The Reserve Bank of India (RBI) announced new rules for credit cards, applicable from July 1. "These directions cover the general and conduct regulations relating to credit, debit and co-branded cards which shall be read along with prudential, payment and technology & cyber security related directions applicable to credit, debit and co-branded cards, as issued by the Reserve Bank," the circular by RBI said. Business Standard culled out key rules from the list, and asked financial experts for advice on them, along with the thumb rules one needs to follow while using credit cards.
Over the next four years corporate tax will come down by 5 per cent and lot of exemptions will get phased out.
The IMG meeting will be convened shortly.
Modi said the House did not witness any earthquake, an apparent reference to claims of Rahul Gandhi that his revelation on Rafale would create tremors.
World No 1 Iga Swiatek overcame a strong early challenge from former champion Sofia Kenin to reach the second round of the Australian Open
A political handshake between the Narendra Modi-led government and Jayalalithaa seems to be in the offing as the latter embarks on a crucial second term as Tamil Nadu chief minister.
On Wednesday, the rupee had dropped by 26 paise.
"This is completely untrue. Please do not re-circulate such message without checking it with authority," Adhia said.
The panel might also decide on a new chairman.
States should have enough time. We still do not know the rules. There are a lot of operational difficulties, says Jammu and Kashmir Finance Minister Haseeb Drabu.
Jaitley remained steadfast in not caving in to sustained Opposition pressure.
Finance Minister Arun Jaitley appealed to parties to rise above partisan considerations to support it.
The output of eight core sectors grew by 16.8 per cent in May, mainly due to a low base effect and uptick in production of natural gas, refinery products, steel, cement and electricity, official data released on Wednesday showed. The eight infrastructure sectors of coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity had contracted by 21.4 per cent in May 2020 due to the lockdown restrictions imposed to control the spread of the COVID-19 infections. In March this year, these key sectors had recorded a growth of 11.4 per cent, and 60.9 per cent in April.
'The economy has to become the government's No. 1 priority, which it is not at the moment,' says T N Ninan.
The government on Wednesday decided not to hold special session of Parliament to pass the constitution amendment bill for rolling out Goods and Services Tax and will recommend to the President to prorogue the Monsoon Session.
A strong proponent of the GST, Adi Godrej has been saying for five years or more that it will add one per cent to India's gross domestic product (GDP).
Govt is keen to push reforms in the insurance sector.
Traders are closely watching the progress of the monsoon.
State finance ministers' panel to decide on latest attempt at harmonising of views on Constitution amendment.
A moderate GST rate obviates the need for the two-rate structure.
The confidence that GST Network is capable of handling the returns, payments, reconciliation, refunds, etc., has been badly shaken.
The central government, in its revised draft of the constitution amendment bill, had proposed that fuel and liquor should be brought under the ambit of GST.
Budget planners for now have been told to prepare with the assumption that GST will apply from April 1.
The mandate will help further the development agenda in these states, with good governance and policy reforms taking centrestage
They are evaluating realignment of warehouses and supply chains, besides exploring locations to set up hubs and shutting down some distribution centres
The RBI announced its monetary policy on Tuesday.
Many private economists consider the deficit target optimistic, citing weak tax receipts in a sluggish economy and high federal expenditure commitments.
The session will have 20 working days for now.
Jaitley said the geographical expansion of the BJP in Kerala, after Karnataka and Andhra Pradesh in the South, and the 11 per cent vote share in West Bengal were 'important milestones'.
Protesting Congress members had on Tuesday too blocked a debate on the bill. The monsoon session ends on Thursday.
GST reform has been hanging fire since 2006-07.
As many as 30 sub-groups and committees worked tirelessly to devise rules and laws as well as fix tax rates for over 1,200 goods and services.
Despite a steady collection rate, the government faces a steep Budget target of Rs 6.1 trillion for CGST for 2019-20.
The state has extended its full support, provided its revenues are protected.
The Maharashtra CM said he doesn't think the Centre has a plan on settlement of Hindu immigrant from other countries.
Particularly hit has been the apparel sector, where the time taken by the industry to adjust to the Goods and Services Tax regime, downward revision of export incentives, and a credit squeeze faced by small and medium scale enterprises, has pushed production downwards.
GST council may propose a faster refund procedure, deferment of electronic way bill, further simplification of composition scheme
Lok Sabha proceedings were adjourned for the day on Thursday following a request from the government that the Indian Antarctic Bill, 2022 be taken up for consideration when Opposition members are also present in the House.
The National Democratic Alliance won 64 seats.
The Congress, however, said it wanted to see the final print on the wording of the dispute resolution mechanism before committing its support to the Bill
