India's exports shrank in January for the 14th straight month on continued weak demand from Europe
Reason for rejection hasn't been stated; deal among seven rejected transactions.
RBI data on Dec 2014 showed 1.05 million PoS machines in the country.
As the Centre deals with the fallout of cash shortage in certain parts of the country, Principal Economic Advisor in the finance ministry, Sanjeev Sanyal, bottom, left, tells Arup Roychoudhury that the demand for cash has seen a spike of late.
Piyush Goyal, who held the post of finance minister when Arun Jaitley was undergoing treatment, told the Confederation of Indian Industry's annual session: "All stakeholders, including the RBI, should introspect on their respective roles (on low economic growth)."
While foreign currency rating was retained at Baa2 -- the second-lowest investment grade score -- Moody's also projected a fiscal deficit of 3.7 per cent of gross domestic product in the year through March 2020, a breach of the government's target of 3.3 per cent.
'The PCA framework was revised and tightened in April 2017, but there was no discussion in any board meeting. The government does not know the rationale behind revising the framework and how the RBI arrived at it. Similarly, there was no discussion in the board meeting on the revised NPA framework,' said an official.
The panel will also recommend a fiscal consolidation road map for the central and state governments, study the impact of GST on the divisible pool, and propose performance-based incentives for states.
This is its lowest level since August 30
Voices from the Treasury are clamouring for lowering rates as this would boost demand.
India's current limit of $25 billion for ownership of government bonds by FIIs is fully utilised, leading to calls for increasing it
There could be multiple measures announced in quick succession, not only by the finance minister but also other ministers regarding their respective sectors, and by the Reserve Bank of India. The total size of these announcements could rival that of other G-20 nations as a percentage of GDP.
The Reserve Bank on Friday said the economy would grow by 5 to 5.5 per cent in the current fiscal, pinning its hopes on good farm output and improved exports.
The primary and immediate impact of a depreciating rupee is on the importers who will have to shell out more for the same quantity and price. However, it is a boon for the exporters as they receive more rupees in exchange for dollars. The rupee depreciation has wiped away some of the gains that would have accrued to India from international oil and fuel prices dropping to pre-Ukraine war levels.
The local currency opened higher at 61.20 a dollar from the previous close of 61.30 at the Interbank Foreign Exchange Market.
Mutual funds, bonds, PPFs, equity and real estate are some options which offer varying rates of return.
While PNB did not name the other lenders, Union Bank of India, Allahabad Bank and Axis Bank are said to have offered credit based on letters of undertaking (LOUs) issued by PNB. Foreign bank branches too are under investigation.
Jaitley assured that both the banking system and the government will make the resources available to them.
The scheme, touted as a panacea to burgeoning CAD, was a huge flop that fostered a spike in smuggling and allowed several Gitanjali-like players to make a killing
'The finance minister has messed up the economy.'
Gold deposited by households to gold savings accounts will be used for auctioning, replenishment of RBI's gold reserves.
First, the Insolvency and Bankruptcy Code, much-lauded as a game changer, needs serious reform. Second, some vital policy choices would need to be made as far as competition law is concerned., says Somasekhar Sundaresan.
'Common sense says if one can afford, servicing the loans during this period is a better bet than postponing it by three months,' says Tamal Bandyopadhyay.
There are serious issues in the economy which need to be addressed
The ITR forms were put on hold by the ministry last month.
'There are deliberations on whether there can be lowering of income taxes and other sops to keep more money in the hands of taxpayers, enabling them to spend more and boost demand.'
'The fiscal situation is stressed (when is it not?!), economic growth has slowed, tax revenue has fallen short and the deficit is high if it is properly accounted,' points out T N Ninan.
However, the road to profitability has already hit some hurdles for the Delhi-based bank as the Union government has rejected its demand for an additional capital infusion of around Rs 8,000 crore in 2018-19
Centre to take a call only in August, just a month before his three-year term ends.
Raghuram Rajan joked he wasn't expecting to win any votes or Facebook 'likes' in the position.
Today, banks are being asked to discover niche strengths and focus on them
The moves by the RBI, announced late on Wednesday, should increase supplies of gold and brighten the earnings outlook for jewellery makers after the government took tough measures to curb imports last year, analysts said.
Concerned by GDP slowdown and unrealistic tax targets, the economists urged Finance Minister Nirmala Sitharaman to implement long-term structural steps like land and labour reforms. Warning against any off-Budget financing the economists said the government should prepare a statement of intent for its social, rural and welfare sector expenditure.
The country's economy is expected to grow by around 6 per cent in the current fiscal, even in the worst-case scenario of global recession prevailing till March 2010, according to Arvind Virmani, chief economic adviser in the Ministry of Finance.
India's current account deficit is expected to deteriorate in the current fiscal on account of costlier imports and tepid merchandise exports, according to the Finance Ministry's monthly economic review. The review released on Thursday by the ministry also said that global headwinds would continue to pose a downside risk to growth as crude oil and edibles, which have driven inflation in India, remain major imported components in the consumption basket. For the present, it said, "their global prices have softened, as fears of recession have dampened prices somewhat. This would weaken inflationary pressures in India and rein in inflation."
Short-term capital gains tax of 30% is likely to be levied if bitcoin is held for less than three years and 20% if held for longer than 36 months.
'The temptation of governments, to have a finger in the RBI pie will be just too great to resist, unless extensive amendments are carried out in the RBI Act treating it almost as the fourth branch of the government.'
There can't be a parallel inquiry and parallel monitoring by the courts, Attorney General K K Venugopal told the court.
Of the 700-odd Indians having foreign bank accounts, not all can be deemed to be operating these illegally.
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