nodal agency for taking over bad loans of banks and help revive sick units.
After Raghuram Rajan leaves, the world for the succeeding RBI governors will be distinctly different.
Large urban co-operative banks may come to be solely under the provisions of the Banking Regulation Act, even as the smaller among them are to remain within the exclusive fold of the Registrar of Co-operative Societies. The upcoming changes will bring the curtains down on the vexed issue of dual control of UCBs, which has been in vogue for 54 years. The new framework will affect 1,551 UCBs in the country, which had a total business of Rs 7.36 trillion.
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