If Sebi and RBI remain quiet about this brazenly illegal activity, will someone in the finance ministry or the NITI Aayog take a closer look, asks Debashis Basu.
Seeking to restrict gold imports, the Reserve Bank on Friday said nominated banks and agencies will not be allowed to import the precious metal in excess of their entitlements in first or second lot under the 80:20 scheme.
Reddy has worked to reform the economy.
Ahead of the 2023-24 Union Budget, the thinking at the top level of the central government is clear: Gross domestic product (GDP) growth of 6-6.5 per cent is a comfortable enough target for FY24 and the focus should be on fiscal consolidation to ensure that the sovereign cost of borrowing does not become prohibitively expensive in a high-interest rate environment, according to people in the know. Those aware of deliberations between the Prime Minister's Office (PMO) and the Ministry of Finance said while the Budget would look to strike a balance between infrastructure investment and welfare schemes, it is unlikely to be populist, though it will be the last full-year Budget before the 2024 Lok Sabha election. Incidentally, 6-6.5 per cent GDP growth is what the upcoming 2022-23 Economic Survey is expected to project for FY24.
Today, with growth having slowed and macro-economic challenges in every direction, would the government have benefited from the advice of 'Harvard' economists? asks T N Ninan.
Planning Commission on Thursday said a desicion was expected shortlyon using foreign exchange reserves for infrastructure projects.
Move to increase 90-day window to 120 days to give more time to borrowers to service loans.
Besides urging the Centre for extension of loan moratorium, the hotel and travel industries have also demanded deferment of GST and advance tax payments and waiver of fees for all forthcoming licences and permits.
Officials say that such a list, to be updated on a real-time basis, will serve as a ready reckoner in identifying those committing multiple economic offences
A high-level committee on External Commercial Borrowings chaired by Finance Secretary D Subbarao is expected to take a final view on the matter this week. The committee comprises officials of the ministry of finance and the Reserve Bank of India. A high-level committee on External Commercial Borrowings chaired by Finance Secretary D Subbarao is expected to take a final view on the matter this week.
The Reserve Bank too imposed a series of curbs to restrict gold imports.
SC asked AG to file an affidavit about the measures undertaken by the govt and RBI to minimise public inconvenience.
According to the consumer affairs department, these chit funds are operating at a small level.
Two senior ministry officials, who declined to be named, said the aim was to attract more capital flows from wealth funds in West Asian countries.
The Reserve Bank of India has recommended the names of State Bank of India and Bank of India to its Pakistani counterpart for allowing them to open of branches in that country.
Chief Economic Advisor (CEA) K V Subramanian will be leaving the finance ministry and returning to academia on completion of his three-year term. The government had appointed Subramanian, an ISB Hyderabad professor, as the CEA in December 2018. He had succeeded Arvind Subramanian, who quit the position close to a year ahead of his extended tenure. Subramanian's three-year term would have come up for renewal in December but he decided to return to academia.
Chidambaram said there was no tension between the finance ministry and the Reserve Bank of India.
The rupee weakened to 62.58 against the US dollar in the early trade on Thursday.
The sharp decline in rupee against the dollar is a cause of concern and there are expectations that steps would be announced to boost the domestic currency, the finance minister said.
The Centre's proposal to call for governance reform in the RBI could, however, take a back seat, a source privy to the development said.
The panel was set up to suggest ways to reform India's monetary policy.
Imports of gold and silver in February 2013 stood at $5.24 billion. In January this year, they were $1.72 billion.
Says licensing of new banks should be a continuous process instead of the current stop-go system
'In macroeconomic policy, timing is all, and by leaving things too late, Mr Modi may have made around 50 seats in the Lok Sabha highly vulnerable,' says T C A Srinivasa Raghavan.
Budget-makers in North Block are looking to maintain this fiscal status quo, in spite of tax revenues nowhere close to where the government wants and in spite of possible higher expenditure commitments.
A senior government official says the idea is to facilitate mutually beneficial ways to keep the supply going.
The government is working towards further review and simplification of the foreign direct investment (FDI) policy to facilitate the proposed initial public offering (IPO) of the Life Insurance Corporation (LIC), Department for Promotion of Industry and Internal Trade (DPIIT) secretary Anurag Jain said on Thursday. The final decision will be taken by the Cabinet. The industry department is working together with the finance ministry's department of financial services (DFS) and department of investment and public asset management (DIPAM) towards a successful listing of the life insurer on the domestic bourses, which is expected to be the largest in India.
DRs have shares as an underlying asset and are typically issued by a bank, known as the depository bank, on behalf of a company.
The BRICS Summit tonight decided to establish the new development bank with an initial authorised capital of $100 billion.
The Indian economy remains on track to regain its position as the world's fastest-growing major economy after official estimates on Friday put the expansion at a tempered 9.2 per cent this fiscal amid concerns over the impact of a resurgent virus on the fragile recovery. The growth in the gross domestic product (GDP) of 9.2 per cent in April 2021 to March 2022 fiscal (FY 2021-22) given by the National Statistical Office (NSO) in its first advance estimate compares with 9.5 per cent expansion forecast by the Reserve Bank of India (RBI) last month. The economy had contracted by 7.3 per cent in the previous financial year.
Mann stares at a twin-headed monster: Resuscitating the state's debilitated public-sector enterprises and controlling the spiralling debt to keep the state machinery and his poll-fuelled populist schemes running.
The main objective is to determine whether among these companies there are NBFCs that ought to have registered with the RBI for carrying on their NBFI activities.
India said its economy grew 7.3 percent in the October-December quarter.
Bibek Debroy raised seven questions about the new institution.
Employees of the State Bank of India will go on an indefinite strike countrywide from Monday demanding enhanced pension package.
Modi is optimistic that the reforms will be passed soon.
According to the data available on the Reserve Bank of India's website, net workers' remittances in April-June 2018 were $11.5 billion
The shift was sudden, quite unlike Shukla's departure from North Block, which had been anticipated for some months even before Singh''s first Budget.
The first high-level meeting of the Special Investigation Team on the issue of black money and special probe into cases of unaccounted funds stashed away abroad by Indians will be held in New Delhi on Monday.
India's macroeconomic authorities must focus on fiscal stabilisation and Mukherjee has to provide the leadership as finance minister.
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